Company: JUPGF
Filing Date: 2025-08-27
Form Type: DRS/A
Source: 0001493152-25-012379
Chunk: 174

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-08-27
Form: DRS/A
Chunk 174
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 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.

All material intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amount of revenues and