Company: JUPGF
Filing Date: 2025-07-01
Form Type: DRS/A
Source: 0001641172-25-017223
Chunk: 103

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-07-01
Form: DRS/A
Chunk 103
---
 its strength, corrosion resistance, and ability to withstand high temperatures. It is primarily used in the production of
stainless steel, batteries, and various alloys. Nickel is classified as a critical mineral due to its essential role in modern technologies,
particularly in the manufacturing of EV batteries, where it enhances energy density and overall performance. In 2023,
over 50% of batteries produced utilized nickel-rich chemistries, underscoring its importance in the transition to cleaner energy sources
.

The global distribution of nickel reserves is
concentrated in a few key countries. As of 2023, Indonesia is the largest producer of nickel, accounting for approximately 54% of the
world’s mined nickel supply. Other significant nickel-producing countries include the Philippines, Russia, Australia, and Canada.
Indonesia’s dominance in nickel production is expected to increase, with forecasts suggesting it will represent over 60% of global
supply by 2028. The reserves are primarily found in laterite ores, which are rich in nickel and can be processed to
produce nickel metal.

| 90 |

China plays a crucial role in the processing of
nickel, controlling a significant portion of the global nickel refining capacity. In 2023, it was reported that around 54% of Indonesia’s
nickel output came from Chinese majority-owned producers, highlighting the interconnectedness of the two countries in the nickel supply
chain. This concentration of processing capabilities raises concerns for other nations, particularly the United States, which relies
heavily on imported nickel for its industrial and technological needs.

Nickel is utilized in a wide range of applications
beyond batteries. Its primary use is in the production of stainless steel, which accounts for approximately 70% of global nickel consumption.
Nickel is also essential in the aerospace and defense industries, where it is used in high-performance alloys and components that require
exceptional strength and resistance to corrosion. Additionally, nickel is used in the production of catalysts for chemical processes
and in various electronic applications, including data centers and AI technologies.

The importance of nickel to the U.S. economy cannot
be overstated, particularly as the country seeks to enhance its technological capabilities and reduce reliance on foreign sources. In
2023, the U.S. imported over 159,000 tons of nickel, with 46% of these imports coming from Canada, which accounted for only 4% of global
production. The U.S. government has recognized nickel as a critical mineral, essential for national security and economic stability