Company: JUPGF
Filing Date: 2025-08-27
Form Type: DRS/A
Source: 0001493152-25-012379
Chunk: 106

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-08-27
Form: DRS/A
Chunk 106
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 economic growth. According to the U.S. Geological Survey, over 98% of mined iron ore is used in steel manufacturing.
Brazil exported approximately $30 billion in iron ore in 2024 and is the second biggest iron ore producer and exporter in the world,
after Australia. China remains the world’s largest importer of iron ore, and its demand continues to be a primary driver of the
global iron ore market. While fluctuations occur due to various economic factors within China, including government policies and the
performance of its real estate sector, its vast industrial base and ongoing infrastructure projects maintain a significant appetite for
steel and, consequently, iron ore. India’s demand also continues to grow, contributing to the overall global demand for iron ore.

Iron ore is a naturally occurring mineral from which
iron (Fe) is extracted. It is primarily composed of iron oxides, with the most common types being hematite (FeO)
and magnetite (FeO). Iron ore is a critical raw material in the production of steel, which is essential for construction,
manufacturing, and various industrial applications. The extraction and processing of iron ore involve several stages, including mining,
crushing, and beneficiation, which enhance the ore’s iron content before it is smelted in blast furnaces to produce pig iron and
subsequently steel.

As of 2023, the largest reserves of iron ore are
concentrated in a few key countries. Australia leads the world with approximately 50 billion metric tons of iron ore reserves, accounting
for about 29% of the global total. Brazil follows with around 30 billion metric tons, while Russia, China, and India also hold significant
reserves, with estimates of 25 billion, 23 billion, and nine billion metric tons, respectively. These countries play a crucial role
in the global iron ore market, with Australia and Brazil being the top exporters, supplying a substantial portion of the iron ore consumed
worldwide.

Australia is not only the largest holder of iron
ore reserves but also the leading producer and exporter of iron ore globally. Major mining companies such as BHP, Rio Tinto, and Fortescue
Metals Group operate extensive mining operations in Australia, particularly in the Pilbara region, which is renowned for its high-quality
iron ore deposits. Brazil’s Vale S.A. is another significant player in the iron ore market, operating the Carajás mine,
one of the largest and most productive iron ore mines in the world. The concentration of production and processing in these