Atlas Lithium Corp 10-K

Item 2. Properties. Lithium Projects Our lithium projects are listed in the following table with respective maps below. Mineral Name Location in Brazil Aggregate Mineral Rights Area Lithium Minas Gerais Lithium Project State of Minas Gerais 23,785 hectares (58,774 acres) Lithium Northeastern Brazil Lithium Project States of Paraíba and Rio Grande do Norte 6,583 hectares (16,266 acres) With respect to the Minas Gerais Lithium Project, our exploration plan as of the date of this Annual Report is: a) 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; b) 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; 41 Table of Contents c) to continue exploratory drilling on many new and existing target areas with pegmatites which our field geologists have identified; d) to continue careful geological map on foot of the vast mineral rights landbank that we have for presence of additional pegmatites; and e) 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. With 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. Other Critical Minerals Our other critical minerals properties are listed in the following table with respective maps below. Mineral(s) Name Location in Brazil (states) Aggregate Mineral Rights Area Nickel Nickel Properties Goiás and Piauí 22,238 hectares (54,950 acres) Rare Earths Rare Earths I Properties Bahia, Goiás, and Tocantins 12,162 hectares (30,054 acres) Titanium Titanium Properties Minas Gerais 8,923 hectares (22,050 acres) Graphite Graphite Properties Minas Gerais 5,571 hectares (13,766 acres) With 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. Initial Properties Our alluvial gold and diamonds, and industrial sand properties are listed in the following table . Mineral(s) Name Location in Brazil (state) Aggregate Mineral Rights Area Alluvial Gold and Diamonds Alluvial Gold and Diamonds Mine Minas Gerais 9,343 hectares (23,088 acres) Industrial Sand Industrial Sand Mine I & Mine II Minas Gerais 456 hectares (1,128 acres) Item 3. Legal Proceedings. We are not a party to any material legal proceedings. Item 4. Mine Safety Disclosures. Not applicable. 42 Table of Contents PART II