Atlas Lithium announced continuous intercepts of 103.4 metres of lithium-bearing spodumene, which represents one of the widest intercepts in the Brazil's "Lithium Valley". In May 2023, the company also reported an intersection of 95.2 metres at 1.47% Li2O. Atlas Lithium disclosed that it has completed 28,025 metres of a 40,000-metre drill campaign, with 8,284 metres drilled in May 2023 and announced a target to release its maiden mineral resource in Third Quarter 2023.

LRC holds a 3.0% GOR royalty on the Das Neves lithium project in Brazil.