Company: JUPGF
Filing Date: 2025-09-15
Form Type: F-1
Source: 0001493152-25-013292
Chunk: 102

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-09-15
Form: F-1
Chunk 102
---
 its high-grade uranium mines in Saskatchewan, also plays
a crucial role in the global supply chain. However, the processing and enrichment of uranium are concentrated in a few countries, with
Russia, the United States, France, and China leading in enrichment capacity. This concentration has raised geopolitical concerns, particularly
in light of tensions between major powers.

For the United States,
uranium is a critical mineral due to its importance in both energy security and national defense. Nuclear power provides about 20% of
the country’s electricity and is its largest source of carbon-free energy. However, the U.S. currently imports over 90% of its
uranium, primarily from Canada, Kazakhstan, and Australia, making it highly dependent on foreign sources. The U.S. government has been
working to revitalize domestic uranium mining and processing capabilities, including the establishment of a strategic uranium reserve
to reduce reliance on imports and ensure a stable supply for both civilian and military needs.

As the world transitions
to cleaner energy sources, uranium’s role in the global economy is expected to grow. Nuclear power is increasingly recognized as
a key component of strategies to reduce carbon emissions, particularly in countries seeking to replace coal and other fossil fuels. The
development of advanced nuclear technologies, such as small modular reactors (SMRs) and next-generation reactors, could further increase
demand for uranium. However, challenges such as public opposition to nuclear power, concerns about nuclear waste, and geopolitical tensions
surrounding uranium supply chains must be addressed. Given its critical role in energy and security, uranium will continue to be a vital
resource in the decades to come.

Uranium in Brazil

Brazil holds significant uranium reserves, ranking among the top ten countries globally in identified resources. However, uranium mining in Brazil is subject to stringent government control, as uranium extraction, processing, and commercialization fall under state monopoly, as defined by the Brazilian Constitution. Indústrias Nucleares do Brazil (“INB”) is the state-owned company responsible for uranium mining and nuclear fuel production in the country.

| 86 |

The Federal Constitution establishes that “the exploration of nuclear services and facilities of any kind, as well as the state monopoly over the research, mining, enrichment, reprocessing, industrialization, and trade of nuclear ores and their derivatives,” is an exclusive competence of the Brazilian federal government. Furthermore, Law No. 14.514/2022 and Decree No. 51.726/1963 stipulate that Brazil’s federal monopoly includes:

| ●