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Item 1A. Risk Factors

2024-04-01 compared with 2023-04-21 · 461 added, 560 removed, 12 unchanged (99% of the section changed)

Risk Factors.

You should carefully consider the risks described

below, together with all the other information in this Annual Report.

If any of the following risks occur, our business, financial condition

and results of operations could be seriously harmed, and you could lose all or part of your investment.

Further, if we fail to meet the

expectations of the public market in any given period, the market price of our common stock could decline.

We operate in a competitive

environment that involves significant risks and uncertainties, some of which are outside of our control.

If any of these risks actually

occurs, our business and financial condition could suffer and the price of our stock could decline.

We caution you that the risks, uncertainties

and other factors referred to below and elsewhere in our Annual Report may not contain all the risks, uncertainties, and other factors

that may affect our future results and operations.

Our future results and operations could also be affected by factors, events, or uncertainties

that are not presently known to us or that we currently do not consider to present a material risk.

It is not possible for our management

to predict all risks.

Business Risks

Our future performance is difficult to evaluate

because we have a limited operating history in the lithium industry.

We entered the lithium industry in November 2021.

We have not realized any revenues to date from the sale of lithium, and our operating cash flow needs have been financed primarily through

issuances of debt and equity securities, and not through cash flows derived from our operations.

As a result, we have little historical

financial and operating information from our lithium business to help you evaluate our performance.

We have a history of losses and expect to

continue to incur losses in the future.

We have an accumulated deficit of approximately

$17,854,837 as of December 31, 2022.

We expect to continue to incur losses unless and until such time as our projects or one of our future

acquired properties enters into commercial production and generates sufficient revenues to fund continuing operations and we are able

to develop at least one economic deposit.

We recognize that if we are unable to generate cash flows from our operations, we will not be

able to earn profits or continue operations.

At this early stage of our lithium operations, we also expect to face the risks, uncertainties,

expenses and difficulties encountered by companies at the mineral exploration stage.

We cannot be sure that we will be successful in addressing

these risks and uncertainties and our failure to do so could have a materially adverse effect on our financial condition.

There is uncertainty regarding our ability to implement our business

plan and to grow our operations with our existing financial resources without additional financing.

Our ability to implement our business

plan is dependent on us generating cash from operations, the sale of our stock and/or obtaining debt financing.

Historically, we have

funded our operations primarily through the issuance of debt and equity securities.

Management’s plan to fund our capital requirements

and ongoing operations include the generation of revenue from our lithium operations and projects.

Management’s secondary plan to

cover any shortfall is selling our equity securities, and obtaining debt financing, There is no assurance that we will be successful in

implementing our business plan or that we will be able to generate sufficient cash from operations, sell securities or borrow funds on

favorable terms or at all.

Our inability to generate significant revenue or obtain additional financing could have a material adverse

effect on our ability to fully implement our business plan and grow our business to a greater extent than we can with our existing financial

We are an exploration stage company, and

there is no guarantee that our development will result in the commercial extraction of mineral deposits.

As defined under Regulation S-K 1300, we are an

exploration stage company as we have no known mineral reserves, and we have not yet conducted any mining operations.

Accordingly, we cannot

assure you that we will ever realize any profits.

Any profitability in the future from our business will be dependent upon the development

of an economic deposit of minerals and further exploration and development of other economic deposits of minerals, each of which is subject

to numerous risk factors.

Further, we cannot assure you that any of our property interests can be commercially mined or that any exploration

programs will result in profitable commercial mining operations.

The exploration and development of mineral deposits involves a high degree

of financial risk over a significant period of time, which may or may not be reduced or eliminated through a combination of careful evaluation,

experience, and skilled management.

While discovery of additional ore-bearing deposits may result in substantial rewards, few properties

that are explored are ultimately developed into producing mines.

Major expenses may be required to construct processing facilities and

to establish reserves.

Our exploration prospects may not contain any

reserves and any funds spent on evaluation and exploration may be lost.

We do not know with certainty that economically recoverable lithium

exists on our properties.

In addition, the quantity of any reserves may vary depending on commodity prices.

Any material change in the

quantity or grade of reserves may affect the economic viability of our properties.

Exploration and development projects like ours

have no operating history upon which to base estimates of future operating costs and capital requirements.

Actual operating costs and

economic returns of any and all exploration projects may materially differ from the costs and returns estimated, and accordingly, our

financial condition, results of operations, and cash flows may be negatively affected.

We face numerous risks related to exploration,

construction, and extraction of mineral deposits.

Our level of profitability, if any, in future

years will depend to a great degree on lithium prices and whether our properties can be brought into production.

Exploration and development

of lithium resources are highly speculative in nature, and it is impossible to ensure that any of our existing properties will establish

Whether it will be economically feasible to extract lithium depends on a number of factors, including, but not limited to:

the particular attributes of the deposit, such as size, grade, and proximity to infrastructure;

should carefully consider the risks described below, together with all the other information in this Annual Report.

If any of the following

risks occur, our business, financial condition and results of operations could be seriously harmed, and you could lose all or part of

your investment.

Further, if we fail to meet the expectations of the public market in any given period, the market price of our common

stock could decline.

We operate in a competitive environment that involves significant risks and uncertainties, some of which are outside

of our control.

If any of these risks actually occurs, our business and financial condition could suffer and the price of our stock could

We caution you that the risks, uncertainties and other factors referred to below and elsewhere in our Annual Report may not

contain all the risks, uncertainties, and other factors that may affect our future results and operations.

Our future results and operations

could also be affected by factors, events, or uncertainties that are not presently known to us or that we currently do not consider to

present a material risk.

It is not possible for our management to predict all risks.

future performance is difficult to evaluate because we have a limited operating history in the lithium industry.

entered the lithium industry in November 2021.

We have not realized any revenues to date from the sale of lithium, and our operating

cash flow needs have been financed primarily through issuances of debt and equity securities, and not through cash flows derived from

our operations.

As a result, we have little historical financial and operating information from our lithium business to help you evaluate

our performance.

have a history of losses and expect to continue to incur losses in the future.

We have an accumulated deficit

of approximately $20,239,639 as of December 31, 2023.

We expect to continue to incur losses unless and until such time as our projects

or one of our future acquired properties enters into commercial production and generates sufficient revenues to fund continuing operations

and we are able to develop at least one economic deposit.

We recognize that if we are unable to generate cash flows from our operations,

we will not be able to earn profits or continue operations.

At this early stage of our lithium operations, we also expect to face the

risks, uncertainties, expenses and difficulties encountered by companies at the mineral exploration stage.

We cannot be sure that we will

be successful in addressing these risks and uncertainties and our failure to do so could have a materially adverse effect on our financial

In the report by our auditor dated April 1, 2024 the auditor expressed doubt about our ability to continue as a going

is uncertainty regarding our ability to implement our business plan and to grow our operations with our existing financial resources

without additional financing.

Our ability to implement our business plan is dependent on us generating cash from operations, the sale

of our stock and/or obtaining debt financing.

Historically, we have funded our operations primarily through the issuance of debt and

equity securities.

Management’s plan to fund our capital requirements and ongoing operations includes the generation of revenue

from our lithium operations and projects.

Management’s secondary plan to cover any shortfall is selling our equity securities and

obtaining debt financing.

