Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) has reached an agreement to invest in Atlas Lithium Corporation ("Atlas", Head Office: Florida, U.S.A.) by subscribing to a USD30 million third-party allocation of new shares by Atlas.

Atlas is a company listed on Nasdaq, and is focused on developing its lithium mine project, Neves Project, in Brazil's Lithium Valley, a well-known lithium district in the state of Minas Gerais. This project is expected to commence production in Q4 2024 and its annual production will reach 300,000 tons of spodumene concentrate, which equates to approximately 1 million electric vehicles. There is further potential as Atlas is one of the largest lithium tenement holders in Brazil. In December 2022, Mitsui and Atlas signed a memorandum of understanding concerning potential investment, finance and offtake, and Mitsui has now entered into binding agreements for its equity investment and the right to offtake spodumene concentrate.

There has been a rapid shift towards the electrification in the mobility sector in the context of decarbonization. Lithium, which is used in batteries for electric vehicles, has been designated as a critical mineral in many countries, and the development of a reliable battery value chain has also become vitally important from an economic security perspective. *

Mitsui has been actively engaged in the development of natural resources such as iron ore and coking coal since the 1960s. It has also developed non-ferrous metals businesses including copper, nickel, and aluminum, and in more recent years, has focused on the development of its lithium business to meet the rapid growth in demand. Mitsui has a long history in Brazil, including the investment in an iron ore business since the 1970s, as well as the development of businesses in many other areas, such as mobility, energy, agrichemicals, retailing, and skincare.

Mitsui will work with Atlas to contribute to the Neves Project by utilizing its global network and experience in the mining business. It will also help ensure a stable supply of lithium by selling the product to consumers, including battery manufacturers and automobile manufacturers.

"Global Energy Transition" is one of the Key Strategic Initiatives of Mitsui's Medium-term Management Plan 2026 and our participation into this lithium mining business will further strengthen our business portfolio in the battery industry and contribute to establishing stable and reliable battery value chains.

*Examples include Japan's Economic Security Promotion Act and the US Inflation Reduction Act.

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