Company: JUPGF
Filing Date: 2025-08-27
Form Type: DRS/A
Source: 0001493152-25-012379
Chunk: 60

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-08-27
Form: DRS/A
Chunk 60
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 parties thereto shall thereafter use their best efforts for the thirty-business day period following the date of Atlas Lithium’s receipt of the Initial Draft Agreement to finalize and execute a definitive purchase agreement, with terms and conditions customary for these types of transactions) and consummate the Equity Sale. In connection with the Option Exercise (as defined below), we shall pay to Atlas Lithium total consideration in the amount of $8,000,000 (the “Option Consideration”). At Atlas Lithium’s discretion, the Option Consideration shall be payable in either (i) cash; (ii) shares of our common stock valued at a fixed price of $6.266 per share (reflects the Reverse Stock Split); or (iii) a combination of cash and stock (the “Option Exercise”).

Following the Option Exercise, Atlas Lithium shall be entitled to a perpetual royalty of one point five percent (1.5%) of the gross revenues from any of the mineral rights owned by, or being formally transferred to, the Company or any of its subsidiaries pursuant to the Option Agreement (the “Royalty”). The Royalty shall be subject to the terms and conditions of a royalty agreement to be mutually negotiated and entered into by and between the Company and Atlas Lithium on the date of the Company’s Option Exercise.

The Option is exercisable no earlier than the filing by the Company of a Form F-1 registration statement with the SEC, in connection with listing of the Company’s common stock on Nasdaq, and within 12 months thereafter (the “Option Term”). If the Company does not exercise the Option within the Option Term, the Option will automatically expire on the last day of the Option Term, unless the parties to this Agreement mutually agree to extend the Option Term in writing.

The Option Agreement contemplated the issuance
by the Company to Atlas Lithium of shares of our common stock representing $500,000 in value within two business days of signing the
Option Agreement (the “Effective Date”). Following the signing of the Option Agreement, the Effective Date for purposes of
delivering the share consideration for entering into the Option Agreement, was implicitly waived by the parties and postponed to fiscal
year 2025. Such understanding was subsequently reflected through the parties’ execution of a Waiver Agreement dated as of August
25, 2025 (the “Waiver Agreement”). As consideration for granting the Option, we issued Atlas Lithium 79,796 shares of our common stock, representing $500,000 divided by a value per share of $6.266