There is no assurance that we will be successful in implementing our business plan or that we will be able

to generate sufficient cash from operations, sell securities or borrow funds on favorable terms or at all.

Our inability to generate

significant revenue or obtain additional financing could have a material adverse effect on our ability to fully implement our business

plan and grow our business to a greater extent than we can with our existing financial resources.

are an exploration stage company, and there is no guarantee that our development will result in the commercial extraction of mineral

defined under Regulation S-K 1300, we are an exploration stage company as we have no known mineral reserves, and we have not yet conducted

any mining operations.

Accordingly, we cannot assure you that we will ever realize any profits.

Any profitability in the future from

our business will be dependent upon the development of an economic deposit of minerals and further exploration and development of other

economic deposits of minerals, each of which is subject to numerous risk factors.

Further, we cannot assure you that any of our property

interests can be commercially mined or that any exploration programs will result in profitable commercial mining operations.

The exploration

and development of mineral deposits involves a high degree of financial risk over a significant period of time, which may or may not

be reduced or eliminated through a combination of careful evaluation, experience, and skilled management.

While discovery of additional

ore-bearing deposits may result in substantial rewards, few properties that are explored are ultimately developed into producing mines.

Major expenses may be required to construct processing facilities and to establish reserves.

exploration prospects may not contain any reserves and any funds spent on evaluation and exploration may be lost.

We do not know with

certainty that economically recoverable lithium exists on our properties.

In addition, the quantity of any reserves may vary depending

on commodity prices.

Any material change in the quantity or grade of reserves may affect the economic viability of our properties.

and development projects like ours have no operating history upon which to base estimates of future operating costs and capital requirements.

Actual operating costs and economic returns of any and all exploration projects may materially differ from the costs and returns estimated,

and accordingly, our financial condition, results of operations, and cash flows may be negatively affected.

face numerous risks related to exploration, construction, and extraction of mineral deposits.

Our level of profitability,

if any, in future years will depend to a great degree on lithium prices and whether our properties can be brought into production.

and development of lithium resources are highly speculative in nature, and it is impossible to ensure that any of our existing properties

will establish reserves.

Whether it will be economically feasible to extract lithium depends on a number of factors, including, but not

(i) the particular attributes of the deposit, such as size, grade, and proximity to infrastructure;

(ii) lithium prices;

(iii) extraction,

processing, and transportation costs;

extraction, processing, and transportation costs;

(iv) the willingness of lenders and investors to provide project financing;

(v) labor costs and

possible labor strikes;

costs and possible labor strikes;

(vi) non-issuance of permits;

2 unchanged sentences

employment, worker safety, transportation, and reclamation and closure obligations.

We are also subject to the risks normally encountered

in the lithium industry, which include, without limitation:

● the discovery of unusual or unexpected geological

● accidental fires, floods, earthquakes, severe

weather, seismic activity, or other natural disasters;

● unplanned power outages and water shortages;

● construction delays and higher than expected

capital costs due to, among other things, supply chain disruptions, higher transportation costs, and inflation;

● the ability to obtain suitable or adequate machinery,

equipment, or labor;

● shortages in materials or equipment and energy

and electrical power supply interruptions or rationing;

● environmental liability;

● other unknown risks involved in the conduct of

lithium exploration and operations.

The nature of these risks is such that liabilities

could exceed any applicable insurance policy limits or could be excluded from coverage.

There are also risks against which we cannot insure

or against which we may elect not to insure.

The potential costs, which could be associated with any liabilities not covered by insurance

or in excess of insurance coverage, or compliance with applicable laws and regulations may cause substantial delays and require significant

capital outlays, adversely affecting our future earnings, competitive position, and potentially our financial viability.

are also subject to the risks normally encountered in the lithium industry, which include, without limitation:

discovery of unusual or unexpected geological formations;

fires, floods, earthquakes, severe weather, seismic activity, or other natural disasters;

power outages and water shortages;

delays and higher than expected capital costs due to, among other things, supply chain disruptions, higher transportation costs,

and inflation;

ability to obtain suitable or adequate machinery, equipment, or labor;

in materials or equipment and energy and electrical power supply interruptions or rationing;

environmental

unknown risks involved in the conduct of lithium exploration and operations.

nature of these risks is such that liabilities could exceed any applicable insurance policy limits or could be excluded from coverage.

There are also risks against which we cannot insure or against which we may elect not to insure.

The potential costs, which could be

associated with any liabilities not covered by insurance or in excess of insurance coverage, or compliance with applicable laws and regulations

may cause substantial delays and require significant capital outlays, adversely affecting our future earnings, competitive position,

and potentially our financial viability.

The mineral and chemical processing industry is intensely competitive.

The mineral and chemical processing

industry is intensely competitive.

We may be at a competitive disadvantage because we must compete with other individuals and companies,

many of which have greater financial resources, operational experience and technical capabilities than we do.

Increased competition could

adversely affect our ability to attract necessary capital funding or acquire suitable exploration properties.

We may also encounter increasing

competition from other mineral and chemical processing companies in our efforts to locate acquisition targets, hire experienced mining

professionals and acquire exploration resources.

Our quarterly and

annual operating and financial results and our revenue are likely to fluctuate significantly in future periods.

Our quarterly and annual operating

and financial results are difficult to predict and may fluctuate significantly from period to period.

Our revenues, net income and results

of operations may fluctuate as a result of a variety of factors that are outside our control including, but not limited to, lack of sufficient

working capital, equipment malfunction and breakdowns, inability to timely find spare machines or parts to fix the broken equipment, regulatory

or licensing delays and severe weather phenomena.

Our long-term success will depend ultimately

on our ability to generate revenues, achieve and maintain profitability, and develop positive cash flows from our lithium activities.

Our ability to (i) acquire additional lithium

and, (ii) initiate and continue exploration, development, commissioning of lithium ultimately depends on our ability to generate

revenues, achieve and maintain profitability, and generate positive cash flow from our operations.

The economic viability of our future

extraction activities has many risks and uncertainties including, but not limited to:

● significant, prolonged decrease in the market

price of lithium;

● significantly higher than expected construction

and extraction costs;

Our ability to (i) acquire

additional lithium projects, and (ii) initiate and continue exploration, development, commissioning of lithium ultimately depends on our

ability to generate revenues, achieve and maintain profitability, and generate positive cash flow from our operations.

The economic viability

of our future extraction activities has many risks and uncertainties including, but not limited to:

significant, prolonged decrease in the market price of lithium;

significantly higher than expected construction and extraction costs;

significantly lower than expected lithium extraction;

● significant delays, reductions, or stoppages

in lithium extraction activities;

● significant shortages of adequate and skilled

labor or a significant increase in labor costs;

● significantly more stringent regulatory laws

and regulations;

● significant difficulty in marketing and/or selling

lithium or lithium hydroxide;

It is common for a new lithium extraction operation

to experience unexpected costs, problems, and delays during construction, commissioning and start-up.

Most similar projects suffer delays

during these periods due to numerous factors, including the factors listed above.

Any of these factors could result in changes to economic

returns or cash flow estimates of the project or have other negative impacts on our financial position.

There is no assurance that our

projects will commence commercial production on schedule, or at all, or will result in profitable operations.

If we are unable to develop

our projects into a commercial operating mine, our business and financial condition will be materially adversely affected.

