Atlas Lithium Corporation (NASDAQ: ATLX) announced it has received an expansion permit for its wholly owned Neves Project in Minas Gerais, Brazil, according to a press release and an accompanying Form 8-K filed with the Securities and Exchange Commission.

The permit allows the company to advance the project in line with its Definitive Feasibility Study, completed by SGS Canada Inc. The study projects annual production of approximately 146,000 tonnes of lithium concentrate, an after-tax internal rate of return of 145%, and an estimated payback period of 11 months. The projected operating cost is $489 per tonne of lithium concentrate.

"Permitting is often regarded as one of the greatest challenges in mining, and we successfully met this test by working with experts that conducted comprehensive technical studies which confirmed the Neves Project's minimal impact," said Marc Fogassa, CEO and Chairman of Atlas Lithium.

The company states its modular Dense Media Separation processing plant has already been delivered to Brazil and is ready for assembly. Brazilian execution partners include Promon Engenharia, TSX Engineering, Cerne Construções, and Alfa Engenharia.

Atlas Lithium also holds an approximately 20% ownership stake in Atlas Critical Minerals Corporation (NASDAQ: ATCX), which has exposure to rare earth elements, graphite, and titanium.