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Atlas Lithium Corporation (ATLX-1.25%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a net loss attributable to stockholders of $42,241,196, or $2.97 per share, for the year ended December 31, 2024, compared to a net loss of $40,768,275, or $4.37 per share, in the previous year.
Operating expenses for the year totaled $44,123,939, a 4.8% increase from the previous year's $42,106,732. The increase was primarily due to higher general and administrative expenses and stock-based compensation.
The company reported gross revenues of $748,654, with a gross profit of $265,694 generated from sales of quartzite products.
Atlas Lithium's cash and cash equivalents were $15,537,476 as of December 31, 2024, with net cash used by operating activities totaling $18,784,844.
Net cash used in investing activities was $27,344,436, primarily due to capital expenditures for the lithium processing plant and capitalized exploration costs.
Net cash provided by financing activities was $32,131,672, including $30 million raised through a direct offering to Mitsui & Co., Ltd.
The company is focused on the development of its Minas Gerais Lithium Project in Brazil, including the shipment and assembly of a dense media separation lithium processing plant.
Atlas Lithium has entered into multiple offtake and sales agreements, including one with Mitsui & Co., Ltd., to sell lithium concentrate.
The filing also details risks related to the mining industry, regulatory compliance, and market fluctuations in lithium prices.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Atlas Lithium Corporation annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.