Moreover, even

if a feasibility study supports a commercially viable project, there are many additional factors that could impact the project’s

development, including terms and availability of financing, cost overruns, litigation or administrative appeals concerning the project,

delays in development, and any permitting changes, among other factors.

Our future lithium extraction activities may change

as a result of any one or more of these risks and uncertainties.

We cannot assure you that any of our activities will result in achieving

and maintaining profitability and developing positive cash flows.

We depend on our ability to successfully

access the capital and financial markets.

Any inability to access the capital or financial markets may limit our ability to meet our

liquidity needs and long-term commitments, fund our ongoing operations, execute our business plan or pursue investments that we may rely

on for future growth.

Until commercial production is achieved from our

planned projects, we will continue to incur operating and investing net cash outflows associated with including, but not limited to, maintaining

and acquiring exploration properties, undertaking exploration activities, and the development of our planned projects.

As a result, we

rely on access to capital markets as a source of funding for our capital and operating requirements.

We require additional capital to

meet our liquidity needs related to expenses for our various corporate activities, including the costs related to our status as a publicly

traded company, fund our ongoing operations, explore and define lithium mineralization, and establish any future lithium operations.

cannot assure you that such additional funding will be available to us on satisfactory terms, or at all.

To finance our future ongoing operations, and

future capital needs, we may require additional funds through the issuance of additional equity or debt securities.

Depending on the type

and terms of any financing we pursue, stockholders’ rights and the value of their investment in our common stock could be reduced.

significant delays, reductions, or stoppages in lithium extraction activities;

significant shortages of adequate and skilled labor or a significant increase in labor costs;

significantly more stringent regulatory laws and regulations;

significant difficulty in marketing and/or selling lithium or lithium hydroxide;

is common for a new lithium extraction operation to experience unexpected costs, problems, and delays during construction, commissioning

and start-up.

Most similar projects suffer delays during these periods due to numerous factors, including the factors listed above.

of these factors could result in changes to economic returns or cash flow estimates of the project or have other negative impacts on

our financial position.

There is no assurance that our projects will commence commercial production on schedule, or at all, or will result

in profitable operations.

If we are unable to develop our projects into a commercial operating mine, our business and financial condition

will be materially adversely affected.

Moreover, even if a feasibility study supports a commercially viable project, there are many additional

factors that could impact the project’s development, including terms and availability of financing, cost overruns, litigation or

administrative appeals concerning the project, delays in development, and any permitting changes, among other factors.

future lithium extraction activities may change as a result of any one or more of these risks and uncertainties.

We cannot assure you

that any of our activities will result in achieving and maintaining profitability and developing positive cash flows.

depend on our ability to successfully access the capital and financial markets.

Any inability to access the capital or financial markets

may limit our ability to meet our liquidity needs and long-term commitments, fund our ongoing operations, execute our business plan or

pursue investments that we may rely on for future growth.

commercial production is achieved from our planned projects, we will continue to incur operating and investing net cash outflows associated

with including, but not limited to, maintaining and acquiring exploration properties, undertaking exploration activities, and the development

of our planned projects.

As a result, we rely on access to capital markets as a source of funding for our capital and operating requirements.

We require additional capital to meet our liquidity needs related to expenses for our various corporate activities, including the costs

related to our status as a publicly traded company, fund our ongoing operations, explore and define lithium mineralization, and establish

any future lithium operations.

We cannot assure you that such additional funding will be available to us on satisfactory terms, or at

finance our future ongoing operations, and future capital needs, we may require additional funds through the issuance of additional equity

or debt securities.

Depending on the type and terms of any financing we pursue, stockholders’ rights and the value of their investment

in our common stock could be reduced.

Any additional equity financing will dilute shareholdings.

If the issuance of new securities results in diminished rights to holders of

our common stock, the market price of our common stock could be negatively impacted.

New or additional debt financing, if available, may

involve restrictions on financing and operating activities.

In addition, if we issue secured debt securities, the holders of the debt

would have a claim to our assets that would be prior to the rights of stockholders until the debt is paid.

Interest on such debt securities

would increase costs and negatively impact operating results.

If we are unable to obtain additional financing, as needed, at competitive

rates, our ability to fund our current operations and implement our business plan and strategy will be affected.

These circumstances may

require us to reduce the scope of our operations and scale back our exploration, development and extraction programs.

There is, however,

no guarantee that we will be able to secure any additional funding or be able to secure funding to provide us with sufficient funds to

meet our objectives, which may adversely affect our business and financial position.

We are dependent upon key management employees.

The responsibility of overseeing the day-to-day

operations and the strategic management of our business depends substantially on our senior management and key personnel.

such personnel may have an adverse effect on our performance.

The success of our operations will depend upon numerous factors, many of

which, in part, are beyond our control, including our ability to attract and retain additional key personnel in sales, marketing, technical

support, and finance.

Certain areas in which we operate are highly competitive and competition for qualified personnel is significant.

We may be unable to hire suitable field personnel for our technical team or there may be periods of time where a particular position remains

vacant while a suitable replacement is identified and appointed.

We may not be successful in attracting and retaining the personnel required

to grow and operate our business profitably.

Our ability to manage growth will have an

impact on our business, financial condition, and results of operations.

Future growth may place strains on our financial,

technical, operational, and administrative resources and cause us to rely more on project partners and independent contractors, thus,

potentially adversely affecting our financial position and results of operations.

Our ability to grow will depend on a number of factors,

including, but not limited to:

● our ability to develop existing prospects;

● our ability to identify and acquire or lease

new exploratory prospects;

● our ability to maintain or enter into new relationships

with project partners and independent contractors;

● our ability to continue to retain and attract

skilled personnel;

● our access to capital;

● the market price for lithium products;

● our ability to enter into agreements for the

sale of lithium products.

Lawsuits may be filed against us and an

adverse ruling in any such lawsuit may adversely affect our business, financial condition, or liquidity or the market price of our common

We may become involved in, named as a party to,

or be the subject of, various legal proceedings, including regulatory proceedings, tax proceedings, and legal actions relating to personal

injuries, property damage, property taxes, land rights, the environment, and contract disputes.

For additional information, refer to Part

I, Item 3, “Legal Proceedings” .

The outcome of future legal proceedings cannot

be predicted with certainty and may be determined adversely to us and as a result, could have a material adverse effect on our assets,

liabilities, business, financial condition, or results of operations.

Even if we prevail in any such legal proceeding, the proceedings

could be costly, time-consuming, and may divert the attention of management and key personnel from our business operations, which could

adversely affect our financial condition.

Our business is subject to cybersecurity

Our operations depend on effective and secure

information technology systems.

Threats to information technology systems, such as cyberattacks and cyber incidents, continue to increase.

Cybersecurity risks include, but are not limited to, malicious software, attempts to gain unauthorized access to our data and the unauthorized

release, corruption or loss of our data and personal information, as well as interruptions in communication and operations.

It is possible

that our business, financial, and other systems could be compromised, which could go unnoticed for a prolonged period of time.

not experienced a material breach of our information technologies.

Nevertheless, we continue to take steps to mitigate these risks by

employing a variety of measures, including employee training, technical security controls, and maintenance of backup and protective systems.

Despite these mitigation efforts, cybersecurity attacks and other threats exist and continue to increase, any of which could have a material

adverse effect on our business, results of operations, financial condition, and cash flows.

