Company: JUPGF
Filing Date: 2025-09-15
Form Type: F-1
Source: 0001493152-25-013292
Chunk: 96

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-09-15
Form: F-1
Chunk 96
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988.76 |     | Rare           
 Earths, Potash |     | Jussara           |     | Goiás,  
 Brazil  |

| 80 |

Graphite

Overview

Graphite has been on the
list of the minerals considered critical to the economic and national security of the United States since an initial list published by
the U.S. Department of the Interior on May 18, 2018. Graphite is the most used anode in lithium-ion batteries, benefitting from its high
energy and power density. The global need for high-quality, low impurity graphite is directly related to the growth in electric vehicle
(“EV”) adoption as discussed above. According to recent publication from Benchmark Mineral Intelligence, a well-respected
mineral consultancy, to meet demand for anode materials, an estimated 97 natural flake graphite mines will need to be built by 2035,
assuming an average size of 56,000 tons a year and no contribution from recycling.

Graphite plays a critical
role in steel production, automotive manufacturing, lubricants, and battery technology—particularly as the anode material in most
lithium-ion batteries. It also is used extensively in military applications including rocket and missile nozzles, jet engine components,
submarine hulls to reduce acoustic signatures, and more.

China accounts for 77%
of the world’s graphite production, with the U.S. sourcing 44% 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