Company: JUPGF
Filing Date: 2025-07-25
Form Type: DRS/A
Source: 0001641172-25-021053
Chunk: 110

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-07-25
Form: DRS/A
Chunk 110
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 growth, as increased infrastructure development and industrial activity drive the need for steel.

The importance of iron ore to the U.S. economy
is significant, particularly as the country seeks to enhance its manufacturing capabilities and infrastructure. The U.S. is one of the
largest consumers of iron ore, with domestic production meeting only a fraction of its needs. In 2023, the U.S. produced approximately
48 million metric tons of iron ore, while importing around 60 million metric tons to satisfy demand. The reliance on imported iron
ore, primarily from Brazil and Canada, underscores the need for a stable supply chain to support the U.S. steel industry, which is critical
for national security and economic stability.

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Iron ore is a vital mineral resource
with significant reserves concentrated in Australia and Brazil. Its primary use in steel production highlights its importance to various
industries and the overall economy. As the U.S. continues to rely on imported iron ore, ensuring a stable supply chain and enhancing
domestic production capabilities will be crucial for maintaining competitiveness in manufacturing and infrastructure development.

Iron Ore in Brazil

Brazil is a powerhouse in iron ore production,
with significant potential for growth in the coming years. In 2023, Brazil’s iron ore mine production experienced a robust growth
of 6.1%, reaching approximately 410 million tons. This growth trajectory is expected to continue, with projections indicating that
production will rise to 436.1 million tons in 2024, driven primarily by Vale, the country’s largest iron ore producer.
Vale’s strategic initiatives, including the expansion of its S11D and Vargem Grande mines, have been pivotal in enhancing production
capacity. Vale aims to increase its output to between 340 and 360 million tons by 2026, further solidifying Brazil’s position
in the global iron ore market.

Brazil’s iron ore production
is forecasted to grow at a CAGR of 3.8% from 2024 to 2030, potentially reaching 544.6 million tons by
the end of the decade. This growth will be supported by ongoing developments in various mining projects, including the Capanema,
Amapa, Morro do Pilar, and Colomi projects. However, the industry faces challenges such as environmental concerns, infrastructure bottlenecks,
and social conflicts, which could hinder its growth. Despite these hurdles, Brazil’s abundant iron ore reserves and the expansion
plans of leading producers position the country well for continued growth in