Regulatory and Industry Risks

We will be required to obtain governmental

permits and approvals in order to conduct development and extraction operations, a process that is often costly and time-consuming.

is no certainty that all necessary permits and approvals for our planned operations will be granted.

We are required to obtain and renew governmental permits and approvals

for our exploration and development activities and, prior to extracting any mineralization we discover, we will be required to obtain

additional governmental permits and approvals that we do not currently possess.

Obtaining and renewing any of these governmental permits

is a complex, time consuming and uncertain process involving numerous jurisdictions, public hearings, and possibly costly undertakings.

The timeliness and success of permitting efforts are contingent upon many variables not within our control, including the interpretation

of approval requirements administered by the applicable governmental authority.

We may not be able to obtain or renew permits

or approvals that are necessary to our planned operations, or we may discover that the cost and time required to obtain or renew such

permits and approvals exceeds our expectations.

Any unexpected delays, costs or conditions associated with the governmental approval process

could delay our planned exploration, development and extraction operations, which in turn could materially adversely affect our prospects,

revenues, and profitability.

In addition, our prospects may be adversely affected by the revocation or suspension of permits or by changes

in the scope or conditions to use of any permits obtained.

Private parties, such as environmental activist

organizations, frequently attempt to intervene in the permitting process to persuade regulators to deny necessary permits or seek to overturn

permits that have been issued.

These third-party actions can materially increase the costs, cause delays in the permitting process, and

could cause us to not proceed with the development or operation of a property.

In addition, our ability to successfully obtain key permits

and approvals to explore for, develop, operate, and expand operations will likely depend on our ability to undertake such activities in

a manner consistent with the creation of social and economic benefits in the surrounding communities, which may or may not be required

Our ability to obtain permits and approvals and to successfully operate in particular communities may be adversely affected by

real or perceived detrimental events associated with our activities.

Compliance with environmental regulations

and litigation based on environmental regulations could require significant expenditures.

Environmental regulations mandate, among other

things, the maintenance of air and water quality standards, land development, and land reclamation, and set forth limitations on the generation,

transportation, storage, and disposal of solid and hazardous waste.

Environmental legislation is evolving in a manner that may require

stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed

projects, and a heightened degree of responsibility for mining companies and their officers, directors, and employees.

We may incur environmental

costs that could have a material adverse effect on financial condition and results of operations.

Any failure to remedy an environmental

problem could require us to suspend operations or enter into interim compliance measures pending completion of the required remedy.

Moreover, governmental authorities and private

parties may bring lawsuits based upon damage to property and injury to persons resulting from the environmental, health, and safety impacts

of prior and current operations.

These lawsuits could lead to the imposition of substantial fines, remediation costs, penalties, and other

civil and criminal sanctions, as well as reputational harm, including damage to our relationships with customers, suppliers, investors,

governments or other stakeholders.

Such laws, regulations, enforcement, or private claims may have a material adverse effect on our financial

condition, results of operations, or cash flows.

Lithium prices are subject to unpredictable

If the issuance of new securities results

in diminished rights to holders of our common stock, the market price of our common stock could be negatively impacted.

New or additional

debt financing, if available, may involve restrictions on financing and operating activities.

In addition, if we issue secured debt securities,

the holders of the debt would have a claim to our assets that would be prior to the rights of stockholders until the debt is paid.

on such debt securities would increase costs and negatively impact operating results.

we are unable to obtain additional financing, as needed, at competitive rates, our ability to fund our current operations and implement

our business plan and strategy will be affected.

These circumstances may require us to reduce the scope of our operations and scale back

our exploration, development and extraction programs.

There is, however, no guarantee that we will be able to secure any additional funding

or be able to secure funding to provide us with sufficient funds to meet our objectives, which may adversely affect our business and

financial position.

are dependent upon key management employees.

responsibility of overseeing the day-to-day operations and the strategic management of our business depends substantially on our senior

management and key personnel.

Loss of any such personnel may have an adverse effect on our performance.

The success of our operations

will depend upon numerous factors, many of which, in part, are beyond our control, including our ability to attract and retain additional

key personnel in sales, marketing, technical support, and finance.

Certain areas in which we operate are highly competitive and competition

for qualified personnel is significant.

We may be unable to hire suitable field personnel for our technical team or there may be periods

of time where a particular position remains vacant while a suitable replacement is identified and appointed.

We may not be successful

in attracting and retaining the personnel required to grow and operate our business profitably.

ability to manage growth will have an impact on our business, financial condition, and results of operations.

growth may place strains on our financial, technical, operational, and administrative resources and cause us to rely more on project

partners and independent contractors, thus, potentially adversely affecting our financial position and results of operations.

to grow will depend on a number of factors, including, but not limited to:

ability to develop existing prospects;

ability to identify and acquire or lease new exploratory prospects;

ability to maintain or enter into new relationships with project partners and independent contractors;

ability to continue to retain and attract skilled personnel;

access to capital;

market price for lithium products;

ability to enter into agreements for the sale of lithium products.

may be filed against us and an adverse ruling in any such lawsuit may adversely affect our business, financial condition, or liquidity

or the market price of our common stock.

may become involved in, named as a party to, or be the subject of, various legal proceedings, including regulatory proceedings, tax proceedings,

and legal actions relating to personal injuries, property damage, property taxes, land rights, the environment, and contract disputes.

outcome of future legal proceedings cannot be predicted with certainty and may be determined adversely to us and as a result, could have

a material adverse effect on our assets, liabilities, business, financial condition, or results of operations.

Even if we prevail in

any such legal proceeding, the proceedings could be costly, time-consuming, and may divert the attention of management and key personnel

from our business operations, which could adversely affect our financial condition.

success as a company producing lithium and related products depends to a great extent on our research and development

capabilities for direct lithium extraction and our ability to secure capital for the implementation of brine

processing plants.

success as a producer of lithium and related products is dependent on our ability to develop and implement more efficient production

capabilities based on mineral rich brine and implementation of direct lithium extraction (DLE) technologies, which while having the potential

to significantly increase the supply of lithium from brine projects, the technology for DLE remains subject to many questions.

of DLE technologies are emerging and being tested at scale, with a handful of projects already in commercial construction.

However, there

remain challenges around scalability and water consumption/ brine reinjection.

We expect to make significant investment in research and

development of the DLE process, and we will need to continue to invest heavily to scale our manufacturing to ultimately producing sufficient

amounts of lithium.

We cannot assure you that our future product research and development projects and financing efforts will be successful

or be completed within the anticipated time frame or budget.

There is no guarantee we will achieve anticipated sales target or in a profitable

In addition, we cannot assure you that our existing or potential competitors will not develop products which are similar or superior

to our products or are more competitively priced.

As it is often difficult to project the time frame for developing new products and

the duration of market window for these products, there is a substantial risk that we may have to abandon a potential product that is

no longer commercially viable, even after we have invested significant resources in the development of such product and our facilities.

If we fail in our product launching efforts, our business, prospects, financial condition and results of operations may be materially

and adversely affected.

development of non-lithium battery technologies could adversely affect us.

development and adoption of new battery technologies that rely on inputs other than lithium compounds could significantly impact our

prospects and future revenues.

Current and next generation high energy density batteries for use in electric vehicles rely on lithium

compounds as a critical input.

