Company: JUPGF
Filing Date: 2025-05-02
Form Type: DRS
Source: 0001641172-25-008279
Chunk: 45

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-05-02
Form: DRS
Chunk 45
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     | Close |        |
| Fiscal                
 Year Ended 12/31/2024 |     | R$      | 5.3905 |     | R$   | 6.1991 |     | R$  | 4.8543 |     | R$    | 6.1923 |
| Fiscal                
 Year Ended 12/31/2023 |     | R$      | 4.9953 |     | R$   | 5.4459 |     | R$  | 4.7202 |     | R$    | 4.8413 |
| Fiscal                
 Year Ended 12/31/2022 |     | R$      | 5.2284 |     | R$   | 5.7042 |     | R$  | 4.7378 |     | R$    | 5.2177 |

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

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

Our quartzite operation is our
sole property currently generating revenues. After a trial mining period in the second half of 2023, we commenced ongoing operations
at our quartzite quarry in 2024. Our gross margin of $265,694 was generated from the sales of 551 m of unprocessed blocks
of quartzite and 905 mof processed slabs produced by our quartzite operation. By comparison, there was no gross margin
generation in the year ended December 31, 2023. Although we are currently generating revenues from the sale of blocks of quartzite
and processed slabs, our production of quartzite blocks and slabs paused in April 2025 while we undergo modifications to our operations
to address certain identified issues. We expect to complete the modifications prior to the end of the quarter ending June 30, 2025
to permit us to resume production.

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, 202