Company: JUPGF
Filing Date: 2025-09-15
Form Type: F-1
Source: 0001493152-25-013292
Chunk: 206

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-09-15
Form: F-1
Chunk 206
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 proper in the circumstances
because they have met the applicable standard of conduct set forth above. Such determination may be made by the Board of Directors of
the corporation by a majority vote of a quorum consisting of directors who were not parties to any action, suit or proceeding referred
to in the foregoing instances, by independent legal counsel in a written opinion or by the stockholder of the corporation.

Further, and as provided
by both the registrant’s Bylaws and Section 60 of the BCA, when a director or officer of a corporation has been successful
on the merits or otherwise in defense of any action, suit or proceeding referred to in the foregoing instances, or in the defense of
a related claim, issue or matter, they will be indemnified against expenses (including attorneys’ fees) actually and reasonably
incurred by them in connection with such matter.

Likewise, pursuant to the
registrant’s Bylaws and Section 60 of the BCA, expenses (such Bylaws specifically include attorneys’ fees in expenses)
incurred in defending a civil or criminal action, suit or proceeding by an officer or director may be paid in advance of the final disposition
of the action, suit or proceeding upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it
is ultimately determined that they are not entitled to indemnification. The Bylaws further provide that with respect to other employees,
such expenses may be paid on the terms and conditions, if any, as the Board may deem appropriate.

Both Section 60 of
the BCA and the registrant’s Bylaws further provide that the foregoing indemnification and advancement of expenses are not exclusive
of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote
of shareholder or disinterested directors or otherwise, both as to action in their official capacity and/or as to action in another capacity
while holding office.

| II-1 |

Under both Section 60
of the BCA and the registrant’s Bylaws, the registrant also has the power to purchase and maintain insurance on behalf of any person
who is or was a director or officer of the corporation or is or was serving at the request of the corporation as a director or officer
of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against them and incurred
by them in such capacity, or arising out of their status as such, regardless of whether the corporation would have the