Company: JUPGF
Filing Date: 2025-08-11
Form Type: DRS/A
Source: 0001641172-25-022982
Chunk: 119

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-08-11
Form: DRS/A
Chunk 119
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 environmental license and obligations to the National Mining Agency for maintaining the mining                                         
 concession.                                                                                                                            
 Lessee:                                                                                                                                
 assumes environmental responsibility and technical and financial responsibility for the operation, reporting to the National Mining    
 Agency and environmental agencies for the mine’s activities during the term of the lease. Assumes the obligation to environmentally    
 rehabilitate the area after the contract ends. Also assumes royalty payments and Financial Compensation for the Exploration of Mineral 
 Resources (CFEM).                                                                                                                      |
| Work                                                                         
 and additional costs                                                         |     | Lessor:                                                                                                                                
 cost of vegetation removal + 0.45% royalty due to the property owner                                                                   
 Lessee:                                                                                                                                
 exploration cost, understood as the costs of opening the pit, operating the mine, mining the ROM, transporting the ROM and processing  
 the material extracted from the mine + 1.75%  royalty due to the property owner                                                        |
| Volumes                                                                      
 of ore expected to be extracted and processed                                |     | 50,000                                                                                                                                 
 tons per quarter is the minimum contracted mining volume.                                                                              |
| Volumes                                                                      
 of processed products expected to be sold by the lessee                      |     | All                                                                                                                                    
 material extracted from the 50,000 tons will be transported by the lessee and used to feed its industrial processing and concentration 
 plant, generating sinter feed sales product at 64% Fe.                                                                                 |
| Payment                                                                      
 terms to the lessor from the lessee with regard to the mineral right leasing |     | The                                                                                                                                    
 lessee monthly pays to the Lessor an amount per tonne of ROM extracted calculated as a percentage of                                   
 the Platts IODEX CFR CHINA 62% Fe $/DMT index determined in the reference month, with a minimum threshold determined by the contract;  |

The Lessee expects the metallurgical recovery from our ROM to be above 50% and may reach as high as 65%.

| 96 |

Quartzite

Overview

The following is an overview of our quartzite operations,
currently our sole revenue producing property. Although we are currently generating revenues from our quartzite operations, our production
of quartzite blocks and slabs is currently paused 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 operations by year end 2025. Although we anticipate resuming
production,