Company: JUPGF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001493152-25-008689
Chunk: 66

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-02-28
Form: 20-F
Item: Item 19
Chunk 66
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 stated at cost. Major improvements and betterments are capitalized. Maintenance and repairs are expensed as incurred.
Depreciation is computed using the straight-line method over the estimated useful life. At the time of retirement or other disposition
of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected
in the statements of operations as other gain or loss, net.

The
diamond and gold processing plant, facilities and other machinery are depreciated over an estimated useful life of ten years five years three years

Mineral
Properties

Costs
of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. Mineral property acquisition costs,
including licenses and lease payments, are capitalized. Impairment losses are recorded on mineral properties used in operations when
indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’
carrying amount. The Company did not recognize any impairment losses related to mineral properties held during the years ended December
31, 2024, 2023 and 2022.

For
intangible assets purchased in a business combination, the estimated fair values of the assets received are used to establish their recorded
values. For intangible assets acquired in a non-monetary exchange, the estimated fair values of the assets transferred (or the estimated
fair values of the assets received, if more clearly evident) are used to establish their recorded values, unless the values of neither
the assets received nor the assets transferred are determinable within reasonable limits, in which case the assets received are measured
based on the carrying values of the assets transferred. Valuation techniques consistent with the market approach, income approach and/or
cost approach are used to measure fair value. These rights are held in perpetuity provided the Company remains in compliance with various
government regulations and industry requirements.

Mineral properties are amortized throughout the life of the property based
on an units-of-production method.

Revenue
recognition

Revenues
from sales are recognized when control of the product is transferred to customers, in accordance with the INCOTERMS involved in each
sales contract. Following ASC 606, the Company follows the 5-step model in order to recognize revenue in accordance with the
core principle.

Impairment
of Long-Lived Assets

For
long-lived assets, such as property and equipment and intangible assets subject to amortization, the Company continually monitors events
and changes in circumstances that could