# EDGAR Filing Document

**Accession Number:** 0001684688
**File Stem:** 0001493152-25-021609
**Filing Date:** 2025-11
**Character Count:** 129696
**Document Hash:** ebf8d70a5f7a77ba418d7484b05e69b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-021609.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001493152-25-021609

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251112

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ATLAS CRITICAL MINERALS Corp
- **CENTRAL INDEX KEY:** 0001684688
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 1T
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-214872
- **FILM NUMBER:** 251468147

**BUSINESS ADDRESS:**
- **STREET 1:** BELO HORIZONTE
- **CITY:** MINAS GERAIS
- **STATE:** D5
- **ZIP:** 30112-010
- **BUSINESS PHONE:** 55-31-3956-1109

**MAIL ADDRESS:**
- **STREET 1:** BELO HORIZONTE
- **CITY:** MINAS GERAIS
- **STATE:** D5
- **ZIP:** 30112-010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Jupiter Gold Corp
- **DATE OF NAME CHANGE:** 20160914

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**Pursuant to Section 13(a)-16 or 15(d) of the Securities Exchange Act of 1934**

 ****

Date of Report: **November 12, 2025**

**ATLAS CRITICAL MINERALS CORPORATION**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Republic of the Marshall Islands** | **333-214872** | **Not Applicable** |
| (Jurisdiction of<br> incorporation or organization) | (Commission<br> File Number) | (Translation of Registrant's<br> name into English) |

---

**Rua Antônio de Albuquerque, 156, Suite 1720**

**Belo Horizonte, Minas Gerais, Brazil, 30112-010**<br> (Address of principal executive office)

**Marc Fogassa<br> Rua Antônio de Albuquerque, 156, Suite 1720**

**Belo Horizonte, Minas Gerais, Brazil, 30112-010**

**Telephone: (888) 412-0210**

**Email: marc.fogassa@jupitergoldcorp.com**

(Name, Telephone, Address and E-mail of Company Contact Person)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

☒ Form 20-F

☐ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant if submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Securities registered or to be registered pursuant to Section 12(b) of the Act: None

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

**<u>Common Stock, par value $0.001 per share</u>**

(Title of Class)

Atlas Critical Minerals Corporation ("Atlas Critical Minerals" or "Company") engaged SGS Canada Inc. ("SGS") to prepare a revised Technical Report Summary in accordance with Item 1300 of Regulation S-K (the "S-K 1300 Technical Report Summary") for its Malacacheta Graphite Project located in the state of Minas Gerais, Brazil (the "Updated Malacacheta TRS"). The Updated Malacacheta TRS is dated October 24, 2025, with an effective date of October 24, 2025, and is filed as Exhibit 96.1 to this Form 6-K.

**Exhibit Index**

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| | |
|:---|:---|
| Exhibit | Description |
| 23.1 | [Consent of SGS Canada Inc.](ex23-1.htm) |
| 96.1 | [Technical Report Summary regarding the Malacacheta Graphite Project, Minas Gerais State, Brazil, dated October 24, 2025](ex96-1.htm) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: November 12, 2025

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| | |
|:---|:---|
| By: | */s/ Marc Fogassa* |
| Name: | Marc Fogassa |
| Title: | Chief Executive Officer |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF QUALIFIED PERSON**

November 11, 2025

**Re**: Form 6-K to be filed by Atlas Critical Minerals Corporation (the "Company")

I, Marc-Antoine Laporte, P.Geo, M.Sc. on behalf of SGS Canada Inc., consent to:

i) The use of and reference to our company name, including our status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities Exchange Commission (the "SEC")), in connection with the Current Report on From 6-K filed by the Company with the SEC, and any amendments thereto (the "Form 6-K") regarding the study titled "S-K 1300 Technical Report Summary on the Malacacheta Project, Minas Gerais State, Brazil" dated October 24, 2025 (the "Malacacheta TRS");

ii) The incorporation by reference of this consent, the use of our name and any extracts from, or summary of, the Malacacheta TRS in the Form 6-K and the use of any information derived, summarized, quoted or referenced from the Malacacheta TRS, or portions thereof, that was prepared by SGS Canada Inc. – Mining Proficiency Group, into the Company's filings with the SEC.

---

| | |
|:---|:---|
| **SGS Canada Inc.** | **SGS Canada Inc.** |
| **By**: | */s/ Marc-Antoine Laporte, P.Geo, M.Sc.* |
| **Name**: | Marc-Antoine Laporte, P.Geo, M.Sc. |

---

## Exhibit 96.1

**Exhibit 96.1** 

---

| | |
|:---|:---|
| ![](ex96-1_001.jpg) | ![](ex96-1_002.jpg) |

---

**SK-1300 TECHNICAL REPORT SUMMARY**

**ON THE**

**MALACACHETA PROJECT, MINAS GERAIS STATE, BRAZIL**

**Prepared for:**

Atlas Critical Minerals Corporation (NASDAQ: JUPGF)

Rua Antônio de Albuquerque, 156, Suite 1720, Belo Horizonte,

Minas Gerais, Brazil, 30112-010

Report Date: October 24, 2025

Effective Date: October 24, 2025

**Prepared by:**

SGS Canada Inc.

*SGS Project #19546-02*

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| | |
|:---|:---|
| SGS Canada Inc. | &nbsp;&nbsp;**Geological Services** |
|  | &nbsp;&nbsp;10 boul. de la Seigneurie Est, Suite 203, Blainville, Québec Canada J7C 3V5 t (450) 433-1050 f (450) 433-1048 www.geostat.com |
|  | Member of SGS Group (SGS SA) |

---

<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page i</u>

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| | |
|:---|:---|
| **TABLE OF CONTENTS** |  |
| **TABLE OF CONTENTS** | i |
| LIST OF FIGURES | ii |
| LIST OF TABLES | iii |
| 1 SUMMARY | 4 |
| &nbsp;&nbsp;&nbsp;1.1 Introduction | 4 |
| &nbsp;&nbsp;&nbsp;1.2 Property Description, Location, Access, and Physiography | 4 |
| &nbsp;&nbsp;&nbsp;1.3 History | 5 |
| &nbsp;&nbsp;&nbsp;1.4 Geology and Mineralization | 5 |
| &nbsp;&nbsp;&nbsp;1.5 Exploration | 5 |
| &nbsp;&nbsp;&nbsp;1.6 Data Verification | 6 |
| &nbsp;&nbsp;&nbsp;1.7 Mineral Processing and Metallurgical Testing | 6 |
| &nbsp;&nbsp;&nbsp;1.8 Mineral Resource Estimates | 7 |
| &nbsp;&nbsp;&nbsp;1.9 Adjacent Properties | 7 |
| &nbsp;&nbsp;&nbsp;1.10 Conclusions and Recommendations | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.1 Conclusions | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.2 Recommendations | 7 |
| 2 INTRODUCTION | 9 |
| &nbsp;&nbsp;&nbsp;2.1 Registrant Information | 9 |
| &nbsp;&nbsp;&nbsp;2.2 Terms of Reference and Purpose | 9 |
| &nbsp;&nbsp;&nbsp;2.3 Sources of Information | 9 |
| &nbsp;&nbsp;&nbsp;2.4 Personal Inspection Summary | 10 |
| &nbsp;&nbsp;&nbsp;2.5 Previously Filed Technical Report Summary Report | 10 |
| &nbsp;&nbsp;&nbsp;2.6 Units and Abbreviations | 10 |
| 3 PROPERTY DESCRIPTION | 12 |
| &nbsp;&nbsp;&nbsp;3.1 Property Description and Location | 12 |
| &nbsp;&nbsp;&nbsp;3.2 Mineral Tenure | 12 |
| &nbsp;&nbsp;&nbsp;3.3 Surface Rights | 14 |
| &nbsp;&nbsp;&nbsp;3.4 Royalties and Encumbrances | 14 |
| &nbsp;&nbsp;&nbsp;3.5 Reliance on Other Experts | 14 |
| 4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY | 15 |
| &nbsp;&nbsp;&nbsp;4.1 Accessibility | 15 |
| &nbsp;&nbsp;&nbsp;4.2 Climate | 15 |
| &nbsp;&nbsp;&nbsp;4.3 Local Resources | 15 |
| &nbsp;&nbsp;&nbsp;4.4 Infrastructure | 15 |
| &nbsp;&nbsp;&nbsp;4.5 Physiography | 15 |
| 5 HISTORY | 16 |
| &nbsp;&nbsp;&nbsp;5.1 Historical Resource Estimates | 16 |
| &nbsp;&nbsp;&nbsp;5.2 Past Production | 16 |
| 6 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT | 17 |
| &nbsp;&nbsp;&nbsp;6.1 Regional Geology | 17 |
| &nbsp;&nbsp;&nbsp;6.2 Local and Property Geology | 19 |
| &nbsp;&nbsp;&nbsp;6.3 Deposit Type | 21 |
| 7 EXPLORATION | 23 |
| &nbsp;&nbsp;&nbsp;7.1 Surface Sampling | 23 |
| &nbsp;&nbsp;&nbsp;7.2 Auger Drilling | 26 |
| 8 SAMPLE PREPARATION, ANALYSES, AND SECURITY | 28 |
| 9 DATA VERIFICATION | 29 |
| 10 MINERAL PROCESSING AND METALLURGICAL TESTING | 30 |
| &nbsp;&nbsp;&nbsp;10.1 Sample Analysis and Initial Flotation Test Work | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1 Scope | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2 Methods of Chemical Analysis | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3 Flotation | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.4 Sample Receiving | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.5 Chemical Analysis of The Original Samples | 33 |

---

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| |
|:---|
| ![](ex96-1_003.jpg) |
| **SGS Geological Services** |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page ii</u>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.6 Flotation Results | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.7 Size by Size Analysis | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.8 Results and Conclusion | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.9 Suggestion For Further Work | 38 |
| &nbsp;&nbsp;&nbsp;10.2 Graphite Processing and Characterization | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1 Scope | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2 Methods of Analysis and Characterization | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3 Incoming Raw materials Analysis (IRMA) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.4 Thermal Purification | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.5 Results and Conclusions | 49 |
| 11 MINERAL RESOURCE ESTIMATES | 50 |
| 12 MINERAL RESERVE ESTIMATES | 51 |
| 13 MINING METHODS | 52 |
| 14 PROCESSING AND RECOVERY METHODS | 53 |
| 15 INFRASTRUCTURE | 54 |
| 16 MARKET STUDIES | 55 |
| 17 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS | 56 |
| 18 CAPITAL AND OPERATING COSTS | 57 |
| 19 ECONOMIC ANALYSIS | 58 |
| 20 ADJACENT PROPERTIES | 59 |
| 21 OTHER RELEVANT DATA AND INFORMATION | 60 |
| 22 INTERPRETATION AND CONCLUSIONS | 61 |
| 23 RECOMMENDATIONS | 62 |
| 24 REFERENCES | 63 |
| 25 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT | 66 |

---

**LIST OF FIGURES**

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| | | |
|:---|:---|:---|
| Figure 3 1 | Location of the Malacacheta Project | 12 |
| Figure 3 2 | Malacacheta Property Map | 13 |
| Figure 6 1 | Geological Map of the Araçuaí Orogen | 18 |
| Figure 6 2 | Simplified Geology of the Macaúbas Group (Pedrosa-Soares et al., 2007) | 20 |
| Figure 6 3 | Local Geology of the Malacacheta Project | 21 |
| Figure 7 1 | Surface Samples from 2023 Exploration Campaign | 24 |
| Figure 7 2 | Surface Samples from 2024 Exploration Campaign | 24 |
| Figure 7 3 | Outcrop of Graphitic Mica Schist with Intercalated Gneiss Layers | 25 |
| Figure 7 4 | Outcrop of Graphitic Mica Schist with Flake Graphite | 25 |
| Figure 7 5 | Flake Graphite and Graphitic Schist Outcrop | 26 |
| Figure 7 6 | Location of Auger Holes in Tenement 831.698/2021 | 27 |
| Figure 10 1 | Test Work Flowsheet for Graphite Samples | 30 |
| Figure 10 2 | Flotation Test Work Flowsheet | 32 |
| Figure 10 3 | Block Diagram Flowsheet of Graphite Processing and Characterization | 39 |
| Figure 10 4 | SEM Imagery of the "As Received" Sample | 40 |
| Figure 10 5 | Screen Analysis Results for the "As Received" Sample | 42 |
| Figure 10 6 | Screen Analysis Results for Purified Material | 44 |
| Figure 10 7 | SEM Images of +40 Mesh Purified Material | 45 |
| Figure 10 8 | SEM Images of +50 Mesh Purified Material | 46 |
| Figure 10 9 | SEM Images of +80 Mesh Purified Material | 47 |
| Figure 10 10 | SEM Images of +100 Mesh Purified Material | 48 |
| Figure 10 11 | SEM Images of -100 Mesh Purified Material | 49 |

---

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| |
|:---|
| ![](ex96-1_003.jpg) |
| **SGS Geological Services** |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page iii</u>

**LIST OF TABLES**

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| | | |
|:---|:---|:---|
| Table 1 1 | Final Size Intervals and Grades for Flotation Test Work | 6 |
| Table 2 1 | List of Abbreviations | 11 |
| Table 3 1 | Malacacheta Mineral Rights Description | 13 |
| Table 7 1 | Assay Results from 2023 Auger Drilling Campaign | 27 |
| Table 10 1 | Sample Identification and Weight | 32 |
| Table 10 2 | Analysis Results for LECO, XRF and LOI | 34 |
| Table 10 3 | Analysis Results for PHY00D on Ashes | 34 |
| Table 10 4 | Flotation Results for SMAL-00001 | 35 |
| Table 10 5 | Flotation Results for SMAL-00009 | 36 |
| Table 10 6 | Flotation Concentrate for SMAL-00001 | 36 |
| Table 10 7 | Flotation Concentrate for SMAL-00009 | 37 |
| Table 10 8 | Final Size Intervals and Grades for Flotation Test Work | 37 |
| Table 10 9 | IRMA Results for the "As Received" Sample | 41 |
| Table 10 10 | Particle Size Analysis for the "As Received" Sample | 42 |
| Table 10 11 | Screen Analysis Results for the "As Received" Sample | 43 |
| Table 10 12 | Characterization Results for Thermally Purified Material | 43 |
| Table 10 13 | Particle Size Analysis Results for Thermally Purified Material | 44 |
| Table 10 14 | Screen Analysis Results for Purified Material | 45 |
| Table 10 15 | Characterization Results for +40 Mesh Purified Material | 45 |
| Table 10 16 | Characterization Results for +50 Mesh Purified Material | 46 |
| Table 10 17 | Characterization Results for +80 Mesh Purified Material | 47 |
| Table 10 18 | Characterization Results for +100 Mesh Purified Graphite Flake | 47 |
| Table 10 19 | Characterization Results for -100 Mesh Purified Material | 48 |

---

---

| |
|:---|
| ![](ex96-1_003.jpg) |
| **SGS Geological Services** |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 4</u>

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| | |
|:---|:---|
| 1 | SUMMARY |

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SGS was engaged by Atlas Critical Minerals Corporation (OTCQB: JUPGF, "Atlas Critical Minerals") for the preparation of an independent Technical Report Summary ("TRS") on the Malacacheta Graphite Project, located in the municipality of Malacacheta, Minas Gerais, Brazil. The purpose of this Technical Report is to support the disclosure of the Malacacheta Exploration Results.

