ATCX 6-K 2025 - Equibles

UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

FORM6-K

REPORTOF FOREIGN PRIVATE ISSUER

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

Date of Report: November 12, 2025

ATLASCRITICAL MINERALS CORPORATION

(Exact name of registrant as specified in its charter)

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

RuaAntônio de Albuquerque, 156, Suite 1720

BeloHorizonte, Minas Gerais, Brazil, 30112-010(Address of principal executive office)

MarcFogassaRua Antônio de Albuquerque, 156, Suite 1720

BeloHorizonte, Minas Gerais, Brazil, 30112-010

Telephone:(888) 412-0210

Email:[email protected]

(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:

CommonStock, par value $0.001 per share

(Title of Class)

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

ExhibitIndex

Exhibit	Description
23.1	Consent of SGS Canada Inc.
96.1	Technical Report Summary regarding the Malacacheta Graphite Project, Minas Gerais State, Brazil, dated October 24, 2025

SIGNATURE

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

Dated: November 12, 2025

By:	/s/ Marc Fogassa
Name:	Marc<br> Fogassa
Title:	Chief<br> Executive Officer

Exhibit23.1

CONSENTOF QUALIFIED PERSON

November 11, 2025

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

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

i)	The<br> use of and reference to our company name, including our status as an expert or “qualified<br> person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities<br> Exchange Commission (the “SEC”)), in connection with the Current Report on From<br> 6-K filed by the Company with the SEC, and any amendments thereto (the “Form 6-K”)<br> regarding the study titled “S-K 1300 Technical Report Summary on the Malacacheta Project,<br> Minas Gerais State, Brazil” dated October 24, 2025 (the “Malacacheta TRS”);
ii)	The<br> incorporation by reference of this consent, the use of our name and any extracts from, or<br> summary of, the Malacacheta TRS in the Form 6-K and the use of any information derived, summarized,<br> quoted or referenced from the Malacacheta TRS, or portions thereof, that was prepared by<br> SGS Canada Inc. – Mining Proficiency Group, into the Company’s filings with the<br> SEC.
SGS Canada Inc.
---	---
By:	/s/ Marc-Antoine Laporte, P.Geo, M.Sc.
Name:	Marc-Antoine<br> Laporte, P.Geo, M.Sc.

Exhibit 96.1

SK-1300TECHNICAL REPORT SUMMARY

ONTHE

MALACACHETAPROJECT,

MINASGERAIS STATE, BRAZIL

Preparedfor:

Atlas Critical Minerals Corporation (NASDAQ: JUPGF)

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

Minas Gerais, Brazil, 30112-010

Report Date: October 24, 2025

Effective Date: October 24, 2025

Preparedby:

SGS Canada Inc.

SGSProject #19546-02

SGS<br> Canada Inc.	Geological Services
	10<br> boul. de la Seigneurie Est, Suite 203, Blainville, Québec Canada J7C 3V5 t (450) 433-1050 f (450) 433-1048 www.geostat.com
	Member<br> of SGS Group (SGS SA)
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page i
---	---

