Atlas Lithium (NASDAQ:ATLX) +33.2% in Monday's trading after saying it received the operational permit for its hard-rock lithium Neves project from the Minas Gerais state government in Brazil.

Atlas Lithium (ATLX) said it now has all the needed authorizations to assemble and run its processing plant and develop open-pit mining operations from one of its deposits at the facility, and sell the lithium concentrate it produces.

The authorization follows an extensive technical review process by regulatory agencies that began with the company's initial permit application in September 2023.

The Neves project encompasses 85 mineral rights covering 468 km; once operational, production is projected to reach 300K metric tons/year.