This TRS presents the results of the Property of Merit of the Malacacheta Project ("Malacacheta"). completed for Atlas Critical Minerals Malacacheta Project and is the first TRS for the Project filed with the United States Securities and Exchange Commission (SEC).

The scope of the TRS is to complete a Property of Merit report on the Malacacheta Project.

The Malacacheta Project is located in the northeast region of the Minas Gerais state, Brazil, near the city of Malacacheta, approximately 435 km by road from Belo Horizonte. The property is located approximately 9 km northwest of the city of Malacacheta.

The project is in UTM zone 23S and is located at approximately 804,577 m E and 8,032,489 m N.

Atlas Critical Minerals owns two mineral rights in the municipality of Malacacheta covering a total of 1,258 ha. Atlas Critical Minerals initiated geological reconnaissance of the property in 2023, which included detailed geological mapping, outcrop sampling and an auger sampling program.

1.1 Introduction

This TRS was prepared at the request of Atlas Critical Minerals Corporation, with its principal place of business at Rua Antônio de Albuquerque, 156, Suite 1720, Belo Horizonte, Minas Gerais, Brazil, 30112-010.

Atlas Critical Minerals is a critical minerals exploration company engaged in the exploration of graphite and rare earth elements (REEs) in Brazil.

Currently, Atlas Critical Minerals Corporation common stock is quoted for trading on the OTCQB operated by the OTC Markets Group, Inc. under the symbol "JUPGF." Atlas Critical Minerals has applied for listing of their common stock on the Nasdaq Capital Market under the symbol "ATCX."

This TRS conforms to the United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

1.2 Property
 Description, Location, Access, and Physiography

The Malacacheta Project is located in northeast Minas Gerais State, about 435 km by road from Belo Horizonte. The property is located approximately 9 km northwest of the city of Malacacheta.

The climate in the Project area is classified as tropical savanna (Aw) according with the Köppen classification (Köppen, 1936). This climate type is known for having a distinct wet and dry season, while temperatures remain warm to hot year-round. Malacacheta is predominantly an agricultural centre, with limited availability for basic services.

Analytical and drilling services would be contracted in the metropolitan region of Belo Horizonte. Skilled and semi-skilled labor is available in the region to support exploration activities. There is limited local infrastructure in proximity to the project. The Irapé Hydroelectric Power Plant is approximately 120 km northwest of the property, which could provide power for the project. There is a network of mostly unpaved roads joining the property to local towns.

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| |
|:---|
| ![](ex96-1_003.jpg) |
| **SGS Geological Services** |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 5</u>

1.3 History

The project area has been included in some regional mapping campaigns, but there is no record of historical exploration in the area. However, there is evidence of historical artisanal mining in the form of small galleries excavated in pegmatite outcrops containing occurrences of citrine, alexandrite and large muscovite sheets.

1.4 Geology
 and Mineralization

The South American Platform is composed of Archean and Proterozoic metamorphic and igneous complexes, forming the continental core of South America (Almeida, 1984). Its consolidation occurred between the late Proterozoic and early Paleozoic, during the Brasiliano/Pan-African Orogenic Cycle (Trompette, 1994). This platform comprises three main shield areas, represented by cratons and Neoproterozoic fold belts: the Guiana Shield, the Central Brazil Shield, and the Atlantic Shield. The latter includes the São Francisco Craton and its surrounding belts (Almeida, 1984). The Araçuaí Belt borders the São Francisco Craton to the east and is part of the system of mobile belts associated with the amalgamation of the Gondwana supercontinent (Pedrosa-Soares and Wiedmann, 2000).

The evolution of the Araçuaí Orogen began with the opening of the Macaúbas Basin (~880 Ma) in an advanced continental rift setting, possibly forming a confined oceanic basin with limited development of oceanic crust. During this stage, the Capelinha and Chapada Acauã units were deposited. The closure of the basin led to the collision between the São Francisco and Congo cratons (~580 Ma), causing deformation and metamorphism of the entire Macaúbas Group sequence, including glacial units (Chapada Acauã) and volcano-sedimentary units (Ribeirão da Folha). Following the collision, orogenic collapse occurred, accompanied by the deposition of the Salinas Formation in post-collisional basins (Pedrosa-Soares et al., 2007).

The basement of the Araçuaí Orogen is composed of Archean and Paleoproterozoic complexes such as Guanhães, Gouveia, Porteirinha, Mantiqueira, Juiz de Fora, and Pocrane, all reworked during the Brasiliano orogeny. These complexes include TTG gneisses, migmatites, and granitoids, with isotopic signatures indicating ancient crustal sources. In the western portion of the orogen, the Espinhaço Supergroup crops out, comprising rift-related sequences that were deformed during the Brasiliano event (Noce et al., 2007; Degler et al., 2018).

The Macaúbas Group records the evolution of a Neoproterozoic basin that transitioned from a continental rift to a passive margin, with incipient oceanic crust formation, interpreted from tectonic ophiolites, plagiogranites, and records from the Ribeirão da Folha Formation. It is subdivided into pre-glacial, glacial, and post-glacial successions. The Capelinha Formation (pre-glacial) comprises graphitic metapelites associated with quartzites and amphibolites. The Ribeirão da Folha Formation (post-glacial) includes graphitic schists interlayered with turbidites and calcsilicate rocks in the western portion, and an ophiolitic sequence with graphite in metasedimentary rocks in the eastern portion (Pedrosa-Soares et al., 2007; Castro, 2014; Queiroga et al., 2007).

The mineralization at the Malacacheta project is classified as a flake graphite occurrence.

Flake graphite deposits are formed in regional metamorphic sequences ranging from upper amphibolite to granulite grade, coeval with peak metamorphism, and may also be found in the same districts as vein deposits. Texturally, flake graphite deposits vary from disseminations to high-grade (> 50 wt.%) concentrations in pods or lenses that are typically focused along lithologic contacts and within fold hinges.

1.5 Exploration

Initial exploration started in 2023, and Atlas Critical Minerals identified surface outcrops with visible graphite, delineated mineralized bodies, and established a primary structural trend. Rock samples were collected (nine samples), and preliminary auger core drilling was conducted (21 drill holes), providing strong indications of the project's potential.

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| |
|:---|
| ![](ex96-1_003.jpg) |
| **SGS Geological Services** |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 6</u>

Further exploration was undertaken in 2024, which expanded the understanding of the Malacacheta Project's mineral potential. Atlas Critical Minerals systematically mapped and described 43 new points, paying close attention to surface exposures. A comprehensive sampling program was completed, with 17 samples of graphite schist and mica-schist with graphite collected from the two exploration permit areas.

Atlas Critical Minerals identified significant graphite schist bodies within both exploration areas, intercalated as lenses within mica schist. The tenement 830.954/2021 stands out as the most promising, with two highly prospective occurrences observed, mapped and sampled.

1.6 Data
 Verification

No property inspection has been completed at this time.

1.7 Mineral
 Processing and Metallurgical Testing

In 2025 Atlas submitted nine samples collected at the property to SGS Geosol in Belo Horizonte, Brazil for test work and flotation tests.

The results summarized in Table 1-1 indicate that the two samples used for flotation test work achieved grades between 91.3% and 97.7% graphitic carbon.

Using conventional flotation, grinding and attrition techniques, the final graphite concentrates achieved grades of 91.9% and 96.5% total graphite carbon, demonstrating the amenability of the Malacacheta Project to flotation.

**Table 1-1 Final Size Intervals and Grades for Flotation Test Work**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<br> **Size Interval**<br> **(µm)** | &nbsp;&nbsp;**C-Graph (%)**<br> **SMAL-00001** | &nbsp;&nbsp;**C-Graph (%)**<br> **SMAL-00009** |
| &nbsp;&nbsp;+300 | &nbsp;&nbsp;93.0 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;-300+180 | &nbsp;&nbsp;96.6 | &nbsp;&nbsp;93.8 |
| &nbsp;&nbsp;-180+150 | &nbsp;&nbsp;94.5 | &nbsp;&nbsp;95.3 |
| &nbsp;&nbsp;-150+75 | &nbsp;&nbsp;93.1 | &nbsp;&nbsp;97.7 |
| &nbsp;&nbsp;-75 | &nbsp;&nbsp;91.3 | &nbsp;&nbsp;93.0 |
| &nbsp;&nbsp;CONC CLN V EXP | &nbsp;&nbsp;91.9 | &nbsp;&nbsp;96.5 |

---

Following the test work at SGS Geosol, a 1.09kg sample of the floated graphite concentrate was sent to American Energy Technologies Co. (AETC) for graphite processing and characterization. The sample supplied by SGS Geosol contained 93.95% graphitic carbon.

AETC characterized the concentrate sample and thermally purified it, before completing screen mesh tests to determine their market value.

Thermal purification at AETC was successful, yielding 99.9995 wt.%C purity at 2800°C in nitrogen, without the use of halogen gas. The success of the thermal purification was helped by two factors:

1) The flakes were very thin

2) Mineral impurities were located on the flakes' surfaces as opposed to being intercalated as gangue within the mineral structure.

The tests conducted with material from the Malacacheta project demonstrated the technical and commercial viability of producing five distinct mesh size cuts (+40, +50, +80, +100, and -100 mesh), all of which have applications in high-value markets.

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| |
|:---|
| ![](ex96-1_003.jpg) |
| **SGS Geological Services** |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 7</u>

1.8 Mineral
 Resource Estimates

There are no Mineral Resource Estimates on this Project.

1.9 Adjacent
 Properties

There is no information on properties adjacent to the Project necessary to make the TRS understandable and not misleading.

1.10 Conclusions
 and Recommendations

1.10.1 Conclusions

SGS Geological Services Inc. ("SGS") was contracted by Atlas Critical Minerals Corporation ("Atlas Critical Minerals" or the "Company") to complete a Property of Merit for the Malacacheta Graphite Project near the city of Teófilo Otoni, Brazil, and to prepare a Public Report in accordance with the §§ 229.601(b)(96) Technical report (subpart 229.1300 of Regulation S-K) written in support of a Property of Merit on the Malacacheta Project.

This TRS conforms to the United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

Initial exploration started in 2023, and Atlas Critical Minerals identified surface outcrops with visible graphite, delineated mineralized bodies, and established a primary structural trend. Rock samples were collected (nine samples), and preliminary auger core drilling was conducted (21 drill holes), providing strong indications of the project's potential.

Further exploration was undertaken in 2024, which expanded the understanding of the Malacacheta Project's mineral potential. Atlas Critical Minerals systematically mapped and described 43 new points, paying close attention to surface exposures and sub-surface features. A comprehensive sampling program was completed, with 17 samples of graphite schist and mica-schist with graphite collected from the two exploration permit areas.

Initial metallurgical test work to produce a floated graphite concentrate, followed by thermal purification have demonstrated the technical and commercial viability of producing five distinct mesh size cuts (+40, +50, +80, +100, and -100 mesh), all of which have applications in high-value markets.

1.10.2 Recommendations

Atlas Critical Minerals identified significant graphite schist bodies within both exploration areas, intercalated as lenses within mica schist. The tenement 830.954/2021 stands out as the most promising, with two highly prospective occurrences observed, mapped and sampled

Atlas have defined further exploration work across the property, as detailed below. The QP recommends that Atlas proceed with these exploration programs.

● A Geophysical Magnetometric Survey (Drone MAG), Aerophotogrammetry, and detailed topographic surveying using Lidar, with a budget of US$75,000.00.

● Detailed fieldwork, including the collection of samples for chemical analysis to support high-resolution geological mapping, to be carried out by Atlas Critical Minerals's team of geologists, with a budget of US$85,000.00.

● In addition, the program will include a 5,000-meter drilling campaign, supported by the implementation of all necessary infrastructure for a complete sample management and quality control chain. This will encompass chemical analyses, proper sample storage in a dedicated facility, and the application of rigorous QA/QC protocols. The estimated budget for this phase is US$1,550,000.00

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● The Atlas team will be responsible for managing and supervising field activities, with a budget of US$160,000.00.

● Metallurgical Testing and SK-1,300 resource report with US$170,000.00.

● Contingency US$105,000.00.

● The total value of expenditures for the exploration program is US$2,145,000.00 for the resource report definition of both areas.

From the metallurgical perspective, Atlas is encouraged to perform downstream test work which would prove the viability of the purified graphite concentrate in target market segments.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 9</u>

2 INTRODUCTION

SGS was engaged by Atlas Critical Minerals Corporation (OTCQB: JUPGF, "Atlas Critical Minerals") for the preparation of an independent Technical Report Summary ("TRS") on the Malacacheta Graphite Project, located in the municipality of Malacacheta, Minas Gerais, Brazil.

This TRS presents the results of the Property of Merit of the Malacacheta Project ("Malacacheta"). completed for Atlas Critical Minerals Malacacheta Project and is the first TRS for the Project filed with the United States Securities and Exchange Commission (SEC).

The scope of the TRS is to complete a Property of Merit report on the Malacacheta Project.

The Malacacheta Project is located in the northeast region of the Minas Gerais state, Brazil, near the city of Malacacheta, approximately 435 km by road from Belo Horizonte. The property is located approximately 9 km northwest of the city of Malacacheta.

The project is in UTM zone 23S and is located at approximately 804,577 m E and 8,032,489 m N.

Atlas Critical Minerals owns two mineral rights in the municipality of Malacacheta covering a total of 1,258 ha. Atlas Critical Minerals initiated geological reconnaissance of the property in 2023, which included detailed geological mapping, outcrop sampling and an auger sampling program.

2.1 Registrant
 Information

This TRS was prepared at the request of Atlas Critical Minerals Corporation (formerly Jupiter Gold Corporation), with its principal place of business at Rua Antônio de Albuquerque, 156, Suite 1720, Belo Horizonte, Minas Gerais, Brazil, 30112-010.

Atlas Critical Minerals is a diversified mining company with significant mineral rights in rare earths elements (REEs), titanium, natural graphite, uranium, copper, nickel, iron ore, quartzite, and gold in Brazil.

Currently, Atlas Critical Minerals Corporation common stock is quoted for trading on the OTCQB operated by the OTC Markets Group, Inc. under the symbol "JUPGF." Atlas Critical Minerals has applied for listing of their common stock on the Nasdaq Capital Market under the symbol "ATCX."

