Company: JUPGF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001493152-25-008689
Chunk: 23

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-02-28
Form: 20-F
Item: Item 4
Chunk 23
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, each share of outstanding Apollo Resources securities was cancelled and converted into
6.62 shares of the Company’s common stock. Immediately following the Merger, the holders of outstanding Apollo Resources securities
owned approximately 59.40% of the Company’s outstanding securities. Our Founder, Chief Executive Officer and Chairman,
Mr. Fogassa, who is also the Chief Executive Officer of Atlas Lithium, holds 34.4% of the Company’s outstanding equity interest
following the Merger.

On
November 19, 2024, our Articles of Incorporation were amended and restated in order to (i) increase the authorized share capital of
the Company to 200,000,000 shares, and (ii) increase the number of shares of authorized common stock to 190,000,000 shares. The
foregoing description is only a summary of the Amended and Restated Articles of Incorporation and is qualified in its entirety by reference
to the full Amended and Restated Articles of Incorporation, which are filed as Exhibit 1.1 hereto and incorporated by reference.

After
the Merger, the Company’s wholly owned subsidiaries now include Mineracao Jupiter Ltda, Mineração Apollo Ltda, Mineração
Duas Barras Ltda, and RST Recursos Minerais Ltda.

On December 18, 2024, the Company entered
into an Option Agreement (the “ Option Agreement”) with Atlas Lithium Corporation (“ Atlas Lithium”)),
pursuant to which the Company acquired an option to acquire 100% of the equity interests of Brazil Minerals Resources Corporation
(“ BMR”), a wholly-owned subsidiary of Atlas Lithium (the “ Option”). As consideration for the Option, the Company issued to Atlas Lithium 797,957 shares of
our common stock, representing $500,000 divided by a value per share of $0.6266.

The Option is exercisable no earlier than
the filing by the Company of a Form F-1 registration statement with the SEC and within 12 months thereafter. If the Option is
exercised, the Company and Atlas Lithium shall enter into a definitive purchase agreement for the purchase of BMR pursuant to which
the Company shall pay to Atlas Lithium total consideration of $8,000,000, which at the discretion of Atlas Lithium shall be in the
form of cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock.
In the event that