# EDGAR Filing Document

**Accession Number:** 0001684688
**File Stem:** 0001641172-25-023742
**Filing Date:** 2025-8
**Character Count:** 199509
**Document Hash:** e5f4cfae0edbf1c69e857340882fcea3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-023742.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001641172-25-023742

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20250814

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**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:** 251214651

**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: **August 14, 2025**

**ATLAS CRITICAL MINERALS CORPORATION**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **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)

**Alto do Paranaiba Project**

Atlas Critical Minerals Corporation ("Atlas Critical Minerals" or "Company") engaged SGS Canada Inc. ("SGS") to prepare a Technical Report Summary in accordance with Item 1300 of Regulation S-K (the "S-K 1300 Technical Report Summary") for its Alto do Paranaiba Project located in the state of Minas Gerais, Brazil (the "Alto do Paranaiba TRS"). The Company has identified both rare earths and titanium mineralization at the Alto do Paranaiba Project. The Alto do Paranaiba TRS is dated July 31, 2025, with an effective date of August 13, 2025, and is filed as Exhibit 96.1 to this Form 6-K.

**Malacacheta Project**

Atlas Critical Minerals also engaged SGS to prepare an S-K 1300 Technical Report Summary for its Malacacheta Project located in the state of Minas Gerais in Brazil (the "Malacacheta TRS"). The Company has identified graphite mineralization at the Malacacheta Project. The Malacacheta TRS is dated July 31, 2025, with an effective date of August 13, 2025, and is filed as Exhibit 96.2 to this Form 6-K.

**Exhibit Index**

---

| | |
|:---|:---|
| Exhibit | Description |
| 23.1 | [Consent of SGS Canada Inc.](ex23-1.htm) |
| 96.1 | [Technical Report Summary regarding the Alto do Paranaiba Project, Minas Gerais State, Brazil](ex96-1.htm) |
| 96.2 | [Technical Report Summary regarding the Malacacheta Project, Minas Gerais State, Brazil](ex96-2.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: August 14, 2025

---

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

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF QUALIFIED PERSON**

August 13, 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:

● 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 Form 6-K being filed by the Company with the SEC, and any amendments thereto (the "Form 6-K"): i) the study titled "S-K 1300 Technical Report Summary on the Alto Paranaiba Project, Minas Gerais State, Brazil" dated July 31, 2025 (the "Alto Paranaiba TRS"), and ii) the study titled "S-K 1300 Technical Report Summary on the Malacacheta Project, Minas Gerais State, Brazil" dated July 31, 2025 (the "Malacacheta TRS");

● The incorporation by reference of this consent, the use of our name and any extracts from, or summary of, the Alto Paranaiba TRS and the Malacacheta TRS in the Form 6-K and the use of any information derived, summarized, quoted or referenced from the Alto Paranaiba TRS and/or 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**

**ALTO PARANAÍBA PROJECT, MINAS GERAIS STATE, BRAZIL**

**Prepared for:**

Atlas Critical Minerals Corporation (OTCQB: JUPGF)

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

Minas Gerais, Brazil, 30112-010

Report Date: July 31, 2025

Effective Date: August 13, 2025

**Prepared by:**

SGS Canada Inc.

*SGS Project #19546-02*

---

| | |
|:---|:---|
| SGS Canada Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Geological Services**<br> 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) |

---

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page i

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | i |
| LIST OF FIGURES | LIST OF FIGURES | LIST OF FIGURES | ii |
| LIST OF TABLES | LIST OF TABLES | LIST OF TABLES | iii |
| 1 | &nbsp;&nbsp;&nbsp;SUMMARY | &nbsp;&nbsp;&nbsp;SUMMARY | 4 |
|  | 1.1 | Introduction | 4 |
|  | 1.2 | Property Description, Location, Access, and Physiography | 4 |
|  | 1.3 | History | 4 |
|  | 1.4 | Geology and Mineralization | 5 |
|  | 1.5 | Exploration and Drilling | 5 |
|  | 1.6 | Sample Preparation, Analyses, Security | 6 |
|  | 1.7 | Data Verification | 6 |
|  | 1.8 | Mineral Resource Estimates | 6 |
|  | 1.9 | Adjacent Properties | 6 |
|  | 1.10 | Conclusions and Recommendations | 7 |
| 2 | &nbsp;&nbsp;&nbsp; INTRODUCTION | &nbsp;&nbsp;&nbsp; INTRODUCTION | 9 |
|  | 2.1 | Registrant Information | 9 |
|  | 2.2 | Terms of Reference and Purpose | 9 |
|  | 2.3 | Sources of Information | 9 |
|  | 2.4 | Personal Inspection Summary | 10 |
|  | 2.5 | Previously Filed Technical Report Summary Report | 10 |
|  | 2.6 | Units and Abbreviations | 10 |
| 3 | &nbsp;&nbsp;&nbsp;PROPERTY DESCRIPTION | &nbsp;&nbsp;&nbsp;PROPERTY DESCRIPTION | 12 |
|  | 3.1 | Property Description and Location | 12 |
|  | 3.2 | Mineral Tenure | 12 |
|  | 3.3 | Surface Rights | 14 |
|  | 3.4 | Royalties and Encumbrances | 14 |
|  | 3.5 | Reliance on Other Experts | 14 |
| 4 | &nbsp;&nbsp;&nbsp; ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY | &nbsp;&nbsp;&nbsp; ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY | 15 |
|  | 4.1 | Accessibility | 15 |
|  | 4.2 | Climate | 15 |
|  | 4.3 | Local Resources | 15 |
|  | 4.4 | Infrastructure | 15 |
|  | 4.5 | Topography, Elevation and Vegetation | 15 |
| 5 | &nbsp;&nbsp;&nbsp; HISTORY | &nbsp;&nbsp;&nbsp; HISTORY | 16 |
|  | 5.1 | Historical Technical Reports | 17 |
|  | 5.2 | Historical Resource Estimates | 17 |
|  | 5.3 | Past Production | 17 |
| 6 | &nbsp;&nbsp;&nbsp;GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT | &nbsp;&nbsp;&nbsp;GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT | 18 |
|  | 6.1 | Regional Geology | 18 |
|  | 6.2 | Local and Property Geology | 19 |
|  | 6.3 | Deposit Type | 19 |
| 7 | &nbsp;&nbsp;&nbsp; EXPLORATION | &nbsp;&nbsp;&nbsp; EXPLORATION | 20 |
|  | 7.1 | Mata da Corda Geophysics | 21 |
|  | 7.2 | Surface Sampling | 23 |
|  | 7.3 | Block 1 | 25 |
|  | 7.4 | Block 2 | 29 |
|  | 7.5 | Block 2 South | 34 |
|  | 7.6 | Block 3 | 39 |
|  | 7.7 | Auger Drilling 1st Campaign | 43 |
|  | 7.8 | Auger Drilling 2nd Campaign | 44 |
|  | &nbsp;&nbsp;&nbsp;7.8.1 | &nbsp;&nbsp;&nbsp;Block 1 | 45 |
|  | &nbsp;&nbsp;&nbsp;7.8.2 | &nbsp;&nbsp;&nbsp;Block 2 | 47 |
|  | &nbsp;&nbsp;&nbsp;7.8.3 | &nbsp;&nbsp;&nbsp;Block 2 South | 49 |
| 8 | &nbsp;&nbsp;&nbsp; SAMPLE PREPARATION, ANALYSES, AND SECURITY | &nbsp;&nbsp;&nbsp; SAMPLE PREPARATION, ANALYSES, AND SECURITY | 52 |
|  | 8.1 | Sample Preparation and Analyses | 52 |
|  | 8.2 | Quality Assurance and Quality Control | 53 |
|  | 8.3 | QA/QC Control Samples | 54 |
|  | &nbsp;&nbsp;&nbsp;8.3.1 | &nbsp;&nbsp;&nbsp;Certified Reference Material (CRM) | 55 |
|  | &nbsp;&nbsp;&nbsp;8.3.2 | &nbsp;&nbsp;&nbsp;Blanks | 61 |
|  | 8.4 | Conclusion | 61 |

---

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page ii

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| | | |
|:---|:---|:---|
| 9 | &nbsp;&nbsp;&nbsp;DATA VERIFICATION | 62 |
| 10 | &nbsp;&nbsp;&nbsp;MINERAL PROCESSING AND METALLURGICAL TESTING | 63 |
| 11 | &nbsp;&nbsp;&nbsp;MINERAL RESOURCE ESTIMATES | 64 |
| 12 | &nbsp;&nbsp;&nbsp;MINERAL RESERVE ESTIMATES | 65 |
| 13 | &nbsp;&nbsp;&nbsp;MINING METHODS | 66 |
| 14 | &nbsp;&nbsp;&nbsp;PROCESSING AND RECOVERY METHODS | 67 |
| 15 | &nbsp;&nbsp;&nbsp;INFRASTRUCTURE | 68 |
| 16 | &nbsp;&nbsp;&nbsp;MARKET STUDIES | 69 |
| 17 | &nbsp;&nbsp;&nbsp;ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS | 70 |
| 18 | &nbsp;&nbsp;&nbsp;CAPITAL AND OPERATING COSTS | 71 |
| 19 | &nbsp;&nbsp;&nbsp;ECONOMIC ANALYSIS | 72 |
| 20 | &nbsp;&nbsp;&nbsp;ADJACENT PROPERTIES | 73 |
| 21 | &nbsp;&nbsp;&nbsp;OTHER RELEVANT DATA AND INFORMATION | 77 |
| 22 | &nbsp;&nbsp;&nbsp;INTERPRETATION AND CONCLUSIONS | 78 |
| 23 | &nbsp;&nbsp;&nbsp;RECOMMENDATIONS | 79 |
| 24 | &nbsp;&nbsp;&nbsp;REFERENCES | 81 |
| 25 | &nbsp;&nbsp;&nbsp;RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT | 82 |

---

**LIST OF FIGURES**

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| | | |
|:---|:---|:---|
| Figure 3-1 | Location of the Alto Paranaíba Project | 12 |
| Figure 3-2 | Alto Paranaíba Mineral Rights Map with ANM Referred Status | 13 |
| Figure 6-1 | Geological Features of the Project's Unit of Interest, in black named after "Sanfranciscan Basin" | 18 |
| Figure 6-2 | Region of Interest Geological Map (occurrences in green) correlating to Alcaline-Carbonatitic Complexes of Alto Paranaíba Igneous Province (Araxá, Salitre, Serra Negra and Catalão) (left) and Statigraphic Sequence of Sanfranciscana Basin, with Mata da Corda Group in the red rectangle, on top (right) | 19 |
| Figure 7-1 | Alto Paranaíba Exploration Blocks | 21 |
| Figure 7-2 | Magnetometry: Analytic Signal (left) and Vertical Derivative (right) | 22 |
| Figure 7-3 | Gamma Spectrometry K U Th (left) and Total Mag (right) | 22 |
| Figure 7-4 | Best Sampling Grades (>1500ppm TREO) of Surface Samples | 24 |
| Figure 7-5 | Geology of Block 1, with Stratigraphic Columns and Best TREO Grades (>1500 ppm) | 25 |
| Figure 7-6 | Stratigraphic Columns 1 – Block 1, with Evidence of Thick Layers of Conglomerate of Capacete Formation and Patos Formation | 26 |
| Figure 7-7 | Stratigraphic Columns and Geological Map with Best MREO Grades for Block 1 (>500 ppm MREO) | 27 |
| Figure 7-8 | Conglomerates of Capacete Formation in Block 1, Matrix Supported (top) and Clast Supported (bottom) | 28 |
| Figure 7-9 | Geology of Block 2, with Stratigraphic Columns and Best TREO Grades (>1500 ppm) | 29 |
| Figure 7-10 | Stratigraphic Columns 2 – Block 2, with Evidence of Interdigitated Conglomerate of Capacete Formation and Volcanic Rocks of Patos Formation | 30 |
| Figure 7-11 | Geology and Best MREO Grades for Block 2 (>500 ppm MREO) | 31 |
| Figure 7-12 | Conglomerates of Capacete Formation in Block 2, Clast-Supported and Matrix Supported | 32 |
| Figure 7-13 | Volcanic Rocks with Afanitic Texture and Green to Purple Matrix with Vesicles Filled with White Clays. Probably of Kamafugitic Signature | 33 |
| Figure 7-14 | Geology and TREO Grades for Block 2 South Areas | 34 |
| Figure 7-15 | Geology, TREO Results and Stratigraphic Column of Pindaíbas Permit (832,701/2024), Right Next to Equinox Project Permit | 35 |
| Figure 7-16 | Geology, TREO Results for Lagoa Formosa Permit (831,645/2024) | 36 |
| Figure 7-17 | Geology of Permit 831,643/2024 | 37 |
| Figure 7-18 | Geology of Permit 831,644/2024 | 38 |

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![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page iii

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| | | |
|:---|:---|:---|
| Figure 7-19 | Rock types of Mata da Corda Group in Block 3, Green Conglomerate (left), Red Volcanic Rock (top right) and Conglomerate Hand Sample (bottom right) | 39 |
| Figure 7-20 | Geology and Best Grades of TREO for Block 3 North | 40 |
| Figure 7-21 | Geology and Best Grades of TREO for Block 3 South | 41 |
| Figure 7-22 | Geological Map of Permits 831,277 and 831,278 with DHs Location (left) and Photograph of DHTI-001 Displaying Weathered Matrix Supported Conglomerate (right) | 42 |
| Figure 7-23 | Cross-Section of DH's DHT-001, DHT-002 and DHT-003, with High Grade Intervals | 43 |
| Figure 7-24 | Drillholes (red triangles) in Alto Paranaíba Project Permits | 44 |
| Figure 7-25 | Drillhole sections for Auger DH's in Block 1 | 47 |
| Figure 7-26 | Drillhole Sections for Auger DH's in Block 2 (832,703/2024) | 49 |
| Figure 7-27 | Drillhole Sections for Auger DH's in Block 2 South (831,645/2024) | 51 |
| Figure 8-1 | Neodymium Certified Reference Material | 55 |
| Figure 8-2 | Dysprosium Certified Reference Material | 56 |
| Figure 8-3 | Praseodymium Certified Reference Material | 57 |
| Figure 8-4 | Terbium Certified Reference Material | 58 |
| Figure 8-5 | Lanthanum Certified Reference Material | 59 |
| Figure 8-6 | Cerium Certified Reference Material | 60 |
| Figure 8-7 | Blank Quality Control | 60 |
| Figure 20-1 | Atlas Critical Minerals Permits and Their Neighboring Competition of Resouro, in Yellow, and Equinox, in Green | 74 |
| Figure 20-2 | Resouro's Drill Holes Classified as the Highest-Grade Interception of TREO | 75 |
| Figure 20-3 | Resouro's Drill Holes Classified as the Highest-Grade Interception of TiO2 | 75 |
| Figure 20-4 | Metallurgical Tests of Resouro - August 2024 Executed by the Company Altilium Group Limited. Leaching Test with HNO3 | 76 |
| Figure 20-5 | Equinox Section for their Patos Target, in the Region of the Block 2 Atlas Critical Minerals Areas | 76 |