2.2 Terms
 of Reference and Purpose

SGS Geological Services Inc. ("SGS") was contracted by Atlas Critical Minerals Corporation ("Atlas Critical Minerals" or the "Company") to complete a Property of Merit for the Malacacheta Graphite Project near the city of Teófilo Otoni, Brazil, and to prepare a Public Report in accordance with the §§ 229.601(b)(96) Technical report (subpart 229.1300 of Regulation S-K) written in support of a Property of Merit on the Malacacheta Project.

This TRS conforms to the United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

The purpose of this Technical Report is to support the disclosure of the Malacacheta Exploration Results.

2.3 Sources
 of Information

SGS Canada Inc. ("SGS") was commissioned by Atlas Critical Minerals to prepare this TRS. In preparing this report, SGS relied upon input from Atlas Critical Minerals.

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Section 24 includes the reference documents that are part of the sources of information used in the preparation of this TRS.

SGS is an independent company and is not associate or affiliate of Atlas Critical Minerals or any associated company of Atlas Critical Minerals.

This TRS was prepared by SGS, and communication with Atlas Critical Minerals sources was conducted through the following list of personnel:

● Eduardo Queiroz, Mariella Catarino, and Lucas Roux - Consultants

● Igor Tkachenko - Advisor

2.4 Personal
 Inspection Summary

No property inspection has been completed at this time.

2.5 Previously
 Filed Technical Report Summary Report

There have been no previous reports filed on this property.

2.6 Units
 and Abbreviations

All units of measurement used in this technical report are International System of Units (SI) or metric, except for Imperial units that are commonly used in industry (e.g., ounces (oz.) and pounds (lb.) for the mass of precious and base metals). All currency is in US dollars, unless otherwise noted. Frequently used abbreviations and acronyms can be found in Table 2-1.

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**Table 2-1 List of Abbreviations**

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|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> $ | &nbsp;&nbsp;Dollar sign | &nbsp;&nbsp;m | &nbsp;&nbsp;Metres |
| &nbsp;&nbsp;% | &nbsp;&nbsp;Percent sign | &nbsp;&nbsp;m<sup>2</sup> | &nbsp;&nbsp;Square meters |
| &nbsp;&nbsp;° | &nbsp;&nbsp;Degree | &nbsp;&nbsp;m<sup>3</sup> | &nbsp;&nbsp;Cubic meters |
| &nbsp;&nbsp;°C | &nbsp;&nbsp;Degree Celsius | &nbsp;&nbsp;masl | &nbsp;&nbsp;Metres above sea level |
| &nbsp;&nbsp;°F | &nbsp;&nbsp;Degree Fahrenheit | &nbsp;&nbsp;mm | &nbsp;&nbsp;millimeter |
| &nbsp;&nbsp;µm | &nbsp;&nbsp;micron | &nbsp;&nbsp;mm<sup>2</sup> | &nbsp;&nbsp;square millimeter |
| &nbsp;&nbsp;AA | &nbsp;&nbsp;Atomic absorption | &nbsp;&nbsp;mm<sup>3</sup> | &nbsp;&nbsp;cubic millimeter |
| &nbsp;&nbsp;Au | &nbsp;&nbsp;Gold | &nbsp;&nbsp;Moz | &nbsp;&nbsp;Million troy ounces |
| &nbsp;&nbsp;Az | &nbsp;&nbsp;Azimuth | &nbsp;&nbsp;MRE | &nbsp;&nbsp;Mineral Resource Estimate |
| &nbsp;&nbsp;$CAD | &nbsp;&nbsp;Canadian dollar | &nbsp;&nbsp;Mt | &nbsp;&nbsp;Million tonnes |
| &nbsp;&nbsp;cm | &nbsp;&nbsp;centimeter | &nbsp;&nbsp;mtph | &nbsp;&nbsp;Metric Tonnes per Hour |
| &nbsp;&nbsp;cm<sup>2</sup> | &nbsp;&nbsp;square centimeter | &nbsp;&nbsp;N | &nbsp;&nbsp;North |
| &nbsp;&nbsp;cm<sup>3</sup> | &nbsp;&nbsp;cubic centimeter | &nbsp;&nbsp;NAD 83 | &nbsp;&nbsp;North American Datum of 1983 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;Carbon | &nbsp;&nbsp;Ni | &nbsp;&nbsp;Nickel |
| &nbsp;&nbsp;Co | &nbsp;&nbsp;Cobalt | &nbsp;&nbsp;NQ | &nbsp;&nbsp;Drill core size (4.8 cm in diameter) |
| &nbsp;&nbsp;DDH | &nbsp;&nbsp;Diamond drill hole | &nbsp;&nbsp;OES | &nbsp;&nbsp;Optical emission spectroscopy |
| &nbsp;&nbsp;E | &nbsp;&nbsp;East | &nbsp;&nbsp;ppm | &nbsp;&nbsp;Parts per million |
| &nbsp;&nbsp;ft | &nbsp;&nbsp;Feet | &nbsp;&nbsp;QA | &nbsp;&nbsp;Quality Assurance |
| &nbsp;&nbsp;ft<sup>2</sup> | &nbsp;&nbsp;Square feet | &nbsp;&nbsp;QC | &nbsp;&nbsp;Quality Control |
| &nbsp;&nbsp;ft<sup>3</sup> | &nbsp;&nbsp;Cubic feet | &nbsp;&nbsp;QP | &nbsp;&nbsp;Qualified Person |
| &nbsp;&nbsp;g | &nbsp;&nbsp;Grams | &nbsp;&nbsp;RC | &nbsp;&nbsp;Reverse circulation drilling |
| &nbsp;&nbsp;GPS | &nbsp;&nbsp;Global Positioning System | &nbsp;&nbsp;RQD | &nbsp;&nbsp;Rock quality description |
| &nbsp;&nbsp;Ha | &nbsp;&nbsp;Hectares | &nbsp;&nbsp;SG | &nbsp;&nbsp;Specific Gravity |
| &nbsp;&nbsp;HQ | &nbsp;&nbsp;Drill core size (6.3 cm in diameter) | &nbsp;&nbsp;Ton | &nbsp;&nbsp;Short Ton |
| &nbsp;&nbsp;ICP | &nbsp;&nbsp;Induced coupled plasma | &nbsp;&nbsp;Tonnes or T | &nbsp;&nbsp;Metric tonnes |
| &nbsp;&nbsp;kg | &nbsp;&nbsp;Kilograms | &nbsp;&nbsp;$US | &nbsp;&nbsp;US Dollar |
| &nbsp;&nbsp;km | &nbsp;&nbsp;Kilometers | &nbsp;&nbsp;UTM | &nbsp;&nbsp;Universal Transverse Mercator |
| &nbsp;&nbsp;km<sup>2</sup> | &nbsp;&nbsp;Square kilometer |  |  |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 12</u>

3 PROPERTY DESCRIPTION

3.1 Property
 Description and Location

The Malacacheta Project is located in the northeast region of the Minas Gerais state, Brazil, near the city of Malacacheta, approximately 435 km by road from Belo Horizonte. The property is located approximately 9 km northwest of the city of Malacacheta.

The project is in UTM zone 23S and is located at approximately 804,577 m E and 8,032,489 m N.

Figure 3-1 shows the location of the project.

**Figure 3-1 Location of the Malacacheta Project**

![](ex96-1_004.jpg)

3.2 Mineral
 Tenure

The legal framework for the development and use of mineral resources in Brazil was established by the Brazilian Federal Constitution, which was enacted on October 5, 1988 (the Brazilian Constitution) and the Brazilian mining code, which was enacted on January 29, 1940 (Decree-law 1985/40, later modified by Decree-law 227, of February 29, 1967, the Brazilian Mining Code).

According to the Brazilian Constitution, all mineral resources in Brazil are the property of the Federal Government. The Brazilian Constitution also guarantees mining companies the full property of the mineral products that are mined under their respective concessions. Mineral rights come under the jurisdiction of the Federal Government and mining legislation is enacted at the Federal level only. To apply for and acquire mineral rights, a company must be incorporated under Brazilian law, have its management domiciled within Brazil, and its head office and administration in Brazil.

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In general, there are no restrictions on foreign investment in the Brazilian mining industry, except for mining companies that operate, or hold mineral rights within a 150 km-wide strip of land parallel to the Brazilian terrestrial borders. In this instance the equity interests of such companies have to be majority Brazilian-owned. Exploration and mining activities in the border zone are regulated by the Brazilian Mining Code and supporting legislation.

The Malacacheta project consists of two exploration permits covering an area of 1,258.2 ha. The tenement holdings are summarised in Table 3-1 and the location is shown in Figure 3-2.

**Table 3-1 Malacacheta Mineral Rights Description**

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| &nbsp;&nbsp;<br> **Tenement** | &nbsp;&nbsp;**Year Granted** | &nbsp;&nbsp;**Area (Ha)** | &nbsp;&nbsp;**Phase** |
| &nbsp;&nbsp;831.698/2021 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;260.95 | &nbsp;&nbsp;Exploration Permit |
| &nbsp;&nbsp;830.954/2021 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;997.28 | &nbsp;&nbsp;Exploration Permit |

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**Figure 3-2 Malacacheta Property Map**

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 14</u>

3.3 Surface
 Rights

Under Brazilian law, foreign companies may acquire surface rights as long as the share capital is controlled by Brazilians. However, the holder of an exploration license is guaranteed by law access to conduct exploration field work, provided that adequate compensation is paid to third-party landowners, and that the holder of the exploration license assumes all environmental responsibilities arising from the exploration work.

After the exploration license is granted by the Brazilian government, Atlas Critical Minerals negotiates and obtains the necessary authorizations for access to the properties for research and exploration activities, with the exercise of mining activity guaranteed by the Brazilian Federal Constitution.

Atlas Critical Minerals is responsible for the reclamation of areas used for drilling, safety of personnel in the work area, monetary compensation to the landowner for surface damage caused by mineral exploration activities, and all environmental liabilities resultant from exploration activities.

3.4 Royalties
 and Encumbrances

Atlas Critical Minerals reports that there are no liens and encumbrances associated with the property.

3.5 Reliance
 on Other Experts

The QP has not reviewed the mineral tenure, nor independently verified the legal status, ownership of the Project area, underlying property agreements or permits. The QP has fully relied upon, and disclaims responsibility for, information supplied to them by Atlas Critical Minerals.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 15</u>

4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY

4.1 Accessibility

The Malacacheta Project is located in northeast Minas Gerais State, about 435 km by road from Belo Horizonte. The property is located approximately 9 km northwest of the city of Malacacheta.

4.2 Climate

The climate in the Project area is classified as tropical savanna (Aw) according with the Köppen classification (Köppen, 1936). This climate type is known for having a distinct wet and dry season, while temperatures remain warm to hot year-round.

The daily average high ranges from 24°C (July) to 30°C (January), while the average daily low ranges from 13°C (July) to 20°C (February).

Malacacheta has a distinct wet and dry season and usually has the most precipitation in February, November and December, with an average of 17 rainy days and 193 mm of precipitation per month. The driest months in Malacacheta are June, July and September. On average, 18 mm of precipitation falls during these months.

Exploration work can be carried out year-round.

4.3 Local
 Resources

Malacacheta is predominantly an agricultural centre, with limited availability for basic services.

Analytical and drilling services would be contracted in the metropolitan region of Belo Horizonte. Skilled and semi-skilled labor is available in the region to support exploration activities.

4.4 Infrastructure

There is limited local infrastructure in proximity to the project. The Irapé Hydroelectric Power Plant is approximately 120 km northwest of the property, which could provide power for the project. There is a network of mostly unpaved roads joining the property to local towns.

4.5 Physiography

The property is located within the southern portion of the Jequitinhonha River basin.

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| 5 | HISTORY |

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The project area has been included in some regional mapping campaigns, but there is no record of historical exploration in the area. However, there is evidence of historical artisanal mining in the form of small galleries excavated in pegmatite outcrops containing occurrences of citrine, alexandrite and large muscovite sheets.

5.1 Historical
 Resource Estimates

There are no historical estimates for the project.

5.2 Past
 Production

There is evidence of historical artisanal mining on the property, but there are no official records of production.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 17</u>

6 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT

6.1 Regional
 Geology

The South American Platform is composed of Archean and Proterozoic metamorphic and igneous complexes, forming the continental core of South America (Almeida, 1984). Its consolidation occurred between the late Proterozoic and early Paleozoic, during the Brasiliano/Pan-African Orogenic Cycle (Trompette, 1994). This platform comprises three main shield areas, represented by cratons and Neoproterozoic fold belts: the Guiana Shield, the Central Brazil Shield, and the Atlantic Shield. The latter includes the São Francisco Craton and its surrounding belts (Almeida, 1984). The Araçuaí Belt borders the São Francisco Craton to the east and is part of the system of mobile belts associated with the amalgamation of the Gondwana supercontinent (Pedrosa-Soares and Wiedmann, 2000) (Figure 6-1).

The evolution of the Araçuaí Orogen began with the opening of the Macaúbas Basin (~880 Ma) in an advanced continental rift setting, possibly forming a confined oceanic basin with limited development of oceanic crust. During this stage, the Capelinha and Chapada Acauã units were deposited. The closure of the basin led to the collision between the São Francisco and Congo cratons (~580 Ma), causing deformation and metamorphism of the entire Macaúbas Group sequence, including glacial units (Chapada Acauã) and volcano-sedimentary units (Ribeirão da Folha). Following the collision, orogenic collapse occurred, accompanied by the deposition of the Salinas Formation in post-collisional basins (Pedrosa-Soares et al., 2007).

The basement of the Araçuaí Orogen is composed of Archean and Paleoproterozoic complexes such as Guanhães, Gouveia, Porteirinha, Mantiqueira, Juiz de Fora, and Pocrane, all reworked during the Brasiliano orogeny. These complexes include TTG gneisses, migmatites, and granitoids, with isotopic signatures indicating ancient crustal sources. In the western portion of the orogen, the Espinhaço Supergroup crops out, comprising rift-related sequences that were deformed during the Brasiliano event (Noce et al., 2007; Degler et al., 2018).

The Macaúbas Group records the evolution of a Neoproterozoic basin that transitioned from a continental rift to a passive margin, with incipient oceanic crust formation, interpreted from tectonic ophiolites, plagiogranites, and records from the Ribeirão da Folha Formation. It is subdivided into pre-glacial, glacial, and post-glacial successions. The Capelinha Formation (pre-glacial) comprises graphitic metapelites associated with quartzites and amphibolites. The Ribeirão da Folha Formation (post-glacial) includes graphitic schists interlayered with turbidites and calcsilicate rocks in the western portion, and an ophiolitic sequence with graphite in metasedimentary rocks in the eastern portion (Pedrosa-Soares et al., 2007; Castro, 2014; Queiroga et al., 2007).

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**Figure 6-1 Geological Map of the Araçuaí Orogen**

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6.2 Local
 and Property Geology

The project area is located in the central-northern portion of the state of Minas Gerais, where units of the Macaúbas Group predominate—particularly the Capelinha and Ribeirão da Folha formations—which occur as narrow, strongly deformed bands. These units outcrop amidst the gneisses of the Guanhães Group, represented in the region mainly by the Serra Negra Formation, which shows no evidence of graphite mineralization.

