What changed in this filing

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Item 2. Properties

2023-03-30 compared with 2022-03-25 · 39 added, 23 removed, 12 unchanged (84% of the section changed)

lithium projects are listed in the following table with respective maps below.

Mineral Rights Area

Gerais Lithium Project

of Minas Gerais

(58,774 acres)

Brazil Lithium Project

of Paraíba and Rio Grande do Norte

other strategic minerals properties are listed in the following table with respective maps below.

respect to the Minas Gerais Lithium Project, our exploration plan as of the date of this Annual Report is:

to continue both our exploratory and our resource-delineating drilling campaigns to assess identified targets and to continue to estimate

the size of our lithium-bearing mineral deposits;

to present a maiden resource report in accordance with the standards set forth in Regulation S-K 1300, and to plan on continually

updating such report as more drilling and data become available;

to continue exploratory drilling on many new and existing target areas with pegmatites which our field geologists have identified;

to continue careful geological map on foot of the vast mineral rights landbank that we have for presence of additional pegmatites;

to present the metallurgical report expected from SGS Lakefield and to continue mineralogical analysis of our deposits with the intent

of developing a processing route for lithium concentrate, our designated commercial product for sale.

respect to the Northeastern Brazil Lithium Project, our exploration plan as of the date of this Annual Report is to initially open five

to ten trenches and drill three to five exploratory holes in a few specific areas.

On January 19, 2023, through our 99.99% owned subsidiary BMIX Participações

Ltda., we consummated a transaction in which we acquired five lithium mineral rights totaling 1,090.88 hectares (~ 2,696 acres) owned

by an unrelated Brazilian mining enterprise pursuant to a Mineral Rights Purchase Agreement (the “Acquisition Agreement”)

filed as Exhibit 10.10 to this Annual Report.

These mineral rights are located in the municipalities of Araçuaí and Itinga,

in a region known as “Lithium Valley” in the State of Minas Gerais in Brazil.

The purchase of the properties under this agreement

remains subject to our continuing performance under the purchase agreement, including with respect to timely payments.

Please refer to

Exhibit 10.10 of this Annual Report for a full description of the terms of the Acquisition Agreement.

Critical Minerals

other critical minerals properties are listed in the following table with respective maps below.

in Brazil (states)

Mineral Rights Area

(54,950 acres)

Earths I Properties

of Goiás and Tocantins

Earths II Properties

of Minas Gerais

Nickel/Cobalt

II Properties

alluvial gold and diamonds, and industrial sand properties are listed in the following table with respective maps below.

Goiás, and Tocantins

(30,054 acres)

5,571 hectares

(13,766 acres)

respect to the properties listed above (nickel, rare earths, titanium, and graphite), we do not have detailed exploration plans or budgets,

as we have focused our attention and limited resources to date primarily toward our Lithium Projects.

alluvial gold and diamonds, and industrial sand properties are listed in the following table .

in Brazil (state)

Mineral Rights Area

Gold and Diamonds

Gold and Diamonds Mine

of Minas Gerais

(23,088 acres)

Sand Mine I & Mine II

of Minas Gerais

of Our Properties

Minas Gerais Lithium Project

Northeastern Brazil Lithium Project

Rare Earths I Properties

Rare Earths II Properties

Titanium Properties

Graphite Properties

Nickel/Cobalt I Properties

Nickel/Cobalt II Properties

Titanium Properties

Alluvial Gold and Diamond Properties

Industrial Sand Properties

(1,128 acres)

Legal Proceedings.

2 unchanged sentences

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-K

Item 2. Properties