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**LIST OF TABLES**

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| | | |
|:---|:---|:---|
| Table 2-1 | List of Abbreviations | 11 |
| Table 3-1 | Alto Paranaíba Mineral Rights Description (Relation between Atlas Mineral Rights and ANM Status) | 14 |
| Table 5-1 | History for 831,275/2019 – 831,276/2019 – 831,277/2019 – 831,278/2019 | 16 |
| Table 5-2 | History for 831,279/2019 | 16 |
| Table 5-3 | History for 831,073/2024 – 831,074/2024 | 16 |
| Table 5-4 | History for 831,350/2024 | 16 |
| Table 5-5 | History for 831,450 /2024 | 16 |
| Table 5-6 | History for 831,451/2024 | 16 |
| Table 5-7 | History for 831,643/2024 – 831,644/2024 – 831,645/2024 | 17 |
| Table 5-8 | History for 831,271/2021 | 17 |
| Table 5-9 | History for 831,268/2021 | 17 |
| Table 5-10 | History for 832,698/2024 – 832,699/2024 – 832,701/2024 – 832,702/2024 – 832,703/2024 – 832,704/2024 | 17 |
| Table 7-1 | Alto Paranaíba Permit Relation per Activity | 20 |
| Table 7-2 | Average of Grades for Block 1 and 2 | 23 |
| Table 7-3 | Averages for the Different Prospects | 45 |
| Table 7-4 | Grades for the Block 1 Samples. KAM: Kamafugite. Con: Conglomerate. CGA: Lateritic | 45 |
| Table 7-5 | Grades for the Block 2 Routine Samples. KAM: Kamafugite. Con: Conglomerate. CGA: Lateritic | 48 |
| Table 7-6 | Grades for the Block 2 South Routine Samples. KAM: Kamafugite. Con: Conglomerate. CGA: Lateritic. SHL: Shale of Areado Group | 50 |
| Table 8-1 | Neodymium QAQC | 55 |
| Table 8-2 | Dysprosium QAQC | 56 |
| Table 8-3 | Praseodymium QAQC | 57 |
| Table 8-4 | Terbium QAQC | 58 |
| Table 8-5 | Lanthanum QAQC | 59 |
| Table 8-6 | Cerium QAQC | 60 |
| Table 8-7 | Blank QAQC | 61 |

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![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 4

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

---

SGS was engaged by Atlas Critical Minerals Corporation (OTCQB: JUPGF, "Atlas Critical Minerals") for the preparation of the independent Technical Report Summary ("TRS") on the Alto Paranaíba Rare Earth Elements ("REE") and Titanium Project, located near the city of Patos de Minas, Minas Gerais, Brazil. The purpose of this Technical Report is to support the disclosure of the Alto Paranaíba Exploration Results.

This TRS presents the results of the Property of Merit of the Alto Paranaíba Project ("Alto Paranaíba"). 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 on the Alto Paranaíba Project.

The Alto Paranaíba Project is located in western Minas Gerais State, about 350 km of Belo Horizonte, with access made through the highways BR-262, BR-354 and BR-352, or BR-040 and BR-365. The Project comprises 21 mineral rights permits, totalizing 27,737.56 ha distributed around the cities of Patos de Minas, Presidente Olegário, Carmo do Paranaíba and Tiros.

1.1 **Introduction** 

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."

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 Alto Paranaíba Project is located in western Minas Gerais State, about 350 km northwest of Belo Horizonte. The Alto Paranaíba Project is located at approximately 18°48'49"S latitude and 46°9'70"W longitude, Universal Transverse Mercator (UTM) coordinates of 378,011 m E and 7,919,398 m N.

The Project can be accessed through the highways BR-262, BR-354 and BR-352, or BR-040 and BR-365. The Project comprises 21 mineral rights permits, totalizing 27,737.56 ha distributed around the cities of Patos de Minas, Presidente Olegário, Carmo do Paranaíba and Tiros.

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.

There are no historical estimates for the project.

There is no evidence of historical artisanal mining on the property.

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 5

1.4 **Geology and Mineralization** 

The Alto Paranaíba Project location in the Southwest margin of São Francisco Craton exhibit a Cretaceous volcano-sedimentary sequence called Mata da Corda Group. This is the geological sequence of interest and correspond to the top of the Sanfranciscana Basin in the region. The Mata da Corda overlies Cretaceous sandstones of the Areado Group and, sometimes, Neoproterozoic siliciclastic-carbonate rocks of the Bambuí Group (Campos and Dardenne, 1997; Brod et al., 2000) (Figure 6-1).

The volcano sedimentary sequence, up to 150 meters thick, are composed by and association of kamafugiite lavas and volcanoclastic sedimentary rocks, which builds up a plateau, with 2200 km² of regional extension (Takehara, 2015).

The Mata da Corda group is subdivided into Patos Formation, which consists of volcanic rocks with a kamafugite, kimberlite and lamproite affinity (alkaline-ultramafic magmatism – with high P and K), and the Capacete Formation, which contains conglomerates and sandstones, derived from the erosion of the Patos Formation (Campos and Dardenne, 1997).

The magma source is associated with plutonic bodies of Alto Paranaíba Igneous Province, which englobe significant occurrences of alkaline -carbonatitic complex, such as Araxá (Figure 6-2) (Brod et al., 2000; Ruiz et al., 2023).

The Alto Paranaíba Project mining rights include rocks from the Bambuí Group at base level, superimposed by the Areado Group, which underlies the rocks from the Mata da Corda Group, and detritic-lateritic covers (Recent Covers). In most permits, the Areado Group form the basement of Mata da Corda Group, except for some permits in Block 2 South, whereas the basement corresponds to rocks of the Bambuí Group.

The Bambuí Group in the areas is composed by siltstones of the Lagoa Formosa Formation. The Areado Group, considered here as undivided, is represented by sandstones, siltstones and conglomerates.

Mata da Corda has a tabular and flat geometry, with its base occurring at elevations around 940 meters RL, and a thickness ranging from 80 to 110 meters, with extensive lateral continuity. The Patos and Capacete formations occur in the APP areas, sometimes presenting interdigitated contact. Patos Fm. is formed by volcanic rocks (kamafugites) with a variety of textures: aphanitic, porphyritic (with brownish crystals), with amygdales, and sometimes brecciated. Most of the time the volcanic rocks appear highly weathered. The Capacete formation displays clast or matrix supported conglomerates, monomictic or polymictic, and sandstones locally.

The recent cover features ferruginous lateritic crusts, lateritic clays, and residual soils, in this case associated with the rocks of Mata da Corda. It is on average 20 meters thick.

There are three 3 possible types of REE deposits, as are described in "Avaliação do Potêncial de Terras Raras no Brasil", by Brazil Geological Service. The exact type is not known at the moment.

&nbsp;&nbsp;&nbsp;&nbsp;i. Igneous
 rocks deposits, in REE enriched minerals, like bastnaesite (Ce, La, and Y fluor- carbonate),
 monazite (Ce, La, Th and Nd phosphate) and xenotime (Y phosphate), in rocks with coarse grains,
 like pegmatites.

&nbsp;&nbsp;&nbsp;&nbsp;ii. Sedimentary
 deposits, like placers and paleoplacers, with sedimentary deposition of mineral grains, with
 igneous or metamorphic sources, like monazite, with examples in Bahia and Espirito Santo
 coastal deposits.

&nbsp;&nbsp;&nbsp;&nbsp;iii. Ionic
 clays, with Poços de Caldas example, resulted by supergenic enrichment of igneous
 rocks.

1.5 **Exploration and Drilling** 

Since their inception, the mining rights represented by the National Mining Agency (ANM) processes listed below have been owned by companies within the Atlas Economic Group, with no third-party companies prior to Atlas. These areas are available for research applications that give rise to a Research Permit. The processes were filed in 2019 and 2024 by Mineração Apollo Ltda., with some of them transferred to Atlas Lítio Brasil Ltda. in September 2022 and subsequently transferred to Atlas Recursos Minerais Ltda. in January 2025, as part of the Atlas economic group's corporate and mining asset reorganization. During the research permit period, geological reconnaissance, partial topography, partial geophysic surveys, surface sample collection, geochemistry and auger drilling were carried out to support the preparation of the Partial Research Report (PRR) and the request for an extension of the Research Permit's validity period.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 6

1.6 **Sample Preparation, Analyses, Security** 

In the 2024 and 2025 period, Atlas Critical Minerals have done a range of sampling and assaying including surface samples and auger samples. Atlas Critical Minerals have utilized Quality Assurance (QA) and Quality Control (QC) methodologies under the supervision of a qualified person as defined in Regulation S-K 1300.

Atlas supplied the initial database on July 3, 2025, and have updated as results became available.

A total of 24 standards were analysed, Neodymium, Praseodymium, Lanthanum, and Cerium return acceptable values all within 2 standard deviations for OREAS 460, 461, and 463. The returned values for Nd, Pr, La, and Ce in OREAS 465 were above the detection limit of 10,000 ppm (Nd, La, and Ce) and 1,000 ppm (Pr). Dysprosium returned all acceptable values within 3 standard deviations for all four OREAS standards. There may be a possible discrepancy with the Terbium data due to different digestion methods.

A total of 15 Blanks were analysed. The analysis returned acceptable values within 5 times the detection limit for Nd, Dy, and Ce. Possible discrepancies were observed with Pr, La, and Ce.

1.7 **Data Verification** 

No property inspection has been completed at this time.

1.8 **Mineral Resource Estimates** 

There are no Mineral Resource Estimates on this Project.

1.9 **Adjacent Properties** 

Atlas Critical Minerals mineral rights are located near to or adjacent to Resouro Strategic Minerals Inc. ("Resouro") and/or Equinox Resources Limited ("Equinox"), both of which are listed companies that have publicly disclosed the presence of significant concentrations of REE and titanium in their projects.

Resouro Company released its Maiden Report with 102 drillholes along with 20 previous drillholes (executed by Vicenza and Iluka, in 2011 and 2016). The 1,000-ppm cut-off was applied to resources estimative, which gathered 1.9 billion tonnes at 3,900 ppm TREO (Measured, Indicated, Inferred) with 1,100 ppm of MREO - Pr, Nd, Tb, Dy and 12% of TiO<sub>2</sub>. Most of the Resouro's drill holes show intervals with 7429 - 11200 ppm TREO, some reaching over 11,200 ppm TREO, and 16 – 23% TiO<sub>2</sub>, followed by many drillholes with intervals showing TiO<sub>2 </sub>grades between 23 and 31%.

In the metallurgical tests phase, Resouro executed three tests so far: the 1st was carried out by Prosper Lab presented positive results for leaching under ammonium sulfate. The 2nd tests were performed by CTDN Lab held different, with negative results. The analytical results of these first two tests were not found. In August 2024, Resouro published analytical results carried out in the laboratory of the British and Australian company Altilium Group Limited. These were leaching tests with nitric acid, showing positive results for REE recovery under different conditions (pH, time, heat). In May 2025, Resouro announced that it was studying ways to transform Anatase (TiO<sub>2</sub>) into Rutile and recover REE using sulfuric acid, but did not provide details on analytical and recovery results.

Equinox is operating a drilling campaign in four permits: 833,402/2023, 5 km from Atlas Critical Minerals Block 2; 833,403/2023, (neighbor to Atlas Critical Minerals Permit 832,701/2024); 833,404/2023 and 833,405/2023 (both neighbor to Atlas Critical Minerals Permit 831,645/2024). Equinox plans to announce Maiden Resource Report in 2025.

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1.10 **Conclusions and Recommendations** 

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 Alto Paranaíba Rare Earth Elements ("REE") and Titanium Project near the city of Patos de Minas, 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 Alto Paranaíba 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 by Atlas Critical Minerals started in 2024, where mineralization was tested through auger drilling and surface samples. Surface samples were collected (589 samples), and preliminary auger core drilling was conducted (5 auger drill holes), providing strong indications of the project's potential.

Further exploration was undertaken in 2025, which expanded the understanding of the Alto Paranaíba Project's mineral potential. A new sampling program was completed, with 220 surface samples and 8 auger core drilling.

Initial surface and drilling samples show zones of high grades for rare earths and titanium, and geological mapping has shown high volume potential for such mineralization.

In this first phase will target the development of mineral resources on mineral rights numbers 832,699/2024 and 832,698/2024, which have been designated as Block 1. The planned activities for this block are described below:

● The work will begin with Geophysical Magnetometric Survey (Drone MAG), Aerophotogrammetry, and a detailed topographic surveying using Lidar, with a budget of US$65,000.00.

● In addition, the program will include a 4,000-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$960,000.00

● The owner's team will be responsible for managing and supervising field activities, with a budget of US$235,000.00.

● Metallurgical Testing and SK-1,300 resource report with US$210,000.00.

● Other minors cost and Contingency US$80,000.00.

Totaling a value of US$1,550,000.00 for the resource report definition of both areas.

The second phase will target the development of mineral resources on mineral rights 832,704/2024, 832,703/2024, and 832,702/2024, collectively designated as Block 2. Located in the northernmost portion of the project area, these tenements will undergo the same set of activities previously described, as detailed below:

● The work will begin with Geophysical Magnetometric Survey (Drone MAG), Aerophotogrammetry, and a detailed topographic surveying using Lidar, with a budget of US$76,000.00.

● In addition, the program will include a 4,900-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$1,175,000.00

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 8

● The owner's team will be responsible for managing and supervising field activities, with a budget of US$290,000.00.

● Metallurgical Testing and SK-1,300 resource report with US$230,000.00.

● Other minors cost and Contingency US$90,000.00.

Totaling a value of US$1,861,000.00 for the resource report definition of three areas.

In the final stage of the material property exploration plan, the target will be the development of mineral resources on mineral rights 832,701/2024, 831,645/2024, and 831,643/2024, which are part of Block 2. These tenements are located in the southern portion of the block. The same exploration activities previously described will be implemented in this area, as outlined below:

● The work will begin with Geophysical Magnetometric Survey (Drone MAG), Aerophotogrammetry, and a detailed topographic surveying using Lidar, with a budget of US$71,000.00.

● In addition, the program will include a 4,100-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$1,100,000.00

● The owner's team will be responsible for managing and supervising field activities, with a budget of US$270,000.00.

● Metallurgical Testing and SK-1,300 resource report with US$225,000.00.

● Other minors cost and Contingency US$80,000.00.

Totaling a value of US$1,746,000.00 for the resource report definition of three areas.

If the outcome of this work is successful, it is recommended to evaluate a plan to generate a scoping study for the project or a similar early-stage economic assessment to guide future development decisions.

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|:---|:---|
| **2** | **INTRODUCTION** |

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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 Alto Paranaíba Rare Earth Elements ("REE") and Titanium Project, located near the city of Patos de Minas, Minas Gerais, Brazil. The purpose of this Technical Report is to support the disclosure of the Alto Paranaíba Exploration Results.

This TRS presents the results of the Property of Merit of the Alto Paranaíba Project ("Alto Paranaíba"). 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 on the Alto Paranaíba Project.

The Alto Paranaíba Project is located in western Minas Gerais State, about 350 km northwest of Belo Horizonte. The Alto Paranaíba Project is located at approximately 18°48'49"S latitude and 46°9'70"W longitude, Universal Transverse Mercator (UTM) coordinates of 378,011 m E and 7,919,398 m N.

The Project can be accessed through the highways BR-262, BR-354 and BR-352, or BR-040 and BR-365. The Project comprises 21 mineral rights permits, totalizing 27,737.56 ha distributed around the cities of Patos de Minas, Presidente Olegário, Carmo do Paranaíba and Tiros.

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 Alto Paranaíba Rare Earth Elements ("REE") and Titanium Project near the city of Patos de Minas, 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 Alto Paranaíba 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 Alto Paranaíba 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.