The Capelinha Formation, a pre-glacial unit, is composed of graphitic metapelites, quartzites, and amphibolites. The Ribeirão da Folha Formation, on the other hand, is post-glacial in nature and consists of graphitic schists interlayered with turbidites, calc-silicate rocks, and a well-developed ophiolitic sequence in the eastern portion of the basin (Pedrosa-Soares et al., 2007; Queiroga et al., 2007; Castro, 2014). Metamorphism and deformation resulting from the São Francisco–Congo collision (~580 Ma) facilitated the transformation of these carbon-rich sediments into graphite. Figure 6-2 shows the simplified geology of the Macaúbas Group.

The rocks of the Guanhães Group, consist of banded gneisses interlayered with quartzite and amphibolite. Based on geochronological data from Müller et al. (1986), an Archean age is inferred for the Guanhães rocks, which form the basement to the Neoproterozoic cover of the Macaúbas Group.

The contact between the Guanhães and Macaúbas Groups is strongly deformed, with the development of mylonitic zones indicating intense shearing. The regional structural framework is characterized by E-W-trending isoclinal folds, with shear zones and predominantly dextral movement oriented NW-SE (Pedrosa-Soares & Wiedemann, 2000).

The rocks of the Macaúbas Group occur in the northern half of the project area, as well as in narrow bands in the southern portion, and are mainly represented in the area of interest by the Capelinha and Ribeirão da Folha formations, which host the most significant graphite mineralizations. Although other units are part of the Macaúbas Group, these two formations are the most relevant in terms of graphite mineralization (Castro, 2014). Figure 6-3 shows the local geology of the Malacachetas project area.

Regional metamorphism in the Araçuaí Belt—particularly affecting the Capelinha and Ribeirão da Folha units—ranges from greenschist to granulite facies, showing a progressive increase in metamorphic grade from NW to SE (Degler et al., 2018; Queiroga et al., 2007). The Capelinha Formation records typical amphibolite facies conditions, while the Ribeirão da Folha Formation presents evidence of medium- to high-grade metamorphism, including the presence of minerals such as sillimanite and garnet, indicating zones near the amphibolite–granulite transition (Castro, 2014).

This entire geological package was later affected by magmatic events associated with the late to post-tectonic granitogenesis of the Araçuaí Orogen, marked by the intrusion of granitoids dated between 560 and 500 Ma. These granites cut across both the basement and the metasedimentary units of the Macaúbas Group, including the Capelinha and Ribeirão da Folha formations, and are associated with the orogenic collapse phase and thermal reequilibration of the crust (Pedrosa-Soares et al., 2001; Silva et al., 2015).

Recent sedimentary covers of the colluvial-detrital type overlie parts of the Macaúbas Group units in the northern and northwestern portions of the project area. The Malacacheta region and its surroundings—particularly toward Teófilo Otoni—are known for a wide variety of mineral resources. In addition to graphite deposits, notable occurrences include gemstones such as alexandrite, citrine, aquamarine, beryl, tourmaline, quartz, and mica (CPRM, 2003; Ferreira et al., 2016).

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**Figure 6-2 Simplified Geology of the Macaúbas Group (Pedrosa-Soares et al., 2007)**

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 21</u>

**Figure 6-3 Local Geology of the Malacacheta Project**

![](ex96-1_008.jpg)

6.3 Deposit
 Type

The mineralization at the Malacacheta project is classified as a flake graphite occurrence.

Flake graphite deposits are formed in regional metamorphic sequences ranging from upper amphibolite to granulite grade, coeval with peak metamorphism, and may also be found in the same districts as vein deposits. Texturally, flake graphite deposits vary from disseminations to high-grade (> 50 wt.%) concentrations in pods or lenses that are typically focused along lithologic contacts and within fold hinges (Case *et al*., 2023).

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 22</u>

Crystalline flake graphite deposits are usually sedimentary in origin. They occur when carbon-rich organic content accumulated during sedimentation is transformed into graphitic carbon crystals, or flakes, during metamorphism. They are commonly stratabound and hosted by porphyroblastic and granoblastic paragneiss, marbles, and quartzites (Harben and Kuzvart, 1996). Alumina-rich paragneiss and marble units in upper amphibolite or granulite grade metamorphic terranes are the most favourable host rocks. When present, flake graphite usually occurs in thin, centimeter to metre wide bands. In favourable conditions, wider coalescing bands in fold crests can provide sufficient volume needed for an economic deposit.

Economically significant deposits are several metres to tens of metres thick and hundreds of metres in strike length. The economic quantifiers in flake graphite deposits are mostly graphite flake size, quantity and purity. According to Simandl, G.J. and Kenan, W.M. (1997), "Grade and tonnage of producing mines and developed prospects varies substantially. The median grade and size is 9.0 % C(g) and 2.4 M tonnes respectively (Bliss and Sutphin, 1992). Depending on market conditions, large deposits containing high proportions of coarse flakes, which can be easily liberated, may be economic with grades as low as 4 %".

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 23</u>

7 EXPLORATION

Initial exploration started in 2023 and Atlas Critical Minerals identified surface outcrops with visible graphite, delineated mineralized bodies, and established a primary structural trend. Rock samples were collected (nine samples), and preliminary auger core drilling was conducted (21 drill holes), providing strong indications of the project's potential.

Further exploration was undertaken in 2024, which expanded the understanding of the Malacacheta Project's mineral potential. Atlas Critical Minerals systematically mapped and described 43 new points, paying close attention to surface exposures. A comprehensive sampling program was completed, with 17 samples of graphite schist and mica-schist with graphite collected from the two exploration permit areas.

Atlas Critical Minerals identified significant graphite schist bodies within both exploration areas, intercalated as lenses within mica schist. The tenement 830.954/2021 stands out as the most promising, with two highly significant occurrences observed, mapped and sampled.

The geology team carried out the following mineral exploration activities:

● Compilation of public data: GIS database containing mainly lithologies, geophysics, public mapping data.

● Geological reconnaissance: Two geological reconnaissance campaigns were carried out in the area, one in 2023 and the second in 2024, with the identification of graphitic outcrops, collection of samples and delimitation of bodies

● Sampling: 9 samples were collected during the first geological reconnaissance field (2023) and 17 samples in the second campaign in 2024.

● Auger drilling: A total of 21 auger holes were drilled on the property in 2023.

7.1 Surface
 Sampling

In the 2023 exploration campaign, a total of nine surface samples were collected across the two tenements. Figure 7-1 shows the location of the samples.

The 2024 exploration campaign saw a total of 12 samples collected from tenement 830.954/2021. Figure 7-2 shows the location of the samples.

Figure 7-3 to Figure 7-5 show some of the outcrops mapped and sampled.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 24</u>

**Figure 7-1 Surface Samples from 2023 Exploration Campaign**

![](ex96-1_009.jpg)

**Figure 7-2 Surface Samples from 2024 Exploration Campaign**

![](ex96-1_010.jpg)

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 25</u>

**Figure 7-3 Outcrop of Graphitic Mica Schist with Intercalated Gneiss Layers**

![](ex96-1_011.jpg)

**Figure 7-4 Outcrop of Graphitic Mica Schist with Flake Graphite**

![](ex96-1_012.jpg)

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 26</u>

**Figure 7-5 Flake Graphite and Graphitic Schist Outcrop**

![](ex96-1_013.jpg)

7.2 Auger
 Drilling

A campaign of auger drilling was undertaken during the 2023 exploration program. A total of 21 auger holes were drilled around a prospective area in tenement 831.698/2021.

Seven holes intercepted graphite in a roughly north-south trending corridor. Figure 7-6 shows the location of the auger holes and Table 7-1 shows the significant assays.

It should be noted that three of the holes finished in graphitic schist, as the auger was at refusal.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 27</u>

**Figure 7-6 Location of Auger Holes in Tenement 831.698/2021**

![](ex96-1_014.jpg)

**Table 7-1 Assay Results from 2023 Auger Drilling Campaign**

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|:---|:---|:---|:---|:---|
| <br> **Auger Hole** | **From (m)** | **To (m)** | **Intercept<br> (m)** | **Graphite (%)** |
| TR-MC-01 | 0 | 3 | 3 | 7.74 |
|  | 7 | 10 | 3 | 5.68 |
| TR-MC-04 | 10 | 13 | 3 | 5.20 |
|  | 21 | 23\* | 2 | 4.84 |
| TR-MC-06 | 1 | 3 | 2 | 3.78 |
| TR-MC-07 | 3 | 5 | 2 | 5.12 |
| TR-MC-08 | 2 | 4 | 2 | 4.63 |
| TR-MC-10 | 10 | 12\* | 2 | 4.02 |
| TR-MC-25 | 2 | 8\* | 6 | 6.30 |

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Note: \* denotes hole that finished in graphitic schist.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 28</u>

8 SAMPLE PREPARATION, ANALYSES, AND SECURITY

This section is not relevant to this Report.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 29</u>

9 DATA VERIFICATION

No property inspection has been completed at this time.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 30</u>

10 MINERAL PROCESSING AND METALLURGICAL TESTING

10.1 Sample
 Analysis and Initial Flotation Test Work

10.1.1 Scope

Atlas submitted nine samples collected at the property to SGS Geosol in Belo Horizonte, Brazil. The test work comprised:

● crushing samples to top size of 1.0 mm

● determining the head assay of the samples

● flotation after regrinding and attrition for two of the samples

● size-by-size analysis of the final flotation concentrates

Figure 10-1 shows the test work flowsheet.

**Figure 10-1 Test Work Flowsheet for Graphite Samples**

![](ex96-1_015.jpg)

10.1.2 Methods
 of Chemical Analysis

Chemical analysis of the original samples and their products was conducted by the following methods:

● GC_CSA05V: determination of graphitic carbon via LECO

● XRF82GR: x-ray fluorescence to determine the contaminants

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 31</u>

● PHY01E: lost on ignition

● PHY00D: ashes determination by gravimetry.

● GC_ICP40BGR: ICP scan of the ashes

10.1.3 Flotation

The flotation test work included rougher flotation, grinding and five stages of cleaning with two attrition stages in between. It is important to note there are no circulating loads in the flowsheet, so that all flotation tailings are final. The flotation test work was performed in an open circuit.

All flotation tests were conducted by means of the Denver D12 mechanism equipped with air filters, air flowmeter and tachometer. Cell volume was 13 litres, impeller speed was 1600 rpm, air flowrate was 4.0 litres per minute were the same for both rougher and cleaner. The reagent scheme, however, was different for each stage:

● rougher: 1000 g/t of dispersant (Sodium silicate), 375 g/t of collector (Kerosene) and 200 g/t of frother (Flotanol D-25);

● cleaner 1, 2 and 4: 50 g/t of collector (Kerosene) and 25 g/t of frother (Flotanol D-25);

● no reagents were added to cleaner 3 and 5.

Grinding of the rougher concentrate was conducted by means of a 12 cm x 20 cm mill, charged with a load of 2.25 kg of 12.5 mm ball load for 10 minutes. The concentrates from cleaner 1 and 3 were submitted to attrition for 10 minutes at 1400 rpm by means of a scrubber which was immersed in zirconia beads of 2.4 mm diameter to form the grinding media. Due to the design of the scrubber, the pulp was forced to flow in opposite directions between the blades, effectively scouring the particle surfaces and removing debris and contaminants.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 32</u>

**Figure 10-2 Flotation Test Work Flowsheet**

![](ex96-1_016.jpg)

10.1.4 Sample
 Receiving

In May 2025, Atlas sent surface outcrop samples to SGS Geosol. The samples were packed in individual plastic sample bags, with the sample ID clearly indicated on the outside of each bag.

Atlas submitted a total of 12 samples for test work, each weighing approximately 25 kg. Some samples were combined to form the final nine samples tested. Table 10-1 shows the final sample designations for test work.

**Table 10-1 Sample Identification and Weight**

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|:---|:---|:---|
| &nbsp;&nbsp;<br> **Sample ID** | &nbsp;&nbsp;**Number of** <br> **Units** | &nbsp;&nbsp;**Total Mass**<br> **(kg)** |
| &nbsp;&nbsp;SMAL - 00001 | &nbsp;&nbsp;1 | &nbsp;&nbsp;21.5 |
| &nbsp;&nbsp;SMAL – 00002 | &nbsp;&nbsp;1 | &nbsp;&nbsp;24.2 |
| &nbsp;&nbsp;SMAL – 00003 | &nbsp;&nbsp;1 | &nbsp;&nbsp;23.1 |
| &nbsp;&nbsp;SMAL – 00004 | &nbsp;&nbsp;3 | &nbsp;&nbsp;71.0 |
| &nbsp;&nbsp;SMAL – 00005 | &nbsp;&nbsp;2 | &nbsp;&nbsp;49.2 |
| &nbsp;&nbsp;SMAL – 00006 | &nbsp;&nbsp;1 | &nbsp;&nbsp;24.3 |
| &nbsp;&nbsp;SMAL – 00007 | &nbsp;&nbsp;1 | &nbsp;&nbsp;24.3 |
| &nbsp;&nbsp;SMAL – 00008 | &nbsp;&nbsp;1 | &nbsp;&nbsp;23.6 |
| &nbsp;&nbsp;SMAL - 00009 | &nbsp;&nbsp;1 | &nbsp;&nbsp;25.0 |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 33</u>

10.1.5 Chemical
 Analysis of The Original Samples

Results of the chemical analysis of the original samples via LECO, XRF and LOI are summarized in Table 10-2. These results indicate a range of 1.71% to 15.4% for graphitic carbon, with an average of 9.07%. The main contaminants were identified as silicates, ranging from 50% to 69% in terms of SiO<sub>2</sub>, as well as aluminum, from 12.7% to 21.3% Al<sub>2</sub>O<sub>3</sub> and iron, from 1.53% to 18.1% Fe<sub>2</sub>O<sub>3</sub>.

