In aggregate, these contracted costs are approximately 16% below the corresponding DFS budget, materially de-risking the Project and reinforcing Atlas Lithium's disciplined approach to cost and schedule.

Disciplined Execution Moving the Neves Project Toward Construction

The contracted scope covers the major elements of Neves Project implementation, including earthworks and civil construction; electromechanical assembly of the Dense Media Separation ("DMS") plant; the crushing system and spare-parts supply; electrical infrastructure; detailed engineering; construction management and supervision; construction of administrative and operational buildings; and in-country logistics for the processing plant in Brazil. Each award followed a competitive procurement process evaluating technical experience, proven performance, quality, and cost efficiency, and was finalized at or below DFS budget levels.

A Tightening Lithium Market Underscores the Value of Near-term, Low-cost Supply

Atlas Lithium's progress comes amid strengthening lithium fundamentals. On its second-quarter earnings call held August 6, 2026, Albemarle Corporation, the leading U.S. lithium producer, reported that global lithium consumption grew 45% year-over-year through May 2026, while new supply additions lagged due to limited spodumene availability, disruptions to African shipments, and a slower-than-expected ramp-up of Chinese lepidolite mines. On the same call, Albemarle also reported that lithium carbonate inventories across the converter and cathode supply chain stood at under three weeks; stationary storage battery production nearly doubled year-over-year and is expected to represent approximately 30% of 2026 global lithium demand; and electric vehicle ("EV") sales growth reaccelerated to 16% in the second quarter, led by the rest-of-world region, which overtook North America as the world's third-largest EV market.