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.

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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, Andre Soares - 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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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 11

**Table 2-1 List of Abbreviations**

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| | | |
|:---|:---|:---|
| $Dollar sign | masl | Metres above sea level |
| Percent sign | mm | millimeter |
| Degree | mm<sup>2</sup> | square millimeter |
| Degree Celsius | Moz | Million troy ounces |
| Degree Fahrenheit | MRE | Mineral Resource Estimate |
| micron | MREO | Magnetic Rare Earths Oxides |
| Atomic absorption | Mt | Million tonnes |
| Gold | mtph | Metric Tonnes per Hour |
| Azimuth | Nb | Niobium |
| Canadian dollar | Nd | Neodynium |
| Cerium | N | North |
| centimeter | NAD 83 | North American Datum of 1983 |
| square centimeter | Ni | Nickel |
| cubic centimeter | NQ | Drill core size (4.8 cm in diameter) |
| Cobalt | OES | Optical emission spectroscopy |
| Diamond drill hole | Pm | Promethium |
| Dysprosium | Pr | Praseodynium |
| East | ppm | Parts per million |
| Erbium | QA | Quality Assurance |
| Europium | QC | Quality Control |
| Feet | QP | Qualified Person |
| Square feet | RC | Reverse circulation drilling |
| Cubic feet | REE | Rare Earth Elements |
| Grams | RQD | Rock quality description |
| Global Positioning System | Sc | Scandium |
| Gadolinium | Sm | Samarium |
| Hectares | SG | Specific Gravity |
| Holmium | Tb | Terbium |
| Drill core size (6.3 cm in diameter) | T | Titanium |
| Heavy Rare Earth Oxides | Th | Thorium |
| Induced coupled plasma | TiO<sub>2</sub> | Titanium |
| Kilograms | Tm | Thallium |
| Kilometers | Ton | Short Ton |
| Square kilometer | Tonnes or T | Metric tonnes |
| Lanthanum | TREO | Total Rare Earths Oxides |
| Light Rare Earth Oxides | U | Uranium |
| Lutetium | $US | US Dollar |
| Metres | UTM | Universal Transverse Mercator |
| Square meters | Y | Yttrium |
| Cubic meters | Yb | Ytterbium |

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TREO, MREO, HREO, and LREO formulas:

● TREO (Total Rare Earth Oxides): Ce2O<sub>3</sub> + La<sub>2</sub>O<sub>3</sub> + Nd<sub>2</sub>O<sub>3</sub> + Pr<sub>6</sub>O<sub>11</sub> + Sm<sub>2</sub>O<sub>3</sub> + Dy<sub>2</sub>O<sub>3</sub> + Er<sub>2</sub>O<sub>3</sub> + Eu<sub>2</sub>O<sub>3</sub> + Gd<sub>2</sub>O<sub>3</sub> + Ho<sub>2</sub>O<sub>3</sub> + Lu<sub>2</sub>O<sub>3</sub> + Tb<sub>4</sub>O<sub>7</sub> + Tm<sub>2</sub>O<sub>3</sub> + Y<sub>2</sub>O<sub>3</sub> + Yb<sub>2</sub>O<sub>3</sub>

● MREO (Magnetic Rare Earth Oxides): Dy<sub>2</sub>O<sub>3</sub> + Nd<sub>2</sub>O<sub>3</sub> + Pr<sub>6</sub>O<sub>11</sub> + Tb<sub>4</sub>O<sub>7</sub>

● HREO (Heavy Rare Earth Oxides): Dy<sub>2</sub>O<sub>3</sub> + Er<sub>2</sub>O<sub>3</sub> + Eu<sub>2</sub>O<sub>3</sub> + Gd<sub>2</sub>O<sub>3</sub> + Ho<sub>2</sub>O<sub>3</sub> + Lu<sub>2</sub>O<sub>3</sub> + Tb<sub>4</sub>O<sub>7</sub> + Tm<sub>2</sub>O<sub>3</sub> + Y<sub>2</sub>O<sub>3</sub> + Yb<sub>2</sub>O<sub>3</sub>

● LREO (Light Rare Earth Oxide): Ce2O<sub>3</sub> + La<sub>2</sub>O<sub>3</sub> + Nd<sub>2</sub>O<sub>3</sub> + Pr<sub>6</sub>O<sub>11</sub> + Sm<sub>2</sub>O<sub>3</sub>

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| | |
|:---|:---|
| **3** | **PROPERTY DESCRIPTION** |

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3.1 **Property Description and Location** 

The Alto Paranaíba Project is located in the western region of the Minas Gerais state, Brazil, near the municipalities of Carmo do Paranaíba, Lagoa Formosa, Patos de Minas, Presidente Olegário, and Tiros, approximately 350 km from Belo Horizonte. The Alto Paranaíba Project is located at approximately 18°48'49"S latitude and 46°9'70"W longitude, Universal Transverse Mercator (UTM) zone 23S, coordinates of 378,011 m E and 7,919,398 m N.

The name "Alto Paranaíba" refers to the Paranaíba River that flows in the region.

Figure 3-1 shows the location of the Alto Paranaíba Project.

**Figure 3-1 Location of the Alto Paranaíba Project**

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 Alto Paranaíba Project consists of 21 mineral rights, in which 20 are in permit status and 1 is under Agência Nacional de Mineração – Brazilian National Mining Agency ("ANM") analysis (831,450/2024), covering an area of 27,737.56 Ha. Figure 3-2 shows the location of the project minerals rights in relation to nearby towns of Patos de Minas, Carmo do Paranaíba and Tiros. The tenure holdings are summarized in Table 3-1 and the location is shown in Figure 3-2.

**Figure 3-2 Alto Paranaíba Mineral Rights Map with ANM Referred Status**

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**Table 3-1 Alto Paranaíba Mineral Rights Description (Relation between Atlas Mineral Rights and ANM Status)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **#** | **Permit** | **Area**<br> **(ha)** | **Owner** | **Status** | **Block** |
| 1 | 832,698/2024 | 1913.86 | Mineracao Apollo Ltda | Research Permit | 1 |
| 2 | 832,699/2024 | 1653.78 | Mineracao Apollo Ltda | Research Permit | 1 |
| 3 | 832,702/2024 | 1612.16 | Mineracao Apollo Ltda | Research Permit | 2 |
| 4 | 832,703/2024 | 1603.72 | Mineracao Apollo Ltda | Research Permit | 2 |
| 5 | 832,704/2024 | 1162.97 | Mineracao Apollo Ltda | Research Permit | 2 |
| 6 | 831,643/2024 | 139.51 | Mineracao Apollo Ltda | Research Permit | 2 South |
| 7 | 831,644/2024 | 376.67 | Mineracao Apollo Ltda | Research Permit | 2 South |
| 8 | 831,645/2024 | 1948.54 | Mineracao Apollo Ltda | Research Permit | 2 South |
| 9 | 832,701/2024 | 1999.55 | Mineracao Apollo Ltda | Research Permit | 2 South |
| 10 | 831,073/2024 | 1368.01 | Mineracao Apollo Ltda | Research Permit | 3 |
| 11 | 831,074/2024 | 1375.93 | Mineracao Apollo Ltda | Research Permit | 3 |
| 12 | 831,268/2021 | 1375.93 | Mineracao Apollo Ltda | Research Permit | 3 |
| 13 | 831,271/2021 | 1609.24 | Atlas Recursos Minerais Ltda. | Research Permit | 3 |
| 14 | 831,275/2019 | 1187.72 | Atlas Recursos Minerais Ltda. | Research Permit | 3 |
| 15 | 831,276/2019 | 1058.38 | Atlas Recursos Minerais Ltda. | Research Permit | 3 |
| 16 | 831,277/2019 | 1747.17 | Atlas Recursos Minerais Ltda. | Research Permit | 3 |
| 17 | 831,278/2019 | 1324.68 | Atlas Recursos Minerais Ltda. | Research Permit | 3 |
| 18 | 831,451/2024 | 1675.27 | Mineracao Apollo Ltda | Research Permit | 3 |
| 19 | 831,279/2019 | 270.7 | Mineracao Apollo Ltda | Research Permit | 3 |
| 20 | 831,350/2024 | 346.43 | Mineracao Apollo Ltda | Research Permit | 3 |
| 21 | 831,450/2024 | 1987.34 | Mineracao Apollo Ltda | Under ANM analysis | 3 |

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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 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 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** 

On December 18, 2024, Atlas Critical Minerals Corporation ("Atlas Critical Minerals") entered into an Option Agreement ("Option") with Atlas Lithium Corporation ("Atlas Lithium"), pursuant to which Atlas Critical Minerals purchased an option to acquire 100% of Brazil Minerals Resources Corporation ("BMR"), a subsidiary of Atlas Lithium. BMR owns 100% of Atlas Recursos Minerais Ltda which holds certain mineral rights in Brazil which are of interest to Atlas Critical Minerals. The Option therefore grants Atlas Critical Minerals the opportunity to have ownership of such mineral rights in the future, should it choose to exercise the Option.

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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|:---|:---|
| **4** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY** |

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4.1 **Accessibility** 

The Alto Paranaíba Project is located in western Minas Gerais State, about 350 km of Belo Horizonte, with access made through the highways BR-262, BR-354 and BR-352, or BR-040 and BR-365. The Project comprises 21 mineral rights permits, totalizing 27,737.56 ha distributed around the cities of Patos de Minas, Presidente Olegário, Carmo do Paranaíba and Tiros.

The distance between the properties and urban centers, like Patos de Minas and Carmo do Paranaíba cities, vary between 7 to 30 km. The access is through highways and smaller, unpaved roads.

4.2 **Climate** 

The Tropical Climate of Central Brazil (IBGE 2002) is the regional climate in APP region, exhibiting temperatures higher than 18°C during most of the year, while average yearly precipitation range from 1,000 and 1,500 mm (Reis, 2011), with two well defined annual seasons: a rainy summer (December to February) and dry winter (July to august). Hence, the average monthly precipitation can vary from a few millimeters to more than 200 mm in summer (Siqueira et al. 2007), setting a humid to semi-humid climate.

This climate doesn't undermine the operation, which can occur all year long.

4.3 **Local Resources** 

The distance between the properties and urban centers, like Patos de Minas and Carmo do Paranaíba cities, vary between 7 to 30 km. The access is through highways and smaller, unpaved roads.

The project is located near the cities of Patos de Minas (population: 159,235, according to a 2022 census), Carmo do Paranaíba (population: 29,011 according to a 2022 census) and Tiros (population: 6,424 according to a 2020 estimate).

The economic activities are mainly agriculture, services, light industry, and livestock raising.

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** 

The region hosts well-structured cities with robust capacities for electricity and water supply, all of which are easily accessible.

4.5 **Topography, Elevation and Vegetation** 

The property is located within the northern sub-basin of the Paranaíba River basin.

The Alto Paranaíba Project region includes three geomorphological domains that comprise the Mata da Corda Group: Plateaus, slopes and hills.

The Plateau domain is represented by extensive plateaus with abrupt edges, elongated in N-S strike, with topography varying between 1,000 and 1,150 m. They are, in general, plane, horizontal surface with gentle slopes (<10°). The topographic heights are frequently covered by a ferruginous duricrust, with thickness of 10 m. These covers are composed of weathered volcanic fragments with additional subrounded and subangulous quartz, cemented by limonite or goethite (Sgarbi,1989).

The second domain is composed of slopes, with hilltop plain to convex, with medium inclination, in which connects plateau with gentle hills that compose the third domain. The slopes topography varies between 900 to 1000 m, with eroded ravines and dissections. Geologically, this geomorphological domain corresponds to Areado Group lithotypes, mostly sandstones (Uhlein et al, 2011).

The third domain occurs in a lower topographic level, between 800 and 900m. Is composed by hills with waved tops, a concave-convex profile and excavated valleys, with Bambui Group rocks (diamictites and siltstones) (Uhlein et al, 2011).

Savannahs are the main type of vegetation, exhibiting Fields and forests ("cerradão") and gallery forest in the rivers and waterways. In smooth slopes the original vegetation was removed, giving space for mechanical agriculture. In a similar way, the plateaus are covered with extensive coffee, corn and bean plantations (Uhlein et al, 2011 and Fragoso et al, 2011).

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| **5** | **HISTORY** |

---

Since their inception, the mining rights represented by the National Mining Agency (ANM) processes listed below have been owned by companies within the Atlas Economic Group, with no third-party companies prior to Atlas. These areas are available for research applications that give rise to a Research Permit. The processes were filed in 2019 and 2024 by Mineração Apollo Ltda., with some of them transferred to Atlas Lítio Brasil Ltda. in September 2022 and subsequently transferred to Atlas Recursos Minerais Ltda. in January 2025, as part of the Atlas economic group's corporate and mining asset reorganization. During the research permit period, geological reconnaissance, partial topography, partial geophysic surveys, surface sample collection, geochemistry and auger drilling were carried out to support the preparation of the Partial Research Report (PRR) and the request for an extension of the Research Permit's validity period.

**Table 5-1 History for 831,275/2019 – 831,276/2019 – 831,277/2019 – 831,278/2019**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relationship Type** | **CNPJ** | **Name** | **Start Date** | **End Date** |
| Holder\Applicant | 55,757,080/0001-16 | Atlas Recursos Minerais Ltda. | Jan. 24, 2025 |  |
| Holder\Applicant | 17,789,890/0001-65 | Atlas Litio Brasil Ltda. | Sept. 15, 2022 | Jan. 23, 2025 |
| Holder\Applicant | 24,359,727/0001-28 | Mineração Apollo Ltda. | Oct. 15, 2019 | Sept. 14, 2022 |

---

**Table 5-2 History for 831,279/2019**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relationship Type** | **CNPJ** | **Name** | **Start Date** | **End Date** |
| Holder\Applicant | 24,359,727/0001-28 | Mineração Apollo Ltda. | Oct. 15, 2019 |  |

---

**Table 5-3 History for 831,073/2024 – 831,074/2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relationship Type** | **CNPJ** | **Name** | **Start Date** | **End Date** |
| Holder\Applicant | 24,359,727/0001-28 | Mineração Apollo Ltda. | June 06, 2024 |  |

---

**Table 5-4 History for 831,350/2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relationship Type** | **CNPJ** | **Name** | **Start Date** | **End Date** |
| Holder\Applicant | 24,359,727/0001-28 | Mineração Apollo Ltda. | July 15, 2024 |  |

---

**Table 5-5 History for 831,450 /2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relationship Type** | **CNPJ** | **Name** | **Start Date** | **End Date** |
| Holder\Applicant | 24,359,727/0001-28 | Mineração Apollo Ltda. | July 26, 2024 |  |

---

**Table 5-6 History for 831,451/2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relationship Type** | **CNPJ** | **Name** | **Start Date** | **End Date** |
| Holder\Applicant | 24,359,727/0001-28 | Mineração Apollo Ltda. | July 28, 2024 |  |

---

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**Table 5-7 History for 831,643/2024 – 831,644/2024 – 831,645/2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relationship Type** | **CNPJ** | **Name** | **Start Date** | **End Date** |
| Holder\Applicant | 24,359,727/0001-28 | Mineração Apollo Ltda. | Aug. 12, 2024 |  |

---

ANM processes No. 831,271/2021 and 831,268/2021 are Research Requests made on behalf of Mineração Apollo Ltda. resulting from the public auction promoted by the National Mining Agency (ANM) that took place in 2021. Process 831,271/2021 requested by Mineração Apollo Ltda. was later transferred to Atlas Lítio Brasil Ltda. in September 2022 and subsequently transferred to Atlas Recursos Minerais in January 2025, as per the corporate and mining assets reorganization of the Atlas economic group.

