Company: JUPGF
Filing Date: 2025-12-08
Form Type: F-1/A
Source: 0001493152-25-026653
Chunk: 192

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-12-08
Form: F-1/A
Chunk 192
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 are permitted. We do not expect adoption of the new guidance to have a material impact on our consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income
Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement
Expenses. The amendments in this Update require disclosure, in the notes to financial statements, of specified information about certain
costs and expenses. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim
reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company will analyze the impacts of this Update
in the upcoming years and anticipate that it will not adopt the Update early.

In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion
and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The Board issued this Update to improve the
relevance and consistency in application of the induced conversion guidance in Subtopic 470-20, Debt— Debt with Conversion and Other
Options. The amendments in this Update clarify the requirements for determining whether certain settlements of convertible debt instruments
should be accounted for as an induced conversion. The amendments in this Update are effective for all entities for annual reporting periods
beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for
all entities that have adopted the amendments in Update 2020-06. Management does not expect this new guidance to have any impacts on the
Company’s consolidated financial statements.

| F-11 |

NOTE 2 – ACCOUNTING IMPACTS ARISING FROM THE MERGER WITH APOLLO

As discussed in Note 1, Organization and Description of Business, on November 19, 2024, the Company consummated a merger transaction through which Apollo Resources Corporation (“Apollo”), an entity under the same control of the Company, was merged with and into the Company. Such a transfer of net assets between entities under the control of the same parent is referred to under US GAAP as a common-control transaction.

The growing demand for critical minerals needed for
clean energy technologies and high-tech applications presents significant long-term opportunities. The Company’s goal is to become
a leading critical mineral resources company supplying materials for the rapidly growing clean energy technologies.