Company: JUPGF
Filing Date: 2025-07-01
Form Type: DRS/A
Source: 0001641172-25-017223
Chunk: 60

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-07-01
Form: DRS/A
Chunk 60
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 Ø |                                                                                                                                          |
|   | Surface                                                                                                                                  
 sampling consists of collecting rock chip samples (2 to 3 kilograms) of rock outcrops and soils of interest after identification,        
 description, and classification. These samples are sent to the laboratory (SGS Brazil) and analyzed by ICP-OES and ICP-MS, resulting     
 in the concentration of 56 elements in ppm.                                                                                              |
| Ø | The                                                                                                                                      
 auger drilling samples are half of the core, with a sampling interval of 1 meter in general. These samples were described and sent       
 for analysis of 48 elements by lithium metaborate fusion - ICP OES/MS (SGS Brazil). QA/QC samples, blanks, and standards are distributed 
 and analyzed into batches.                                                                                                               |

Atlas Lithium Option Agreement

On December 19, 2024, we entered into an option agreement (the “Option Agreement”) with Atlas Lithium. Pursuant to the Option Agreement, Atlas Lithium granted us the exclusive right and option (the “Option”) to purchase from Atlas Lithium 100% of the equity interest in Brazil Mineral Resources Corporation, a Republic of the Marshall Islands corporation and a wholly-owned subsidiary of Atlas Lithium (“Brazil Mineral Resources”) (the “Equity Sale”). Brazil Mineral Resources’ primary assets consist of 60 mineral rights for copper, gold, graphite, nickel, rare earths, and titanium, all in Brazil.

During the Option Term (as defined below), we may deliver to Atlas Lithium (i) a written notice (a “Preliminary Option Notice”) indicating that we propose to exercise the Option and (ii) a proposed form of Purchase Agreement (the “Initial Draft Agreement”). The parties thereto shall thereafter use their best efforts for the thirty-business day period following the date of Atlas Lithium’s receipt of the Initial Draft Agreement to finalize and execute a definitive purchase agreement and consummate the Equity Sale. In connection with the Option Exercise (as defined below), we shall pay to Atlas Lithium total consideration in the amount of US$8.0 million (the “Option Consideration”). At Atlas Lithium’s discretion, the Option Consideration shall be payable in either (i) cash; (ii) shares of our common stock valued at a fixed price of $0.6266 per share; or (iii) a combination of cash and stock (the “Option Exercise”).

Following the Option Exercise, Atlas Lithium shall be entitled to a perpetual royalty of one point five percent