What changed in this filing

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Item 2. Management’s Discussion and Analysis

2022-11-01 compared with 2022-08-12 · 106 added, 88 removed, 84 unchanged (70% of the section changed)

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Quarterly Report contains forward-looking statements.

Forward-looking statements for Brazil Minerals, Inc.

reflect current expectations,

Forward-looking statements for Atlas Lithium Corporation reflect current expectations,

as of the date of this Quarterly Report, and involve certain risks and uncertainties.

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as well as general economic conditions.

mineral exploration and mining company with projects and properties in essentially all battery metals to power the Green Energy

Revolution – lithium, rare earths, nickel, cobalt, graphite, and titanium.

Our current focus is on developing our hard-rock lithium

project located in a premier pegmatitic district in Brazil – as lithium is essential for batteries in electric vehicles.

Additionally,

through subsidiaries, we participate in iron, gold, and quartzite projects.

We also own multiple mining concessions for gold, diamond,

and industrial sand.

of our mineral projects and properties are located in Brazil and, as of the date of this Report, our mineral rights portfolio for battery

metals includes approximately 62,926 acres (255 km 2 ) for lithium, 30,009 acres (121 km 2 ) for rare earths, 57,900

acres (234 km 2 ) for nickel, 22,050 acres (89 km 2 ) for titanium, and

14,507 acres (59 km 2 ) for graphite.

We believe that we have one of the largest battery metals exploration footprints among

publicly listed companies.

we are primarily focused on advancing and developing our hard-rock lithium project located in the state of Minas Gerais, Brazil, where

some of our high-potential mineral rights are adjacent to or near large lithium deposits that belong to a large, publicly traded competitor.

Our Minas Gerais Lithium Project is our largest endeavor and consists of 48 mineral rights spread over 46,659 acres (190 km 2 )

We are a U.S.

mineral exploration

and mining company with lithium projects and properties in other critical battery metals to power the Green Energy Revolution –

nickel, rare earths, graphite, and titanium.

Our current focus is on developing our hard-rock lithium project located in Minas Gerais

state in Brazil at a well-known, premier pegmatitic district in Brazil.

We intend to produce and sell lithium concentrate, a key ingredient

for battery supply chain.

Lithium is essential for batteries in electric vehicles and demand is expected to outstrip supply.

All of our mineral projects

and properties are located in Brazil and, as of the date of this prospectus, our mineral rights portfolio for battery metals includes

approximately 72,344 acres (293 km 2 ) for lithium in 59 mineral rights, 54,950 acres for nickel (222 km 2 ) in 15 mineral

rights, 30,054 acres (122 km 2 ) for rare earths in seven mineral rights, 22,050 acres (89 km 2 ) for titanium in seven

mineral rights, and 13,766 acres (56 km 2 ) for graphite in three mineral rights.

We believe that we hold the largest portfolio

of lithium mineral exploration properties in Brazil, a premier and well-established jurisdiction for hard-rock lithium.

We also believe

that we are among the largest holders by size and breadth in exploration projects for other critical and battery metals among publicly

traded companies.

We are primarily focused

on advancing and developing our hard-rock lithium project located in the state of Minas Gerais, Brazil, where some of our high-potential

mineral rights are adjacent to or near large lithium deposits that belong to a competitor, a Nasdaq listed company.

Our Minas Gerais Lithium

Project is our largest endeavor and consists of 52 mineral rights spread over 56,078 acres (227 km 2 )

and predominantly located within the Brazilian Eastern Pegmatitic Province which has been surveyed by the Brazilian Geological Survey

and is known for the presence of hard rock formations known as pegmatites which contain lithium-bearing minerals such as spodumene and

In general, lithium derived from pegmatites is less costly to purify for uses in high technology applications than lithium

obtained from brine.

Such applications include the battery supply chain for electric vehicles (“EVs”), an area of expected

high growth for the next several decades.

Generally, lithium derived from pegmatites is less costly to purify for uses in high technology applications than lithium obtained

Such applications include the battery supply chain for electric vehicles (“EVs”), an area of expected high growth

for the next several decades.

We believe that we can materially

increase our value by the acceleration of our exploratory work and quantification of our lithium mineralization.

Our initial commercial

goal is to be able to enter production of lithium-bearing concentrate, a product which is highly sought after in the battery

supply chain for EVs.

According to Benchmark Mineral

Intelligence, demand for lithium-ion batteries is set to grow six-fold by 2032 as global automakers scale up production of EVs.

meet the world’s lithium requirements would require 74 new lithium mines with an average size of 45,000 tonnes by 2035.

also own 44.41% of the shares of common stock of Apollo Resources Corporation (“Apollo Resources”), a private company currently

primarily focused on the development of its initial iron mine, expected to start operations and revenues in early 2023.

primarily focused on the development of its initial iron mine.

We also own approximately

24.22% of Jupiter Gold Corporation (“Jupiter Gold”), a company focused on the development of gold projects and a quartzite

mine, and whose shares of common stock are quoted on the OTCQB under the symbol “JUPGF”.

