Company: JUPGF
Filing Date: 2025-07-01
Form Type: DRS/A
Source: 0001641172-25-017223
Chunk: 47

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-07-01
Form: DRS/A
Chunk 47
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 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. The primary issue to be resolved is the adoption of an updated drainage plan for the quarry. We have retained an engineering firm to prepare an updated drainage plan for a cost of approximately $2,320, and expect to resume operationsby year end 2025 . Implementing the drainage plan is expected to cost between $25,000 and $50,000.

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.

Net cash used in operating activities was $846,948 for the year ended December 31, 2024, compared to