Company: JUPGF
Filing Date: 2025-07-01
Form Type: DRS/A
Source: 0001641172-25-017223
Chunk: 110

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-07-01
Form: DRS/A
Chunk 110
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| 5. | The                                                                                                                                
 effective date of the updated Rio Piracicaba TRS is June 16, 2025.                                                                 |

Tonnages (t) in this TRS are presented “in
situ”.

The specific point of reference for the mineral resources estimated in the Rio Piracicaba Project has the following coordinates: 19 o56’ 24.40” S and 43 o12’ 7.58” W. The specific point of reference is also identified in the map below.

<div align='center'>Figure 116 - Specific point of reference for the mineral resources estimated in the Rio Piracicaba Project.</div>

Planned Operations

We are in the final stage of negotiation with an unaffiliated third-party company that has expertise in mining iron ore and owns a processing facility for raw iron ore. The envisioned transaction is one in which we would lease our mineral right 833.114/2012 to such a company for mining. Leasing a mineral right to a third-party is a common business modality in Brazil which is provided for in We plan to lease our mining right, a legal modality provided for in Article 130 of ANM Ordinance 155/2016.

The anticipated contract is one where Apollo, as the holder of a mining concession, grants the exploration of the deposit to a third company (the “Lessee”), without transferring ownership of the mining rights. The Lessee assumes the exploration and mining of the ROM (Run-of-Mine), the raw, unprocessed ore extracted from the mine, from the permitted area of Apollo’s mineral right 833.114/2012, transport it to its processing plant outside the enterprise, and process and sell the concentrated iron ore on the market. Apollo receives payment on the quantity of ROM extracted and also a percentage of the sales of the final processed product.

Before starting such operational activities, it is necessary to present the lease agreement for approval by ANM. In addition, it is necessary to carry out the suppression and installation activities before starting the ROM extraction, as detailed in Apollo’s operational permit received from the state of Minas Gerais. The estimated cost of Apollo, according to the lease agreement, is limited to the suppression activity, estimated at approximately $90,500.

The Lessee expects the metallurgical recovery from our ROM to be above 50% and may reach as high as 65%.

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Quartzite

Overview

The following is an overview of our quartzite operations,
currently