Company: JUPGF
Filing Date: 2025-08-27
Form Type: DRS/A
Source: 0001493152-25-012379
Chunk: 92

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-08-27
Form: DRS/A
Chunk 92
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 |     | Rare Earths, Potash |     | Jussara                    |     | Goiás, Brazil  |

| 80 |

Graphite

Overview

Graphite has been on the list of the minerals considered critical to the economic and national security of the United
States since an initial list published by the U.S. Department of the Interior on May 18, 2018. Graphite is the most used anode in lithium-ion
batteries, benefitting from its high energy and power density. The global need for high-quality, low impurity graphite is directly related
to 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