My analysis of Atlas Lithium has led me to deem it a shameless abuse of the financial markets by a professional scoundrel with a long history of questionable relationships, false promises, and worthless stock promotions.
Atlas Lithium is a relatively obscure, unproven, and valueless mining operation founded by Marc Fogassa, a Brazilian born Harvard educated ” entrepreneur” with a history of shady dealings tied primarily around his former employer, Hunter Wise Financial and, his decade long control over Brazil Mineral Inc now renamed Atlas Lithium.
First off, ATLX is by far one of the most ridiculously over inflated stock on the market. the stock is up 209% y/y despite merely recording $6k in revenue in 2022, and 0 so far in 2023. The stock is currently trading at a 7000 times its sales and 69 times its book value.
For the last 6 months ending June 2023, the corp recorded $14M in total operating expenses, with $1.5M allocated for compensation and related cost.$5.6M in stock based compensation, and $2.6M in general and administrative.
Despite its ridiculous valuation, ATLX has even managed to attract capital from Lithium Royalty Corp, a recently formed Canadian based ” Lithium' focused Royalty corporation. Thanks to a $20M check, ATLX net losses have ballooned from $1M in 2022 to almost $10M so far 2023!
Atlas Lithium is a strange creature straight out of a financial Nightmare. It purports to be a ” Mineral exploration and development company with LITHIUM projects and exploration properties in other critical and battery minerals, including NICKEL, RARE EARTHS, GRAPHITE, AND TITANIUM…etc” It also claims interests in Gold and diamonds via its subsidiaries. The company is all over the place to say the least.
Formerly known as Brazil Minerals, ( BMIX), ATLX has spent vast majority of its sordid history pumping and dumping its securities into the muddied OTCs waters to speculatively excited ” gamblers” of all sorts.
Its founder used to work, and was ( even) fired by Hunter Wise Financial, a criminally indicted vulture investment scheme fined by the CTFC for fraud.
https://www.cftc.gov/PressRoom/PressReleases/6935-14
Imagine a Mafia family dismissing one of its soldier for being way out of line!!!!!
Back in 2013, Atlas Lithium, then known as Brazil Mineral, was actively involved in a pump and dump scheme involving Tobin Smith, a Fox News business anchor who was later dismissed for actively pushing BMIX and others low grade stocks to the Fox news audience. BMIX, then promoting its Gold and diamond mining projects effectively saw its stock value collapse by nearly 90% over the year despite Millions of dollars invested in promotions and marketing.
in 2021,after almost a decade long of mediocre and scandalous stock pumps and dumps revolved around its Gold and diamond project, Marc Fogassa decided to jump into the Lithium ” craze” and renamed his company ” ATLAS LITHIUM”. A Lithium exploration and development company.
In reality, Atlas Lithium is nothing but the ” Lithium” themed rehashing of Brazil Mineral with a wider exposure to the market thanks to its NASDAQ listing upgrade.
The nasdaq exposure has been extremely beneficial to the founder and CEO who is actively converting and selling his stocks and options holdings one penny at a time!
https://www.sec.gov/Archives/edgar/data/1540684/000149315223035115/xslF345X05/ownership.xml
On top of actively and not disclosing his stocks sales, ATLX has recently filled a potentially dilutive prospectus aimed at raising more funds to support its ” mining projects.”
The history and legacy of ATLX, its founder in particular, paints it as a make believe swindle designed solely for self enrichment. It is quite perplexing that a man who projects himself as a successful Ivy league educated immigrant chose to work for one of the most disreputable low graded investment firm on Wallstreet. With the help of the same entity, he was able to construct his own speculative scheme which he has so far navigated from the OTC into the NASDAQ despite never making a significant discovery of proven mineral reserves in over a DECADE in business.
ATLX, as business is rather insignificant given its lack of real exposure and its illiquid trading volume. Still, on the aggregate, ATLX represent the abuses and excesses that are current in a FIAT based financial system. Individuals like Fogassa understand that the key to riches lays not in adding ” real value” to society and returning capital to their investors but rather in designing quick makeshift financialized entities solely built on false confidence and fake promises.
For most of its history, BMIX, now dubbed ATLX traded in the OTCs market below $1/share. Having successfully uplisted into the Nasdaq has seen its value and share price reach the highs of $40/share back in March 2023; and, it is currently trading around $28 as of today. In reality, ATLX is nothing but the zombified Nasdaq listed continuity of BMIX. It is a worthless lithium promote and nothing else. I expect ATLX is return to its fair value below $1 eventually. How much damage it will reek on its way there, nobody really knows!
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