On January 18, 2023 Atlas reported:Atlas Lithium Signs...

On January 18, 2023 Atlas reported:

Atlas Lithium Signs Memorandum of Understanding with Mitsui & Co....... with respect to Mitsui's potential interest in acquiring the right to purchase Atlas Lithium's future lithium concentrate production.

Mitsui is a global enterprise headquartered in Tokyo, Japan, with $122.3 billion in assets, $96.4 billion in annual revenues.......the MOU contemplates potential funding from Mitsui to Atlas Lithium of up to $65 million (the "Offtake Funding"), in tranches and subject to the achievement of specific milestones acceptable to Mitsui, that would give Mitsui the right to buy up to 100% of Atlas Lithium's production from its planned plant with output capacity of 150,000 tons of lithium concentrate per year (the "Plant").

The Offtake Funding would be primarily used by Atlas Lithium for the construction of the Plant. Lithium concentrate produced by the Plant would then be available for purchase by Mitsui at a price generally based on the then-prevailing market price.Mitsui made a similar deal with Sigma Lithium so this bodes very well for Atlas if they can build a decent size and quality lithium resource.Atlas Lithium trades on a market cap of US$43m.

Still early stages, but it would appear Mitsui thinks Atlas may be onto something big. Definitely worthy of consideration, but early stage warrants some caution.