09:56 AM EDT, 03/28/2024 (MT Newswires) -- Atlas Lithium ( ATLX ) gained by more than 6% in early trading Thursday after the lithium miner said that Japan's Mitsui & Co. will make a $30 million strategic investment in the company as part of a broader supply agreement.

Mitsui will buy $30 million of Atlas Lithium ( ATLX ) shares at a 10% premium to the 5-day volume-weighted average price, the company said.

The Japanese global trading and investment firm also entered into an offtake agreement for the future purchase 15,000 tons of lithium concentrate from phase 1 and 60,000 tons per year for five years from phase 2 of Atlas Lithium's ( ATLX ) Neves Project in Brazil, which is expected to begin operating later this year.

Specific terms of the stock purchase agreement were not immediately disclosed.