TABLE OF CONTENTS
TABLE OF CONTENTS	i
LIST OF FIGURES	ii
LIST OF TABLES	iii
1 SUMMARY	4
1.1 Introduction	4
1.2 Property<br> Description, Location, Access, and Physiography	4
1.3 History	5
1.4 Geology and<br> Mineralization	5
1.5 Exploration	5
1.6 Data Verification	6
1.7 Mineral Processing<br> and Metallurgical Testing	6
1.8 Mineral Resource<br> Estimates	7
1.9 Adjacent<br> Properties	7
1.10 Conclusions<br> and Recommendations	7
1.10.1 Conclusions	7
1.10.2 Recommendations	7
2 INTRODUCTION	9
2.1 Registrant<br> Information	9
2.2 Terms of<br> Reference and Purpose	9
2.3 Sources of<br> Information	9
2.4 Personal<br> Inspection Summary	10
2.5 Previously<br> Filed Technical Report Summary Report	10
2.6 Units and<br> Abbreviations	10
3 PROPERTY DESCRIPTION	12
3.1 Property<br> Description and Location	12
3.2 Mineral Tenure	12
3.3 Surface Rights	14
3.4 Royalties<br> and Encumbrances	14
3.5 Reliance<br> on Other Experts	14
4 ACCESSIBILITY,<br> 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 Physiography	15
5 HISTORY	16
5.1 Historical<br> Resource Estimates	16
5.2 Past Production	16
6 GEOLOGICAL<br> SETTING, MINERALIZATION, AND DEPOSIT	17
6.1 Regional<br> Geology	17
6.2 Local and<br> Property Geology	19
6.3 Deposit Type	21
7 EXPLORATION	23
7.1 Surface Sampling	23
7.2 Auger Drilling	26
8 SAMPLE PREPARATION,<br> ANALYSES, AND SECURITY	28
9 DATA VERIFICATION	29
10 MINERAL PROCESSING<br> AND METALLURGICAL TESTING	30
10.1 Sample Analysis<br> and Initial Flotation Test Work	30
10.1.1 Scope	30
10.1.2 Methods<br> of Chemical Analysis	30
10.1.3 Flotation	31
10.1.4 Sample<br> Receiving	32
10.1.5 Chemical<br> Analysis of The Original Samples	33
SGS Geological Services
---
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page ii
---	---
10.1.6<br> Flotation Results	35
---	---
10.1.7 Size by<br> Size Analysis	36
10.1.8 Results<br> and Conclusion	37
10.1.9 Suggestion<br> For Further Work	38
10.2 Graphite<br> Processing and Characterization	38
10.2.1 Scope	38
10.2.2 Methods<br> of Analysis and Characterization	39
10.2.3 Incoming<br> Raw materials Analysis (IRMA)	40
10.2.4 Thermal<br> Purification	43
10.2.5 Results<br> and Conclusions	49
11 MINERAL RESOURCE<br> ESTIMATES	50
12 MINERAL RESERVE<br> ESTIMATES	51
13 MINING METHODS	52
14 PROCESSING<br> AND RECOVERY METHODS	53
15 INFRASTRUCTURE	54
16 MARKET STUDIES	55
17 ENVIRONMENTAL<br> STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS	56
18 CAPITAL AND<br> OPERATING COSTS	57
19 ECONOMIC ANALYSIS	58
20 ADJACENT PROPERTIES	59
21 OTHER RELEVANT<br> DATA AND INFORMATION	60
22 INTERPRETATION<br> AND CONCLUSIONS	61
23 RECOMMENDATIONS	62
24 REFERENCES	63
25 RELIANCE ON<br> INFORMATION PROVIDED BY THE REGISTRANT	66

LIST OF FIGURES

Figure<br> 3 1	Location<br> of the Malacacheta Project	12
Figure<br> 3 2	Malacacheta<br> Property Map	13
Figure<br> 6 1	Geological<br> Map of the Araçuaí Orogen	18
Figure<br> 6 2	Simplified<br> Geology of the Macaúbas Group (Pedrosa-Soares et al., 2007)	20
Figure<br> 6 3	Local<br> Geology of the Malacacheta Project	21
Figure<br> 7 1	Surface<br> Samples from 2023 Exploration Campaign	24
Figure<br> 7 2	Surface<br> Samples from 2024 Exploration Campaign	24
Figure<br> 7 3	Outcrop<br> of Graphitic Mica Schist with Intercalated Gneiss Layers	25
Figure<br> 7 4	Outcrop<br> of Graphitic Mica Schist with Flake Graphite	25
Figure<br> 7 5	Flake<br> Graphite and Graphitic Schist Outcrop	26
Figure<br> 7 6	Location<br> of Auger Holes in Tenement 831.698/2021	27
Figure<br> 10 1	Test<br> Work Flowsheet for Graphite Samples	30
Figure<br> 10 2	Flotation<br> Test Work Flowsheet	32
Figure<br> 10 3	Block<br> Diagram Flowsheet of Graphite Processing and Characterization	39
Figure<br> 10 4	SEM<br> Imagery of the “As Received” Sample	40
Figure<br> 10 5	Screen<br> Analysis Results for the “As Received” Sample	42
Figure<br> 10 6	Screen<br> Analysis Results for Purified Material	44
Figure<br> 10 7	SEM<br> Images of +40 Mesh Purified Material	45
Figure<br> 10 8	SEM<br> Images of +50 Mesh Purified Material	46
Figure<br> 10 9	SEM<br> Images of +80 Mesh Purified Material	47
Figure<br> 10 10	SEM<br> Images of +100 Mesh Purified Material	48
Figure<br> 10 11	SEM<br> Images of -100 Mesh Purified Material	49
SGS Geological Services
---
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page iii
---	---