**Table 5-8 History for 831,271/2021**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relationship Type** | **CNPJ** | **Name** | **Start Date** | **End Date** |
| Holder\Applicant | 55,757,080/0001-16 | Atlas Recursos Minerais Ltda. | Jan. 24, 2025 |  |
| Holder\Applicant | 17,789,890/0001-65 | Atlas Litio Brasil Ltda. | Sept. 15, 2022 | Jan. 23, 2025 |
| Holder\Applicant | 24,359,727/0001-28 | Mineração Apollo Ltda. | June 17, 2021 | Sept. 14, 2022 |

---

**Table 5-9 History for 831,268/2021**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relationship Type** | **CNPJ** | **Name** | **Start Date** | **End Date** |
| Holder\Applicant | 24,359,727/0001-28 | Mineração Apollo Ltda. | June 17, 2021 |  |

---

ANM processes no. 832,698/2024, 832,699/2024, 832,701/2024, 832,702/2024, 832,703/2024 and 832,703/2024 are Research Requests made on behalf of Mineração Apollo Ltda. resulting from the purchase in a public auction promoted by the National Mining Agency (ANM) that took place in 2024.

**Table 5-10 History for 832,698/2024 – 832,699/2024 – 832,701/2024 – 832,702/2024 – 832,703/2024 – 832,704/2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relationship Type** | **CNPJ** | **Name** | **Start Date** | **End Date** |
| Holder\Applicant | 24,359,727/0001-28 | Mineração Apollo Ltda. | Dec., 11, 2024 |  |

---

5.1 **Historical Technical Reports** 

There are no historical technical reports for the project.

5.2 **Historical Resource Estimates** 

There are no historical estimates for the project.

5.3 **Past Production** 

There is no evidence of historical artisanal mining on the property.

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 18

---

| | |
|:---|:---|
| **6** | **GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT** |

---

6.1 **Regional Geology** 

The Alto Paranaíba Project location in the Southwest margin of São Francisco Craton exhibit a Cretaceous volcano-sedimentary sequence called Mata da Corda Group. This is the geological sequence of interest and correspond to the top of the Sanfranciscana Basin in the region. The Mata da Corda overlies Cretaceous sandstones of the Areado Group and, sometimes, Neoproterozoic siliciclastic-carbonate rocks of the Bambuí Group (Campos and Dardenne, 1997; Brod et al., 2000) (Figure 6-1).

The volcano sedimentary sequence, up to 150 meters thick, are composed by and association of kamafugite lavas and volcanoclastic sedimentary rocks, which builds up a plateau, with 2200 km² of regional extension (Takehara, 2015).

The Mata da Corda group is subdivided into Patos Formation, which consists of volcanic rocks with a kamafugite, kimberlite and lamproite affinity (alkaline-ultramafic magmatism – with high P and K), and the Capacete Formation, which contains conglomerates and sandstones, derived from the erosion of the Patos Formation (Campos and Dardenne, 1997).

The magma source is associated with plutonic bodies of Alto Paranaíba Igneous Province, which englobe significant occurrences of alkaline -carbonatitic complex, such as Araxá (Figure 6-2) (Brod et al., 2000; Ruiz et al., 2023).

**Figure 6-1 Geological Features of the Project's Unit of Interest, in black named after "Sanfranciscan Basin"**

![](ex96-1_005.jpg)

Source: Brod et al., 2000.

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**Figure 6-2 Region of Interest Geological Map (occurrences in green) correlating to Alcaline-Carbonatitic Complexes of Alto Paranaíba Igneous Province (Araxá, Salitre, Serra Negra and Catalão) (left) and Statigraphic Sequence of Sanfranciscana Basin, with Mata da Corda Group in the red rectangle, on top (right)**

![](ex96-1_006.jpg)

Left: Region of interest geological map (occurrences in green) correlating to alkaline-carbonatitic complexes of Alto Paranaíba Igneous Province (Araxá, Salitre, Serra Negra and Catalão). Source: Ruiz et al., 2023.

Right: Stratigraphic sequence of Sanfranciscana Basin, with Mata da Corda Group in the red rectangle, on top. Source: Serdoko et al. 2020.

6.2 **Local and Property Geology** 

The Alto Paranaíba Project mining rights include rocks from the Bambuí Group at base level, superimposed by the Areado Group, which underlies the rocks from the Mata da Corda Group, and detritic-lateritic covers (Recent Covers). In most permits, the Areado Group form the basement of Mata da Corda Group, except for some permits in Block 2 South, whereas the basement corresponds to rocks of the Bambuí Group.

The Bambuí Group in the areas is composed by siltstones of the Lagoa Formosa Formation. The Areado Group, considered here as undivided, is represented by sandstones, siltstones and conglomerates.

Mata da Corda has a tabular and flat geometry, with its base occurring at elevations around 940 meters RL, and a thickness ranging from 80 to 110 meters, with extensive lateral continuity. The Patos and Capacete formations occur in the APP areas, sometimes presenting interdigitated contact. Patos Fm. is formed by volcanic rocks (kamafugites) with a variety of textures: aphanitic, porphyritic (with brownish crystals), with amygdales, and sometimes brecciated. Most of the time the volcanic rocks appear highly weathered. The Capacete formation displays clast or matrix supported conglomerates, monomictic or polymictic, and sandstones locally.

The recent cover features ferruginous lateritic crusts, lateritic clays, and residual soils, in this case associated with the rocks of Mata da Corda. It is on average 20 meters thick.

6.3 **Deposit Type** 

There are three 3 possible types of REE deposits, as are described in "Avaliação do Potêncial de Terras Raras no Brasil", by Brazil Geological Service. The exact type is not known at the time of writing this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Igneous
 rocks deposits, in REE enriched minerals, like bastnaesite (Ce, La, and Y fluor- carbonate),
 monazite (Ce, La, Th and Nd phosphate) and xenotime (Y phosphate), in rocks with coarse grains,
 like pegmatites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Sedimentary
 deposits, like placers and paleoplacers, with sedimentary deposition of mineral grains, with
 igneous or metamorphic sources, like monazite, with examples in Bahia and Espirito Santo
 coastal deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Ionic
 clays, with Poços de Caldas example, resulted by supergenic enrichment of igneous
 rocks.

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---

| | |
|:---|:---|
| **7** | **EXPLORATION** |

---

The Atlas Critical Minerals geology team executed the following activities in 2024 and 2025, in order of execution and for each area:

● Public data compilation: GIS containing lithology types, geophysics, mapping public data and competitor information to obtain Mata da Corda Group occurrence. Including DEM obtained from Alos Palsar for topography.

● Geological fast-track mapping aiming the main occurrences and lithological units.

● Surface sampling. Some permits have been previously sampled by other geologist consultant, before Atlas Critical Minerals Team 1<sup>st</sup> pass.

● Semi-detailed Mapping: Geological semi-detailed mapping with all outcrops that are representative of the unit of interest. Topographic features such as thickness, baselevel and horizontal continuity are all taken on observation. Facies identification and distribution and more sampling.

● LiDAR: drone flights for high resolution topography (50 cm).

● Geophysics: airborne magnetic survey and terrestrial Gamma spectrometry

● Auger Drilling (AD): was carried out with Atlas Critical Minerals equipment, able to drill up to 20 m deep, useful for exploratory drillhole and sampling gathering.

Table 7-1 presents the activities control in each of the permits. The extensive Project area has been divided into three exploration blocks for ease of exploration activities as shown in Figure 7-1.

**Table 7-1 Alto Paranaíba Permit Relation per Activity**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Permit** | **Block** | **1<sup>st</sup> Pass** | **Mapping** | **Sampling** | **Auger Drilling** | **Patos Fm.** | **Capacete Fm.** |
| 832,698/2024 | 1 | X | X | X |  | X | X |
| 832,699/2024 | 1 | X | X | X | X | X | X |
| 832,702/2024 | 2 | X | X | X |  | X | X |
| 832,703/2024 | 2 | X | X | X | X | X | X |
| 832,704/2024 | 2 | X | X | X |  | X | X |
| 831,643/2024 | 2 South | X | X | X |  | X | X |
| 831,644/2024 | 2 South | X | X | X |  | X | X |
| 831,645/2024 | 2 South | X | IP | X | X | X | X |
| 832,701/2024 | 2 South | X | X | X |  | X | X |
| 831,073/2024 | 3 |  |  |  |  |  |  |
| 831,074/2024 | 3 |  |  |  |  |  |  |
| 831,268/2021 | 3 | X |  | X |  |  | X |
| 831,271/2021 | 3 |  |  | X |  |  | X |
| 831,275/2019 | 3 | X | X | X |  |  |  |
| 831,276/2019 | 3 |  |  | X |  |  | X |
| 831,277/2019 | 3 | X | X | X | X |  | X |
| 831,278/2019 | 3 | X | X | X | X | X | X |
| 831,279/2019 | 3 |  |  | X |  |  |  |
| 831,350/2024 | 3 |  |  | X |  |  | X |
| 831,450/2024 | 3 | X |  | X |  | X |  |
| 831,451/2024 | 3 |  |  | X |  |  | X |

---

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 21

**Figure 7-1 Alto Paranaíba Exploration Blocks**

![](ex96-1_007.jpg)

7.1 **Mata da Corda Geophysics** 

The preparation for the fieldwork included geophysical analysis of regional geophysics (Figure 7-2 and Figure 7-3), along with the investigation about geology in competitors areas and the subsequent confirmation of geological occurrences on the field is useful as guide for delimitation of geological bodies. Some drilling is recommended to test these targets for mineralization.

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 22

**Figure 7-2 Magnetometry: Analytic Signal (left) and Vertical Derivative (right)**

Data source: CPRM Geophysics Public Data

**Figure 7-3 Gamma Spectrometry K U Th (left) and Total Mag (right)**

![](ex96-1_009.jpg)

Data source: CPRM Geophysics Public Data

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 23

7.2 **Surface Sampling** 

For exploration purposes, Atlas Critical Minerals 21 mineral rights have been divided into three blocks: (i) Block 1 – Carmo do Paranaíba; (ii) Block 2 – Patos de Minas; and (iii) Block 3 (Figure 7-1).

The Author used the database delivered by the client to estimate the followings statistics. High graded Total Rare Earths Oxides ("TREO") and titanium dioxide ("TiO<sub>2</sub>") samples resulted from an extensive sampling campaign (Figure 7-4), with so far 809 samples of soil, conglomerate, volcanic rocks, sandstones, mudstones and lateritic cover. Of the 809 samples analyzed, 608 samples are >1,000 ppm of TREO, in which 121 samples are >3,000 ppm TREO and 114 samples are >700 ppm Magnetic Rare Earths Oxides ("MREO"). Of all samples, 205 samples resulted in >10% of TiO<sub>2</sub> and 27 samples >15% TiO<sub>2</sub>.

The best results obtained were from Block 3 (TREO>10,000 ppm, for example). The best sample for Block 1 resulted in 5,984 ppm TREO (sample APPPA00152), and for Block 2 up to 7,091 ppm TREO (SPJ-00086). The Blocks 1 and 2 present similar results when comparing the grades average, for TREO, TiO<sub>2</sub> and MREO, but Block 1 still presents slightly higher averages (Table 7-2). The data in Table 7-2 have been compiled by the Author from the database delivered by the client.

**Table 7-2 Average of Grades for Block 1 and 2**

---

| | | |
|:---|:---|:---|
|  | **Block 1 - Surface** | **Block 2 - Surface** |
| Average TREO (ppm) | 1928 | 1703 |
| Average TiO<sub>2</sub> (%) | 8.7 | 7.7 |
| Average MREO (ppm) | 451 | 402 |

---

Samples from Blocks 1 and 2 are in a fair spatial distribution along the Mata da Corda Group occurrence inside the permits, indicating good horizontal continuity of the mineralization. The samples reflect in the availability of outcrops, with most of their occurrences in slope regions and roads, and little exposure and low grades on top of the plateaus.

Block 2 South grades go up to 7091 ppm of TREO in a conglomerate sample of Capacete Formation, indicating a high-grade layer about 1030 to 1040 meters. Grades about >3000 ppm from samples in base level indicate Mata da Corda's mineralized interval up to 190 m thick.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 24

**Figure 7-4 Best Sampling Grades (>1500ppm TREO) of Surface Samples**

![](ex96-1_010.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 25

**7.3** **Block 1** 

The Block 1 areas (832,698/2024 and 832,690/2024) have wide and thick (~110 metres) occurrence of Mata da Corda Group (Figure 7-5 and Figure 7-6). The Mata da Corda Group outcrops at the base level of 945 meters until 1050 meters, with a lateritic cover that overlies all Formation from base level 1050 m to 1100 m (Stratigraphic column 1). The volcanic rocks are magnetic, with aphanitic texture, locally with vesicles. Volcanic breccia occurs associated. The Capacete conglomerate is strongly magnetic, polymictic and varies from matrix to clast supported. The matrix is composed of mud and sometimes sand, colored from red to green. (Figure 7-7).

**Figure 7-5 Geology of Block 1, with Stratigraphic Columns and Best TREO Grades (>1500 ppm)**

![](ex96-1_011.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 26

**Figure 7-6 Stratigraphic Columns 1 – Block 1, with Evidence of Thick Layers of Conglomerate of Capacete Formation and Patos Formation**

![](ex96-1_012.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 27

**Figure 7-7 Stratigraphic Columns and Geological Map with Best MREO Grades for Block 1 (>500 ppm MREO)**

![](ex96-1_013.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 28

**Figure 7-8 Conglomerates of Capacete Formation in Block 1, Matrix Supported (top) and Clast Supported (bottom)**

![](ex96-1_014.jpg)

![](ex96-1_015.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 29

**7.4** **Block 2** 

In Block 2 permits the Mata da Corda Group outcrops in wide extension of the area (Figure 7-9) and with thickness up to 80 metres, outcropping from 940 until 1020 meters RL, with Capacete Fm. Conglomerate layers up to 25 meters thick and volcanic layers of Patos Fm. (Stratigraphic columns 2). The lateritic cover (soil/clay + ferric crust) in Block 2 is up to 50 metres. The conglomerate can locally display clasts imbrication, granulometric gradation and clasts with preserved igneous textures (exe.: porphyritic).

Patos Fm. display a variety of textures: aphanitic, porphyritic (with brownish crystals) and with vesicles filled by white clays, and sometimes brecciated. Most of the time the volcanic rocks appear highly weathered, becoming a clayish material. The magnetic response is moderate for the volcanic rocks, as for the conglomerates, its strong magnetism helps to distinguish the sedimentary products. The conglomerates are clast supported, monomictic to polymictic, with matrix composed of greenish clay to beige. The clasts are mainly composed of green volcanic rocks and few brownish and red minerals (Figure 7-10).

The sampling campaign proved high grades of TREO and TiO<sub>2</sub> widely distributed laterally and vertically along the Mata da Corda Group. The MREO results are also very promising.

