Atlas Critical Minerals Corporation (NASDAQ:ATCX) said on Monday that early-stage metallurgical testing at its Alto do Paranaíba Project in Brazil delivered recovery rates of up to 97% for magnetic rare earth elements. The announcement helped drive the shares up around 45% over the past week, although InvestingPro data indicates the stock is currently trading well above estimated fair value, at about $12.36.
The test work was carried out by SGS Canada Inc. at its Lakefield facility and assessed the performance of the Altilium Ti/REE Process. The program focused on extracting rare earth elements into a leach solution while simultaneously upgrading titanium content in the remaining leach residue.
According to the company, the strongest results came from a flowsheet combining thermal pre-treatment with acid leaching. This approach delivered recoveries of 97.0% for magnetic rare earth elements, 95.2% for light rare earths and 83.9% for heavy rare earths. In parallel, roughly 97% of titanium dioxide reported to the leach residue, with its concentration increasing from 13.4% to 26.0%.
“These highly encouraging metallurgical results represent a significant step forward for our Alto do Paranaíba Project,” said Marc Fogassa, Chairman and CEO of Atlas Critical Minerals, in the company’s statement. Despite the technical progress, Atlas Critical Minerals continues to face financial headwinds, with a gross profit margin of 5.88% and a loss over the past twelve months, reflected in earnings per share of -$1.81.
The company also released results from an initial auger drilling campaign consisting of 13 holes for a total of 144 metres. Drilling intersected shallow mineralisation, including one hole with 12 metres grading 5,961 ppm total rare earth oxides and 13.3% titanium dioxide, and another with 6 metres at 7,729 ppm total rare earth oxides.
Surface sampling across the project area returned values of up to 28,870 ppm total rare earth oxides alongside 16.5% titanium dioxide.
Atlas Critical Minerals holds a 100% interest in the Alto do Paranaíba Project, located in Minas Gerais, Brazil, and is focused on supplying critical minerals used in energy, technology and defence applications.
Separately, the company has recently strengthened its financial position and market presence. Atlas Critical Minerals raised approximately $11 million through an upsized public offering, issuing 1,380,000 common shares at $8.00 each, including 180,000 shares from the full exercise of the underwriters’ over-allotment option. A.G.P./Alliance Global Partners and Bradesco BBI acted as book-running managers. The company has also begun trading on the Nasdaq Capital Market under the ticker symbol “ATCX.” A subsidiary of Atlas Lithium Corporation, it controls more than 218,000 hectares of mineral rights in Brazil covering rare earths, graphite, uranium and iron ore, marking a period of rapid expansion and capital raising.
About Atlas Critical Minerals Corporation
Atlas Critical Minerals Corporation (NASDAQ:ATCX) is an exploration and development company focused on critical minerals such as rare earths, graphite and uranium. The company aims to help build a diversified global supply chain for strategic minerals essential to artificial intelligence, energy transition and defence applications. Further details are available at www.atlascriticalminerals.com and in filings with the U.S. Securities and Exchange Commission.
About Altilium Group
Altilium Group is a global industrial technology company specialising in clean, zero-waste critical mineral extraction processes that support the industrial and energy transition and the move toward a circular economy. Its patented hydrometallurgical flowsheets are designed to recover a wide range of critical minerals — including aluminium, iron, lithium, nickel, cobalt, titanium, manganese and rare earth elements — from multiple ore types and mining residues, unlocking previously inaccessible resources while delivering environmental benefits.