Company: JUPGF
Filing Date: 2025-08-11
Form Type: DRS/A
Source: 0001641172-25-022982
Chunk: 101

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-08-11
Form: DRS/A
Chunk 101
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 44% of its supply from China. Despite its reliance
on imports, the U.S. has no active graphite mines.

Natural graphite is a naturally occurring form
of carbon that is characterized by its crystalline structure and unique properties, including excellent electrical and thermal conductivity.
It is primarily found in three forms: flake, amorphous, and lump graphite. Flake graphite is the most commercially valuable form, used
in various applications due to its high purity and conductivity. Natural graphite is essential in numerous industries, particularly in
the production of batteries, lubricants, and refractories, making it a critical mineral in the modern economy.

Countries with significant natural graphite reserves
include China, Brazil, Mozambique, Madagascar, and India. As of 2023, China holds the largest reserves, estimated at around 78 million
metric tons, which accounts for approximately 28% of the global total. Brazil follows with about 74 million metric tons, while Mozambique
and Madagascar have reserves of 25 million and 24 million metric tons, respectively. Despite these reserves, the mining and processing
of natural graphite are not evenly distributed globally. China dominates the processing sector, controlling over 60% of the world’s
graphite production and refining capabilities. This concentration of processing capacity raises concerns about supply chain vulnerabilities
for countries that rely heavily on imported graphite.

Natural graphite is used in a wide range of applications,
with the most significant demand coming from the battery industry, particularly for lithium-ion batteries (“LIBs”). As the world transitions
to EVs and renewable energy storage solutions, the demand for natural graphite is expected to surge. In 2023, approximately
33% of natural graphite was used in batteries, while other applications included lubricants, refractories, and foundry products.
The unique properties of natural graphite, such as its ability to withstand high temperatures and its excellent conductivity, make it
an ideal material for these applications. Furthermore, the growing emphasis on sustainability and environmental responsibility has led
to increased interest in natural graphite, as it is often considered more environmentally friendly compared to synthetic alternatives.

The importance of natural graphite to the U.S.
economy is significant, particularly as the country seeks to enhance its technological capabilities and reduce dependence on foreign
sources. The U.S. has identified natural graphite as a critical mineral, essential for national security and economic stability. Currently,
the U.S. relies heavily on imports for its graphite supply, with a substantial portion coming from China. This reliance poses risks,
especially in light of