**Figure 7-9 Geology of Block 2, with Stratigraphic Columns and Best TREO Grades (>1500 ppm)**

![](ex96-1_016.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 30

**Figure 7-10 Stratigraphic Columns 2 – Block 2, with Evidence of Interdigitated Conglomerate of Capacete Formation and Volcanic Rocks of Patos Formation**

![](ex96-1_017.jpg)

![](ex96-1_018.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 31

**Figure 7-11 Geology and Best MREO Grades for Block 2 (>500 ppm MREO)**

![](ex96-1_019.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 32

**Figure 7-12 Conglomerates of Capacete Formation in Block 2, Clast-Supported and Matrix Supported**

![](ex96-1_020.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 33

**Figure 7-13 Volcanic Rocks with Afanitic Texture and Green to Purple Matrix with Vesicles Filled with White Clays. Probably of Kamafugitic Signature**

![](ex96-1_021.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 34

**7.5** **Block 2 South** 

Block 2 south includes areas with good exposure of Mata da Corda Group, both conglomerates of Capacete Formation and volcanic rocks of Patos Formation. The detailed mapping allowed to confirm and expand the Mata da Corda volumes in the area, due to the decrease of the baselevel to 900 meters, turning the thickness of Mata da Corda Group in the areas bigger than previously though from regional baselevel. Two areas (Permits 831644/2024 and 831643/2024) are all covered by Mata da Corda Group, with respectively 376,7 and 139,51 ha.

Figure 7-14 presents the geology and TREO grades for Block 2 South Areas, Figure 7-15 presents the geology, TREO results and stratigraphic column of Pindaíbas permit (832,701/2024), right next to Equinox project permit, and Figure 7-16 presents the geology, TREO Results for Lagoa Formosa Permit (831,645/2024).

Figure 7-17 and Figure 7-18 show the permits 831,643/2024 and 831,643/2024. No sampling results were available at the effective date of the current Report.

**Figure 7-14 Geology and TREO Grades for Block 2 South Areas**

![](ex96-1_022.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 35

**Figure 7-15 Geology, TREO Results and Stratigraphic Column of Pindaíbas Permit (832,701/2024), Right Next to Equinox Project Permit**

![](ex96-1_023.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 36

**Figure 7-16 Geology, TREO Results for Lagoa Formosa Permit (831,645/2024)**

![](ex96-1_024.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 37

**Figure 7-17 Geology of Permit 831,643/2024**

![](ex96-1_025.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 38

**Figure 7-18 Geology of Permit 831,644/2024**

![](ex96-1_026.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 39

**Figure 7-19 Rock types of Mata da Corda Group in Block 3, Green Conglomerate (left), Red Volcanic Rock (top right) and Conglomerate Hand Sample (bottom right)**

![](ex96-1_027.jpg)

**7.6** **Block 3** 

Block 3 display the highest TREO grades, as >10,000 ppm TREO and up to 28,000 ppm, but the Mata da Corda body dimensions are restricted to the highest topographic levels, above 960 meters (Figure 7-20).

At some spots is possible to identify magnetic sandstones with high grades of TREO, as in permit 831,268/2021 – Northwest Block 3. Probably these grades above 960 meters baselevel can relate to intrusion mechanisms or sedimentary/volcanic interactions.

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 40

**Figure 7-20 Geology and Best Grades of TREO for Block 3 North**

![](ex96-1_028.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 41

**Figure 7-21 Geology and Best Grades of TREO for Block 3 South**

![](ex96-1_029.jpg)

The geological mapping of the permits 831,277/2019 and 831,278/2019 confirmed the base level of Mata da Corda Group in 960 meters, where Capacete Formation is predominant, with its matrix and clast supported conglomerates Between December and January 2025, five auger drillholes were executed in these two permits (Figure 7-20). All the drillholes intercepted mineralized conglomerated from Capacete Formation highly weathered. Interesting intercepts demonstrated the Mata da Corda Group potential:

● TREO average: 4,906 ppm

● TiO<sub>2</sub> average: 12 %

● MREO average: 1352 ppm

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 42

It is possible to outline a high-grade interval, shown in Figure 7-22. The two permits display a potential for hosting 40 Mt of Mata da Corda rocks.

**Figure 7-22 Geological Map of Permits 831,277 and 831,278 with DHs Location (left) and Photograph of DHTI-001 Displaying Weathered Matrix Supported Conglomerate (right)**

![](ex96-1_030.jpg)

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 43

**Figure 7-23 Cross-Section of DH's DHT-001, DHT-002 and DHT-003, with High Grade Intervals**

![](ex96-1_031.jpg)

**7.7** **Auger Drilling 1<sup>st</sup> Campaign** 

Five Auger drillholes were executed between October 2024 to January 2025, totalizing 61.54 m. The drillhole material were described and sampled according to standard procedures for Rare Earth Elements and Titanium. Sampling was executed including QA/QC sample controls, patterns and blanks. Drilling was carried out in the following permits:

● 831,277/2019 (Block 3): 1 drillholes

● 831,278/2019 (Block 3): 4 drillholes

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 44

**7.8** **Auger Drilling 2<sup>nd</sup> Campaign** 

Eight Auger drillholes were executed between April and May 2025, totalizing 82.3 m. The drillhole material were described and sampled according to standard procedures for Rare Earth Elements and Titanium. Sampling was executed including QA/QC sample controls, patterns and blanks. Drilling was carried out in the following permits:

● 832,699/2024 (Block 1): 3 drillholes

● 832,703/2024 (Block 2): 3 drillholes

● 831,645/2024 (Block 2 South): 2 drillholes

**Figure 7-24 Drillholes (red triangles) in Alto Paranaíba Project Permits**

![](ex96-1_032.jpg)

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 45

One-meter samples were prepared for the Mata da Corda group intervals, totaling 76 routine samples.

The chemical analysis presented in this report refers to the Global grade analysis. The mineralogy test results were expected for July 25 but were not available for the preparation of this report.

The global grades were positive for TREO (average of 2657 ppm) and TiO<sub>2</sub> (average of 11.4%). The highest TREO grade was the sample CA-00009, with 5,529 ppm TREO (from DHCA00001, Block 1) and TiO<sub>2</sub> 21.2% for sample CA-00023 (from drillhole DHCA00002, also in Block 1). Block 1 scored the highest grades in terms of HREO, LREO, MREO, TREO and TiO<sub>2</sub> (Table 7-3).

**Table 7-3 Averages for the Different Prospects**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mean** | **HREO (ppm)** | **LREO (ppm)** | **MREO (ppm)** | **TREO (ppm)** | **TiO<sub>2</sub> (%)** |
| Block 1 | 205 | 2952 | 760 | 3157 | 12.7 |
| Block 2 | 168 | 2146 | 522 | 2314 | 11 |
| Block 2 South | 160 | 2149 | 539 | 2309 | 9.2 |

---

7.8.1 **Block 1** 

All drillholes in permit 832,699/2024 intercepted Mata da Corda Group, with occurrence of "Capacete and Patos" Formation. The intercept highlights are:

● DHCA-00001: 4m @ 1124 ppm MREO, 4,706 ppm TREO and 15.1 % TiO<sub>2</sub>.

● DHCA-00002: 6m @ 841 ppm MREO, 3,514 ppm TREO and 15.9 % TiO<sub>2</sub>.

● DHCA-00003: 8m @ 708 ppm MREO, 2,985 ppm TREO and 10.5 % TiO<sub>2</sub>.

**Table 7-4 Grades for the Block 1 Samples. KAM: Kamafugite. Con: Conglomerate. CGA: Lateritic**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SAMPLE_ID** | **LITHOLOGY** | **HREO_ppm** | **LREO_ppm** | **MREO_ppm** | **TREO_ppm** | **TiO2%** |
| CA-00002 | CGA | 111 | 1965 | 482 | 2076 | 9.41 |
| CA-00003 | KAM | 91 | 1679 | 428 | 1770 | 5.78 |
| CA-00004 | KAM | 182 | 3166 | 829 | 3349 | 12.12 |
| CA-00005 | KAM | 244 | 4349 | 1217 | 4593 | 12.24 |
| CA-00007 | KAM | 221 | 3390 | 940 | 3611 | 14.36 |
| CA-00008 | KAM | 130 | 1764 | 465 | 1894 | 15.23 |
| CA-00009 | KAM | 379 | 5300 | 1154 | 5679 | 13.77 |
| CA-00011 | KAM | 364 | 4960 | 1205 | 5324 | 14.13 |
| CA-00012 | KAM | 326 | 3337 | 892 | 3662 | 15.87 |
| CA-00013 | KAM | 461 | 4143 | 1244 | 4604 | 16.48 |
| CA-00015 | CGA | 179 | 2393 | 585 | 2572 | 11.43 |
| CA-00016 | CON | 229 | 2826 | 696 | 3056 | 13.55 |
| CA-00018 | CON | 186 | 2583 | 614 | 2769 | 12.93 |
| CA-00019 | CON | 187 | 2981 | 741 | 3168 | 13.87 |
| CA-00020 | CON | 219 | 3614 | 957 | 3832 | 14.64 |
| CA-00021 | CON | 199 | 3148 | 800 | 3347 | 15.71 |
| CA-00022 | CON | 176 | 2859 | 685 | 3034 | 15.78 |

---

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 46

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SAMPLE_ID** | **LITHOLOGY** | **HREO_ppm** | **LREO_ppm** | **MREO_ppm** | **TREO_ppm** | **TiO2%** |
| CA-00023 | CON | 252 | 4431 | 1077 | 4683 | 21.19 |
| CA-00024 | KAM | 232 | 3255 | 790 | 3487 | 15.39 |
| CA-00026 | KAM | 194 | 2883 | 700 | 3076 | 15.10 |
| CA-00027 | KAM | 168 | 2469 | 586 | 2636 | 11.97 |
| CA-00029 | KAM | 91 | 1487 | 368 | 1578 | 8.37 |
| CA-00030 | KAM | 115 | 1741 | 432 | 1856 | 10.44 |
| CA-00032 | KAM | 110 | 2088 | 474 | 2197 | 11.30 |
| CA-00033 | KAM | 188 | 3455 | 859 | 3643 | 12.05 |
| CA-00034 | KAM | 246 | 4167 | 1053 | 4412 | 12.23 |
| CA-00035 | CON | 200 | 3363 | 826 | 3563 | 11.01 |
| CA-00036 | CON | 260 | 4215 | 1089 | 4476 | 11.35 |
| CA-00037 | CON | 140 | 2407 | 572 | 2547 | 9.34 |
| CA-00038 | CON | 109 | 1427 | 329 | 1536 | 8.53 |
| CA-00039 | CON | 157 | 1884 | 463 | 2042 | 8.09 |

---

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 47

**Figure 7-25 Drillhole sections for Auger DH's in Block 1**

![](ex96-1_033.jpg)

7.8.2 **Block 2** 

All drillholes in Permit 832,703/2024, intercepted Mata da Corda Group, with occurrence of Capacete and Patos Formation. The intercept highlights are:

● DHPM-00001: 6m @ 449 ppm MREO, 2,037 ppm TREO and 9.4% TiO<sub>2</sub>.

● DHPM-00002: 6m @ 682 ppm MREO, 3,007 ppm TREO and 14% TiO<sub>2</sub>.

● DHPM-00003: 8m @ 606 ppm MREO, 2,700 ppm TREO and 11.7% TiO<sub>2</sub>.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 48

**Table 7-5 Grades for the Block 2 Routine Samples. KAM: Kamafugite. Con: Conglomerate. CGA: Lateritic**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SAMPLE_ID** | **LITHOLOGY** | **HREO_ppm** | **LREO_ppm** | **MREO_ppm** | **TREO_ppm** | **TiO2%** |
| PM-00002 | CGA | 157 | 2528 | 604 | 2685 | 9.96 |
| PM-00003 | CON | 184 | 2175 | 522 | 2359 | 9.73 |
| PM-00004 | CON | 188 | 2086 | 503 | 2275 | 9.89 |
| PM-00005 | CON | 220 | 2320 | 504 | 2540 | 10.42 |
| PM-00007 | CON | 135 | 1170 | 281 | 1305 | 8.24 |
| PM-00008 | CON | 125 | 1202 | 280 | 1327 | 8.13 |
| PM-00009 | CON | 117 | 1231 | 287 | 1348 | 8.47 |
| PM-00010 | CON | 119 | 1311 | 314 | 1429 | 8.3 |
| PM-00011 | CON | 119 | 1470 | 356 | 1589 | 8.96 |
| PM-00013 | CON | 116 | 1611 | 371 | 1727 | 10 |
| PM-00014 | CON | 98 | 1107 | 267 | 1205 | 9.45 |
| PM-00016 | CGA | 109 | 1768 | 474 | 1877 | 7.94 |
| PM-00017 | CON | 172 | 2567 | 666 | 2739 | 11.41 |
| PM-00018 | KAM | 198 | 2504 | 628 | 2702 | 12.51 |
| PM-00019 | KAM | 258 | 2312 | 567 | 2569 | 13.12 |
| PM-00021 | KAM | 244 | 2763 | 699 | 3007 | 13.33 |
| PM-00022 | KAM | 231 | 2369 | 579 | 2600 | 12.91 |
| PM-00023 | KAM | 367 | 3119 | 755 | 3486 | 13.33 |
| PM-00025 | KAM | 231 | 2439 | 567 | 2670 | 13.71 |
| PM-00026 | KAM | 239 | 3017 | 731 | 3256 | 15.45 |
| PM-00027 | KAM | 237 | 3167 | 758 | 3405 | 15.44 |
| PM-00029 | CON | 80 | 1251 | 282 | 1331 | 6.29 |
| PM-00030 | CON | 102 | 2132 | 472 | 2234 | 11.84 |
| PM-00031 | SHL | 167 | 3413 | 799 | 3580 | 13.55 |
| PM-00032 | SHL | 182 | 3746 | 900 | 3928 | 14.33 |
| PM-00034 | SHL | 226 | 3944 | 939 | 4170 | 14.7 |
| PM-00035 | KAM | 132 | 1950 | 468 | 2082 | 10.59 |
| PM-00036 | KAM | 122 | 2046 | 466 | 2168 | 10.01 |
| PM-00037 | KAM | 117 | 1821 | 400 | 1938 | 9.36 |
| PM-00038 | KAM | 105 | 1881 | 410 | 1985 | 9.71 |
| PM-00040 | KAM | 111 | 1658 | 336 | 1768 | 9.92 |

---

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 49

**Figure 7-26 Drillhole Sections for Auger DH's in Block 2 (832,703/2024)**

![](ex96-1_034.jpg)

7.8.3 **Block 2 South** 

Block 2 South (Lagoa Formosa permit – 831,645/2024)

● DHLF-00001: 6m @ 754 ppm MREO, 3,275 ppm TREO and 13.8% TiO<sub>2</sub>.

● DHLF-00002: 2m @ 416 ppm MREO, 1,752 ppm TREO and 6.4% TiO<sub>2</sub>.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 50

**Table 7-6 Grades for the Block 2 South Routine Samples. KAM: Kamafugite. Con: Conglomerate. CGA: Lateritic. SHL: Shale of Areado Group**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SAMPLE_ID** | **LITHOLOGY** | **HREO_ppm** | **LREO_ppm** | **MREO_ppm** | **TREO_ppm** | **TiO<sub>2</sub>%** |
| LF-00002 | CGA | 100 | 1476 | 358 | 1577 | 5.79 |
| LF-00003 | CGA | 107 | 1617 | 388 | 1725 | 6.25 |
| LF-00004 | CON | 145 | 2350 | 585 | 2495 | 9.54 |
| LF-00005 | CON | 215 | 2922 | 757 | 3137 | 11.37 |
| LF-00007 | SHL | 237 | 2839 | 714 | 3076 | 11.6 |
| LF-00008 | SHL | 215 | 3264 | 758 | 3478 | 14.06 |
| LF-00009 | KAM | 193 | 3481 | 830 | 3674 | 14.79 |
| LF-00010 | KAM | 186 | 3250 | 747 | 3437 | 14.91 |
| LF-00011 | KAM | 170 | 3114 | 718 | 3284 | 15.85 |
| LF-00013 | SHL | 209 | 2006 | 515 | 2215 | 6.99 |
| LF-00015 | CGA | 107 | 1627 | 400 | 1734 | 6.13 |
| LF-00016 | CGA | 127 | 1721 | 432 | 1848 | 6.59 |
| LF-00017 | SHL | 121 | 719 | 216 | 840 | 3.35 |
| LF-00018 | SHL | 108 | 410 | 122 | 518 | 1.79 |

---

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 51

**Figure 7-27 Drillhole Sections for Auger DH's in Block 2 South (831,645/2024)**

![](ex96-1_035.jpg)

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 52

---

| | |
|:---|:---|
| **8** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY** |

---

In the 2024 and 2025 period, Atlas Critical Minerals have done a range of sampling and assaying including surface samples and auger samples.

**8.1** **Sample Preparation and Analyses** 

Typically, one-meter samples are prepared. The samples were submitted to SGS Brazil and divided into two parts for different analysis, according to:

&nbsp;&nbsp;&nbsp;&nbsp;1. Global
 grade analysis (SGS Brazil)

2. Mineralogy tests (SGS Canada)

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 53

**8.2** **Quality Assurance and Quality Control** 

Atlas Critical Minerals have utilized Quality Assurance (QA) and Quality Control (QC) methodologies under the supervision of a qualified person as defined in Regulation S-K 1300.

In particular, as described in Section 7 of this report, Atlas Critical Minerals carried out a surface sampling and an auger drilling campaign, aiming to identify and delineate geochemical anomalies associated with rare earth mineralization. The surface sampling campaign included soil and rock chip samples of all lithology and layers across Atlas Critical Minerals' mineral rights. The auger drilling campaign tested possible targets to evaluate the mineralization potential. Both campaigns had all geochemical analysis performed by SGS-Geosol, an analytical laboratory located in Vespasiano, Brazil, which is considered to be the premier such testing site in Brazil ("SGS-Geosol"). SGS-Geosol is ISO 14001 and 17025 accredited by the Standards Council. SGS-Geosol is an independent third-party and provides services pursuant to arms-length contracts.

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The SGS-Geosol assays were done using the protocols ICM90A, ICP95A and IMS95A. ICM90A is an aqua regia digestion (partial) while de ICP95A and IMS95A are four-acid digestion (near total). We can therefore expect some conservative number in general compared to total digestion methods. The OREAS standards used for the QAQC are certified using borate / peroxide fusion digestion (total) so expected values are maximal. We note that the OREAS certificates state that four-acid assays can match the total digestion methods for most elements.

The auger drillholes were vertical and the reported intervals corresponded to the true thickness. The cores were placed in boxes, aligned and measured by the technician or geologist for core recovery. The core boxes were identified with a code, a hole ID and tags. The logging and sampling were performed at our core logging facilities. The sample intervals were defined by 1 meter, varying depending on the lithological contact, and the material for chemical analysis consisted of the right half of the core, resulting in samples with an average weight of 5 kg. These samples were then gathered in a labelled bag, and the remaining half is kept at the box with the sample ID tag, for reference. The bagged samples were then sent to SGS-Geosol.

All samples received at SGS-Geosol were inventoried and weighted prior to being processed. Drying was done to samples having excess humidity. Sample material was crushed using jaw crushers. The SGS-Geosol analytical method used for our samples is one of their standard packages. Analytical results were sent electronically by SGS-Geosol directly to Atlas and results were compiled in an MS Excel spreadsheet by the project geologists.

Similar procedures as described above were used for our graphite studies, described later in this prospectus.

In addition to the laboratory quality assurance quality control (QA/QC) routinely implemented by SGS Geosol using pulp duplicate analysis, Atlas Critical Minerals developed an internal QA/QC protocol for the projects, which consisted of the insertion of analytical standard reference materials (standards), blanks and core duplicates on a systematic basis with the samples shipped to the analytical laboratory.

Through the implementation of these protocols, Atlas Critical Minerals ensures the quality and integrity of data, maintaining full traceability and accuracy in the results and in the processes related to geological interpretation and evaluation.

8.3 **QA/QC Control Samples** 

Atlas supplied the initial database on July 3, 2025, and have updated as results became available. A total of 177 auger core and chip samples were submitted for analysis by Atlas Critical Minerals from the first and second (2024 and 2025) drilling and mapping campaigns. This totalled 39 samples (21%) including 24 CRMs and 15 Blanks.

The QAQC program consists of inserting a blank or a Certified Reference Material (CRM) into the sample sequence. Four (4) different CRMs were used during the project, OREAS 460, OREAS 461, OREAS 463, and OREAS 465 which are commercial standards prepared and certified by Ore Research & Exploration. OREAS is ISO 17034 and 9001 accredited for quality production of CRMs.

● OREAS 460 is an ore grade, rare earth element (TREO = 0.53%) matrix-matched certified reference material.

● OREAS 461 is an ore grade, rare earth element (TREO = 1.06%) matrix matched.

● OREAS 463 is an ore grade, rare earth element (TREO = 2.08%) matrix matched.

● OREAS 465 is a high-grade ore, rare earth element (TREO = 9.88%) matrix matched.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 55

8.3.1 Certified
 Reference Material (CRM)

8.3.1.1 Neodymium

Three of the Neodymium (Nd) CRMs returned acceptable values (Figure 8-1) all within 3 standard deviations. OREAS 465 is a high-grade CRM and all the values returned above the detection limit of 10,000 ppm Nd (Table 8-1). The overlimits were not run during initial analyses, further testing would be required to compare the high-grade Nd values. For the purpose of this report, we consider the samples to be acceptable.

**Figure 8-1 Neodymium Certified Reference Material**

![](ex96-1_037.jpg)

**Table 8-1 Neodymium QAQC**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard Quality Control for Nd (ppm)** | **Standard Quality Control for Nd (ppm)** | **Standard Quality Control for Nd (ppm)** | **Standard Quality Control for Nd (ppm)** | **Standard Quality Control for Nd (ppm)** | **Standard Quality Control for Nd (ppm)** | **Standard Quality Control for Nd (ppm)** | **Standard Quality Control for Nd (ppm)** |
|  | **Count** | **Value** | **Sigma** | **Pass** | **Warning** | **Failed** | **% Failed** |
| **OREAS_460** | 3 | 781 | 47 | 3 | 0 | 0 | 0 |
| **OREAS_461** | 4 | 1629 | 54 | 3 | 1 | 0 | 0 |
| **OREAS_463** | 5 | 3682 | 185 | 5 | 0 | 0 | 0 |

---

8.3.1.2 Dysprosium

All of the Dysprosium (Dy) CRMs returned acceptable values all within 3 standard deviations (Figure 8-2). OREAS 461 and OREAS 465 each returned one value within 2 standard deviations (Table 8-2). Dysprosium returns acceptable values in all of the four CRMs analyzed.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 56

**Figure 8-2 Dysprosium Certified Reference Material**

![](ex96-1_038.jpg)

**Table 8-2 Dysprosium QAQC**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard Quality Control for Dy (ppm)** | **Standard Quality Control for Dy (ppm)** | **Standard Quality Control for Dy (ppm)** | **Standard Quality Control for Dy (ppm)** | **Standard Quality Control for Dy (ppm)** | **Standard Quality Control for Dy (ppm)** | **Standard Quality Control for Dy (ppm)** | **Standard Quality Control for Dy (ppm)** |
|  | **Count** | **Value** | **Sigma** | **Pass** | **Warning** | **Failed** | **% Failed** |
| **OREAS_460** | 3 | 20 | 1 | 3 | 0 | 0 | 0 |
| **OREAS_461** | 4 | 35 | 1 | 3 | 1 | 0 | 0 |
| **OREAS_463** | 5 | 70 | 3 | 5 | 0 | 0 | 0 |
| **OREAS_465** | 12 | 217 | 13 | 11 | 1 | 0 | 0 |

---

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 57

8.3.1.3 Praseodymium

Three of the Praseodymium (Pr) CRMs returned acceptable values (Figure 8-3). OREAS 465 is a high-grade CRM and all the values returned above the detection limit of 1,000 ppm Pr (Table 8-3). The overlimits were not run during initial analyses, further testing would be required to compare the high-grade Pr values. For the purpose of this report, we consider the samples to be acceptable.

**Figure 8-3 Praseodymium Certified Reference Material**

![](ex96-1_039.jpg)

**Table 8-3 Praseodymium QAQC**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard Quality Control for Pr (ppm)** | **Standard Quality Control for Pr (ppm)** | **Standard Quality Control for Pr (ppm)** | **Standard Quality Control for Pr (ppm)** | **Standard Quality Control for Pr (ppm)** | **Standard Quality Control for Pr (ppm)** | **Standard Quality Control for Pr (ppm)** | **Standard Quality Control for Pr (ppm)** |
|  | **Count** | **Value** | **Sigma** | **Pass** | **Warning** | **Failed** | **% Failed** |
| **OREAS_460** | 3 | 244 | 8 | 3 | 0 | 0 | 0 |
| **OREAS_461** | 4 | 489 | 21 | 3 | 1 | 0 | 0 |
| **OREAS_463** | 5 | 1004 | 43 | 5 | 0 | 0 | 0 |

---

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 58

8.3.1.4 Terbium

All of the Terbium (Tb) CRMs returned varied values (Figure 8-4). The values show multiple warnings and failures for Tb (Table 8-4). It is important to note that the values in the database are always conservative, returning lower values than the expected standard value. Therefore the data can be used, albeit not giving the project the full value it deserves. This is acceptable for the use of the data in this report but should be discussed for future work as better assay methods could impact the project positively. As noted in the introduction, SGS-Geosol assays were done with aqua regia (partial digestion) and four-acid (near total digestion) while the OREAS certificates were done with borate / peroxide fusion (total digestion). The author believes that the use of different digestion methods can have led to this discrepancy.

**Figure 8-4 Terbium Certified Reference Material**

![](ex96-1_040.jpg)

**Table 8-4 Terbium QAQC**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard Quality Control for Tb (ppm)** | **Standard Quality Control for Tb (ppm)** | **Standard Quality Control for Tb (ppm)** | **Standard Quality Control for Tb (ppm)** | **Standard Quality Control for Tb (ppm)** | **Standard Quality Control for Tb (ppm)** | **Standard Quality Control for Tb (ppm)** | **Standard Quality Control for Tb (ppm)** |
|  | **Count** | **Value** | **Sigma** | **Pass** | **Warning** | **Failed** | **% Failed** |
| **OREAS_460** | 3 | 5 | 0 | 1 | 1 | 1 | 33 |
| **OREAS_461** | 4 | 9 | 0 | 1 | 1 | 2 | 50 |
| **OREAS_463** | 5 | 20 | 1 | 2 | 2 | 1 | 20 |
| **OREAS_465** | 12 | 57 | 3 | 6 | 1 | 5 | 42 |

---

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 59

8.3.1.5 Lanthanum

Three of the Lanthanum (La) CRMs returned acceptable values (Figure 8-5). OREAS 465 is a high-grade CRM and all the values returned above the detection limit of 10,000 ppm La. The overlimits were not run during initial analyses, further testing would be required to compare the high-grade La values (Table 8-5). For the purpose of this report, we consider the samples to be acceptable.

**Figure 8-5 Lanthanum Certified Reference Material**

![](ex96-1_041.jpg)

**Table 8-5 Lanthanum QAQC**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard Quality Control for La (ppm)** | **Standard Quality Control for La (ppm)** | **Standard Quality Control for La (ppm)** | **Standard Quality Control for La (ppm)** | **Standard Quality Control for La (ppm)** | **Standard Quality Control for La (ppm)** | **Standard Quality Control for La (ppm)** | **Standard Quality Control for La (ppm)** |
|  | **Count** | **Value** | **Sigma** | **Pass** | **Warning** | **Failed** | **% Failed** |
| **OREAS_460** | 3 | 1369 | 75 | 3 | 0 | 0 | 0 |
| **OREAS_461** | 4 | 2690 | 158 | 4 | 0 | 0 | 0 |
| **OREAS_463** | 5 | 4966 | 139 | 4 | 1 | 0 | 0 |

---

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 60

8.3.1.6 Cerium

Two of the Cerium (Ce) CRM plots return acceptable values with no warning or failure rates. OREAS 463 returns values between 60,000 and 70,000 ppm Ce (Figure 8-6). OREAS 465 returned all 12 assayed CRM's above the detection limit of 10,000 ppm Ce. The overlimits were not run during initial analyses, further testing would be required to compare the high-grade Ce values (Table 8-6).

**Figure 8-6 Cerium Certified Reference Material**

![](ex96-1_042.jpg)

**Table 8-6 Cerium QAQC**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard Quality Control for Ce (ppm)** | **Standard Quality Control for Ce (ppm)** | **Standard Quality Control for Ce (ppm)** | **Standard Quality Control for Ce (ppm)** | **Standard Quality Control for Ce (ppm)** | **Standard Quality Control for Ce (ppm)** | **Standard Quality Control for Ce (ppm)** | **Standard Quality Control for Ce (ppm)** |
|  | **Count** | **Value** | **Sigma** | **Pass** | **Warning** | **Failed** | **% Failed** |
| **OREAS_460** | 3.00 | 1798 | 72 | 3.00 | 0.00 | 0.00 | 0.00 |
| **OREAS_461** | 4.00 | 3510 | 132 | 4.00 | 0.00 | 0.00 | 0.00 |
| **OREAS_463** | 5.00 | 6890 | 100 | 0.00 | 2.00 | 0.00 | 0.00 |

---

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 61

8.3.2 Blanks

A total of 15 Blanks were inserted into the sample sequence and analyzed at SGS Laboratories. Neodymium, Dysprosium, and Cerium return acceptable quality control results below 5 times the detection limit (Figure 8-7). Praseodymium, Lanthanum, and cerium return varied and unreliable results representing possible discrepancies (Table 8-7).

**Figure 8-7 Blank Quality Control**

![](ex96-1_043.jpg)

**Table 8-7 Blank QAQC**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Blank** | Blank: Nd (ppm) | Blank: Dy (ppm) | Blank: Pr (ppm) | Blank: Tb (ppm) | Blank: La (ppm) | Blank: Ce (ppm) |
| **Count** | 15 | 15 | 15 | 15 | 15 | 15 |
| **Passed** | 15 | 15 | 7 | 15 | 8 | 5 |
| **Warning** | 0 | 0 | 6 | 0 | 0 | 3 |
| **Failed** | 0 | 0 | 2 | 0 | 7 | 7 |
| **% Failed** | 0 | 0 | 13 | 0 | 47 | 47 |

---

8.4 Conclusion

A total of 24 standards were analysed. Neodymium, Praseodymium, Lanthanum, and Cerium returned acceptable values all within 2 standard deviations for OREAS 460, 461, and 463. The returned values for Nd, Pr, La, and Ce in OREAS 465 were above the detection limit of 10,000 ppm (Nd, La, and Ce) and 1,000 ppm (Pr). Dysprosium returned all acceptable values within 3 standard deviations for all four OREAS standards. There may be a possible discrepancy with the Terbium data due to different digestion methods.

