Company: JUPGF
Filing Date: 2025-07-25
Form Type: DRS/A
Source: 0001641172-25-021053
Chunk: 100

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-07-25
Form: DRS/A
Chunk 100
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 to its energy applications, uranium also has important uses in military technologies,
including nuclear weapons and naval propulsion systems for submarines and aircraft carriers.

The global distribution of uranium reserves
is concentrated in a few key countries. Australia holds the largest share, accounting for approximately 28% of the world’s known
recoverable reserves, followed by Kazakhstan and Canada. Together, these three countries dominate global uranium production, with Kazakhstan
being the largest producer, responsible for over 40% of the world’s supply. Other significant producers include Namibia, Niger,
and Russia. The United States also has substantial uranium reserves, primarily in Wyoming and New Mexico, but domestic production has
declined significantly in recent decades, leaving the country reliant on imports to meet its needs.

Uranium’s primary use is in the generation
of nuclear energy. Nuclear power plants use enriched uranium, typically in the form of uranium dioxide pellets, as fuel to produce electricity
through controlled nuclear fission reactions. This process provides a reliable, low-carbon source of energy, making nuclear power an
important component of efforts to combat climate change. In addition to civilian energy production, uranium is essential for military
applications. Highly enriched uranium is used in the production of nuclear weapons, while lower-enriched uranium powers naval reactors
for submarines and aircraft carriers. The element is also used in research reactors and in the production of medical isotopes for cancer
treatment and diagnostic imaging.

Kazakhstan’s dominance in uranium mining
is largely due to its use of in situ recovery (ISR) technology, a cost-effective and environmentally less invasive method of extracting
uranium from underground deposits. The country’s state-owned company, Kazatomprom, is the world’s largest uranium producer,
supplying fuel to global markets. Canada, particularly through its high-grade uranium mines in Saskatchewan, also plays a crucial role
in the global supply chain. However, the processing and enrichment of uranium are concentrated in a few countries, with Russia, the United
States, France, and China leading in enrichment capacity. This concentration has raised geopolitical concerns, particularly in light
of tensions between major powers.

For the United States, uranium is a critical
mineral due to its importance in both energy security and national defense. Nuclear power provides about 20% of the country’s electricity
and is its largest source of carbon-free energy. However, the U.S. currently imports over 90% of its uranium, primarily from Canada,
Kazakhstan, and Australia, making it highly dependent on foreign sources