Company: JUPGF
Filing Date: 2025-05-02
Form Type: DRS
Source: 0001641172-25-008279
Chunk: 156

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-05-02
Form: DRS
Chunk 156
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 (“RST”), each organized under the laws of Brazil and wholly owned by the Company.

On December 20, 2024, the Articles of Incorporation of the Company were amended to change the name of the Company to Atlas Critical Minerals Corporation. This name change was carried out to reflect a broader focus of the Company following its merger with Apollo Resources Corporation.

| F-7 |

The Company’s mineral properties are in exploration or pre-exploration phases except for the following:

| ● | Rio                                                                                          
 Piracicaba Iron ore mineral right: located in Rio Piracicaba, in the ore quadrangle in Minas 
 Gerais State, this mining right is fully permitted for an open pit mine operation and a dry  
 processing facility. The Company plans to start mining operations in the mining right in     
 2025.                                                                                        |

| ● | Quartzite:                                                                         
 the deposit is also located in Minas Gerais. In 2024, full mining operations were  
 started, producing and selling quartzite blocks and beneficiated slabs to clients  
 in Brazil and abroad. Net revenues generated during the year amounted to $667,131. |

Basis of Presentation

The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles (“GAAP”) of the United States of America and are expressed in United States dollars. For the years ended December 31, 2024, 2023 and 2022, the consolidated financial statements include the accounts of the Company, its 99.99% owned subsidiary, Mineração Jupiter Ltda and the 100% owned subsidiaries Mineração Apollo Ltda, Mineração Duas Barras Ltda and RST Recursos Minerais Ltda.

All material intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results may differ from those estimates.

Going Concern

The consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The Company has limited working capital, has incurred losses since its inception, and has not yet generated material revenues from the sale of its products or services. These factors create substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements