Company: JUPGF
Filing Date: 2025-09-15
Form Type: F-1
Source: 0001493152-25-013292
Chunk: 178

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-09-15
Form: F-1
Chunk 178
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 the Company an amount for each tonne mined based on    
 a percentage of the international price of iron ore 62% Fe. Operations are planned to be      
 started in the second half of 2025.                                                           |

| ● | Quartzite: the deposit is also located in Minas Gerais. In 2024, operations                                                            
 were started, and we produced and sold quartzite blocks and beneficiated slabs to clients in Brazil and abroad. Net revenues generated 
 during the year amounted to $667,131.                                                                                                  |

Segment reporting

The Company has one reportable segment: mining. The
mining segment derives revenue in Brazil by mining, beneficiating and selling material mined from the Company’s several mining rights.
Currently the Company generates revenue solely from its operating Quartzite project. The other mining projects are in exploration phase.

The accounting policies of the mining segment are
the same as those described in the summary of significant accounting policies.

The chief operating decision maker (CODM) of the mining
segment is the Company’s chief executive officer. The CODM regularly reviews the revenue, significant expenses categories, including
exploration and evaluation costs, and general and administrative expenses.

Total segment assets as of December 31, 2024, were
$2,380,910, primarily consisting of Mineral rights. These mineral rights are used by the CODM in decision-making, including resources
allocation, based on the exploration plan for the assets.

The CODM uses the gross profit of the reportable segment,
presented on the Company’s consolidated statements of operation, as the only profit and loss measure for the decision-making process
for the allocation of resources.

All of the Company’s revenue and long-lived
assets are located in Brazil. For the year ended December 31, 2024, the Company had 3 customers accounting for more than 10% of the Company’s
revenue each (the combination of them represented 58%).

Basis of Presentation

The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles (“GAAP”) of the United States of America and are expressed in United States dollars. For the years ended December 31, 2024, 2023 and 2022, the consolidated financial statements include the accounts of the Company, its 99.99% owned subsidiary, Mineração Jupiter Ltda and the 100% owned subsidiaries Mineração Apollo Ltda, Mineração Duas Barras Ltda and RST Recursos Minerais Ltda.