SGML - Lithium Co.'s Modular Plant Nearly Ready for Brazil Project | Benzinga
Source: Streetwise Reports 05/08/2024
Atlas Lithium Corp. announced that its modular dense media separation (DMS) lithium processing plant is in the final stages of fabrication and trial assembly before its shipment to the Neves project site in Brazil's Lithium Valley. One analyst says the company is "not messing around."
Atlas Lithium Corp. (NASDAQ: ATLX) announced that its modular dense media separation (DMS) lithium processing plant is in the final stages of fabrication and trial assembly before its shipment to the Neves project site in Brazil's Lithium Valley.
The company said the modular processing plant is a key part of its strategy to rapidly advance production at its Minas Gerais lithium project to start in Q4 2024.
The plant was designed as a series of compact, preassembled modules, an approach that has never before been used for lithium processing in Brazil. This configuration reduces the plant's physical footprint compared to traditional designs and will enable more efficient transportation, installation, and commissioning of the plant, the company said in a release.
"The first few paragraphs of this news release make clear that the company is making rapid and substantial progress with this — in layman's terms, 'They are not messing around'" wrote Technical Analyst Clive Maund on Tuesday.
Maund said on the company's stock chart a pattern has formed since mid-February that "approximates a Head-and-Shoulders bottom."
"With the price having reacted back to a support level and volume easing back to a relatively low level, the Accumulation line holding up well on the reaction, and momentum (MACD) now trending higher, everything is in place for the stock to advance a new" Maund wrote. "It is now starting higher again and it is thought this morning's news out of the company could give it a boost."
Maund said he was staying long on the stock and rated it a Strong Buy for all timeframes.
Atlas Chief Operating Officer Brian Talbot said the company is "fully committed to becoming a producer of high-quality, environmentally sustainable lithium concentrate" and the modular design will help streamline its path to production and cash flow.
"Our experienced technical team has enabled us to pursue an accelerated ...