Alternative materials and technologies are being researched with the goal of making batteries lighter,

more efficient, faster charging and less expensive, and some of these could be less reliant on lithium compounds.

We cannot predict which

new technologies may ultimately prove to be commercially viable and on what time horizon.

Commercialized battery technologies that use

no, or significantly less, lithium could materially and adversely impact our prospects and future revenues.

business is subject to cybersecurity risks.

operations depend on effective and secure information technology systems.

Threats to information technology systems, such as cyberattacks

and cyber incidents, continue to increase.

Cybersecurity risks include, but are not limited to, malicious software, attempts to gain

unauthorized access to our data and the unauthorized release, corruption or loss of our data and personal information, as well as interruptions

in communication and operations.

It is possible that our business, financial, and other systems could be compromised, which could go

unnoticed for a prolonged period of time.

We have not experienced a material breach of our information technologies.

Nevertheless, we

continue to take steps to mitigate these risks by employing a variety of measures, including employee training, technical security controls,

and maintenance of backup and protective systems.

Despite these mitigation efforts, cybersecurity attacks and other threats exist and

continue to increase, any of which could have a material adverse effect on our business, results of operations, financial condition,

and cash flows.

and Industry Risks

will be required to obtain governmental permits and approvals in order to conduct development and extraction operations, a process that

is often costly and time-consuming.

There is no certainty that all necessary permits and approvals for our planned operations will be

are required to obtain and renew governmental permits and approvals for our exploration and development activities and, prior to extracting

any mineralization we discover, we will be required to obtain additional governmental permits and approvals that we do not currently

Obtaining and renewing any of these governmental permits is a complex, time consuming and uncertain process involving numerous

jurisdictions, public hearings, and possibly costly undertakings.

The timeliness and success of permitting efforts are contingent upon

many variables not within our control, including the interpretation of approval requirements administered by the applicable governmental

may not be able to obtain or renew permits or approvals that are necessary to our planned operations, or we may discover that the cost

and time required to obtain or renew such permits and approvals exceeds our expectations.

Any unexpected delays, costs or conditions

associated with the governmental approval process could delay our planned exploration, development and extraction operations, which in

turn could materially adversely affect our prospects, revenues, and profitability.

In addition, our prospects may be adversely affected

by the revocation or suspension of permits or by changes in the scope or conditions to use of any permits obtained.

parties, such as environmental activist organizations, frequently attempt to intervene in the permitting process to persuade regulators

to deny necessary permits or seek to overturn permits that have been issued.

These third-party actions can materially increase the costs,

cause delays in the permitting process, and could cause us to not proceed with the development or operation of a property.

our ability to successfully obtain key permits and approvals to explore for, develop, operate, and expand operations will likely depend

on our ability to undertake such activities in a manner consistent with the creation of social and economic benefits in the surrounding

communities, which may or may not be required by law.

Our ability to obtain permits and approvals and to successfully operate in particular

communities may be adversely affected by real or perceived detrimental events associated with our activities.

operations face substantial regulation of health and safety.

operations are subject to extensive and complex laws and regulations governing worker health and safety across our operating regions

and our failure to comply with applicable legal requirements can result in substantial penalties.

Future changes in applicable laws,

regulations, permits and approvals or changes in their enforcement or regulatory interpretation could substantially increase costs to

achieve compliance, lead to the revocation of existing or future exploration or mining rights or otherwise have an adverse impact on

our results of operations and financial position.

mining claims are inspected on a regular basis by government regulators who may issue citations and orders when they believe a violation

has occurred under local mining regulations.

If inspections result in an alleged violation, we may be subject to fines, penalties or

sanctions and our mining operations could be subject to temporary or extended closures.

addition to potential government restrictions and regulatory fines, penalties or sanctions, our ability to operate (including the effect

of any impact on our workforce) and thus, our results of operations and our financial position (including because of potential related

fines and sanctions), could be adversely affected by accidents, injuries, fatalities or events detrimental (or perceived to be detrimental)

to the health and safety of our employees, the environment or the communities in which we operate.

with environmental regulations and litigation based on environmental regulations could require significant expenditures.

Environmental

regulations mandate, among other things, the maintenance of air and water quality standards, land development, and land reclamation,

and set forth limitations on the generation, transportation, storage, and disposal of solid and hazardous waste.

Environmental legislation

is evolving in a manner that may require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent

environmental assessments of proposed projects, and a heightened degree of responsibility for mining companies and their officers, directors,

and employees.

We may incur environmental costs that could have a material adverse effect on financial condition and results of operations.

Any failure to remedy an environmental problem could require us to suspend operations or enter into interim compliance measures pending

completion of the required remedy.

governmental authorities and private parties may bring lawsuits based upon damage to property and injury to persons resulting from the

environmental, health, and safety impacts of prior and current operations.

These lawsuits could lead to the imposition of substantial

fines, remediation costs, penalties, and other civil and criminal sanctions, as well as reputational harm, including damage to our relationships

with customers, suppliers, investors, governments or other stakeholders.

Such laws, regulations, enforcement, or private claims may have

a material adverse effect on our financial condition, results of operations, or cash flows.

prices are subject to unpredictable fluctuations.

expect to derive revenues, if any, from the extraction and sale of lithium.

The prices of lithium may fluctuate widely and are affected

by numerous factors beyond our control, including international, economic, and political trends, expectations of inflation, currency

exchange fluctuations, interest rates, global or regional consumptive patterns, speculative activities, increased production due to new

extraction developments and improved extraction and production methods and technological changes in the markets for the end products.

The effect of these factors on the prices of lithium and lithium byproducts, and therefore the economic viability of any of our exploration

properties, cannot accurately be predicted.

in technology or other developments could adversely affect demand for lithium compounds or result in preferences for substitute products.

and its derivatives are preferred raw materials for certain industrial applications, such as rechargeable batteries.

For example, current

and future high energy density batteries for use in electric vehicles will rely on lithium compounds as a critical input.

advancements in current battery technologies, development and adoption of new battery technologies that rely on inputs other than lithium

compounds, or a delay in the development and adoption of future high nickel battery technologies that utilize lithium could significantly

impact our prospects and future revenues.

Many materials and technologies are being researched and developed with the goal of making

batteries lighter, more efficient, faster charging, and less expensive, some of which could be less reliant on lithium or other lithium

Some of these technologies, such as commercialized battery technologies that use no, or significantly less, lithium compounds,

could be successful and could adversely affect demand for lithium batteries in personal electronics, electric and hybrid vehicles, and

other applications.

We cannot predict which new technologies may ultimately prove to be commercially viable and on what time horizon.

In addition, alternatives to industrial applications dependent on lithium compounds may become more economically attractive as global

commodity prices shift.

Any of these events could adversely affect demand for and market prices of lithium, thereby resulting in a material

adverse effect on the economic feasibility of extracting any mineralization we discover and reducing or eliminating any reserves we identify.

Related to an Investment in Our Common Stock

active trading market for our common stock may not develop, and you may be unable to resell your shares at or above the price you paid

common stock trading over the counter has not been historically active.

An active trading market for our shares may never develop or

be sustained.

No assurance can be given that our common stock will be accepted to trade on a national securities exchange.

In the absence

of an active trading market for our common stock, shareholders may not be able to sell their common stock at or above the price they

paid for them.

stock price may be volatile, and the market price of our common stock may drop below the price you pay due to a variety of factors, many

of which are beyond our control.

market price of our common stock could be subject to significant fluctuations, and it may decline.