The loss on ignition value (LOI) represents the weight percentage of all volatile substances released at a calcination temperature of 1100 °C, including graphitic carbon, as well as moisture, sulfur, organic matter and hydroxides. In this context, the sum of the content of graphitic carbon and other volatile substances in the ore is equivalent to the LOI, while the sum of the LOI and the oxides shown in Table 10-2 approaches 100 %.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 34</u>

**Table 10-2 Analysis Results for LECO, XRF and LOI**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** |
| &nbsp;&nbsp;**Sample** | &nbsp;&nbsp;**C-Graph**<br> **(%)** | &nbsp;&nbsp;**LOI**<br> **(%)** | &nbsp;&nbsp;**Al<sub>2</sub>O<sub>3</sub>**<br> **(%)** | &nbsp;&nbsp;**BaO**<br> **(%)** | &nbsp;&nbsp;**Cr<sub>2</sub>O<sub>3</sub>**<br> **(%)** | &nbsp;&nbsp;**Fe<sub>2</sub>O<sub>3</sub>**<br> **(%)** | &nbsp;&nbsp;**K<sub>2</sub>O**<br> **(%)** | &nbsp;&nbsp;**MgO**<br> **(%)** | &nbsp;&nbsp;**MnO**<br> **(%)** | &nbsp;&nbsp;**P<sub>2</sub>O<sub>5</sub>**<br> **(%)** | &nbsp;&nbsp;**SiO<sub>2</sub>**<br> **(%)** | &nbsp;&nbsp;**SrO**<br> **(%)** | &nbsp;&nbsp;**TiO<sub>2</sub>**<br> **(%)** | &nbsp;&nbsp;**V<sub>2</sub>O<sub>5</sub>**<br> **(%)** |
| &nbsp;&nbsp;SMAL-00001 | &nbsp;&nbsp;15.4 | &nbsp;&nbsp;19.4 | &nbsp;&nbsp;13.1 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;3.24 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;62.3 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;SMAL-00002 | &nbsp;&nbsp;3.24 | &nbsp;&nbsp;13.5 | &nbsp;&nbsp;21.3 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;6.65 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;<0.1 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;56.9 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;SMAL-00003 | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;10.3 | &nbsp;&nbsp;13.6 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;<0.01 | &nbsp;&nbsp;5.43 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;<0.1 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;69.3 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;SMAL-00004 | &nbsp;&nbsp;11.1 | &nbsp;&nbsp;15.2 | &nbsp;&nbsp;16.1 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;3.56 | &nbsp;&nbsp;2.12 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;<0.01 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;26.4 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;SMAL-00005 | &nbsp;&nbsp;11.5 | &nbsp;&nbsp;14.2 | &nbsp;&nbsp;13.7 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;<0.01 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;68.1 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.11 |
| &nbsp;&nbsp;SMAL-00006 | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;15.1 | &nbsp;&nbsp;12.7 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;2.09 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;68.5 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;SMAL-00007 | &nbsp;&nbsp;13.4 | &nbsp;&nbsp;17.4 | &nbsp;&nbsp;14.5 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;4.76 | &nbsp;&nbsp;2.01 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;61.1 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;SMAL-00008 | &nbsp;&nbsp;11.3 | &nbsp;&nbsp;14.8 | &nbsp;&nbsp;15.4 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.93 | &nbsp;&nbsp;2.30 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;65.1 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;SMAL-00009 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;10.7 | &nbsp;&nbsp;19.9 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;18.1 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;50.1 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;0.05 |

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Results of PHY00D are summarized in Table 10-3, representing the weight percent of the remnants from calcination, that is, 100 – LOI.

**Table 10-3 Analysis Results for PHY00D on Ashes**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** | &nbsp;&nbsp;<br> **Chemical Composition of the Original Samples** |
| &nbsp;&nbsp;**Sample** | &nbsp;&nbsp;**Ashes**<br> **(%)** | &nbsp;&nbsp;**Al_C**<br> **(%)** | &nbsp;&nbsp;**Ca_C**<br> **(%)** | &nbsp;&nbsp;**Fe_C**<br> **(%)** | &nbsp;&nbsp;**K_C**<br> **(%)** | &nbsp;&nbsp;**Mg_C**<br> **(%)** | &nbsp;&nbsp;**Na_C**<br> **(%)** | &nbsp;&nbsp;**P_C**<br> **(%)** | &nbsp;&nbsp;**Ti_C**<br> **(%)** | &nbsp;&nbsp;**Ba_C**<br> **(%)** | &nbsp;&nbsp;**Cu_C**<br> **(%)** | &nbsp;&nbsp;**La_C**<br> **(%)** | &nbsp;&nbsp;**Sr_C**<br> **(%)** | &nbsp;&nbsp;**V_C**<br> **(%)** |
| &nbsp;&nbsp;SMAL-00001 | &nbsp;&nbsp;80.6 | &nbsp;&nbsp;3.11 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;392 | &nbsp;&nbsp;26.0 | &nbsp;&nbsp;61.0 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;462 |
| &nbsp;&nbsp;SMAL-00002 | &nbsp;&nbsp;86.5 | &nbsp;&nbsp;6.61 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;3.71 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;503 | &nbsp;&nbsp;54.0 | &nbsp;&nbsp;52.0 | &nbsp;&nbsp;62.0 | &nbsp;&nbsp;290 |
| &nbsp;&nbsp;SMAL-00003 | &nbsp;&nbsp;89.5 | &nbsp;&nbsp;5.17 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;3.39 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;341 | &nbsp;&nbsp;44.0 | &nbsp;&nbsp;63.0 | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;174 |
| &nbsp;&nbsp;SMAL-00004 | &nbsp;&nbsp;84.5 | &nbsp;&nbsp;5.36 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;2.14 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;948 | &nbsp;&nbsp;21.0 | &nbsp;&nbsp;49.0 | &nbsp;&nbsp;41.0 | &nbsp;&nbsp;436 |
| &nbsp;&nbsp;SMAL-00005 | &nbsp;&nbsp;85.6 | &nbsp;&nbsp;4.94 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.09 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;959 | &nbsp;&nbsp;13.0 | &nbsp;&nbsp;53.0 | &nbsp;&nbsp;130 | &nbsp;&nbsp;490 |
| &nbsp;&nbsp;SMAL-00006 | &nbsp;&nbsp;84.6 | &nbsp;&nbsp;4.63 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;890 | &nbsp;&nbsp;18.0 | &nbsp;&nbsp;56.0 | &nbsp;&nbsp;117 | &nbsp;&nbsp;487 |
| &nbsp;&nbsp;SMAL-00007 | &nbsp;&nbsp;82.9 | &nbsp;&nbsp;4.88 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;2.84 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;1155 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;57.0 | &nbsp;&nbsp;122 | &nbsp;&nbsp;273 |
| &nbsp;&nbsp;SMAL-00008 | &nbsp;&nbsp;83.8 | &nbsp;&nbsp;4.63 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;867 | &nbsp;&nbsp;35.0 | &nbsp;&nbsp;46.0 | &nbsp;&nbsp;84.0 | &nbsp;&nbsp;456 |
| &nbsp;&nbsp;SMAL-00009 | &nbsp;&nbsp;89.1 | &nbsp;&nbsp;6.52 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;11.4 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;345 | &nbsp;&nbsp;71.0 | &nbsp;&nbsp;52.0 | &nbsp;&nbsp;23.0 | &nbsp;&nbsp;258 |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 35</u>

10.1.6 Flotation
 Results

The samples with the highest and second lowest head grade respectively, SMAL - 00001 and SMAL - 00009 of 15.4% and 1.89% graphitic carbon, were submitted to flotation as per the flowsheet in Figure 10-2. The main objective of testing these two samples was to ensure the experimental conditions were suitable for the Malacacheta mineralization, in order to produce a final concentrate of high grade. The flotation results summarized in Table 10-4 and Table 10-5 indicated that:

● sample SMAL - 00001 generated a final concentrate of high grade and recovery, namely, 91.9% graphitic carbon and 95.1% metallurgical recovery

● the final concentrate generated by sample SMAL - 00009 was also high in grade, at 96.5% graphitic carbon, but the metallurgical recovery dropped to 73.6%.

**Table 10-4 Flotation Results for SMAL-00001**

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Flotation: SMAL-00001** | &nbsp;&nbsp;<br> **Flotation: SMAL-00001** | &nbsp;&nbsp;<br> **Flotation: SMAL-00001** | &nbsp;&nbsp;<br> **Flotation: SMAL-00001** | &nbsp;&nbsp;<br> **Flotation: SMAL-00001** |
| &nbsp;&nbsp;**Stage** | &nbsp;&nbsp;**Mass** | &nbsp;&nbsp;**Mass** | &nbsp;&nbsp;**Graphitic Carbon (%)** | &nbsp;&nbsp;**Graphitic Carbon (%)** |
| &nbsp;&nbsp;**Stage** | &nbsp;&nbsp;**(g)** | &nbsp;&nbsp;**(%)** | &nbsp;&nbsp;**Assay** | &nbsp;&nbsp;**Distribution** |
| &nbsp;&nbsp;ROM EXPERIMENTAL | &nbsp;&nbsp;2000 | &nbsp;&nbsp;- | &nbsp;&nbsp;15.4 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;ROM CALCULATED | &nbsp;&nbsp;1966 | &nbsp;&nbsp;100 | &nbsp;&nbsp;15.4 | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;ROUGHER TAIL | &nbsp;&nbsp;1112 | &nbsp;&nbsp;56.6 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;1.76 |
| &nbsp;&nbsp;ROUGHER CONC | &nbsp;&nbsp;854 | &nbsp;&nbsp;43.4 | &nbsp;&nbsp;34.9 | &nbsp;&nbsp;98.2 |
| &nbsp;&nbsp;CLEANER 1 TAIL | &nbsp;&nbsp;324 | &nbsp;&nbsp;16.5 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;CLEANER I CONC | &nbsp;&nbsp;530 | &nbsp;&nbsp;27.0 | &nbsp;&nbsp;56.0 | &nbsp;&nbsp;97.7 |
| &nbsp;&nbsp;CLEANER II TAIL | &nbsp;&nbsp;158 | &nbsp;&nbsp;8.04 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;CLEANER II CONC | &nbsp;&nbsp;372 | &nbsp;&nbsp;18.9 | &nbsp;&nbsp;79.5 | &nbsp;&nbsp;97.5 |
| &nbsp;&nbsp;CLEANER III TAIL | &nbsp;&nbsp;25.0 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;4.87 | &nbsp;&nbsp;0.40 |
| &nbsp;&nbsp;CLEANER III CONC | &nbsp;&nbsp;347 | &nbsp;&nbsp;17.7 | &nbsp;&nbsp;84.9 | &nbsp;&nbsp;97.1 |
| &nbsp;&nbsp;CLEANER IV TAIL | &nbsp;&nbsp;25.0 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;9.28 | &nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;CLEANER IV CONC | &nbsp;&nbsp;322 | &nbsp;&nbsp;16.4 | &nbsp;&nbsp;90.8 | &nbsp;&nbsp;96.3 |
| &nbsp;&nbsp;CLEANER V TAIL | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;44.7 | &nbsp;&nbsp;1.18 |
| &nbsp;&nbsp;CLEANER V CONC | &nbsp;&nbsp;314 | &nbsp;&nbsp;16.0 | &nbsp;&nbsp;91.9 | &nbsp;&nbsp;95.1 |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 36</u>

**Table 10-5 Flotation Results for SMAL-00009**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Flotation: SMAL-00009** | &nbsp;&nbsp;<br> **Flotation: SMAL-00009** | &nbsp;&nbsp;<br> **Flotation: SMAL-00009** | &nbsp;&nbsp;<br> **Flotation: SMAL-00009** | &nbsp;&nbsp;<br> **Flotation: SMAL-00009** |
| &nbsp;&nbsp;**Stage** | &nbsp;&nbsp;**Mass** | &nbsp;&nbsp;**Mass** | &nbsp;&nbsp;**Graphitic Carbon (%)** | &nbsp;&nbsp;**Graphitic Carbon (%)** |
| &nbsp;&nbsp;**Stage** | &nbsp;&nbsp;**(g)** | &nbsp;&nbsp;**(%)** | &nbsp;&nbsp;**Assay** | &nbsp;&nbsp;**Distribution** |
| &nbsp;&nbsp;ROM EXPERIMENTAL | &nbsp;&nbsp;2000 | &nbsp;&nbsp;- | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;ROM CALCULATED | &nbsp;&nbsp;1909 | &nbsp;&nbsp;100 | &nbsp;&nbsp;2.09 | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;ROUGHER TAIL | &nbsp;&nbsp;1603 | &nbsp;&nbsp;84.0 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;16.0 |
| &nbsp;&nbsp;ROUGHER CONC | &nbsp;&nbsp;306 | &nbsp;&nbsp;16.0 | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;84.0 |
| &nbsp;&nbsp;CLEANER 1 TAIL | &nbsp;&nbsp;202 | &nbsp;&nbsp;10.6 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;6.15 |
| &nbsp;&nbsp;CLEANER I CONC | &nbsp;&nbsp;105 | &nbsp;&nbsp;5.47 | &nbsp;&nbsp;29.8 | &nbsp;&nbsp;77.8 |
| &nbsp;&nbsp;CLEANER II TAIL | &nbsp;&nbsp;64.5 | &nbsp;&nbsp;3.38 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;1.73 |
| &nbsp;&nbsp;CLEANER II CONC | &nbsp;&nbsp;40.0 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;76.0 | &nbsp;&nbsp;76.1 |
| &nbsp;&nbsp;CLEANER III TAIL | &nbsp;&nbsp;5.50 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;10.5 | &nbsp;&nbsp;1.45 |
| &nbsp;&nbsp;CLEANER III CONC | &nbsp;&nbsp;34.5 | &nbsp;&nbsp;1.81 | &nbsp;&nbsp;86.4 | &nbsp;&nbsp;74.6 |
| &nbsp;&nbsp;CLEANER IV TAIL | &nbsp;&nbsp;3.50 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;6.09 | &nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;CLEANER IV CONC | &nbsp;&nbsp;31.0 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;95.5 | &nbsp;&nbsp;74.1 |
| &nbsp;&nbsp;CLEANER V TAIL | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;37.0 | &nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;CLEANER V CONC | &nbsp;&nbsp;30.5 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;96.5 | &nbsp;&nbsp;73.6 |

---

10.1.7 Size
 by Size Analysis

The main objective of the tests was to evaluate whether the samples can be concentrated. It should be noted that in all particle size ranges, grades higher than 91% were obtained for sample SMAL-00001, and grades higher than 93% for sample SMAL-00009. The flotation concentrates generated by samples SMAL - 00001 and SMAL - 00009 were analyzed on a size-size basis. The results summarized in Table 10-6 and Table 10-7 indicate that:

● for sample SMAL - 00001, the flakes in the -300 to +180 microns interval represent 9.23% of the sample mass, with the assay of graphitic carbon at 96.6%. The material in the minus 75-micron range accounted for 36.4% of total mass.

● for sample SMAL - 00009, the flakes in the -300 to +180 microns interval represent 2.56% of the sample mass, with an assay value of 93.8% graphitic carbon, however, the material in the minus 75-micron range accounted for 69.2% of total mass.