LIST OF TABLES

Table<br> 1 1	Final<br> Size Intervals and Grades for Flotation Test Work	6
Table<br> 2 1	List<br> of Abbreviations	11
Table<br> 3 1	Malacacheta<br> Mineral Rights Description	13
Table<br> 7 1	Assay<br> Results from 2023 Auger Drilling Campaign	27
Table<br> 10 1	Sample<br> Identification and Weight	32
Table<br> 10 2	Analysis<br> Results for LECO, XRF and LOI	34
Table<br> 10 3	Analysis<br> Results for PHY00D on Ashes	34
Table<br> 10 4	Flotation<br> Results for SMAL-00001	35
Table<br> 10 5	Flotation<br> Results for SMAL-00009	36
Table<br> 10 6	Flotation<br> Concentrate for SMAL-00001	36
Table<br> 10 7	Flotation<br> Concentrate for SMAL-00009	37
Table<br> 10 8	Final<br> Size Intervals and Grades for Flotation Test Work	37
Table<br> 10 9	IRMA<br> Results for the “As Received” Sample	41
Table<br> 10 10	Particle<br> Size Analysis for the “As Received” Sample	42
Table<br> 10 11	Screen<br> Analysis Results for the “As Received” Sample	43
Table<br> 10 12	Characterization<br> Results for Thermally Purified Material	43
Table<br> 10 13	Particle<br> Size Analysis Results for Thermally Purified Material	44
Table<br> 10 14	Screen<br> Analysis Results for Purified Material	45
Table<br> 10 15	Characterization<br> Results for +40 Mesh Purified Material	45
Table<br> 10 16	Characterization<br> Results for +50 Mesh Purified Material	46
Table<br> 10 17	Characterization<br> Results for +80 Mesh Purified Material	47
Table<br> 10 18	Characterization<br> Results for +100 Mesh Purified Graphite Flake	47
Table<br> 10 19	Characterization<br> Results for -100 Mesh Purified Material	48
SGS Geological Services
---
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 4
---	---
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<br> Description, Location, Access, and Physiography

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

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

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 5
---	---
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<br> and Mineralization

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

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

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

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

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

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

1.5	Exploration

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

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

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<br> Verification

No property inspection has been completed at this time.

1.7	Mineral<br> 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

Size Interval<br><br> <br>(µm)	C-Graph (%)<br><br> <br>SMAL-00001	C-Graph (%)<br><br> <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<br> CLN V EXP	91.9	96.5

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

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

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

1)	The<br> flakes were very thin
2)	Mineral<br> impurities were located on the flakes’ surfaces as opposed to being intercalated as<br> gangue within the mineral structure.
---	---

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 7
---	---
1.8	Mineral<br> Resource Estimates
---	---

There are no Mineral Resource Estimates on this Project.

1.9	Adjacent<br> Properties

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

1.10	Conclusions<br> 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.

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

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

1.10.2	Recommendations

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

●	A<br> Geophysical Magnetometric Survey (Drone MAG), Aerophotogrammetry, and detailed topographic<br> surveying using Lidar, with a budget of US$ 75,000.00.
●	Detailed<br> fieldwork, including the collection of samples for chemical analysis to support high-resolution<br> geological mapping, to be carried out by Atlas Critical Minerals’s team of geologists,<br> with a budget of US$ 85,000.00.
---	---
●	In<br> addition, the program will include a 5,000-meter drilling campaign, supported by the implementation<br> of all necessary infrastructure for a complete sample management and quality control chain.<br> This will encompass chemical analyses, proper sample storage in a dedicated facility, and<br> the application of rigorous QA/QC protocols. The estimated budget for this phase is US$1,550,000.00
---	---
SGS Geological Services
---
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 8
---	---
●	The<br> Atlas team will be responsible for managing and supervising field activities, with a budget<br> of US$ 160,000.00.
---	---
●	Metallurgical<br> Testing and SK-1,300 resource report with US$ 170,000.00.
---	---
●	Contingency<br> US$ 105,000.00.
---	---
●	The<br> total value of expenditures for the exploration program is US$ 2,145,000.00 for the resource<br> report definition of both areas.
---	---

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 9
---	---
2	INTRODUCTION
---	---

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

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

2.1	Registrant<br> 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.

2.2	Terms<br> of Reference and Purpose

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

2.3	Sources<br> 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.

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

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<br> Queiroz, Mariella Catarino, and Lucas Roux - Consultants
●	Igor<br> Tkachenko - Advisor
---	---
2.4	Personal<br> Inspection Summary
---	---

No property inspection has been completed at this time.

2.5	Previously<br> Filed Technical Report Summary Report

There have been no previous reports filed on this property.

2.6	Units<br> 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.

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

Table 2-1 List of Abbreviations

$	Dollar<br> sign	m	Metres
%	Percent<br> sign	m^2^	Square<br> meters
°	Degree	m^3^	Cubic<br> meters
°C	Degree<br> Celsius	masl	Metres<br> above sea level
°F	Degree<br> Fahrenheit	mm	millimeter
µm	micron	mm^2^	square<br> millimeter
AA	Atomic<br> absorption	mm^3^	cubic<br> millimeter
Au	Gold	Moz	Million<br> troy ounces
Az	Azimuth	MRE	Mineral<br> Resource Estimate
$CAD	Canadian<br> dollar	Mt	Million<br> tonnes
cm	centimeter	mtph	Metric<br> Tonnes per Hour
cm^2^	square<br> centimeter	N	North
cm^3^	cubic<br> centimeter	NAD<br> 83	North<br> American Datum of 1983
C	Carbon	Ni	Nickel
Co	Cobalt	NQ	Drill<br> core size (4.8 cm in diameter)
DDH	Diamond<br> drill hole	OES	Optical<br> emission spectroscopy
E	East	ppm	Parts<br> per million
ft	Feet	QA	Quality<br> Assurance
ft^2^	Square<br> feet	QC	Quality<br> Control
ft^3^	Cubic<br> feet	QP	Qualified<br> Person
g	Grams	RC	Reverse<br> circulation drilling
GPS	Global<br> Positioning System	RQD	Rock<br> quality description
Ha	Hectares	SG	Specific<br> Gravity
HQ	Drill<br> core size (6.3 cm in diameter)	Ton	Short<br> Ton
ICP	Induced<br> coupled plasma	Tonnes<br> or T	Metric<br> tonnes
kg	Kilograms	$US	US<br> Dollar
km	Kilometers	UTM	Universal<br> Transverse Mercator
km^2^	Square<br> kilometer
SGS Geological Services
---
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 12
---	---
3	PROPERTY<br>DESCRIPTION
---	---
3.1	Property<br> Description and Location
---	---

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<br> 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.

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

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

Tenement	Year Granted	Area (Ha)	Phase
831.698/2021	2021	260.95	Exploration<br> Permit
830.954/2021	2021	997.28	Exploration<br> Permit

Figure 3-2 Malacacheta Property Map

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 14
---	---
3.3	Surface<br> 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<br> and Encumbrances

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

3.5	Reliance<br> 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.

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 15
---	---
4	ACCESSIBILITY,<br>CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY
---	---
4.1	Accessibility
---	---

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

4.2	Climate

The 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<br> Resources

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

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

4.4	Infrastructure

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

4.5	Physiography

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 16
---	---
5	HISTORY
---	---

5.1	Historical<br> Resource Estimates

There are no historical estimates for the project.

5.2	Past<br> Production

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 17
---	---
6	GEOLOGICAL<br>SETTING, MINERALIZATION, AND DEPOSIT
---	---
6.1	Regional<br> Geology
---	---

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

Figure 6-1 Geological Map of the Araçuaí Orogen

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 19
---	---
6.2	Local<br> 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).

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

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

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

Figure 6-3 Local Geology of the Malacacheta Project

6.3	Deposit<br> Type

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

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

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 %”.

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

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<br> of public data: GIS database containing mainly lithologies, geophysics, public mapping data.
●	Geological<br> reconnaissance: Two geological reconnaissance campaigns were carried out in the area, one<br> in 2023 and the second in 2024, with the identification of graphitic outcrops, collection<br> of samples and delimitation of bodies
---	---
●	Sampling:<br> 9 samples were collected during the first geological reconnaissance field (2023) and 17 samples<br> in the second campaign in 2024.
---	---
●	Auger<br> drilling: A total of 21 auger holes were drilled on the property in 2023.
---	---
7.1	Surface<br> 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.

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

Figure 7-1 Surface Samples from 2023 Exploration Campaign

Figure 7-2 Surface Samples from 2024 Exploration Campaign

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

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

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

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

Figure 7-5 Flake Graphite and Graphitic Schist Outcrop

7.2	Auger<br> 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.

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

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

Table 7-1 Assay Results from 2023 Auger Drilling Campaign

Auger Hole	From (m)	To (m)	Intercept (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.

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 28
---	---
8	SAMPLE<br>PREPARATION, ANALYSES, AND SECURITY
---	---

This section is not relevant to this Report.

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

9	DATA<br>VERIFICATION

No property inspection has been completed at this time.

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

10	MINERAL<br>PROCESSING AND METALLURGICAL TESTING
10.1	Sample<br> Analysis and Initial Flotation Test Work
---	---
10.1.1	Scope
---	---

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

●	crushing<br> samples to top size of 1.0 mm
●	determining<br> the head assay of the samples
---	---
●	flotation<br> after regrinding and attrition for two of the samples
---	---
●	size-by-size<br> analysis of the final flotation concentrates
---	---

Figure 10-1 shows the test work flowsheet.

Figure 10-1 Test Work Flowsheet for Graphite Samples

10.1.2	Methods<br> of Chemical Analysis

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

●	GC_CSA05V:<br> determination of graphitic carbon via LECO
●	XRF82GR:<br> x-ray fluorescence to determine the contaminants
---	---
SGS Geological Services
---
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 31
---	---
●	PHY01E:<br> lost on ignition
---	---
●	PHY00D:<br> ashes determination by gravimetry.
---	---
●	GC_ICP40BGR:<br> ICP scan of the ashes
---	---
10.1.3	Flotation
---	---

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

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

●	rougher:<br> 1000 g/t of dispersant (Sodium silicate), 375 g/t of collector (Kerosene) and 200 g/t of<br> frother (Flotanol D-25);
●	cleaner<br> 1, 2 and 4: 50 g/t of collector (Kerosene) and 25 g/t of frother (Flotanol D-25);
---	---
●	no<br> 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.

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

Figure 10-2 Flotation Test Work Flowsheet

10.1.4	Sample<br> 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 <br><br> Units	Total Mass<br><br> <br>(kg)
SMAL<br> - 00001	1	21.5
SMAL<br> – 00002	1	24.2
SMAL<br> – 00003	1	23.1
SMAL<br> – 00004	3	71.0
SMAL<br> – 00005	2	49.2
SMAL<br> – 00006	1	24.3
SMAL<br> – 00007	1	24.3
SMAL<br> – 00008	1	23.6
SMAL<br> - 00009	1	25.0
SGS Geological Services
---
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 33
---	---
10.1.5	Chemical<br> 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 SiO2, as well as aluminum, from 12.7% to 21.3% Al2O3 and iron, from 1.53% to 18.1% Fe2O3.

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 %.

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 34
---	---

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

Chemical Composition of the Original Samples
Sample	C-Graph<br><br> <br>(%)	LOI<br><br> <br>(%)	Al2O3<br><br> <br>(%)	BaO<br><br> <br>(%)	Cr2O3<br><br> <br>(%)	Fe2O3<br><br> <br>(%)	K2O<br><br> <br>(%)	MgO<br><br> <br>(%)	MnO<br><br> <br>(%)	P2O5<br><br> <br>(%)	SiO2<br><br> <br>(%)	SrO<br><br> <br>(%)	TiO2<br><br> <br>(%)	V2O5<br><br> <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
Sample	Ashes<br><br> <br>(%)	Al_C<br><br> <br>(%)	Ca_C<br><br> <br>(%)	Fe_C<br><br> <br>(%)	K_C<br><br> <br>(%)	Mg_C<br><br> <br>(%)	Na_C<br><br> <br>(%)	P_C<br><br> <br>(%)	Ti_C<br><br> <br>(%)	Ba_C<br><br> <br>(%)	Cu_C<br><br> <br>(%)	La_C<br><br> <br>(%)	Sr_C<br><br> <br>(%)	V_C<br><br> <br>(%)
SMAL-00001	80.6	3.11	0.02	1.82	0.98	0.17	0.05	0.02	0.17	392	26.0	61.0	30.0	462
SMAL-00002	86.5	6.61	0.02	3.71	0.45	0.04	0.09	0.05	0.50	503	54.0	52.0	62.0	290
SMAL-00003	89.5	5.17	0.03	3.39	0.27	0.04	0.02	0.05	0.44	341	44.0	63.0	58.0	174
SMAL-00004	84.5	5.36	0.01	2.14	1.61	0.14	0.09	0.03	0.29	948	21.0	49.0	41.0	436
SMAL-00005	85.6	4.94	0.02	1.09	1.79	0.15	0.11	0.03	0.25	959	13.0	53.0	130	490
SMAL-00006	84.6	4.63	0.02	0.94	1.64	0.15	0.09	0.03	0.25	890	18.0	56.0	117	487
SMAL-00007	82.9	4.88	0.01	2.84	1.57	0.15	0.09	0.04	0.32	1155	30.0	57.0	122	273
SMAL-00008	83.8	4.63	0.01	1.11	1.80	0.15	0.11	0.03	0.26	867	35.0	46.0	84.0	456
SMAL-00009	89.1	6.52	0.02	11.4	0.35	0.14	0.02	0.10	0.53	345	71.0	52.0	23.0	258
SGS Geological Services
---
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 35
---	---
10.1.6	Flotation<br> 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<br> SMAL - 00001 generated a final concentrate of high grade and recovery, namely, 91.9% graphitic<br> carbon and 95.1% metallurgical recovery
●	the<br> final concentrate generated by sample SMAL - 00009 was also high in grade, at 96.5% graphitic<br> carbon, but the metallurgical recovery dropped to 73.6%.
---	---

Table 10-4 Flotation Results for SMAL-00001

Flotation: SMAL-00001
Stage	Mass		Graphitic Carbon (%)
	(g)	(%)	Assay	Distribution
ROM<br> EXPERIMENTAL	2000	-	15.4	-
ROM<br> CALCULATED	1966	100	15.4	100
ROUGHER<br> TAIL	1112	56.6	0.48	1.76
ROUGHER<br> CONC	854	43.4	34.9	98.2
CLEANER<br> 1 TAIL	324	16.5	0.47	0.50
CLEANER<br> I CONC	530	27.0	56.0	97.7
CLEANER<br> II TAIL	158	8.04	0.50	0.26
CLEANER<br> II CONC	372	18.9	79.5	97.5
CLEANER<br> III TAIL	25.0	1.27	4.87	0.40
CLEANER<br> III CONC	347	17.7	84.9	97.1
CLEANER<br> IV TAIL	25.0	1.27	9.28	0.76
CLEANER<br> IV CONC	322	16.4	90.8	96.3
CLEANER<br> V TAIL	8.00	0.41	44.7	1.18
CLEANER<br> V CONC	314	16.0	91.9	95.1
SGS Geological Services
---
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 36
---	---

Table 10-5 Flotation Results for SMAL-00009

Flotation: SMAL-00009
Stage	Mass		Graphitic Carbon (%)
	(g)	(%)	Assay	Distribution
ROM<br> EXPERIMENTAL	2000	-	1.89	-
ROM<br> CALCULATED	1909	100	2.09	100
ROUGHER<br> TAIL	1603	84.0	0.40	16.0
ROUGHER<br> CONC	306	16.0	11.0	84.0
CLEANER<br> 1 TAIL	202	10.6	1.22	6.15
CLEANER<br> I CONC	105	5.47	29.8	77.8
CLEANER<br> II TAIL	64.5	3.38	1.07	1.73
CLEANER<br> II CONC	40.0	2.10	76.0	76.1
CLEANER<br> III TAIL	5.50	0.29	10.5	1.45
CLEANER<br> III CONC	34.5	1.81	86.4	74.6
CLEANER<br> IV TAIL	3.50	0.18	6.09	0.53
CLEANER<br> IV CONC	31.0	1.62	95.5	74.1
CLEANER<br> V TAIL	0.50	0.03	37.0	0.46
CLEANER<br> V CONC	30.5	1.60	96.5	73.6
10.1.7	Size<br> 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<br> sample SMAL - 00001, the flakes in the -300 to +180 microns interval represent 9.23% of the<br> sample mass, with the assay of graphitic carbon at 96.6%. The material in the minus 75-micron<br> range accounted for 36.4% of total mass.
●	for<br> sample SMAL - 00009, the flakes in the -300 to +180 microns interval represent 2.56% of the<br> sample mass, with an assay value of 93.8% graphitic carbon, however, the material in the<br> minus 75-micron range accounted for 69.2% of total mass.
---	---

Table 10-6 Flotation Concentrate for SMAL-00001

SMAL-00001 – Final Concentrate
Size Interval<br><br> <br>(µm)	weight<br><br> <br>(%)	C-Graph<br><br> <br>(%)
+300	1.03	93,0
-300+180	9.23	96.6
-180+150	9.74	94.5
-150+75	43.6	93.1
-75	36.4	91.3
CONC<br> CLN V CALC	100	92.9
CONC<br> CLN V EXP	100	91.9
SGS Geological Services
---
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 37
---	---

Table 10-7 Flotation Concentrate for SMAL-00009

SMAL-00009 – Final Concentrate
Size Interval<br><br> <br>(µm)	weight<br><br> <br>(%)	C-Graph<br><br> <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<br> CLN V CALC	100	94.2
CONC<br> CLN V EXP	100	96.5
10.1.8	Results<br> 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><br> <br>(µm)	C-Graph (%)<br><br> <br>SMAL-00001	C-Graph (%)<br><br> <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<br> 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<br> content of graphitic carbon averaged 9.07% among the original samples, ranging from 1.71%<br> for SMAL - 00003 to 15.4% for SMAL - 00001
●	Flotation<br> of both the highest and second lowest grade samples generated final concentrates of 96.5%<br> graphitic carbon for SMAL - 00009 and 91.9% for SMAL - 00001
---	---
●	Metallurgical<br> recovery was 96.5% for SMAL - 00001 and 73.6% for SMAL - 00009
---	---
●	The<br> flakes in the -300+180 microns interval of the flotation concentrate generated by sample<br> SMAL - 00001 represented 9.23% of the sample, with 96.6% graphitic carbon assay. For sample<br> SMAL - 00009, the flakes represent only 2.56% of the sample mass and the material below 75<br> microns was up to 69.2%.
---	---
SGS Geological Services
---
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 38
---	---
10.1.9	Suggestion<br> 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<br> characterization tests
●	Tests<br> with variations in process routes
---	---
●	Tests<br> for grinding and flotation optimization, including LCT
---	---
●	Tests<br> considering desliming
---	---
●	Tests<br> to determine the optimal dosage and types of reagents
---	---
●	Conduct<br> further flotation work using samples SMAL - 00009 and SMAL - 00001 to optimize the flotation<br> conditions and apply those conditions to the other samples
---	---
●	Include<br> total sulfur by LECO and exclude ICP in the chemical analysis of the original samples and<br> flotation products
---	---
●	Test<br> a larger number of samples to determine the variability of the deposit with geometallurgy<br> studies
---	---
10.2	Graphite<br> Processing and Characterization
---	---
10.2.1	Scope
---	---

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

The test work by AETC comprised:

●	Characterization<br> of “as received” material
●	Downstream<br> drying, calcination and thermal purification
---	---
●	Characterization<br> of purified material
---	---
●	Screening<br> and associated analysis of purified material to produce commercially viable “graphite<br> industry standard” sample cuts
---	---
●	Characterization<br> of screened purified material to generate Product Information Bulletins, which can be presented<br> to the market
---	---
●	The<br> development of process block diagram from the point of receipt of the concentrate to the<br> point of release of screened thermally purified precursors either directly to the market<br> (where applicable) or to further downstream processors
---	---

The test work was performed between the 3^rd^ September 2025 and the 10^th^ October 2025.

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 39
---	---

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

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

10.2.2	Methods<br> of Analysis and Characterization

AETC carried out the following tests on the supplied sample:

●	Moisture<br> content of the “as received” material was undertaken to determine the amount<br> of residual water in the supplied sample.
●	The<br> volatile content of contaminants was determined by heating the residual mass to 600°C,<br> 950°C and 1450°C for 20 minutes at each temperature to determine the volatile content<br> at each of the temperature reactivity stages.
---	---
●	The<br> apparent density or Scott Volume was calculated using ATSM B 329
---	---
●	The<br> tap density of the sample was determined using B 527 e1 – “Standard Test Method<br> for Determination of Tap Density of Metallic Powders and Compounds.”
---	---
●	Loss<br> on Ignition was determined in accordance with ASTM C561.
---	---
●	The<br> rough elemental composition of the contaminant ash was determined via Ash Spectrophotometry.
---	---
●	The<br> particle sizes of the materials tested were measured utilizing a Microtrac S3500 Series Light<br> Scattering Particle Size Analyzer and a Horiba LA-910 Light Scattering Particle Size Analyzer,<br> both of which meet ISO 13320-1 Standard: “Particle size analysis - Laser Diffraction<br> methods.”
---	---
●	The<br> Sample Image Analyzer (SIA) attachment on the Microtrac S3500 series laser particle size<br> analyzer adds the capability of imaging particles flowing through the system in real time.<br> SIA measures the morphological properties, such as the particle aspect ratios of the sample<br> particles analyzed.
---	---
●	For<br> screening the graphite material into different cuts based on particle size, AETC employed<br> a W.S. TYLER^®^, RX-29 Ro-Tap Sieve Shaker machine.
---	---
●	To<br> determine the surface area of a material sample, AETC employed a Quantachrome NOVA 2200e,<br> 2-station, multi-gas (i.e. N2 / Ar / CO2 / CH4 / C4H10)<br> surface area analyzer. This instrument is outfitted with a built-in microprocessor guided<br> calibration feature, which adheres to the ISO-9000 requirements.
---	---
●	A<br> JEOL JCM-7000 Scanning Electron Microscope (SEM) was used to produce images of selected samples.<br> An electron beam in the range of 1-10 keV was used for imaging. The Secondary Electron Imaging<br> mode (SE) was employed for samples used in this study to generate micrographs with high magnification.<br> Certain samples presented in this report were additionally analyzed by EDS (energy dispersive<br> scan) function of an SEM to give a rough elemental composition of the area analyzed.
---	---
SGS Geological Services
---
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 40
---	---
●	An<br> AmScope MU2003 Optical Microscope Camera was used to capture images of the selected samples.<br> These more sparsely populated sections of the slide were investigated at 40x, 50x, 100x and<br> 400x magnification, where appropriate, to obtain detailed images of the particles. After<br> each image was captured, a scale bar was added and the diameters of 2 to 3 particles within<br> the image were measured and displayed on the image to give an idea of the particle sizes<br> being viewed.
---	---
10.2.3	Incoming<br> Raw materials Analysis (IRMA)
---	---

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

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

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

Figure 10-4 SEM Imagery of the “As Received” Sample

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 41
---	---

Table 10-9 shows IRMA results for “as-received” material. It was observed that the sample had a high moisture content, namely 23.82 wt.% H2O. High moisture content is likely due to water residue and insufficient drying of the sample incurred during upstream processing of this natural flake graphite at the lab which produced the concentrate. It is recommended that upstream processing for the drying step be put on site at the concentrator plant so that Atlas does not need to ship material with excessive amounts of moisture. Material having 23.82 wt.% H2O won’t pass industry specifications which for concentrate materials on the market amounts to less than 0.1 wt.% H2O.

