Company: JUPGF
Filing Date: 2025-10-08
Form Type: F-1/A
Source: 0001493152-25-017439
Chunk: 49

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-10-08
Form: F-1/A
Chunk 49
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, 2025, compared to the issuance and sales of 143,666 shares generating a $444,500 inflow in the six-month period ended June 30, 2024 (shares of common stock issued were adjusted to reflect the impacts of the Reverse Stock Split);

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, 318,702 equity instruments were issued to our executives (205,410 immediately vested and 103,292 vesting in 4 years) compared to 84,000 issued in 2023. Instruments mentioned in this paragraph account for the reverse stock split.

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