TORONTO--(BUSINESS WIRE)--Lithium Royalty Corp. (TSX: LIRC) (“LRC”) is pleased to announce that Atlas Lithium Corporation (“Atlas”) disclosed today that Atlas has fully funded Phase I of its lithium project in Brazil’s Lithium Valley, with first production of Phase I expected to start in Q4 2024. LRC invested US$20 million in Atlas in May 2023, in exchange for a 3.0% gross overriding revenue royalty (GOR). At the time, Atlas had only contemplated Phase I production of 150,000tpa of spodumene concentrate, but has since expanded its production plans to aggregate production of 300,000tpa once Phase II of its project is fully operational.
Atlas Lithium Achieves Fully Funded Status with First Production Expected in 2024 | Business Wire