**Table 10-6 Flotation Concentrate for SMAL-00001**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<br> **SMAL-00001 – Final Concentrate** | &nbsp;&nbsp;<br> **SMAL-00001 – Final Concentrate** | &nbsp;&nbsp;<br> **SMAL-00001 – Final Concentrate** |
| &nbsp;&nbsp;**Size Interval**<br> **(µm)** | &nbsp;&nbsp;**weight**<br> **(%)** | &nbsp;&nbsp;**C-Graph** <br> **(%)** |
| &nbsp;&nbsp;+300 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;930 |
| &nbsp;&nbsp;-300+180 | &nbsp;&nbsp;9.23 | &nbsp;&nbsp;96.6 |
| &nbsp;&nbsp;-180+150 | &nbsp;&nbsp;9.74 | &nbsp;&nbsp;94.5 |
| &nbsp;&nbsp;-150+75 | &nbsp;&nbsp;43.6 | &nbsp;&nbsp;93.1 |
| &nbsp;&nbsp;-75 | &nbsp;&nbsp;36.4 | &nbsp;&nbsp;91.3 |
| &nbsp;&nbsp;CONC CLN V CALC | &nbsp;&nbsp;100 | &nbsp;&nbsp;92.9 |
| &nbsp;&nbsp;CONC CLN V EXP | &nbsp;&nbsp;100 | &nbsp;&nbsp;91.9 |

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| **SGS Geological Services** |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 37</u>

**Table 10-7 Flotation Concentrate for SMAL-00009**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<br> **SMAL-00009 – Final Concentrate** | &nbsp;&nbsp;<br> **SMAL-00009 – Final Concentrate** | &nbsp;&nbsp;<br> **SMAL-00009 – Final Concentrate** |
| &nbsp;&nbsp;**Size Interval**<br> **(µm)** | &nbsp;&nbsp;**weight**<br> **(%)** | &nbsp;&nbsp;**C-Graph** <br> **(%)** |
| &nbsp;&nbsp;+300 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;-300+180 | &nbsp;&nbsp;2.56 | &nbsp;&nbsp;93.8 |
| &nbsp;&nbsp;-180+150 | &nbsp;&nbsp;5.13 | &nbsp;&nbsp;95.3 |
| &nbsp;&nbsp;-150+75 | &nbsp;&nbsp;23.1 | &nbsp;&nbsp;97.7 |
| &nbsp;&nbsp;-75 | &nbsp;&nbsp;69.2 | &nbsp;&nbsp;93.0 |
| &nbsp;&nbsp;CONC CLN V CALC | &nbsp;&nbsp;100 | &nbsp;&nbsp;94.2 |
| &nbsp;&nbsp;CONC CLN V EXP | &nbsp;&nbsp;100 | &nbsp;&nbsp;96.5 |

---

10.1.8 Results
 and Conclusion

The results summarized in Table 10-8 indicate that the two samples used for flotation test work achieved grades between 91.3% and 97.7% graphitic carbon.

Using conventional flotation, regrinding and attrition techniques, the final graphite concentrates achieved grades of 91.9% and 96.5% total graphite carbon, demonstrating the amenability of the Malacacheta Project to flotation.

**Table 10-8 Final Size Intervals and Grades for Flotation Test Work**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<br> **Size Interval**<br> **(µm)** | &nbsp;&nbsp;**C-Graph (%)**<br> **SMAL-00001** | &nbsp;&nbsp;**C-Graph (%)**<br> **SMAL-00009** |
| &nbsp;&nbsp;+300 | &nbsp;&nbsp;93.0 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;-300+180 | &nbsp;&nbsp;96.6 | &nbsp;&nbsp;93.8 |
| &nbsp;&nbsp;-180+150 | &nbsp;&nbsp;94.5 | &nbsp;&nbsp;95.3 |
| &nbsp;&nbsp;-150+75 | &nbsp;&nbsp;93.1 | &nbsp;&nbsp;97.7 |
| &nbsp;&nbsp;-75 | &nbsp;&nbsp;91.3 | &nbsp;&nbsp;93.0 |
| &nbsp;&nbsp;CONC CLN V EXP | &nbsp;&nbsp;91.9 | &nbsp;&nbsp;96.5 |

---

Note: All carbon analyses are reported as graphite carbon ("C-graph"). The analytical methods that were used to determine the metallurgical results included total carbon analysis by Leco on the final concentrates.

Main conclusions arising from the test work are:

● The content of graphitic carbon averaged 9.07% among the original samples, ranging from 1.71% for SMAL - 00003 to 15.4% for SMAL - 00001

● Flotation of both the highest and second lowest grade samples generated final concentrates of 96.5% graphitic carbon for SMAL - 00009 and 91.9% for SMAL - 00001

● Metallurgical recovery was 96.5% for SMAL - 00001 and 73.6% for SMAL - 00009

● The flakes in the -300+180 microns interval of the flotation concentrate generated by sample SMAL - 00001 represented 9.23% of the sample, with 96.6% graphitic carbon assay. For sample SMAL - 00009, the flakes represent only 2.56% of the sample mass and the material below 75 microns was up to 69.2%.

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| **SGS Geological Services** |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 38</u>

10.1.9 Suggestion
 For Further Work

In view of the results to date, it is strongly recommended that the work with the Atlas graphite mineralization be extended as follows:

● Technological characterization tests

● Tests with variations in process routes

● Tests for grinding and flotation optimization, including LCT

● Tests considering desliming

● Tests to determine the optimal dosage and types of reagents

● Conduct further flotation work using samples SMAL - 00009 and SMAL - 00001 to optimize the flotation conditions and apply those conditions to the other samples

● Include total sulfur by LECO and exclude ICP in the chemical analysis of the original samples and flotation products

● Test a larger number of samples to determine the variability of the deposit with geometallurgy studies

10.2 Graphite
 Processing and Characterization

10.2.1 Scope

Atlas submitted a 1.09kg sample of the floated graphite concentrate produced by SGS Geosol to American Energy Technologies Co. (AETC) for graphite processing and characterization. The sample supplied by SGS Geosol contained 93.95% graphitic carbon.

The test work by AETC comprised:

● Characterization of "as received" material

● Downstream drying, calcination and thermal purification

● Characterization of purified material

● Screening and associated analysis of purified material to produce commercially viable "graphite industry standard" sample cuts

● Characterization of screened purified material to generate Product Information Bulletins, which can be presented to the market

● The development of process block diagram from the point of receipt of the concentrate to the point of release of screened thermally purified precursors either directly to the market (where applicable) or to further downstream processors

The test work was performed between the 3<sup>rd</sup> September 2025 and the 10<sup>th</sup> October 2025.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 39</u>

Figure 10-3 shows the block diagram flowsheet of the test work.

**Figure 10-3 Block Diagram Flowsheet of Graphite Processing and Characterization**

![](ex96-1_017.jpg)

10.2.2 Methods
 of Analysis and Characterization

AETC carried out the following tests on the supplied sample:

● Moisture content of the "as received" material was undertaken to determine the amount of residual water in the supplied sample.

● The volatile content of contaminants was determined by heating the residual mass to 600°C, 950°C and 1450°C for 20 minutes at each temperature to determine the volatile content at each of the temperature reactivity stages.

● The apparent density or Scott Volume was calculated using ATSM B 329

● The tap density of the sample was determined using B 527 e1 – "Standard Test Method for Determination of Tap Density of Metallic Powders and Compounds."

● Loss on Ignition was determined in accordance with ASTM C561.

● The rough elemental composition of the contaminant ash was determined via Ash Spectrophotometry.

● The particle sizes of the materials tested were measured utilizing a Microtrac S3500 Series Light Scattering Particle Size Analyzer and a Horiba LA-910 Light Scattering Particle Size Analyzer, both of which meet ISO 13320-1 Standard: "Particle size analysis - Laser Diffraction methods."

● The Sample Image Analyzer (SIA) attachment on the Microtrac S3500 series laser particle size analyzer adds the capability of imaging particles flowing through the system in real time. SIA measures the morphological properties, such as the particle aspect ratios of the sample particles analyzed.

● For screening the graphite material into different cuts based on particle size, AETC employed a W.S. TYLER<sup>®</sup>, RX-29 Ro-Tap Sieve Shaker machine.

● To determine the surface area of a material sample, AETC employed a Quantachrome NOVA 2200e, 2-station, multi-gas (i.e. N<sub>2</sub> / Ar / CO<sub>2</sub> / CH<sub>4</sub> / C<sub>4</sub>H<sub>10</sub>) surface area analyzer. This instrument is outfitted with a built-in microprocessor guided calibration feature, which adheres to the ISO-9000 requirements.

● A JEOL JCM-7000 Scanning Electron Microscope (SEM) was used to produce images of selected samples. An electron beam in the range of 1-10 keV was used for imaging. The Secondary Electron Imaging mode (SE) was employed for samples used in this study to generate micrographs with high magnification. Certain samples presented in this report were additionally analyzed by EDS (energy dispersive scan) function of an SEM to give a rough elemental composition of the area analyzed.

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| **SGS Geological Services** |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 40</u>

● An AmScope MU2003 Optical Microscope Camera was used to capture images of the selected samples. These more sparsely populated sections of the slide were investigated at 40x, 50x, 100x and 400x magnification, where appropriate, to obtain detailed images of the particles. After each image was captured, a scale bar was added and the diameters of 2 to 3 particles within the image were measured and displayed on the image to give an idea of the particle sizes being viewed.

10.2.3 Incoming
 Raw materials Analysis (IRMA)

The SEM analysis determined that the "as received" sample was comprised of natural crystalline flake graphite with a fully-formed, robust particle structure.

The SEM images show that the flake graphite is predominantly thin, although images from the 90x and 1000x magnifications show some particles that are thicker, up to 5 µm in size, which is consistent with flake graphite from Qingdao province, China. Overall, the majority of the flakes represent thin particle morphologies.

Figure 10-4 shows SEM images at magnifications of 90x, 230x, 430x and 1,000x.

**Figure 10-4 SEM Imagery of the "As Received" Sample**

![](ex96-1_018.jpg)

SEM images taken at magnification of 230, 430, and 1000x, reveal the presence of mineral impurities that are represented by fine dust that comes in aggregates as well as occasionally in fibers and these were seen to measure less than 1 mm in particle diameter.

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| **SGS Geological Services** |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 41</u>

Table 10-9 shows IRMA results for "as-received" material. It was observed that the sample had a high moisture content, namely 23.82 wt.% H<sub>2</sub>O. High moisture content is likely due to water residue and insufficient drying of the sample incurred during upstream processing of this natural flake graphite at the lab which produced the concentrate. It is recommended that upstream processing for the drying step be put on site at the concentrator plant so that Atlas does not need to ship material with excessive amounts of moisture. Material having 23.82 wt.% H<sub>2</sub>O won't pass industry specifications which for concentrate materials on the market amounts to less than 0.1 wt.% H<sub>2</sub>O.

**Table 10-9 IRMA Results for the "As Received" Sample**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**Moisture Content (wt.%)** | &nbsp;&nbsp;**Volatile Content (wt.%)** | &nbsp;&nbsp;**Volatile Content (wt.%)** | &nbsp;&nbsp;**Volatile Content (wt.%)** | &nbsp;&nbsp;**TGC (wt.%)** | &nbsp;&nbsp;**Ash (%)** | &nbsp;&nbsp;**Tap Density (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Scott Volume (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Surface Area (m<sup>2</sup>/g)** |
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**Moisture Content (wt.%)** | &nbsp;&nbsp;**600⁰C** | &nbsp;&nbsp;**950⁰C** | &nbsp;&nbsp;**1450⁰C** | &nbsp;&nbsp;**TGC (wt.%)** | &nbsp;&nbsp;**Ash (%)** | &nbsp;&nbsp;**Tap Density (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Scott Volume (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Surface Area (m<sup>2</sup>/g)** |
| &nbsp;&nbsp;GN250903001 | &nbsp;&nbsp;23.82 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;2.21 | &nbsp;&nbsp;93.95 | &nbsp;&nbsp;6.05 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;15.32 |

---

While moisture is a derivative of upstream processing and is not necessarily tied to properties of graphite itself, its volatile content reflects an intrinsic feature of graphite flake found in Malacacheta resource. AETC conducted volatile tests at 3 temperatures that are listed in Table 10-9. Volatiles expressed at 600°C amount to 0.69 wt.% of dried sample weight and is associated with the removal of carbonates, as well as potential organic frother's residue from flotation. Volatiles expressed at 900°C amounted to 0.26 wt.% of dried, de-carbonized sample weight. The weight loss at these temperatures is associated with the removal of volatile organic residue, low molecular weight hydrocarbons, and any PAH residue which may be present in the structure of this flake. Lastly, volatiles expressed at 1450°C amount to 2.21 wt.% and can be associated with the start of decomposition of aluminum oxide, iron oxide, as well as the removal of sulfur (main component) in the form SO<sub>2</sub> from within the structure of graphite. The overall volatile matter amounts to 3.16 wt.%, not counting moisture. For reference, the best materials on the market feature volatiles of less than 0.1 wt.%. The condition can be achieved by placing a high temperature calciner at the tail end of the process for making concentrate grade graphite.

The amount of total graphitic carbon (TGC) measured for this sample was determined at 93.95 wt.% TGC. We compared this measured value to TGC measured by SGS Geosol, which reported a value of 93.75 wt.% TGC. The two values are extremely close to each other. We conclude that graphite concentrate supplied to AETC is just a little bit shy of meeting one of the standard industry specifications of 94 wt.% TGC. The condition can be improved through optimization of the flotation circuit.

The values of tap density and Scott volume are in line with industry standard expectations. The BET surface area value of 15.32 m<sup>2</sup>/g is very high, however, most of the BET surface area is due to mineral impurities located on the surface of graphite flakes and not flake itself.

After the LOI testing was conducted to determine the purity of the "as-received" material, the resulting ash was analyzed to determine the rough composition of the contaminants. The colour of the ash is determined by the compounds present within it and can be used as a signature "fingerprint" for the graphite ore as the ash color will change from formation to formation and even between different locations within a formation.

The ash is red/orange in colour with higher light reflectance in the 600-700 nm range. High red colour content of the ash suggests the presence of iron within the graphite, while the high yellow content suggests the presence of potassium. The lighter colour of the ash could be attributed to silicon, aluminum and calcium impurities present in the "as-received" graphite material. These elemental impurity estimations match the results of XRF analysis conducted by SGS Geosol.

Particle size distribution was determined by laser diffraction. The sonicated material is seen to be notably finer than its non-sonicated counterpart, specifically D50 differs by almost a factor of 2 for the same samples, falling from 98.34 to 54.47 µm as a result of sonification treatment of the sample. This represents indirect evidence that the material is prone to breaking, effectively turning thin sheet-like flakey particles into pulverized dust. Materials that have higher thickness do not suffer from this phenomenon nearly as much. Table 10-10 shows the results of particle size analysis for sonicated and non-sonicated materials.

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| **SGS Geological Services** |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 42</u>

**Table 10-10 Particle Size Analysis for the "As Received" Sample**

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Sample** | **Particle Size (µm)** | **Particle Size (µm)** | **Particle Size (µm)** | **Particle Size (µm)** |
| <br> **Sample** | **MV** | **D10** | **D50** | **D90** |
| GN250903001 - Sonicated | 74.88 | 17.73 | 54.47 | 160.3 |
| GN250903001 - Non-Sonicated | 108.5 | 37.24 | 98.34 | 193.2 |

---

Sample Image Analysis (SIA) was completed with the high-speed camera attachment on the laser particle size analyser. The SIA analyzer of sonicated material shows a statistically significant, large population of particles, some of which have naturally occurring sphericity that approaches 100% and some completely non-spherical particles whose aspect ratio is less than 30% of spherical. The majority of the material falls under the degree of sphericity of 90% assuming two-dimensional particle morphology. Some of the shapes seen by the high-speed camera during the analysis show flakey particles mostly non-spherical in nature and rather thin if considered as three-dimensional particles.

