Company: JUPGF
Filing Date: 2025-08-11
Form Type: DRS/A
Source: 0001641172-25-022982
Chunk: 107

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-08-11
Form: DRS/A
Chunk 107
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 power plants use enriched uranium, typically in the form of uranium dioxide pellets, as fuel to produce electricity
through controlled nuclear fission reactions. This process provides a reliable, low-carbon source of energy, making nuclear power an
important component of efforts to combat climate change. In addition to civilian energy production, uranium is essential for military
applications. Highly enriched uranium is used in the production of nuclear weapons, while lower-enriched uranium powers naval reactors
for submarines and aircraft carriers. The element is also used in research reactors and in the production of medical isotopes for cancer
treatment and diagnostic imaging.

Kazakhstan’s dominance in uranium mining
is largely due to its use of in situ recovery (ISR) technology, a cost-effective and environmentally less invasive method of extracting
uranium from underground deposits. The country’s state-owned company, Kazatomprom, is the world’s largest uranium producer,
supplying fuel to global markets. Canada, particularly through its high-grade uranium mines in Saskatchewan, also plays a crucial role
in the global supply chain. However, the processing and enrichment of uranium are concentrated in a few countries, with Russia, the United
States, France, and China leading in enrichment capacity. This concentration has raised geopolitical concerns, particularly in light
of tensions between major powers.

For the United States, uranium is a critical
mineral due to its importance in both energy security and national defense. Nuclear power provides about 20% of the country’s electricity
and is its largest source of carbon-free energy. However, the U.S. currently imports over 90% of its uranium, primarily from Canada,
Kazakhstan, and Australia, making it highly dependent on foreign sources. The U.S. government has been working to revitalize domestic
uranium mining and processing capabilities, including the establishment of a strategic uranium reserve to reduce reliance on imports
and ensure a stable supply for both civilian and military needs.

As the world transitions to cleaner energy sources,
uranium’s role in the global economy is expected to grow. Nuclear power is increasingly recognized as a key component of strategies
to reduce carbon emissions, particularly in countries seeking to replace coal and other fossil fuels. The development of advanced nuclear
technologies, such as small modular reactors (SMRs) and next-generation reactors, could further increase demand for uranium. However,
challenges such as public opposition to nuclear power, concerns about nuclear waste, and geopolitical tensions surrounding uranium supply
chains must be addressed. Given its critical role in energy and security, uranium