Company: JUPGF
Filing Date: 2025-05-02
Form Type: DRS
Source: 0001641172-25-008279
Chunk: 87

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-05-02
Form: DRS
Chunk 87
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 |     | Municipality     |     | State, Country |
| Piauí   |     |              | 803.031/2021 |     |            | 1,101.24 |     |         | Nickel |     | Capitão Gervásio |     | Piauí, Brazil  |

Iron Ore

Overview

The following is an overview of our planned iron
ore operations. Although we have a permit to operate an iron ore mine with planned operations commencing prior to the end of 2025, our
primary focus is on our critical mineral properties.

Historically, iron has been an essential metal
to human development and 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 (Fe2O3) and magnetite
(Fe3O4). 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