The "as-received" material has a rather broad particle size distribution with trace appearances of 40 mesh particles (0.03 wt.%), 0.67 wt.% of 50 mesh material, and notable concentration of 8.62 wt.% of +80 mesh material, 9.6 wt.% of +100 mesh material and the rest accounting for -100 battery precursor. The peak of particle size occurrences falls under -100 and up to +200 mesh particles which is consistent with laser diffraction data reported earlier. Figure 10-5 and Table 10-11 summarize the results of the particle size analysis.

**Figure 10-5 Screen Analysis Results for the "As Received" Sample**

![](ex96-1_019.jpg)

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| **SGS Geological Services** |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 43</u>

**Table 10-11 Screen Analysis Results for the "As Received" Sample**

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| | |
|:---|:---|
| &nbsp;&nbsp;<br> **GN250903001 –**<br> **"As Received"** | &nbsp;&nbsp;<br> **GN250903001 –**<br> **"As Received"** |
| &nbsp;&nbsp;**Mesh Size** | &nbsp;&nbsp;**Weight (%)** |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;40 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;50 | &nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;60 | &nbsp;&nbsp;1.79 |
| &nbsp;&nbsp;70 | &nbsp;&nbsp;2.52 |
| &nbsp;&nbsp;80 | &nbsp;&nbsp;4.31 |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;9.59 |
| &nbsp;&nbsp;120 | &nbsp;&nbsp;7.10 |
| &nbsp;&nbsp;140 | &nbsp;&nbsp;10.64 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;20.28 |
| &nbsp;&nbsp;230 | &nbsp;&nbsp;10.24 |
| &nbsp;&nbsp;270 | &nbsp;&nbsp;5.91 |
| &nbsp;&nbsp;325 | &nbsp;&nbsp;6.83 |
| &nbsp;&nbsp;450 | &nbsp;&nbsp;7.46 |
| &nbsp;&nbsp;500 | &nbsp;&nbsp;6.69 |
| &nbsp;&nbsp;635 | &nbsp;&nbsp;4.02 |
| &nbsp;&nbsp;-635 | &nbsp;&nbsp;1.92 |

---

10.2.4 Thermal
 Purification

The graphite concentrate was purified in a pilot-scale arcing reactor operated by AETC.

The key result of the analysis of material purity is that the graphite has a nuclear grade loss on ignition (LOI) of 99.9995 wt.%C, which is very significant. That leaves .0005 wt.% for ash which can be considered as trace. The Scott volume of material did not change as a result of purification. The tap density fell slightly from the concentrate state to a value of 0.546 g/cm<sup>3</sup>. There was a large change in surface area which reduced to 0.89 m<sup>2</sup>/g. This is a significant reduction from the "as received" measured BET surface area value of 15.32 m<sup>2</sup>/g. Surface areas of less than 1 m<sup>2</sup>/g are expected for purified bulk materials prior to their subsequent downstream processing.

Table 10-12 shows the characterization results for the thermally purified material.

**Table 10-12 Characterization Results for Thermally Purified Material**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**LOI (wt.%)** | &nbsp;&nbsp;**Ash (wt.%)** | &nbsp;&nbsp;**Tap Density (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Scott Volume (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Surface Area (m<sup>2</sup>/g)** |
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**LOI (wt.%)** | &nbsp;&nbsp;**Ash (wt.%)** | &nbsp;&nbsp;**Tap Density (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Scott Volume (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Surface Area (m<sup>2</sup>/g)** |
| &nbsp;&nbsp;GN250903001P - Bulk | &nbsp;&nbsp;99.9995 | &nbsp;&nbsp;0.0005 | &nbsp;&nbsp;0.456 | &nbsp;&nbsp;0.291 | &nbsp;&nbsp;0.89 |

---

The particle size analysis of the thermally purified material indicated that there were few changes as a result of the thermal purification. The sonicated material increased its particle size from D50 = 54.5µm in concentrate state to D50 = 77.5µm in the purified state, suggesting that some particles may have fused into each other as a result of processing at 2700°C to form more sturdy aggregates. Alternately, it could also mean that there is a significant variability of particle sizes within the bulk distribution and the variation seen is normal for this sample and not necessarily tied to particle fusing. In non-sonicated sample testing D50 amounted to 89.83 µm versus 98.34 µm for non-sonicated purified vs concentrate grade graphite which is essentially similar range of values considering variability of particle sizes within the same sample. Somewhat expectedly, the degree of sphericity did not change for the thermally purified sample v. concentrate grade purity flake.

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| **SGS Geological Services** |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 44</u>

Table 10-13 shows the particle size analysis for the thermally purified material.

**Table 10-13 Particle Size Analysis Results for Thermally Purified Material**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**Particle Size (µm)** | &nbsp;&nbsp;**Particle Size (µm)** | &nbsp;&nbsp;**Particle Size (µm)** | &nbsp;&nbsp;**Particle Size (µm)** |
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**MV** | &nbsp;&nbsp;**D10** | &nbsp;&nbsp;**D50** | &nbsp;&nbsp;**D90** |
| &nbsp;&nbsp;GN250903001P - Sonicated | &nbsp;&nbsp;93.33 | &nbsp;&nbsp;27.98 | &nbsp;&nbsp;77.53 | &nbsp;&nbsp;177.5 |
| &nbsp;&nbsp;GN250903001P – Non-Sonicated | &nbsp;&nbsp;104.2 | &nbsp;&nbsp;34.71 | &nbsp;&nbsp;89.83 | &nbsp;&nbsp;192.4 |

---

The final stage of the test work was to screen the thermally purified material. Five different screens were used for the screening, namely 40 mesh, 50 mesh, 80 mesh, 100 mesh and -110 mesh. Each of the mesh sizes used represents a different grade of commercially viable graphite.

Figure 10-6 and Table 10-14 show the yield data for thermally purified material for the different screen sizes.

**Figure 10-6 Screen Analysis Results for Purified Material**

![](ex96-1_020.jpg)

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| **SGS Geological Services** |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 45</u>

**Table 10-14 Screen Analysis Results for Purified Material**

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|:---|:---|
| &nbsp;&nbsp;<br> **GN250903001 - Purified** | &nbsp;&nbsp;<br> **GN250903001 - Purified** |
| &nbsp;&nbsp;**Mesh Size** | &nbsp;&nbsp;**Weight (%)** |
| &nbsp;&nbsp;40 | &nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;50 | &nbsp;&nbsp;0.79 |
| &nbsp;&nbsp;80 | &nbsp;&nbsp;9.07 |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;11.15 |
| &nbsp;&nbsp;-100 | &nbsp;&nbsp;78.82 |

---

10.2.4.1 +40
 Mesh Material

The +40 mesh (P40) material approaches the definition of jumbo flake of graphite. SEM images of the +40 mesh flakes show very large, robust flakes with rounded and irregular edge-planes. There are some occasional imprints or holes in flakes' surface. This is where mineral impurities used to sit but as a result of purification they got sublimed from the surface, leaving the cavity behind. Laser particle size analysis of this material shows bimodal particle size distribution with individual particle sizes reaching up to 1000 µm, but a D50 still measuring 83.2 µm with population mean value of 147.23 µm.

Table 10-15 shows the characterization results for the +40 mesh material and Figure 10-7 shows the SEM images.

**Table 10-15 Characterization Results for +40 Mesh Purified Material**

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|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**LOI (wt.%)** | &nbsp;&nbsp;**Ash (wt.%)** | &nbsp;&nbsp;**Particle Size, mm** | &nbsp;&nbsp;**Particle Size, mm** | &nbsp;&nbsp;**Particle Size, mm** | &nbsp;&nbsp;**Particle Size, mm** |
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**LOI (wt.%)** | &nbsp;&nbsp;**Ash (wt.%)** | &nbsp;&nbsp;**MV** | &nbsp;&nbsp;**D10** | &nbsp;&nbsp;**D50** | &nbsp;&nbsp;**D90** |
| &nbsp;&nbsp;GN250903001 +40 Mesh | &nbsp;&nbsp;99.9995 | &nbsp;&nbsp;0.0005 | &nbsp;&nbsp;147.23 | &nbsp;&nbsp;29.74 | &nbsp;&nbsp;83.20 | &nbsp;&nbsp;416.14 |

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**Figure 10-7 SEM Images of +40 Mesh Purified Material**

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| ![](ex96-1_021.jpg) | ![](ex96-1_021.jpg) |
| **(65x)** | **(120x)** |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 46</u>

10.2.4.2 +50
 Mesh Material

The SEM images of the +50 mesh material show thick, robust flakes with a number of visible cavities on the surface. These cavities used to hold mineral impurities on the surface before they evaporated from the graphite's surface during high temperature refinement of this material. Laser particle size analysis of this material shows bimodal particle size distribution whose mean particle size is defined as 134.5 µm and D50=80.5 µm.

Table 10-16 shows the characterization results for the +50 mesh material and Figure 10-8 shows the SEM images.

**Table 10-16 Characterization Results for +50 Mesh Purified Material**

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|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**LOI (wt.%)** | &nbsp;&nbsp;**Ash (wt.%)** | &nbsp;&nbsp;**Surface Area (m<sup>2</sup>/g)** | &nbsp;&nbsp;**Particle Size, mm** | &nbsp;&nbsp;**Particle Size, mm** | &nbsp;&nbsp;**Particle Size, mm** | &nbsp;&nbsp;**Particle Size, mm** |
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**LOI (wt.%)** | &nbsp;&nbsp;**Ash (wt.%)** | &nbsp;&nbsp;**Surface Area (m<sup>2</sup>/g)** | &nbsp;&nbsp;**MV** | &nbsp;&nbsp;**D10** | &nbsp;&nbsp;**D50** | &nbsp;&nbsp;**D90** |
| &nbsp;&nbsp;GN250903001 +50 Mesh | &nbsp;&nbsp;99.9995 | &nbsp;&nbsp;0.0005 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;134.46 | &nbsp;&nbsp;27.18 | &nbsp;&nbsp;80.48 | &nbsp;&nbsp;134.46 |

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**Figure 10-8 SEM Images of +50 Mesh Purified Material**

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| ![](ex96-1_022.jpg) | ![](ex96-1_022.jpg) |
| **(60x)** | **(190x)** |

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10.2.4.3 +80
 Mesh Material

The +80 mesh material can be used in the nuclear industry application and a variety of other markets and typically consists of slightly smaller, but hardy crystals. The SEM images of the +80 mesh material shows flakey morphology with some residue of imprints that used to house grains of mineral impurities that were sublimed from the surface as a result of high temperature heat treatment. The flake graphite is no longer bimodal, but has a skewed peak that stretches in the direction of finer particle sizes revealing that in addition to large +80 mesh particles, the distribution contains some residual broken off particle edges that stay adhered to the surface of larger coarse particles by Van der Waals forces. The D50 of the +80 mesh material measured at 111.5 µm with mean particle size of 130 µm.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 47</u>

Table 10-17 shows the characterization results for the +80 mesh material and Figure 10-9 shows the SEM images.

**Table 10-17 Characterization Results for +80 Mesh Purified Material**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**LOI (wt.%)** | &nbsp;&nbsp;**Ash (wt.%)** | &nbsp;&nbsp;**Tap Density (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Scott Volume (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Surface Area (m<sup>2</sup>/g)** |
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**LOI (wt.%)** | &nbsp;&nbsp;**Ash (wt.%)** | &nbsp;&nbsp;**Tap Density (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Scott Volume (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Surface Area (m<sup>2</sup>/g)** |
| &nbsp;&nbsp;GN250903001 +80 Mesh | &nbsp;&nbsp;99.9995 | &nbsp;&nbsp;0.0005 | &nbsp;&nbsp;0.517 | &nbsp;&nbsp;0.378 | &nbsp;&nbsp;0.54 |

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**Figure 10-9 SEM Images of +80 Mesh Purified Material**

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| ![](ex96-1_023.jpg) | ![](ex96-1_023.jpg) |
| **(45x)** | **(270x)** |

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10.2.4.4 +100
 Mesh Material

The +100 mesh screened particles of this material were thinner, although 50% of particles in the bulk distribution are made of thick flakes of 5+ mm in the z-direction (others are less than 5 mm in thickness and appear to be rather friable). The SEM images show very robust particulate flakey morphology. LOI test shows high purity for this material with a surface area of 0.68 m<sup>2</sup>/g, apparent density of 0.34 g/cm<sup>3</sup> and tap density of 0.5 g/cm<sup>3</sup>. The particle size distribution of this flake which shows a bell-shaped curve and not a bimodal distribution as in some of the coarser cuts. The mean particle size of this distribution is 92 µm and D50 is 83 µm.

Table 10-18 shows the characterization results for the +100 mesh material and Figure 10-10 shows the SEM images.

**Table 10-18 Characterization Results for +100 Mesh Purified Graphite Flake**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**LOI (wt.%)** | &nbsp;&nbsp;**Ash (wt.%)** | &nbsp;&nbsp;**Tap Density (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Scott Volume (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Surface Area (m<sup>2</sup>/g)** |
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**LOI (wt.%)** | &nbsp;&nbsp;**Ash (wt.%)** | &nbsp;&nbsp;**Tap Density (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Scott Volume (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Surface Area (m<sup>2</sup>/g)** |
| &nbsp;&nbsp;GN250903001 +100 Mesh | &nbsp;&nbsp;99.9995 | &nbsp;&nbsp;0.0005 | &nbsp;&nbsp;0.495 | &nbsp;&nbsp;0.342 | &nbsp;&nbsp;0.68 |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 48</u>

**Figure 10-10 SEM Images of +100 Mesh Purified Material**

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| ![](ex96-1_024.jpg) | ![](ex96-1_024.jpg) |
| **(85x)** | **(230x)** |

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10.2.4.5 -100
 Mesh Material

The SEM images of the -100 mesh particles portray flakes that vary in size and shape. The LOI tests indicate a high purity of the screen samples. Surface area for this material is 0.79 m<sup>2</sup>/g which is slightly higher than that of the coarser counterparts and which is due to material being finer and having more open edges available for the gas absorbent while running the BET test. The laser particle size distribution of -100 mesh purified material displays a bell curve. The mean particle size of this distribution is 71.5 µm and D50 is 83.5 µm.

Table 10-19 shows the characterization results for the -100 mesh material and Figure 10-11 shows the SEM images.

