Brazil Minerals Inc (OTCMKTS:BMIX) Bounces On High Volumes

[[tagnumber 0]][[tagnumber 1]]Brazil Minerals Inc (OTCMKTS:BMIX) has been slowly sliding down the charts for quite some time and as June came we saw the ticker sink into triple zero land. The volumes haven’t been impressive in the first half of the year, but they have picked up in the past month as the price was sinking closer to rock bottom.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The last time that we wrote about [[tagnumber 6]]BMIX[[tagnumber 7]] was a little over a year ago and there is a good reason why we haven’t covered them since then. The company has barely made any progress, while losing more than 90% of its value in the time being. The financials haven’t gotten much better to suggest otherwise. Here is what [[tagnumber 6]]BMIX[[tagnumber 7]] recorded in the first quarter of the year.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 13]] [[tagnumber 14]]cash: $23 thousand[[tagnumber 15]] [[tagnumber 14]]current assets: $521 thousand[[tagnumber 15]] [[tagnumber 14]]current liabilities: $2.59 million[[tagnumber 15]] [[tagnumber 14]]quarterly revenues: $11 thousand[[tagnumber 15]] [[tagnumber 14]]loss from operations $222 thousand[[tagnumber 15]] [[tagnumber 24]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Definitely not something to be amazed of and even while the revenues have doubled they are still quite small. The cash on hand is also not impressive and the liabilities are still high, even though they have been reduced.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]And while the outstanding shares have risen significantly the market cap isn’t that big. After all [[tagnumber 6]]BMIX[[tagnumber 7]] was closing in on the $0.0001 per share mark in the end of last week. This, however, changed yesterday afternoon.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The company came out with an optimistic press release mid–session and the ticker began to climb the charts. By the end of the day [[tagnumber 6]]BMIX[[tagnumber 7]] had gained 66.67% in value and was sitting at $0.0005 at the final bell. The volume spiked significantly, but the 216 million shares that were traded during the session only managed to generate $106 thousand in daily trade value.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The current news might carry [[tagnumber 6]]BMIX[[tagnumber 7]] even higher, considering the small market cap, but let’s not forget that the company doesn’t have a lot to show in the financial aspect so a one–day miracle is also possible. Doing your due diligence and weighing out the risks before putting any money on the line is, as always, crucial.[[tagnumber 2]]