A total of 15 Blanks were analysed. The analysis returned acceptable values within 5 times the detection limit for Nd, Dy, and Ce. Possible discrepancies were observed with Pr, La, and Ce.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 62

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| | |
|:---|:---|
| **9** | **DATA VERIFICATION** |

---

No property inspection has been completed at this time.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 63

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| | |
|:---|:---|
| **10** | **MINERAL PROCESSING AND METALLURGICAL TESTING** |

---

This section is not relevant to this Report.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 64

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| | |
|:---|:---|
| **11** | **MINERAL RESOURCE ESTIMATES** |

---

There are no Mineral Resource Estimates on this Project.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 65

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| | |
|:---|:---|
| **12** | **MINERAL RESERVE ESTIMATES** |

---

There are no Mineral Reserve Estimates on this Project.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 66

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| | |
|:---|:---|
| **13** | **MINING METHODS** |

---

This section is not relevant to this Report.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 67

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| | |
|:---|:---|
| **14** | **PROCESSING AND RECOVERY METHODS** |

---

This section is not relevant to this Report.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 68

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| | |
|:---|:---|
| **15** | **INFRASTRUCTURE** |

---

This section is not relevant to this Report.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 69

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| | |
|:---|:---|
| **16** | **MARKET STUDIES** |

---

This section is not relevant to this Report.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 70

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| | |
|:---|:---|
| **17** | **ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS** |

---

There are no environmental studies. There are no plans, negotiations or agreements with local individuals or groups.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 71

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| | |
|:---|:---|
| **18** | **CAPITAL AND OPERATING COSTS** |

---

This section is not relevant to this Report.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 72

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| | |
|:---|:---|
| **19** | **ECONOMIC ANALYSIS** |

---

This section is not relevant to this Report.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 73

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| | |
|:---|:---|
| **20** | **ADJACENT PROPERTIES** |

---

Atlas Critical Minerals mineral rights are located near to or adjacent to Resouro Strategic Minerals Inc. ("Resouro") and/or Equinox Resources Limited ("Equinox"), both of which are listed companies that have publicly disclosed the presence of significant concentrations of REE and titanium in their projects (Figure 20-1).

Resouro Company released its Maiden Report with 102 drillholes along with 20 previous drillholes (executed by Vicenza and Iluka, in 2011 and 2016). The 1,000-ppm cut-off was applied to resources estimative, which gathered 1.9 billion tonnes at 3,900 ppm TREO (Measured, Indicated, Inferred) with 1,100 ppm of MREO - Pr, Nd, Tb, Dy and 12% of TiO<sub>2</sub>. Most of the Resouro's drill holes show intervals with 7429 - 11200 ppm TREO, some reaching over 11,200 ppm TREO (Figure 20-2), and 16 – 23% TiO<sub>2</sub>, followed by many drillholes with intervals showing TiO<sub>2</sub> grades between 23 and 31% (Figure 20-3).

In the metallurgical tests phase, Resouro executed three tests so far: the 1<sup>st</sup> was carried out by Prosper Lab presented positive results for leaching under ammonium sulfate. The 2<sup>nd</sup> tests were performed by CTDN Lab held different, with negative results. The analytical results of these first two tests were not found. In August 2024, Resouro published analytical results carried out in the laboratory of the British and Australian company Altilium Group Limited (Figure 20-4). These were leaching tests with nitric acid, showing positive results for REE recovery under different conditions (pH, time, heat). In May 2025, Resouro announced that it was studying ways to transform Anatase (TiO<sub>2</sub>) into Rutile and recover REE using sulfuric acid, but did not provide details on analytical and recovery results.

Equinox is operating a drilling campaign in four permits: 833,402/2023, 5 km from Atlas Critical Minerals Block 2 (Figure 20-5); 833,403/2023, (neighbor to Atlas Critical Minerals Permit 832,701/2024); 833,404/2023 and 833,405/2023 (both neighbor to Atlas Critical Minerals Permit 831,645/2024). Equinox plans to announce Maiden Resource Report in 2025. Highlights of Equinox drilling intercepts:

● 36 m at 13.9% TiO₂, 3,885 ppm TREO, 855 ppm Nb₂O₅ from surface (DD25_072).

● 37 m at 13.0% TiO₂, 2,500 ppm TREO, 741 ppm Nb₂O₅ from surface (DD25_075).

● 31 m at 15.1% TiO₂, 3,452 ppm TREO, 802 ppm Nb₂O₅ from surface (DD25_120).

● 11 m at 16.17% TiO₂, 3,783 ppm TREO, 943 ppm Nb₂O₅ from surface (AD25_223).

● 15 m at 13.6% TiO₂, 3,983 ppm TREO, 862 ppm Nb₂O₅ from surface (DD25_098).

![](logoex96-1_001.jpg)

S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 74

**Figure 20-1 Atlas Critical Minerals Permits and Their Neighboring Competition of Resouro, in Yellow, and Equinox, in Green**

![](ex96-1_044.jpg)

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 75

**Figure 20-2 Resouro's Drill Holes Classified as the Highest-Grade Interception of TREO**

![](ex96-1_045.jpg)

**Figure 20-3 Resouro's Drill Holes Classified as the Highest-Grade Interception of TiO<sub>2</sub>**

![](ex96-1_046.jpg)

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 76

**Figure 20-4 Metallurgical Tests of Resouro - August 2024 Executed by the Company Altilium Group Limited. Leaching Test with HNO<sub>3</sub>**

**<sub> </sub>**

![](ex96-1_047.jpg)

Source: https://api.investi.com.au/api/announcements/rau/8f3fb983-263.pdf

**Figure 20-5 Equinox Section for their Patos Target, in the Region of the Block 2 Atlas Critical Minerals Areas**

![](ex96-1_048.jpg)

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 77

---

| | |
|:---|:---|
| **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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| | |
|:---|:---|
| **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 Alto Paranaíba Rare Earth Elements ("REE") and Titanium Project near the city of Patos de Minas, 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 Alto Paranaíba 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 by Atlas Critical Minerals started in 2024, where mineralization was tested through auger drilling and surface samples. Surface samples were collected (589 samples), and preliminary auger core drilling was conducted (5 auger drill holes), providing strong indications of the project's potential.

Further exploration was undertaken in 2025, which expanded the understanding of the Alto Paranaíba Project's mineral potential. A new sampling program was completed, with 220surface samples and 8 auger core drilling.

Initial surface and drilling samples show zones of high grades for rare earths and titanium and geological mapping has shown high volume potential for such mineralization.

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| | |
|:---|:---|
| **23** | **RECOMMENDATIONS** |

---

Atlas Critical Minerals objective is to rapidly issue a resource estimate and, in the medium term, develop an integrated mine and processing plant project for the beneficiation of rare earth oxides and titanium.

For the next phase of exploration, the work has been planned to seek synergies among the mineral rights areas, enabling proximity assessments and shared use of resources such as management teams, field supervision, and the necessary infrastructure to carry out the activities, as well as for service providers. The implementation will be divided into three phases.

In this first phase will target the development of mineral resources on mineral rights numbers 832,699/2024 and 832,698/2024, which have been designated as Block 1. The planned activities for this block are described below:

● The work will begin with Geophysical Magnetometric Survey (Drone MAG), Aerophotogrammetry, and a detailed topographic surveying using Lidar, with a budget of US$65,000.00.

● In addition, the program will include a 4,000-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$960,000.00

● The owner's team will be responsible for managing and supervising field activities, with a budget of US$235,000.00.

● Metallurgical Testing and SK-1,300 resource report with US$210,000.00.

● Other minors cost and Contingency US$80,000.00.

Totaling a value of US$1,550,000.00 for the resource report definition of both areas.

The second phase will target the development of mineral resources on mineral rights 832,704/2024, 832,703/2024, and 832,702/2024, collectively designated as Block 2. Located in the northernmost portion of the project area, these tenements will undergo the same set of activities previously described, as detailed below:

● The work will begin with Geophysical Magnetometric Survey (Drone MAG), Aerophotogrammetry, and a detailed topographic surveying using Lidar, with a budget of US$76,000.00.

● In addition, the program will include a 4,900-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$1,175,000.00

● The owner's team will be responsible for managing and supervising field activities, with a budget of US$290,000.00.

● Metallurgical Testing and SK-1,300 resource report with US$230,000.00.

● Other minors cost and Contingency US$90,000.00.

Totaling a value of US$1,861,000.00 for the resource report definition of three areas.

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S-K 1300 Technical Report – Alto Paranaíba REE and Titanium Project – Minas Gerais, Brazil Page 80

In the final stage of the material property exploration plan, the target will be the development of mineral resources on mineral rights 832,701/2024, 831,645/2024, and 831,643/2024, which are part of Block 2. These tenements are located in the southern portion of the block. The same exploration activities previously described will be implemented in this area, as outlined below:

● The work will begin with Geophysical Magnetometric Survey (Drone MAG), Aerophotogrammetry, and a detailed topographic surveying using Lidar, with a budget of US$71,000.00.

● In addition, the program will include a 4,100-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$1,100,000.00

● The owner's team will be responsible for managing and supervising field activities, with a budget of US$270,000.00.

● Metallurgical Testing and SK-1,300 resource report with US$225,000.00.

● Other minors cost and Contingency US$80,000.00.

Totaling a value of US$1,746,000.00 for the resource report definition of three areas.

If the outcome of this work is successful, it is recommended to evaluate a plan to generate a scoping study for the project or a similar early-stage economic assessment to guide future development decisions.

Note: Other areas not considered material properties are not have a planning for exploration at this time.

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|:---|:---|
| **24** | **REFERENCES** |

---

Brod, J. A., Gibson, S. A., Thompson, R. N., Junqueira-Brod, T. C., Seer, H. J., Moraes, L. D., and Boaventura, G. R. (2000). The kamafugite-carbonatite association in the Alto Paranaíba Igneous Province (APIP) southeastern Brazil. Revista Brasileira de Geociências, 30(3), 408-412.

Campos J.E.G., and Dardenne, M.A., 1997. Estratigrafia e sedimentação da bacia Sanfranciscana: Uma Revisão. Revista Brasileira Geociências, 27(3): 269-282.

Fragoso, D. G. C., Uhlein, A., Sanglard, J. C. D., Suckau, G. L., Guerzoni, H. T. G., and Faria, P. H., 2011. Geologia dos grupos Bambuí, Areado e Mata da Corda na folha Presidente Olegário (1: 100.000), MG: registro deposicional do Neoproterozóico ao Neocretáceo da Bacia do São Francisco. Geonomos, 19(1): 28 - 38.

Gomes, D. G. D. C., 2021. Atlas aerogeofísico do estado de Minas Gerais. Organizador Diego Guilherme da Costa Gomes. – Belo Horizonte: CPRM, 2021. 1 recurso eletrônico : PDF Levantamentos geológicos e integração geológica regional.

IBGE – Instituto Brasileiro de Geografia e Estatística, 2002. Mapa de Clima do Brasil, escala 1:5 000 000.

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.

Pedrosa Soares, A. C. P., Dardenne, M. A., Hasui, Y., Castro, F. D. C., and 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.

Reis, H, 2011. Projeto Alto Paranaíba-Folha Serra Selada, Cap. 13. CODEMIG-UFMG. 741-785.

Sedorko, D., Alessandretti, L., Warren, L. V., Verde, M., Rangel, C. C., Ramos, K. S., and Netto, R. G., 2020. Trace fossils from the upper cretaceous capacete formation, Sanfranciscana Basin, Central Brazil. In Annales Societatis Geologorum Poloniae (Vol. 90). 13 p.

Sgarbi, G.,1989. Geologia da Formação Areado: Cretáceo Inferior a Médio da Bacia do São Francisco, oeste do Estado de Minas Gerais. M.Sc.Thesis, Universidade Federal do Rio de Janeiro-UFRJ, 324 p.

Siqueira H.R. de., Alves G de F., and Guimarães E.C. 2007. Comportamento da precipitação pluviométrica mensal do estado de Minas Gerais: Análise espacial e temporal. Rev. Horizonte Científico. 1(7):1-21.

Takehara, L., 2015. Avaliação do Potêncial de Terras Raras no Brasil. Brasília: CPRM, 2015. 218 p.: il. – (Informe de Recursos Minerais, Série Minerais Estratégicos, 02).

Uhlein, A., de Freitas, A. M., da Cruz, A. B., da Silva, W. F., de Caxito, F. A., and de Moreira, G. C., 2011. Projeto Alto Paranaíba-Folha Carmo do Paranaíba, Cap. 07. CODEMIG-UFMG. 438-476.

Velásquez Ruiz, F., Cordeiro, P., Reich, M., Motta, J. G., Ribeiro, C. C., Angerer, T., and Bernardes, R. B., 2023. The genetic link between kamafugite magmatism and alkaline–carbonatite complexes in the Late Cretaceous Alto Paranaíba Igneous Province, Central Brazil. International Geology Review, 65(13), 2148-2170.

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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.

![](logoex96-1_001.jpg)

## Exhibit 96.2

**Exhibit 96.2**

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| | |
|:---|:---|
| ![](ex96-2_001.jpg) | ![](ex96-2_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: July 31, 2025

Effective Date: August 13, 2025

**Prepared by:**

SGS Canada Inc.

