Company: JUPGF
Filing Date: 2025-07-01
Form Type: DRS/A
Source: 0001641172-25-017223
Chunk: 92

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-07-01
Form: DRS/A
Chunk 92
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 the growth in electric vehicle (“EV”) adoption as discussed above. According to recent publication from Benchmark Mineral Intelligence,
a well-respected mineral consultancy, to meet demand for anode materials, an estimated 97 natural flake graphite mines will need to be
built by 2035, assuming an average size of 56,000 tons a year and no contribution from recycling.

Graphite
plays a critical role in steel production, automotive manufacturing, lubricants, and battery technology—particularly as the anode
material in most lithium-ion batteries. It also is used extensively in military applications including rocket and missile nozzles, jet
engine components, submarine hulls to reduce acoustic signatures, and more.

China
accounts for 77% of the world’s graphite production, with the U.S. sourcing 44% of its supply from China. Despite its reliance
on imports, the U.S. has no active graphite mines.

Natural graphite is a naturally occurring form
of carbon that is characterized by its crystalline structure and unique properties, including excellent electrical and thermal conductivity.
It is primarily found in three forms: flake, amorphous, and lump graphite. Flake graphite is the most commercially valuable form, used
in various applications due to its high purity and conductivity. Natural graphite is essential in numerous industries, particularly in
the production of batteries, lubricants, and refractories, making it a critical mineral in the modern economy.

Countries with significant natural graphite reserves
include China, Brazil, Mozambique, Madagascar, and India. As of 2023, China holds the largest reserves, estimated at around 78 million
metric tons, which accounts for approximately 28% of the global total. Brazil follows with about 74 million metric tons, while Mozambique
and Madagascar have reserves of 25 million and 24 million metric tons, respectively. Despite these reserves, the mining and processing
of natural graphite are not evenly distributed globally. China dominates the processing sector, controlling over 60% of the world’s
graphite production and refining capabilities. This concentration of processing capacity raises concerns about supply chain vulnerabilities
for countries that rely heavily on imported graphite.

Natural graphite is used in a wide range of applications,
with the most significant demand coming from the battery industry, particularly for lithium-ion batteries (“LIBs”). As the world transitions
to EVs and renewable energy storage solutions, the demand for natural graphite is expected to surge. In 2023, approximately
33% of natural graphite was used in batteries, while other applications