Company: JUPGF
Filing Date: 2025-12-08
Form Type: F-1/A
Source: 0001493152-25-026653
Chunk: 103

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-12-08
Form: F-1/A
Chunk 103
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% 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