The results of operations from both

mine, and whose shares of common stock are quoted on the OTCQB under the symbol “JUPGF.” The results of operations from both

Apollo Resources and Jupiter Gold are consolidated in our financial statements under U.S.

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are an expl oration stage company and we have no “reserves”

as such term is defined by Regulation S-K, Subpart 1300 (“S-K 1300”).

the second quarter of 2022 and continuing to date, we have significantly advanced our knowledge of the Neves Area, one of the 48

mineral rights that comprise our Minas Gerais Lithium Project.

We have continuously drilled the Neves Area and have identified

several spodumene bodies;

spodumene is the main mineral containing lithium in hard rock pegmatitic projects such as ours.

latest drill holes yielded a zone of over 27 meters of spodumene, a result that our lithium experts qualified as very positive and

indicative of the potential of the Neves Area.

Geochemical results from Neves have included a reading of 2.86% Li 2 O.

have two qualified persons under S-K 1300 who are responsible for the technical advancement of our Minas Gerais

Lithium Project.

SLR Consulting Ltd., a premier independent company, is finalizing an initial report on the Neves Area.

Given our belief

in the strength of our lithium holdings, and our desire to provide a clear message to our shareholders, and current and potential partners,

we announced on July 18, 2022, that we will be changing our corporate name to Atlas Lithium Corporation, and such change is expected to

take effect before the end of 2022.

As previously

disclosed, we are actively working towards a desired uplisting to the Nasdaq Capital Market, and this process includes various steps,

some of which are completed while others are in the process of being completed during the third quarter of 2022.

Results of Operations

Months Ended June 30, 2022 Compared to the Three Months ended June 30, 2021

for the three months ended June 30, 2022 totaled $2,367, compared to revenue of $1,645 during the three months ended June 30, 2021 representing

an increase of 44%.

This revenue comes from sales of industrial sand during the rainy season.

Industrial sand is a residual business line

as we are primarily focused on our lithium exploration as described above.

of goods sold for the three months ended June 30, 2022 totaled $26,343, as compared to cost of goods sold of $24,105 during the three

months ended June 30, 2021 representing a increase of 9%.

Cost of goods sold is primarily comprised of labor, fuel, and repairs and maintenance

on our mining equipment.

loss for the three months ended June 30, 2022 totaled $23,976, compared to gross loss of $22,460 during the three months ended June 30,

as such term is defined by Regulation S-K, Subpart 1300 (“Regulation S-K 1300”).

the third quarter of 2022, our primary focus was on the continuation of drilling of our Neves Area, one of the 52 mineral rights that

comprise our Minas Gerais Lithium Project.

Other highlights of the period included:

published the initial Technical Report Summary on the Neves Area authored by SLR International

Corporation, a premier and independent mineral evaluation firm.

This exploration report was

prepared in accordance with Regulation S-K 1300.

were approached in an unsolicited manner by two large companies seeking to secure lithium supply

and conversations are ongoing;

there can be no assurance, however, that these discussions will result

in any orders.

the end of the third quarter of 2022, the following items have taken place:

retained MZ Global, a well-known international consultancy, to lead our investor relations

and shareholder communications program.

launched our new website ( www.atlas-lithium.com ).*

hired a Director of Lithium Processing and have started metallurgical studies towards establishment

of our processing route for production of commercial lithium concentrate.

hired a Director of Strategic Development to lead certain business development efforts.

addition, and as previously disclosed, we continue to actively work towards the uplisting of our common stock to the Nasdaq Capital Market.

*The information contained

in our website is not incorporated by reference into this Quarterly Report on Form 10-Q.

of Operations

Months Ended September 30, 2022 Compared to the Three Months ended September 30, 2021

for the three months ended September 30, 2022 totaled $3,301, compared to revenue of $2,984 during the three months ended September 30,

2021 representing an increase of 10.62%.

expenses for the three months ended June 30, 2022 totaled $989,294, compared to operating expenses of $740,540 during the three months

ended June 30, 2021, representing an increase of 34%.

The increase was mostly due to higher general and administrative expenses related

to public company costs and higher compensation cost of officers and directors.

a result, we incurred a net loss attributable to our stockholders of $871,016, or $0.00 per share, for the three months ended June 30,

2022, compared to a net loss attributable to our stockholders of $826,674, or $0.00 per share, during the three months ended June 30,

Months Ended June 30, 2022 Compared to the Six Months ended June 30, 2021

for the six months ended June 30, 2022 totaled $2,844, compared to revenue of $6,104 during the six months ended June 30, 2021 representing

a decrease of 53%.

This revenue comes from sales of industrial sand during the rainy season.

Industrial sand is a residual business line

as we are primarily focused on our lithium exploration as described above.

of goods sold for the six months ended June 30, 2022 totaled $36,198, as compared to cost of goods sold of $47,094 during the six months

ended June 30, 2021 representing a decrease of 23%.

Cost of goods sold is primarily comprised of labor, fuel, and repairs and maintenance

on our mining equipment.

The decrease is explained by reduced production activities and mining costs partially attributable to our exploratory

loss for the six months ended June 30, 2022 totaled $33,354, compared to gross loss of $40,990 during the six months ended June 30, 2021,

Industrial sand is

a residual business line as we are primarily focused on our lithium exploration program.

of goods sold for the three months ended September 30, 2022 totaled $27,534, as compared to cost of goods sold of $27,382 during the

three months ended September 30, 2021 representing an increase of 0.55%.

Cost of goods sold is primarily comprised of labor, fuel, and

repairs and maintenance on our mining equipment.

loss for the three months ended September 30, 2022 totaled $24,233, compared to gross loss of $24,398 during the three months ended September

30, 2021, representing a decrease of 0.68%.

expenses for the three months ended September 30, 2022 totaled $1,247,694, compared to operating expenses of $707,335 during the three

months ended September 30, 2021, representing an increase of 76.39%.

The increase was mostly due to higher general and administrative

expenses related to public company costs and higher compensation cost of officers and directors.

a result, we incurred a net loss attributable to our stockholders of $1,028,192, or $0.00 per share, for the three months ended September

30, 2022, compared to a net loss attributable to our stockholders of $619,139, or $0.00 per share, during the three months ended September

Months Ended September 30, 2022 Compared to the Nine Months Ended September 30, 2021

for the nine months ended September 30, 2022 totaled $6,145, compared to revenue of $9,088 during the nine months ended September 30,

2021, representing a decrease of 32.38%.

This revenue comes from sales of industrial sand during the rainy season.

Industrial sand is

a residual business line as we are primarily focused on our lithium exploration program.

of goods sold for the nine months ended September 30, 2022 totaled $63,732, as compared to cost of goods sold of $74,476 during the nine

months ended September 30, 2021, representing a decrease of 14.43%.

Cost of goods sold is primarily comprised of labor, fuel, and repairs

and maintenance on our mining equipment.

The decrease is explained by reduced production activities and mining costs partially attributable

to our exploratory efforts.

loss for the nine months ended September 30, 2022 totaled $57,587, compared to gross loss of $65,388 during the nine months ended September

30, 2021, representing an improvement of 11.93%.

expenses for the six months ended June 30, 2022 totaled $1,816,611, compared to operating expenses of $1,852,836 during the six months

ended June 30, 2021, representing a decrease of 2%.

a result, we incurred a net loss attributable to our stockholders of $1,402,506, or $0.00 per share, for the six months ended June 30,

2022, compared to a net loss attributable to our stockholders of $1,542,696, or $0.00 per share, during the six months ended June 30,

expenses for the nine months ended September 30, 2022 totaled $3,064,305, compared to operating expenses of $2,560,171 during the nine

months ended September 30, 2021, representing an increase of 19.69%.

The increase was mostly due to higher general and administrative

expenses related to public company costs and higher compensation cost of officers and directors.

a result, we incurred a net loss attributable to our stockholders of $2,430,698, or $0.00 per share, for the nine months ended September

30, 2022, compared to a net loss attributable to our stockholders of $2,161,835, or $0.00 per share, during the nine months ended September

and Capital Resources

of June 30, 2022, we had cash and cash equivalents of $393,864 and a working capital deficit of $413,094.

cash used by operating activities totaled $1,327,301 for the six months ended June 30, 2022, compared to net cash used

of $98.400 during the six months ended June 30, 2021 representing an increase in cash used of $1,228,901.

Net cash used in investing

activities totaled $247,163 for the six months ended June 30, 2022, compared to net cash used of $957,978 during the six months

ended June 30, 2021, representing a decrease in cash used of $710,815.

Net cash provided by financing activities totaled $1,910,960

for the six months ended June 30, 2022, compared to $877,812 during the six months ended June 30, 2021, representing an increase in

of September 30, 2022, we had cash and cash equivalents of $418,263 and a working capital deficit of $2,475,660.

cash used by operating activities totaled $258,293 for the nine months ended September 30, 2022, compared to net cash used of $1,201,277

during the nine months ended September 30, 2021 representing an decrease in cash used of $942,984.

Net cash used in investing activities

totaled $2,573,86 for the nine months ended September 30, 2022, compared to net cash used of $272,153 during the nine months ended September

30, 2021, representing an increase in cash used of $2,301,673.

Net cash provided by financing activities totaled $3,188,736 for the nine

months ended September 30, 2022, compared to $1,237,542 during the nine months ended September 30, 2021, representing an increase in

cash provided of $1,951,194.

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of one of our subsidiaries.

Our ability to continue as a going concern is dependent upon our capability to generate cash flows from operations

Our ability to continue as a going concern is dependent upon our ability to generate cash flows from operations

and successfully raise new capital through debt issuances and sales of our equity.

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prevailing market rates unless otherwise disclosed in our financial statements.

If our estimate of the fair value is incorrect at June

If our estimate of the fair value is incorrect at September

30, 2022, it could negatively affect our financial position and liquidity and could result in our having understated our net loss.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis