What changed in this filing

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Item 2. Properties

2024-03-27 compared with 2023-03-30 · 34 added, 47 removed, 4 unchanged (95% 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

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.

lithium projects are listed in the following table.

Location in Brazil

Aggregate Mineral Rights Area

Minas Gerais Lithium Project

State of Minas Gerais

Other Brazil Lithium Project

States of Paraíba, Rio Grande do Norte, and Tocantins

respect to the Minas Gerais Lithium Project, our current exploration plan is:

to continue both our exploratory and 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 update such report as more drilling and data become available;

to continue exploratory drilling on new and existing target

areas with pegmatites which our field geologists have identified;

to continue careful geological map on foot of the mineral rights

landbank that we have for presence of additional pegmatites;

to continue implementing the early-revenue strategy outlined

in our MD&A with the intention of progressing to production of the lithium concentrate, our designated commercial product, for sale.

respect to the Other Brazil Lithium Project, our exploration plan is currently being designed by our Chief Geology Officer.

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

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

(23,088 acres)

Sand Mine I & Mine II

(1,128 acres)

other critical minerals properties are listed in the following table.

Location in Brazil

Aggregate Mineral Rights Area

Nickel Properties

States of Goiás and Piauí

Copper Properties

States of Bahia and Piauí

Rare Earths Properties

States of Bahia, Goiás, and Tocantins

Titanium Properties

State of Minas Gerais

Graphite Properties

State of Minas Gerais

respect to the critical mineral properties listed in the table above, we do not have

detailed exploration plans or budgets, as we have focused our attention and limited resources to date primarily toward our lithium exploration program.

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