Market prices for securities of early-stage

companies have historically been particularly volatile.

As a result of this volatility, you may not be able to sell your common stock

at or above the price you paid for them.

Some of the factors that may cause the market price of our common stock to fluctuate include:

● fluctuations

We expect to derive revenues, if any, from the

extraction and sale of lithium.

The prices of lithium may fluctuate widely and are affected by numerous factors beyond our control, including

international, economic, and political trends, expectations of inflation, currency exchange fluctuations, interest rates, global or regional

consumptive patterns, speculative activities, increased production due to new extraction developments and improved extraction and production

methods and technological changes in the markets for the end products.

The effect of these factors on the prices of lithium and lithium

byproducts, and therefore the economic viability of any of our exploration properties, cannot accurately be predicted.

Changes in technology or other developments

could adversely affect demand for lithium compounds or result in preferences for substitute products.

Lithium and its derivatives are preferred raw

materials for certain industrial applications, such as rechargeable batteries.

For example, current and future high energy density batteries

for use in electric vehicles will rely on lithium compounds as a critical input.

The pace of advancements in current battery technologies,

development and adoption of new battery technologies that rely on inputs other than lithium compounds, or a delay in the development and

adoption of future high nickel battery technologies that utilize lithium could significantly impact our prospects and future revenues.

Many materials and technologies are being researched and developed with the goal of making batteries lighter, more efficient, faster charging,

and less expensive, some of which could be less reliant on lithium or other lithium compounds.

Some of these technologies, such as commercialized

battery technologies that use no, or significantly less, lithium compounds, could be successful and could adversely affect demand for

lithium batteries in personal electronics, electric and hybrid vehicles, and other applications.

We cannot predict which new technologies

may ultimately prove to be commercially viable and on what time horizon.

In addition, alternatives to industrial applications dependent

on lithium compounds may become more economically attractive as global commodity prices shift.

Any of these events could adversely affect

demand for and market prices of lithium, thereby resulting in a material adverse effect on the economic feasibility of extracting any

mineralization we discover and reducing or eliminating any reserves we identify.

Our operations may be further disrupted,

and our financial results may be adversely affected by the novel coronavirus pandemic.

The COVID-19 pandemic has the potential to continue

to pose a material risk to our business and operations.

If a significant portion of our workforce or consultants become unable to work

or travel to our operations due to illness or state or federal government restrictions (including travel restrictions and “shelter-in-place”

and similar orders restricting certain activities that may be issued or extended by authorities), we may be forced to reduce or suspend

our exploration and development activities.

The COVID-19 pandemic had a broad impact globally and may materially affect us economically,

although progress has been made in the development and distribution of vaccines.

The scope and duration of COVID-19’s economic impact

may be difficult to assess or predict, but COVID-19 has negatively impacted global economic conditions, which, in turn, could adversely

affect our business, results of operations and financial condition.

In addition, a recession or market correction resulting from COVID-19

could materially affect our business and the value of our common stock.

It is not possible to estimate the full and complete impact that

COVID-19 could have on our business, results of operations and financial condition.

The extent to which the COVID-19 pandemic will impact

our financial condition will depend on future developments that are highly uncertain and cannot be predicted, including new government

actions or restrictions, new information that may emerge concerning the severity, longevity and impact of the COVID-19 pandemic on economic

As of December 31, 2022, the effects from the

COVID-19 pandemic have not had a material impact on our financial results or operations.

However, the effects from the COVID-19 pandemic

could have a material impact on our operations, and we will continue to closely monitor the COVID-19 situation.

An escalation of the current war in Ukraine,

generalized conflict in Europe, or the emergence of conflict elsewhere, may adversely affect our business.

An escalation of the current war in Ukraine, generalized

conflict in Europe, or the emergence of conflict elsewhere may adversely affect our business if the U.S.

capital markets become risk averse

for a prolonged period of time, and/or there is a general slowdown in the global economy.

Risks Related to an Investment in Our Common

Since our common stock is thinly traded

it is more susceptible to extreme rises or declines in price, and you may not be able to sell your shares at or above the price paid.

Since our common stock is thinly traded, its trading

price is likely to be highly volatile and could be subject to extreme fluctuations in response to various factors, many of which are beyond

our control, including:

trading volume of our shares;

number of securities analysts, market-makers and brokers following our common stock;

changes in, or failure to achieve, financial estimates by securities analysts;

new products or services introduced or announced by us or our competitors;

actual or anticipated variations in quarterly operating results;

conditions or trends in our business industries;

announcements by us of significant contracts, acquisitions, strategic partnerships, joint ventures or capital commitments;

additions or departures of key personnel;

sales of our common stock;

general stock market price and volume fluctuations of publicly-traded, and particularly microcap, companies.

The stock markets often experience significant

price and volume changes that are not related to the operating performance of individual companies, and because our common stock is thinly

traded it is particularly susceptible to such changes.

These broad market changes may cause the market price of our common stock to decline

regardless of how well we perform as a company.

In addition, securities class action litigation has often been initiated following periods

of volatility in the market price of a company’s securities.

A securities class action suit against us could result in substantial

legal fees, potential liabilities and the diversion of management’s attention and resources from our business.

Moreover, our shares

are currently quoted on the OTC Pink and, further, are subject to the penny stock regulations.

Price fluctuations in such shares are

particularly volatile and subject to manipulation by market-makers, short-sellers and option traders.

Our common stock is be considered a “penny

stock”, further reducing its liquidity.

Our common stock is considered a “penny

stock”, which will further reduce the liquidity of our common stock.

As a “penny stock,” trading in the common stock

is limited because broker-dealers are required to provide their customers with disclosure documents prior to allowing them to participate

in transactions involving the common stock.

These disclosure requirements are burdensome to broker-dealers and may discourage them from

allowing their customers to participate in transactions involving our common stock, thereby further reducing the liquidity of our common

“Penny stocks” are equity securities

with a market price below $5.00 per share other than a security that is registered on a national exchange, included for quotation on the

NASDAQ system or whose issuer has net tangible assets of more than $2,000,000 and has been in continuous operation for greater than three

Issuers who have been in operation for less than three years must have net tangible assets of at least $5,000,000.

Rules promulgated by the Securities and Exchange

Commission under Section 15(g) of the Exchange Act require broker-dealers engaging in transactions in penny stocks, to first provide to

their customers a series of disclosures and documents including:

A standardized risk disclosure document identifying the risks inherent in investment in penny stocks;

All compensation received by the broker-dealer in connection with the transaction;

● Current quotation prices and other relevant market data;

and Monthly account statements reflecting the fair market value of the securities.

These rules also require that a broker-dealer

obtain financial and other information from a customer, determine that transactions in penny stocks are suitable for such customer and

deliver a written statement to such customer setting forth the basis for this determination.

So long as our Common Stock is subject to

the SEC’s penny stock rules, it make be difficult for broker-dealers to complete customer transactions and could adversely affect

trading activity in our securities.

Under the SEC penny stock rules, broker-dealers

who recommend such securities to persons other than institutional accredited investors must:

make a special written suitability determination for the purchaser;

receive the purchaser’s prior written agreement to the transaction;

● provide the purchaser with risk disclosure documents which

identify certain risks associated with investing in penny stocks and which describe the market for these penny stocks as well

as a purchaser’s legal remedies; and

● obtain a signed and dated acknowledgment from the purchaser

demonstrating that the purchaser has actually received the required risk disclosure document before a transaction in a penny stock

can be completed.