*SGS Project #19546-02*

![](ex96-2_003.jpg)

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

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | i |
| LIST OF FIGURES | LIST OF FIGURES | LIST OF FIGURES | ii |
| LIST OF TABLES | LIST OF TABLES | LIST OF TABLES | ii |
| 1 | SUMMARY | SUMMARY | 3 |
|  | 1.1 | Introduction | 3 |
|  | 1.2 | Property Description, Location, Access, and Physiography | 3 |
|  | 1.3 | History | 4 |
|  | 1.4 | Geology and Mineralization | 4 |
|  | 1.5 | Exploration | 5 |
|  | 1.6 | Data Verification | 5 |
|  | 1.7 | Mineral Processing and Metallurgical Testing | 5 |
|  | 1.8 | Mineral Resource Estimates | 5 |
|  | 1.9 | Adjacent Properties | 5 |
|  | 1.10 | Conclusions and Recommendations | 6 |
|  |  | Conclusions | 6 |
|  |  | Recommendations | 6 |
| 2 | INTRODUCTION | INTRODUCTION | 7 |
|  | 2.1 | Registrant Information | 7 |
|  | 2.2 | Terms of Reference and Purpose | 7 |
|  | 2.3 | Sources of Information | 7 |
|  | 2.4 | Personal Inspection Summary | 8 |
|  | 2.5 | Previously Filed Technical Report Summary Report | 8 |
|  | 2.6 | Units and Abbreviations | 8 |
| 3 | PROPERTY DESCRIPTION | PROPERTY DESCRIPTION | 10 |
|  | 3.1 | Property Description and Location | 10 |
|  | 3.2 | Mineral Tenure | 10 |
|  | 3.3 | Surface Rights | 12 |
|  | 3.4 | Royalties and Encumbrances | 12 |
|  | 3.5 | Reliance on Other Experts | 12 |
| 4 | ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY | ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY | 13 |
|  | 4.1 | Accessibility | 13 |
|  | 4.2 | Climate | 13 |
|  | 4.3 | Local Resources | 13 |
|  | 4.4 | Infrastructure | 13 |
|  | 4.5 | Physiography | 13 |
| 5 | HISTORY | HISTORY | 14 |
|  | 5.1 | Historical Resource Estimates | 14 |
|  | 5.2 | Past Production | 14 |
| 6 | GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT | GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT | 15 |
|  | 6.1 | Regional Geology | 15 |
|  | 6.2 | Local and Property Geology | 17 |
|  | 6.3 | Deposit Type | 19 |
| 7 | EXPLORATION | EXPLORATION | 20 |
|  | 7.1 | Surface Sampling | 20 |
|  | 7.2 | Auger Drilling | 23 |
| 8 | SAMPLE PREPARATION, ANALYSES, AND SECURITY | SAMPLE PREPARATION, ANALYSES, AND SECURITY | 25 |
| 9 | DATA VERIFICATION | DATA VERIFICATION | 26 |
| 10 | MINERAL PROCESSING AND METALLURGICAL TESTING | MINERAL PROCESSING AND METALLURGICAL TESTING | 27 |
|  | 10.1 | Scope | 27 |
|  | 10.2 | Methods of Chemical Analysis | 27 |
|  | 10.3 | Flotation | 28 |
|  | 10.4 | Sample Receiving | 29 |
|  | 10.5 | Chemical Analysis of The Original Samples | 29 |
|  | 10.6 | Flotation Results | 31 |
|  | 10.7 | Size by Size Analysis | 32 |
|  | 10.8 | Results and Conclusion | 33 |
|  | 10.9 | Suggestion For Further Work | 34 |

---

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

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| | | |
|:---|:---|:---|
| 11 | MINERAL RESOURCE ESTIMATES | 35 |
| 12 | MINERAL RESERVE ESTIMATES | 36 |
| 13 | MINING METHODS | 37 |
| 14 | PROCESSING AND RECOVERY METHODS | 38 |
| 15 | INFRASTRUCTURE | 39 |
| 16 | MARKET STUDIES | 40 |
| 17 | ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS | 41 |
| 18 | CAPITAL AND OPERATING COSTS | 42 |
| 19 | ECONOMIC ANALYSIS | 43 |
| 20 | ADJACENT PROPERTIES | 44 |
| 21 | OTHER RELEVANT DATA AND INFORMATION | 45 |
| 22 | INTERPRETATION AND CONCLUSIONS | 46 |
| 23 | RECOMMENDATIONS | 47 |
| 24 | REFERENCES | 48 |
| 25 | RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT | 49 |

---

**LIST OF FIGURES**

---

| | | |
|:---|:---|:---|
| Figure 3-1 | Location of the Malacacheta Project | 10 |
| Figure 3-2 | Malacacheta Property Map | 11 |
| Figure 6-1 | Geological Map of the Araçuaí Orogen | 16 |
| Figure 6-2 | Simplified Geology of the Macaúbas Group (Pedrosa-Soares et al., 2007) | 18 |
| Figure 6-3 | Local Geology of the Malacacheta Project | 19 |
| Figure 7-1 | Surface Samples from 2023 Exploration Campaign | 21 |
| Figure 7-2 | Surface Samples from 2024 Exploration Campaign | 21 |
| Figure 7-3 | Outcrop of Graphitic Mica Schist with Intercalated Gneiss Layers | 22 |
| Figure 7-4 | Outcrop of Graphitic Mica Schist with Flake Graphite | 22 |
| Figure 7-5 | Flake Graphite and Graphitic Schist Outcrop | 23 |
| Figure 7-6 | Location of Auger Holes in Tenement 831.698/2021 | 24 |
| Figure 10-1 | Test Work Flowsheet for Graphite Samples | 27 |
| Figure 10-2 | Flotation Test Work Flowsheet | 28 |

---

**LIST OF TABLES**

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| | | |
|:---|:---|:---|
| Table 1-1 | Final Size Intervals and Grades for Flotation Test Work | 5 |
| Table 2-1 | List of Abbreviations | 9 |
| Table 3-1 | Malacacheta Mineral Rights Description | 11 |
| Table 7-1 | Assay Results from 2023 Auger Drilling Campaign | 24 |
| Table 10-1 | Sample Identification and Weight | 29 |
| Table 10-2 | Analysis Results for LECO, XRF and LOI | 30 |
| Table 10-3 | Analysis Results for PHY00D on Ashes | 30 |
| Table 10-4 | Flotation Results for SMAL-00001 | 31 |
| Table 10-5 | Flotation Results for SMAL-00009 | 32 |
| Table 10-6 | Flotation Concentrate for SMAL-00001 | 32 |
| Table 10-7 | Flotation Concentrate for SMAL-00009 | 33 |
| Table 10-8 | Final Size Intervals and Grades for Flotation Test Work | 33 |

---

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

---

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.

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

There is limited local infrastructure in proximity to the project. The Irapé Hydroelectric Power Plant is approximately 120km 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.

**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.

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

**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.

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

---

**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.

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

**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.

**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

● 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.

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

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|:---|:---|
| **2** | **INTRODUCTION** |

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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.

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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S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil Page 8

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

**Table 2-1 List of Abbreviations**

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

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S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil Page 10

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|:---|:---|
| **3** | **PROPERTY DESCRIPTION** |

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**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**

**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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S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil Page 11

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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| | | | |
|:---|:---|:---|:---|
| **Tenement** | **Year Granted** | **Area (Ha)** | **Phase** |
| 831.698/2021 | 2021 | 260.95 | Exploration Permit |
| 830.954/2021 | 2021 | 997.28 | Exploration Permit |

---

**Figure 3-2 Malacacheta Property Map**

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

**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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S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil Page 13

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| | |
|:---|:---|
| **4** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY** |

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**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 9km 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 120km 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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S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil Page 14

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

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| | |
|:---|:---|
| **6** | **GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT** |

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**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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S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil Page 16

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

![](ex96-2_007.jpg)

![](ex96-2_004.jpg)

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

**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).

S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil Page 18

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

![](ex96-2_004.jpg)

S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil Page 19

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

**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).

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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S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil Page 20

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| | |
|:---|:---|
| **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.

![](ex96-2_004.jpg)

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

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

![](ex96-2_010.jpg)

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

![](ex96-2_011.jpg)

![](ex96-2_004.jpg)

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

**Figure 7-3 Outcrop of Graphitic Mica Schist with Intercalated Gneiss Layers**![](ex96-2_012.jpg)

**Figure 7-4 Outcrop of Graphitic Mica Schist with Flake Graphite**![](ex96-2_013.jpg)

![](ex96-2_004.jpg)

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

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

![](ex96-2_014.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.

![](ex96-2_004.jpg)

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

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

![](ex96-2_015.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |

---

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

![](ex96-2_004.jpg)

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

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| | |
|:---|:---|
| **8** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY** |

---

This section is not relevant to this Report.

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

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| | |
|:---|:---|
| **9** | **DATA VERIFICATION** |

---

No property inspection has been completed at this time.

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

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| | |
|:---|:---|
| **10** | **MINERAL PROCESSING AND METALLURGICAL TESTING** |

---

**10.1** **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**

**10.2** **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

● PHY01E: lost on ignition

● PHY00D: ashes determination by gravimetry.

● GC_ICP40BGR: ICP scan of the ashes

![](ex96-2_004.jpg)

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

**10.3** **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.

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

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

**10.4** **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**

---

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

---

**10.5** **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 %.

![](ex96-2_004.jpg)

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

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

---

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

---

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**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Chemical Composition of the Original Samples** | **Chemical Composition of the Original Samples** | **Chemical Composition of the Original Samples** | **Chemical Composition of the Original Samples** | **Chemical Composition of the Original Samples** | **Chemical Composition of the Original Samples** | **Chemical Composition of the Original Samples** | **Chemical Composition of the Original Samples** | **Chemical Composition of the Original Samples** | **Chemical Composition of the Original Samples** | **Chemical Composition of the Original Samples** | **Chemical Composition of the Original Samples** | **Chemical Composition of the Original Samples** | **Chemical Composition of the Original Samples** | **Chemical Composition of the Original Samples** |
| **Sample** | **Ashes (%)** | **Al_C (%)** | **Ca_C (%)** | **Fe_C (%)** | **K_C (%)** | **Mg_C (%)** | **Na_C (%)** | **P_C (%)** | **Ti_C (%)** | **Ba_C (%)** | **Cu_C (%)** | **La_C (%)** | **Sr_C (%)** | **V_C (%)** |
| SMAL-00001 | 80.6 | 3.11 | 0.02 | 1.82 | 0.98 | 0.17 | 0.05 | 0.02 | 0.17 | 392 | 26 | 61 | 30 | 462 |
| SMAL-00002 | 86.5 | 6.61 | 0.02 | 3.71 | 0.45 | 0.04 | 0.09 | 0.05 | 0.50 | 503 | 54 | 52 | 62 | 290 |
| SMAL-00003 | 89.5 | 5.17 | 0.03 | 3.39 | 0.27 | 0.04 | 0.02 | 0.05 | 0.44 | 341 | 44 | 63 | 58 | 174 |
| SMAL-00004 | 84.5 | 5.36 | 0.01 | 2.14 | 1.61 | 0.14 | 0.09 | 0.03 | 0.29 | 948 | 21 | 49 | 41 | 436 |
| SMAL-00005 | 85.6 | 4.94 | 0.02 | 1.09 | 1.79 | 0.15 | 0.11 | 0.03 | 0.25 | 959 | 13 | 53 | 130 | 490 |
| SMAL-00006 | 84.6 | 4.63 | 0.02 | 0.94 | 1.64 | 0.15 | 0.09 | 0.03 | 0.25 | 890 | 18 | 56 | 117 | 487 |
| SMAL-00007 | 82.9 | 4.88 | 0.01 | 2.84 | 1.57 | 0.15 | 0.09 | 0.04 | 0.32 | 1155 | 30 | 57 | 122 | 273 |
| SMAL-00008 | 83.8 | 4.63 | 0.01 | 1.11 | 1.80 | 0.15 | 0.11 | 0.03 | 0.26 | 867 | 35 | 46 | 84 | 456 |
| SMAL-00009 | 89.1 | 6.52 | 0.02 | 11.4 | 0.35 | 0.14 | 0.02 | 0.10 | 0.53 | 345 | 71 | 52 | 23 | 258 |

---

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

**10.6** **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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| | | | | |
|:---|:---|:---|:---|:---|
| **Flotation: SMAL-00001** | **Flotation: SMAL-00001** | **Flotation: SMAL-00001** | **Flotation: SMAL-00001** | **Flotation: SMAL-00001** |
| | **Mass** | **Mass** | **Graphitic Carbon (%)** | **Graphitic Carbon (%)** |
| <br>**Stage** | **(g)** | **(%)** | **Assay** | **Distribution** |
| ROM EXPERIMENTAL | 2000 |  | 15.4 |  |
| ROM CALCULATED | 1966 | 100 | 15.4 | 100 |
| ROUGHER TAIL | 1112 | 56.6 | 0.48 | 1.76 |
| ROUGHER CONC | 854 | 43.4 | 34.9 | 98.2 |
| CLEANER 1 TAIL | 324 | 16.5 | 0.47 | 0.50 |
| CLEANER I CONC | 530 | 27.0 | 56.0 | 97.7 |
| CLEANER II TAIL | 158 | 8.04 | 0.50 | 0.26 |
| CLEANER II CONC | 372 | 18.9 | 79.5 | 97.5 |
| CLEANER III TAIL | 25.0 | 1.27 | 4.87 | 0.40 |
| CLEANER III CONC | 347 | 17.7 | 84.9 | 97.1 |
| CLEANER IV TAIL | 25.0 | 1.27 | 9.28 | 0.76 |
| CLEANER IV CONC | 322 | 16.4 | 90.8 | 96.3 |
| CLEANER V TAIL | 8.00 | 0.41 | 44.7 | 1.18 |
| CLEANER V CONC | 314 | 16.0 | 91.9 | 95.1 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Flotation: SMAL-00009** | **Flotation: SMAL-00009** | **Flotation: SMAL-00009** | **Flotation: SMAL-00009** | **Flotation: SMAL-00009** |
| | **Mass** | **Mass** | **Graphitic Carbon (%)** | **Graphitic Carbon (%)** |
| <br>**Stage** | **(g)** | **(%)** | **Assay** | **Distribution** |
| ROM EXPERIMENTAL | 2000 |  | 1.89 |  |
| ROM CALCULATED | 1909 | 100 | 2.09 | 100 |
| ROUGHER TAIL | 1603 | 84 | 0.40 | 16 |
| ROUGHER CONC | 306 | 16 | 11 | 84 |
| CLEANER 1 TAIL | 202 | 10.6 | 1.22 | 6.15 |
| CLEANER I CONC | 105 | 5.47 | 29.8 | 77.8 |
| CLEANER II TAIL | 64.5 | 3.38 | 1.07 | 1.73 |
| CLEANER II CONC | 40 | 2.10 | 76 | 76.1 |
| CLEANER III TAIL | 5.50 | 0.29 | 10.5 | 1.45 |
| CLEANER III CONC | 34.5 | 1.81 | 86.4 | 74.6 |
| CLEANER IV TAIL | 3.50 | 0.18 | 6.09 | 0.53 |
| CLEANER IV CONC | 31 | 1.62 | 95.5 | 74.1 |
| CLEANER V TAIL | 0.50 | 0.03 | 37 | 0.46 |
| CLEANER V CONC | 30.5 | 1.60 | 96.5 | 73.6 |

---

**10.7** **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**

---

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

---

![](ex96-2_004.jpg)

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

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

---

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

---

**10.8** **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**

---

| | | |
|:---|:---|:---|
| **Size Interval**<br> **(µm)** | **C-Graph (%)**<br> **SMAL-00001** | **C-Graph (%)**<br> **SMAL-00009** |
| +300 | 93.0 |  |
| -300+180 | 96.6 | 93.8 |
| -180+150 | 94.5 | 95.3 |
| -150+75 | 93.1 | 97.7 |
| -75 | 91.3 | 93.0 |
| CONC CLN V EXP | 91.9 | 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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**10.9** **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

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| **11** | **MINERAL RESOURCE ESTIMATES** |

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There are no Mineral Resource Estimates on this Project.

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| **12** | **MINERAL RESERVE ESTIMATES** |

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There are no Mineral Reserve Estimates on this Project.

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| **13** | **MINING METHODS** |

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This section is not relevant to this Report.

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| **14** | **PROCESSING AND RECOVERY METHODS** |

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This section is not relevant to this Report.

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| **15** | **INFRASTRUCTURE** |

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This section is not relevant to this Report.

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| **16** | **MARKET STUDIES** |

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This section is not relevant to this Report.

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

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This section is not relevant to this Report.

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| **18** | **CAPITAL AND OPERATING COSTS** |

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This section is not relevant to this Report.

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| **19** | **ECONOMIC ANALYSIS** |

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This section is not relevant to this Report.

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| **20** | **ADJACENT PROPERTIES** |

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

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| **21** | **OTHER RELEVANT DATA AND INFORMATION** |

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

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| **22** | **INTERPRETATION AND CONCLUSIONS** |

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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.

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| **23** | **RECOMMENDATIONS** |

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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.

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| **24** | **REFERENCES** |

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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 São Francisco. Rev Bras Geocięnc 7: 349-364

Almeida, F. F. M. *Fundamentos geológicos do Brasil*. São Paulo: Instituto de Geociências 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.

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 FşA 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.

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.

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| **25** | **RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT** |

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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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