**Table 10-19 Characterization Results for -100 Mesh Purified Material**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**LOI (wt.%)** | &nbsp;&nbsp;**Ash (wt.%)** | &nbsp;&nbsp;**Tap Density (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Scott Volume (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Surface Area (m<sup>2</sup>/g)** |
| &nbsp;&nbsp;<br> **Sample** | &nbsp;&nbsp;**LOI (wt.%)** | &nbsp;&nbsp;**Ash (wt.%)** | &nbsp;&nbsp;**Tap Density (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Scott Volume (g/cm<sup>3</sup>)** | &nbsp;&nbsp;**Surface Area (m<sup>2</sup>/g)** |
| &nbsp;&nbsp;GN250903001 -100 Mesh | &nbsp;&nbsp;99.9995 | &nbsp;&nbsp;0.0005 | &nbsp;&nbsp;0.457 | &nbsp;&nbsp;0.272 | &nbsp;&nbsp;0.79 |

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 49</u>

**Figure 10-11 SEM Images of -100 Mesh Purified Material**

![](ex96-1_025.jpg)

10.2.5 Results
 and Conclusions

Thermal purification at AETC was successful, yielding 99.9995 wt.%C purity at 2800°C in nitrogen, without the use of halogen gas. The success of the thermal purification was helped by two factors:

3) The flakes were very thin

4) Mineral impurities were located on the flakes' surfaces as opposed to being intercalated as gangue within the mineral structure.

The tests conducted with material from the Malacacheta project have demonstrated the technical and commercial viability of producing five distinct mesh size cuts (+40, +50, +80, +100, and -100 mesh), all of which have applications in high-value markets

The distribution generated for "as received" sample shows presence of +40 and +50 mesh flakes, whose presence will open a number of alternative markets to Atlas Critical Minerals.

Atlas is encouraged to perform downstream test work which would prove viability of these materials in target market segments.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 50</u>

11 MINERAL RESOURCE ESTIMATES

There are no Mineral Resource Estimates on this Project.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 51</u>

12 MINERAL RESERVE ESTIMATES

There are no Mineral Reserve Estimates on this Project.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 52</u>

13 MINING METHODS

This section is not relevant to this Report.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 53</u>

**14 PROCESSING AND RECOVERY METHODS**

This section is not relevant to this Report.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 54</u>

**15 INFRASTRUCTURE**

This section is not relevant to this Report.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 55</u>

16 MARKET STUDIES

This section is not relevant to this Report.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 56</u>

17 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS

This section is not relevant to this Report.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 57</u>

18 CAPITAL AND OPERATING COSTS

This section is not relevant to this Report.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 58</u>

19 ECONOMIC ANALYSIS

This section is not relevant to this Report.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 59</u>

20 ADJACENT PROPERTIES

There is no information on properties adjacent to the Project necessary to make the TRS understandable and not misleading.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 60</u>

21 OTHER RELEVANT DATA AND INFORMATION

No other information or explanation is necessary to take this TRS understandable and not misleading.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 61</u>

22 INTERPRETATION AND CONCLUSIONS

SGS Geological Services Inc. ("SGS") was contracted by Atlas Critical Minerals Corporation ("Atlas Critical Minerals" or the "Company") to complete a Property of Merit for the Malacacheta Graphite Project near the city of Teófilo Otoni, Brazil, and to prepare a Public Report in accordance with the §§ 229.601(b)(96) Technical report (subpart 229.1300 of Regulation S-K) written in support of a Property of Merit on the Malacacheta Project.

This TRS conforms to the United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

Initial exploration started in 2023, and Atlas Critical Minerals identified surface outcrops with visible graphite, delineated mineralized bodies, and established a primary structural trend. Rock samples were collected (nine samples), and preliminary auger core drilling was conducted (21 drill holes), providing strong indications of the project's potential.

Further exploration was undertaken in 2024, which expanded the understanding of the Malacacheta Project's mineral potential. Atlas Critical Minerals systematically mapped and described 43 new points, paying close attention to surface exposures and sub-surface features. A comprehensive sampling program was completed, with 17 samples of graphite schist and mica-schist with graphite collected from the two exploration permit areas.

Initial metallurgical test work to produce a floated graphite concentrate, followed by thermal purification have demonstrated the technical and commercial viability of producing five distinct mesh size cuts (+40, +50, +80, +100, and -100 mesh), all of which have applications in high-value markets.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 62</u>

23 RECOMMENDATIONS

Atlas have defined further exploration work across the property, as detailed below. The QP recommends that Atlas proceed with these exploration programs.

● A Geophysical Magnetometric Survey (Drone MAG) including electromagnetic (EM), Aerophotogrammetry, and detailed topographic surveying using Lidar, with a budget of US$75,000.00.

● Detailed fieldwork, including the collection of samples for chemical analysis to support high-resolution geological mapping, to be carried out by Atlas Critical Minerals's team of geologists, with a budget of US$85,000.00.

● In addition, the program will include a 5,000-meter drilling campaign, supported by the implementation of all necessary infrastructure for a complete sample management and quality control chain. This will encompass chemical analyses, proper sample storage in a dedicated facility, and the application of rigorous QA/QC protocols. The estimated budget for this phase is US$1,550,000.00

● The Atlas team will be responsible for managing and supervising field activities, with a budget of US$160,000.00.

● Metallurgical Testing and SK-1,300 resource report with US$170,000.00.

● Contingency US$105,000.00.

● Totaling a value of US$2,145,000.00 for the resource report definition of both areas.

From the metallurgical perspective, Atlas is encouraged to perform downstream test work which would prove the viability of the purified graphite concentrate in target market segments.

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<u>S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil</u> <u>Page 63</u>

24 REFERENCES

Alkmim, F., Marshak, S., Pedrosa-Soares, A.C., Peres, G., Cruz, S., and Whittington, A., 2007. Kinematic evolution of the Araçuaí-West Congo orogen in Brazil and Africa: Nutcracker tectonics during the Neoproterozoic assembly of Gondwana. Precambrian Research - PRECAMBRIAN RES. 149. 43-64. 10.1016/j.precamres.2006.06.007.

Almeida, F.F.M., 1977. O Cráton do Sao Francisco. Rev Bras Geocięnc 7: 349-364

Almeida, F. F. M. *Fundamentos geológicos do Brasil*. São Paulo: Instituto de Geociencias da USP, 1984. 422 p.

Amaral, R., Ferreire, R., and Savassi, O., 2025. Final Report Technological Characterization or Graphite Ore, 4181-2503, June 3, 2025, prepared for Atlas Lithium, SGS Geosol.

Babinski, M.; et al. U-Pb geochronology on detrital zircon from the Espinhaço and Macaúbas groups: implications for the São Francisco paleocontinent. *Precambrian Research*, v. 159, n. 1-2, p. 1–17, 2007.

Barrote, V.R., Rosiere, C.A., Rolim, V.K., Santos, J.O.S. and McNaughton, N.J., 2017. The Proterozoic Guanhães banded iron formations, Southeastern border of the São Francisco Craton, Brazil: evidence of detrital contamination. Geol. USP, Sér. cient., São Paulo, v. 17, n. 2, p. 30-324

Bliss, J.D. and Sutphin, D.M. 1992. Grade and Tonnage Model of Disseminated Flake Graphite: Model 371; in G.J. Orris and J.D. Bliss, Editors; US, Geological Survey, Open File Report 92-437, pages 67. 70.

Case, G.N.D., Karl, S.M., Regan, S.P., Johnson, C.A., Ellison, E.T., Caine, J.S., Holm-Denoma, C.S., Pianowski, L.S. and Marsh, J.H., 2023. Insights into the metamorphic history and origin of flake graphite mineralization at the Graphite Creek graphite deposit, Seward Peninsula, Alaska, USA. Mineralium Deposita, Volume 58, pages 939–962.

Castro, N. A. *Evolução geotectônica da Formação Capelinha, Grupo Macaúbas, na região de Capelinha-MG: implicações para a margem leste do Orógeno Araçuaí*. 2014. Tese (Doutorado) – Universidade Federal de Minas Gerais, Belo Horizonte, 2014.

Degler, S. A.; et al. The São Francisco Craton and its margins: an overview. *Journal of South American Earth Sciences*, v. 86, p. 117–138, 2018.

Grossi-Sad, J. H. G. (1997). Geologia da Folha Guanhães. In: J. H. G. Grossi-Sad, L. M. Lobato, A. C. P. Soares, B. S. Soares-Filho (Eds.), Projeto Espinhaço em CD-ROM (textos, mapas e anexos) (2317-2435). Belo Horizonte: COMIG.

Grossi-Sad, J. H. G., Chiodi Filho, C., Santos, J. F., Magalhães, J. M. M., Carelos, P. M. (1990a). Duas Suítes Graníticas da Borda Sudeste do Cráton Sanfranciscano, em Minas Gerais: Petroquímica e Potencial Metalogenético. In: XXXVI Congresso Brasileiro de Geologia (4, 1836- 1848). Natal: SBG.

Grossi-Sad, J. H. G., Chiodi Filho, C., Santos, J. F., Magalhães, J. M. M., Carelos, P. M. (1990b). Geoquímica e origem da formação ferrífera do Grupo Guanhães, Distrito de Guanhães, MG, Brasil. In: XXXVI Congresso Brasileiro de Geologia (3, 1241-1253). Natal: SBG.

Grossi-Sad, J. H. G., Magalhães, J. M. M., Carelos, P. M. (1989). Geologia do Distrito de Guanhães, Minas Gerais. In: J. H. G. Grossi-Sad, M. A. A. Mourão, M. L. V. Guimarães, L. G. Knauer (1997). Geologia da Folha Conceição do Mato Dentro. Relatório Interno. Belo Horizonte: DOCEGEO-GEOSOL.

Harben, P.W. and Kuzavart, M. (1996) Industrial Minerals. A Global Geology. Industrials Information Ltd. Metal Bulletin, PLC London, 409.

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Koeppen, W., 1936. Das geographische System der Klimate, Handbuch der Klimatologie [The Geographical System of the Climate, Handbook of Climatology]. Borntraeger, Berlin, Bd. 1, Teil. C.

Pedrosa Soares, A. C. P., Dardenne, M. A., Hasui, Y., Castro, F. D. C., Carvalho, M. V. A. (1994). Nota Explicativa dos Mapas Geológico, Metalogenético e de Ocorrências Minerais do Estado de Minas Gerais. Escala 1:1.000.000. Minas Gerais: Companhia Mineradora de Minas Gerais – COMIG

Noce, C.M., Pedrosa-Soares, A.C., da Silva, L.C., Armstrong, R. and Piuzana, D., 2007. Evolution of polycyclic basement complexes in the Araçuaí Orogen, based on U–Pb SHRIMP data: Implications for Brazil–Africa links in Paleoproterozoic time

Noce, C. M.; et al. Age constraints on granitoid magmatism and tectono-metamorphic events of the Quadrilátero Ferrífero (Brazil): implications for the evolution of the São Francisco Craton. *Journal of South American Earth Sciences*, v. 23, n. 2–3, p. 202–226, 2007.

Pedrosa-Soares, A. C.; Grossi-Sad, J. H. O. Geological constraints on the evolution of the Neoproterozoic Ribeira Belt, Southeastern Brazil. *Revista Brasileira de Geociências*, v. 27, n. 3, p. 283–294, 1997.

Pedrosa-Soares, A. C.; Wiedmann-Leme, M. R. The Araçuaí-West Congo Orogen in Brazil and Africa: opposite sides of the same orogen. *Revista Brasileira de Geociências*, v. 30, n. 1, p. 192–195, 2000.

Pedrosa-Soares, A. C.; et al. The Araçuaí Orogen: development of a confined orogen and its implications for the amalgamation of West Gondwana. *Precambrian Research*, v. 149, p. 219–248, 2006.

Pedrosa-Soares, A. C.; et al. Geology and tectonic evolution of the Araçuaí Orogen in eastern Brazil: an overview. *Geonomos*, v. 15, n. 1, p. 1–18, 2007.

Pedrosa-Soares, A., De Campos, C., Noce, C., and Alkmim, F., 2011. Late Neoproterozoic- Cambrian Granitic Magmatism in the Araçuaí Orogen (Brazil), The Eastern Brazilian Pegmatite Province and Related Mineral Resources, Geological Society London Special Publications, Vol. 350, pp.25-51.

Pedrosa-Soares, A.C., Noce, C.M., Alkmim, F.F., Silva, L.C., Babinski, M., Cordani, U., Castañeda, C. 2007. Orógeno Araçuaí: síntese do conhecimento 30 anos após Almeida 1977. Geonomos, 15 (1): 1-16.

Pedrosa-Soares, A.C. and Wiedemann-Leonardos C.M., 2000. Evolution of the Araçuaí Belt and its connection to the Ribeira Belt, Eastern Brazil. In: CORDANI UG, MILANI EJ, THOMAZ FsA AND CAMPOS DA (ed.) Tectonic Evolution of South America. Rio de Janeiro: SBG, p. 265-285.

Peixoto, I., Pedrosa-Soares, A.C., Alkmim, F.F. and Dussin, I.A., 2013. A suture–related accretionary wedge formed in the Neoproterozoic Araçuaí orogen (SE Brazil) during Western Gondwanaland assembly, Gondwana Research, Volume 27, Issue 2, 2015, Pages 878-896

Queiroga, G. N.; et al. Geochemistry and geochronology of an ophiolitic complex in the Ribeirão da Folha Formation, Araçuaí Belt, Brazil: implications for the Neoproterozoic tectonic evolution of the Western Gondwana margin. *Precambrian Research*, v. 156, p. 125–152, 2007.

Santos, R.F., Alkmim, F.F. & Pedrosa-Soares, A.C. 2009. A Formação Salinas, Orógeno Araçuaí, MG: História deformacional e significado tectônico. Reista Brasileira de Geociências, 39(1), 81-100.

Silva, L. C., Armstrong, R., Noce, C. M., Carneiro, M. A., Pimentel, M. M., Pedrosa-Soares, A. C., Leite, C. A., Vieira, V. S., Silva, M. A., Paes, V. J. C., Cardoso Filho, J. M. (2002a). Reavaliação da evolução geológica em terrenos pré-cambrianos brasileiros com base em novos dados U-Pb SHRIMP, parte II: Orógeno Araçuaí, Cinturão Mineiro e Cráton São Francisco Meridional. Revista Brasileira de Geociências, 32(4), 513-528.

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Simandl, G.J. and Kenan, W.M. 1997. Crystalline Flake Graphite. British Columbia Geological Survey Geological Fieldwork 1997.

Trompette, R. *Neoproterozoic (Brazilian) orogenic belts of Africa and South America and their bearing on the Pan-African orogenic system*. In: DALY, M. C. et al. (ed.). *Africa geology and resources*. Geological Society, London, Special Publications, v. 95, p. 67–92, 1994.

Van Aken, B., Schmidt, E., Doninger, A., Wells, B., and V. Barsukov, I., 2025. AETC report No_CC2512-003, American Energy Technologies Co.

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25 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT

There is no other relevant data or information available that is necessary to make the technical report understandable and not misleading.

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