When complying with these rules, broker-dealers

may find it difficult to effectuate customer transactions and trading activity in our securities may be adversely affected.

Investors should not anticipate receiving

cash dividends on our common stock, thereby depriving investors of yield on their investment.

We have never declared or paid any cash dividends

or distributions on our common stock and intend to retain future earnings, if any, to support our operations and to finance expansion.

Therefore, we do not anticipate paying any cash dividends on the common stock in the foreseeable future.

Such failure to pay a dividend

will deprive investors of any yield on their investment in our common stock.

Our indemnification of officers and directors

and limitations on their liability could limit our recourse against them.

Our Certificate of Incorporation and Bylaws contain

broad indemnification and liability limiting provisions regarding our officers, directors and employees, including the limitation of liability

for certain violations of fiduciary duties.

Stockholders therefore will have only limited recourse against these individuals.

If we fail to implement and maintain proper

and effective internal controls and disclosure controls and procedures, our ability to produce accurate and timely financial statements

and public reports could be impaired, which could adversely affect our operating results, our ability to operate our business and investors’

Section 404 of the Sarbanes-Oxley Act of 2002

requires the Company to evaluate the effectiveness of its internal control over financial reporting as of the end of each year, and to

include a management report assessing the effectiveness of the Company’s internal control over financial reporting in each Annual

Report on Form 10-K.

We have identified our disclosure controls and

procedures were not effective and that material weaknesses exists in our internal control over financial reporting.

The material weaknesses

consist of an insufficient complement of qualified accounting personnel and controls associated with segregation of duties and ineffective

controls associated with identifying and accounting for complex and non-routine transactions in accordance with U.S.

generally accepted

accounting principles.

Due to the material weaknesses in internal control over financial reporting and disclosure controls and procedures,

there may be errors in the Company’s consolidated financial statements and in the accompanying footnote disclosures that could require

restatements.

Investors may lose confidence in our reported financial information and disclosure, which could negatively impact our stock

We do not expect that our internal control over

financial reporting will prevent all errors and all fraud.

A control system, no matter how well designed and operated, can provide only

reasonable, not absolute, assurance that the control system’s objectives will be met.

Further, the design of a control system must

reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.

can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls.

Over time, controls may become inadequate because changes in conditions or deterioration in the degree of compliance with policies or

procedures may occur.

Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may

occur and not be detected.

We have additional common stock and preferred

stock available for issuance, which, if issued, could adversely affect the rights of the holders of our common stock.

Our Certificate of Incorporation authorizes the

issuance of up to 4,500,000,000 shares of our common stock, and up to 10,000,000 shares of preferred stock.

The common stock and the preferred

stock can be issued by the Board of Directors, without stockholder approval.

As of April 19, 2023, there were 3,319,240,740 shares of

our common stock outstanding.

Further, as of April 19, 2023, there were 50,000 shares of our Series A Preferred Stock issued and outstanding.

We currently have outstanding shares of

preferred stock that have special rights that could limit our ability to undertake corporate transactions, inhibit potential changes of

control and reduce the proceeds available to our common stockholders in the event of a change in control.

We currently have Common Stock and preferred stock

Our preferred stockholders have special rights that holders of our Common Stock do not have.

Currently, we have 50,000 shares

of Series A Preferred Stock issued and outstanding.

An example of special rights that holders of our Series A Preferred Stock have is

the ability to vote on all matters submitted to holders of Common Stock with voting rights equal to sixty percent (60%) of all of the

issued and outstanding shares of Common Stock.

That effectively gives the holder of our Series A shares majority voting control over all

matters submitted to a vote of the holders of Common Stock.

All shares of Series A Preferred shares will automatically convert into shares

of Common Stock upon the earlier of either (a) the effectiveness of a Registration Statement under the Securities Act of 1933;

12-months from the issuance of the Series A Preferred Stock, at a ratio equal to the purchase prices per share of the Series A Preferred

divided by $0.005.

A further result of the rights afforded our Series

A Preferred Stock is that we may not be able to undertake certain corporate transactions, including equity or debt transactions necessary

to raise sufficient capital to run our business, change of control transactions or other transactions that may be beneficial to our businesses.

The holdings of the Series A Preferred Shares may discourage, delay, or prevent a merger, acquisition, or other change in control of that

stockholders may consider favorable, including transactions in which our common stockholders might otherwise receive a premium for their

The market price of our Common Stock could be adversely affected by the rights of our preferred stockholders.

Our Common Stock has historically experienced

low trading volume on the OTC Pink, and therefore the price may not accurately reflect our value.

There can be no assurance that an active

market for our Common Stock will develop, either now or in the future .

Our shares of Common Stock have been thinly traded

on the OTC Pink.

Only a small percentage of our Common Stock is available to be traded and is held by a small number of holders and the

price, if traded, may not reflect our actual or perceived value.

There can be no assurance that there will be an active market for our

shares of Common Stock either now or in the future.

The market liquidity will be dependent on the perception of our operating business,

among other things.

We will take certain steps that may include any or all of investor awareness campaigns, press releases, road shows

and conferences to increase awareness of our business and any steps that we might take to bring us to the awareness of investors may require

that we compensate consultants with cash and/or stock.

In addition, the trading volume of stocks quoted

on the OTC Pink is often low and is often characterized by wide fluctuations in trading prices due to many factors that may have little

to do with a company’s operations or business prospects.

Because our Common Stock is only quoted on the OTC Pink, trading is only

possible through broker-dealers, and the trading volume of our Common Stock has been low.

Because we are quoted on the OTC Pink and were

not a privately-held company, you may experience difficulty liquidating your investment in our Common Stock or liquidating it at a price

that reflects the value of our business.

As a result, holders of our securities may not find purchasers for our securities should they

desire to sell them.

Accordingly, our securities should be purchased only by investors having no need for liquidity in their investment

and who can hold our securities for an indefinite period of time.

There is substantial doubt about our ability

to continue as a going concern.

Our independent registered public accounting firm

has included an explanatory paragraph in their report in our audited financial statements for the fiscal year ended December 31, 2022

to the effect that our losses from operations and our negative cash flows from operations raise substantial doubt about our ability to

continue as a going concern.

Our financial statements do not include any adjustments that might be necessary should we be unable to continue

as a going concern within one year after the date that the financial statements are issued.

We may be required to cease operations which

could result in our stockholders losing all or almost all of their investment.

The market price of our Common Stock may

be volatile and may fluctuate in a way that is disproportionate to our operating performance.

Our stock price may experience substantial volatility

as a result of a number of factors, including:

sales or potential sales of substantial amounts of our Common Stock;

the success of competitive products or technologies;

announcements about us or about our competitors, including new product introductions and commercial results;

the recruitment or departure of key personnel;

litigation and other developments;

actual or anticipated changes in estimates as to financial results, development timelines or recommendations by securities analysts;

variations in our financial results or those of companies that are perceived to be similar to us; and

general economic, industry and market conditions.

Many of these factors are beyond our control.

The stock markets in general, and the market for companies whose shares are quoted on the OTC Pink in particular have historically experienced

extreme price and volume fluctuations.

