BMIX Stock Price, News & Analysis

Brazil Minerals Inc. (BMIX) rebranded to Atlas Lithium Corporation (ATLX) in October 2022, with the BMIX ticker ceasing to trade on December 6, 2022. The company now operates under the ticker symbol ATLX on the NASDAQ exchange, focusing exclusively on lithium exploration and development. Investors seeking information about the company's current operations should refer to Atlas Lithium Corporation (ATLX).

Company History and Original Operations

Brazil Minerals Inc. was incorporated in Nevada on December 15, 2011. From inception until December 2012, the company operated in the software business before pivoting to mineral exploration and mining under new management. The company rebranded as Brazil Minerals Inc. and established operations in Brazil, specifically in the Jequitinhonha Valley region of Minas Gerais state, an area historically known for diamond and gold production since the 18th century.

The company built its business model around two primary components: growing a diversified portfolio of mineral rights across strategic minerals, and actively mining specific areas for gold, diamonds, and industrial sand. Over time, Brazil Minerals expanded its mineral rights portfolio to include gold, diamonds, cobalt, copper, lithium, manganese, nickel, precious gemstones (aquamarine, beryl, tourmaline), and sand across more than 27,000 acres in the Jequitinhonha Valley.

Diamond and Gold Mining Operations

Brazil Minerals operated through two key Brazilian subsidiaries: Mineração Duas Barras Ltda. (MDB), which it owned 100%, and RST Recursos Minerais Ltda. (RST), in which it held a 25% stake. MDB operated what was regarded as the largest alluvial diamond and gold processing plant in Latin America, capable of processing upwards of 45 tons of gravel per hour. The plant, built by South African mining engineers at a cost of $2.5 million, was situated on a mining concession covering 422 acres that permitted exploration and commercialization of diamonds, gold, and sand in perpetuity, provided environmental licenses remained current.

The Duas Barras mining concession represented the highest level of mineral right in Brazil, known as "Concessão de Lavra." Previous owner Vaaldiam, a publicly-traded Canadian company, had performed detailed geological studies culminating in an NI 43-101 technical report published in 2007 and updated in 2008. The report identified mineralized materials amounting to 1,639,200 cubic meters with concentrations of 0.16 carats of diamonds per cubic meter and 182 milligrams of gold per cubic meter. Vaaldiam had also submitted a bankable feasibility study to the Brazilian mining department.

RST owned 10 mining concessions and 12 additional mineral rights for diamonds and gold, all located adjacent to or near MDB's operations in the Jequitinhonha River valley. Many of these areas had previously been owned by Mineração Tejucana S.A., a prominent Brazilian mining company that operated for decades, mining the Jequitinhonha River by dredge. Brazil Minerals successfully produced both rough and polished diamonds from its operations, along with gold bars and industrial sand for commercial sale. The company held the Brazilian permit to export its production.

Strategic Shift to Lithium

As global demand for battery metals accelerated with the expansion of electric vehicles and renewable energy storage, Brazil Minerals began accumulating mineral rights for lithium and other battery metals. By the time of its rebrand, the company's mineral rights portfolio for battery metals included approximately 60,077 acres for lithium, 30,009 acres for rare earths, 22,050 acres for titanium, 14,507 acres for graphite, and 7,509 acres for nickel and cobalt.

The strategic pivot culminated in the October 2022 rebrand to Atlas Lithium Corporation, signaling the company's dedicated focus on lithium exploration and development. The rebrand better reflected the company's evolution from a diversified precious metals and minerals company to a lithium-focused enterprise positioned to serve the growing battery metals market. The company maintained its operational base in Belo Horizonte, Brazil, and its mineral assets in Minas Gerais state.

OTC Trading and Limited Disclosure

As Brazil Minerals Inc., the company traded on the OTC Markets under the ticker BMIX. OTC-traded securities typically face less stringent regulatory requirements than exchange-listed stocks, including reduced disclosure obligations and lower listing standards. Companies trading on OTC markets may present higher investment risks due to limited publicly available information, lower liquidity, and wider bid-ask spreads. The company experienced a 1-for-500 reverse stock split on January 27, 2017, which reduced the number of outstanding shares while proportionally increasing the share price.

Current Status

The BMIX ticker is now obsolete, with all operations continuing under Atlas Lithium Corporation (ATLX). Following the rebrand, Atlas Lithium uplisted from the OTC Markets to the NASDAQ exchange, providing enhanced visibility and liquidity for shareholders. The company's current focus centers on developing the Minas Gerais lithium project, consisting of 85 mineral rights covering an area of 468 square kilometers in northeastern Minas Gerais, Brazil, as well as the Northeastern Brazil lithium project, which comprises 7 mineral rights covering 71 square kilometers across the states of Paraíba, Rio Grande do Norte, and Tocantins. Investors interested in the company's lithium operations and future prospects should research Atlas Lithium Corporation under its current ticker symbol ATLX.