Company: JUPGF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001493152-25-008689
Chunk: 30

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 30
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3  
  Fiscal                     R$           4.9953      R$        5.4459      R$       4.7202      4.8413  
  Fiscal                     R$           5.2284      R$        5.7042      R$       4.7378      5.2177  

The
exchange rate on December 31, 2024, was R$6.1923 Brazilian reais per one U. S. dollar. The exchange rate on December 31, 2023, was R$4.8413
Brazilian reais per one U. S. dollar.

Year
Ended December 31, 2024 compared to the Year ended December 31, 2023

After
a trial mining period in the second half of 2023, we commenced ongoing operations at its quartzite quarry in 2024. Our gross
margin of $265,694 was generated from the sales of 551 m 3 2

Our
operating expense is comprised primarily of stock-based compensation, general administrative expense, and other compensation related
costs. Operating expense totaled $1,903,637 for the year ended December 31, 2024, compared to operating expense of $1,015,531 for
the year ended December 31, 2023. The increase in operating expense of $888,106, or 87.45%, is primarily due to increased
stock-based compensation to executives. During 2024, 1,593,508 equity instruments were issued to our executives (1,077,037 immediately vested and 516,471 vesting in 4 years) compared to 420,000 issued in 2023.

We
incurred a net loss of $1,713,123 for the year ended December 31, 2024, an increase of 59.83% compared to $1,071,845 for the year ended
December 31, 2023.

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  Table of Contents  

Net
cash used in operating activities was $846,948 for the year ended December 31, 2024, compared to $862,695 used in operations during the
year ended December 31, 2023, a reduction of $15,747. Main impacts can be explained by:

  In                                                                                                     
  2024, generated $265,694 from gross profit of our quartzite operation and paid $