These fluctuations often have been unrelated or disproportionate to the operating performance of

these companies.

Broad market and industry factors could reduce the market price of our Common Stock, regardless of our actual operating

Sales of our common stock, or the perception

that such sales may occur, could depress the price of our common stock.

Sales of a substantial number of shares of our

common stock in the public market, or the perception that such sales may occur, could depress the market price of our common stock.

have filed a registration statement registering under the Securities Act the shares of our common stock reserved for issuance under our

Stock Incentive Plan, including shares issuable upon exercise of outstanding options.

These shares can be freely sold in the public market

upon issuance, subject to volume limitations applicable to affiliates.

Further, as opportunities present themselves, we may enter into

financing or similar arrangements in the future, including the issuance of debt or equity securities.

If we issue common stock or securities

convertible into our common stock, our common stockholders would experience additional dilution and, as a result, the price of our common

stock may decline.

Unresolved Staff Comments.

The Company’s address is 500 West Putnam

Avenue, Suite 400, Greenwich, Connecticut, 06830.

in our quarterly financial results or the quarterly financial results of companies perceived to be similar to our company;

in estimates of our financial results or recommendations by securities analysts;

of our business to achieve or maintain market acceptance in the lithium industry;

changes in market valuations of similar companies;

success of competitive service offerings or technologies;

changes in our capital structure, such as future issuances of securities or the incurrence of debt;

announcements by us or our competitors of significant services, contracts, acquisitions, or strategic alliances;

changes in market valuations of similar companies;

success of competitive service offerings or technologies;

changes in our capital structure, such as future issuances of securities or the incurrence of debt;

announcements by us or our competitors of significant services, contracts, acquisitions, or strategic alliances;

developments in the United States, foreign countries, or both;

involving us;

or departures of key personnel;

general perception of us;

events or factors, including those resulting from macroeconomic conditions, geopolitical crises, outbreak of hostilities or acts of war

such as the Russian invasion of Ukraine, the Israeli-Hamas war, and Houthi rebel ship attacks in the Red Sea, incidents of terrorism,

global pandemics such as the Covid-19 pandemic, natural disasters, and similar events, as well as responses to these and similar events.

addition, if the market for lithium and technology sector stocks or the stock market in general experiences a loss of investor confidence,

the trading price of our common stock could decline for reasons unrelated to our business, financial condition, or results of operations.

If any of the foregoing occurs, it could cause our stock price to fall and may expose us to class action lawsuits that, even if unsuccessful,

could be costly to defend and a distraction to management.

may experience substantial dilution in the future.

the future, your percentage ownership in us may be diluted if we issue additional shares of our common stock or convertible debt securities

in connection with acquisitions, capital market transactions, or other corporate purposes, including equity awards that we may grant

to our directors, officers and employees.

and directors have significant voting power and may take actions that may not be in the best interests of other stockholders.

executive officers and directors currently own or control 50.5% of our outstanding shares of common stock.

If these stockholders act

together, they will be able to exert significant control over our management and affairs requiring stockholder approval, including approval

of significant corporate transactions.

This concentration of ownership may have the effect of delaying or preventing a change in control

and might adversely affect the market price of our common stock.

This concentration of ownership may not be in the best interests of

all of our stockholders.

do not expect to declare any dividends in the foreseeable future.

do not anticipate declaring any cash dividends to holders of our common stock in the foreseeable future.

Consequently, stockholders may

need to rely on sales of their common stock after price appreciation, which may never occur, as the only way to realize any future gains

on their investment.

Investors seeking cash dividends should not purchase our common stock.

indemnification of officers and directors and limitations on their liability could limit our recourse against them.

certificate of incorporation and bylaws contain broad indemnification and liability limiting provisions regarding our officers, directors

and employees, including the limitation of liability for certain violations of fiduciary duties.

Stockholders therefore will have only

limited recourse against these individuals.

we fail to implement and maintain proper and effective internal controls and disclosure controls and procedures, our ability to produce

accurate and timely financial statements and public reports could be impaired, which could adversely affect our operating results, our

ability to operate our business and investors’ views of us.

of the Sarbanes-Oxley Act of 2002 requires our company to evaluate the effectiveness of our internal control over financial reporting

as of the end of each year, and to include a management report assessing the effectiveness of our internal control over financial

reporting in each annual report on Form 10-K.

have identified our disclosure controls and procedures were not effective and that material weaknesses exist in our internal control

over financial reporting.

The material weaknesses consist of an insufficient complement of qualified accounting personnel and controls

associated with segregation of duties and ineffective controls associated with identifying and accounting for complex and non-routine

transactions in accordance with U.S.

generally accepted accounting principles.

Due to the material weaknesses in internal control over

financial reporting and disclosure controls and procedures, there may be errors in our consolidated financial statements and in the accompanying

footnote disclosures that could require restatements.

Investors may lose confidence in our reported financial information and disclosure,

which could negatively impact our stock price.

do not expect that our internal control over financial reporting will prevent all errors and all fraud.

A control system, no matter how

well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met.

Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must

be considered relative to their costs.

Controls can be circumvented by the individual acts of some persons, by collusion of two or more

people, or by management override of the controls.

Over time, controls may become inadequate because changes in conditions or deterioration

in the degree of compliance with policies or procedures may occur.

Because of the inherent limitations in a cost-effective control system,

misstatements due to error or fraud may occur and not be detected.

have additional common stock and preferred stock available for issuance, which, if issued, could adversely affect the rights of the holders

of our common stock.

Our Certificate of Incorporation

authorizes the issuance of up to 4,500,000,000 shares of our common stock, and up to 10,000,000 shares of preferred stock.

stock and the preferred stock can be issued by the Board of Directors without stockholder approval.

As of April 1, 2024, there were 11,375,459

shares of our common stock outstanding and 0 shares of our preferred stock issued and outstanding.

Our stock is a penny stock subject to SEC

penny stock regulations, which could restrict the trading activity and limit the ability to buy and sell our stock.

Our company's stock qualifies

as a penny stock, as defined by Rule 15g-9 of the Securities and Exchange Commission (SEC), due to its market price being below $5.00

This classification subjects our stock to regulatory restrictions imposed by the SEC and FINRA.

Under SEC regulations, broker-dealers

are required to comply with additional sales practice requirements when trading penny stocks with individuals who are not established

customers or accredited investors.

These requirements include the delivery of a standardized risk disclosure document approved by the

SEC, provision of current bid and offer quotations, disclosure of broker-dealer compensation, and issuance of monthly account statements

to customers holding penny stocks.

Prior to executing a transaction involving penny stocks, broker-dealers must assess the suitability

of the investment for the purchaser and obtain written agreement from the purchaser.

Furthermore, FINRA mandates that broker-dealers must have reasonable

grounds to believe that an investment is suitable for a customer before recommending it.

This requirement necessitates gathering information

about the customer's financial status, tax status, investment objectives, and other relevant details.

FINRA's regulations regarding speculative

low-priced securities create additional hurdles for broker-dealers in recommending or trading our company's common stock.

These regulatory obligations

may diminish the level of trading activity in the secondary market for our stock, potentially limiting investors' ability to buy and sell

our stock efficiently.

Investors should be aware that these regulatory constraints on penny stock trading could impact the marketability

and liquidity of our common stock.

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 1A. Risk Factors