Table 10-9 IRMA Results for the “As Received” Sample

Sample	Moisture Content (wt.%)	Volatile Content (wt.%)			TGC (wt.%)	Ash (%)	Tap Density (g/cm^3^)	Scott Volume (g/cm^3^)	Surface Area (m^2^/g)
		600⁰C	950⁰C	1450⁰C
GN250903001	23.82	0.69	0.26	2.21	93.95	6.05	0.53	0.29	15.32

While moisture is a derivative of upstream processing and is not necessarily tied to properties of graphite itself, its volatile content reflects an intrinsic feature of graphite flake found in Malacacheta resource. AETC conducted volatile tests at 3 temperatures that are listed in Table 10-9. Volatiles expressed at 600°C amount to 0.69 wt.% of dried sample weight and is associated with the removal of carbonates, as well as potential organic frother’s residue from flotation. Volatiles expressed at 900°C amounted to 0.26 wt.% of dried, de-carbonized sample weight. The weight loss at these temperatures is associated with the removal of volatile organic residue, low molecular weight hydrocarbons, and any PAH residue which may be present in the structure of this flake. Lastly, volatiles expressed at 1450°C amount to 2.21 wt.% and can be associated with the start of decomposition of aluminum oxide, iron oxide, as well as the removal of sulfur (main component) in the form SO2 from within the structure of graphite. The overall volatile matter amounts to 3.16 wt.%, not counting moisture. For reference, the best materials on the market feature volatiles of less than 0.1 wt.%. The condition can be achieved by placing a high temperature calciner at the tail end of the process for making concentrate grade graphite.

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

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

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

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

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 42
---	---

Table 10-10 Particle Size Analysis for the “As Received” Sample

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

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

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

Figure 10-5 Screen Analysis Results for the “As Received” Sample

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 43
---	---

Table 10-11 Screen Analysis Results for the “As Received” Sample

GN250903001 –<br><br> <br>“As Received”
Mesh Size	Weight (%)
30	0.00
40	0.03
50	0.67
60	1.79
70	2.52
80	4.31
100	9.59
120	7.10
140	10.64
200	20.28
230	10.24
270	5.91
325	6.83
450	7.46
500	6.69
635	4.02
-635	1.92
10.2.4	Thermal<br> Purification
---	---

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

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

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

Table 10-12 Characterization Results for Thermally Purified Material

Sample	LOI (wt.%)	Ash (wt.%)	Tap Density (g/cm^3^)	Scott Volume (g/cm^3^)	Surface Area (m^2^/g)
GN250903001P<br> - Bulk	99.9995	0.0005	0.456	0.291	0.89

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 44
---	---

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

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

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

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

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

Figure 10-6 Screen Analysis Results for Purified Material

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 45
---	---

Table 10-14 Screen Analysis Results for Purified Material

GN250903001 - Purified
Mesh Size	Weight (%)
40	0.17
50	0.79
80	9.07
100	11.15
-100	78.82
10.2.4.1	+40<br> Mesh Material
---	---

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

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

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

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

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

(65x)	(120x)

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 46
---	---
10.2.4.2	+50<br> Mesh Material
---	---

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

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

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

Sample	LOI (wt.%)	Ash (wt.%)	Surface Area (m^2^/g)	Particle Size, mm
				MV	D10	D50	D90
GN250903001<br> +50 Mesh	99.9995	0.0005	0.61	134.46	27.18	80.48	134.46

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

(60x)	(190x)
10.2.4.3	+80<br> Mesh Material
---	---

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 47
---	---

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

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

Sample	LOI (wt.%)	Ash (wt.%)	Tap Density (g/cm^3^)	Scott Volume (g/cm^3^)	Surface Area (m^2^/g)
GN250903001<br> +80 Mesh	99.9995	0.0005	0.517	0.378	0.54

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

(45x)	(270x)
10.2.4.4	+100<br> Mesh Material
---	---

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

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

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

Sample	LOI (wt.%)	Ash (wt.%)	Tap Density (g/cm^3^)	Scott Volume (g/cm^3^)	Surface Area (m^2^/g)
GN250903001<br> +100 Mesh	99.9995	0.0005	0.495	0.342	0.68
SGS Geological Services
---
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 48
---	---

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

(85x)	(230x)
10.2.4.5	-100<br> Mesh Material
---	---

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

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

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

Sample	LOI (wt.%)	Ash (wt.%)	Tap Density (g/cm^3^)	Scott Volume (g/cm^3^)	Surface Area (m^2^/g)
GN250903001<br> -100 Mesh	99.9995	0.0005	0.457	0.272	0.79
SGS Geological Services
---
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 49
---	---

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

10.2.5	Results<br> and Conclusions

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

3)	The<br> flakes were very thin
4)	Mineral<br> impurities were located on the flakes’ surfaces as opposed to being intercalated as<br> gangue within the mineral structure.
---	---

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

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

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 50
---	---
11	MINERAL<br>RESOURCE ESTIMATES
---	---

There are no Mineral Resource Estimates on this Project.

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 51
---	---
12	MINERAL<br>RESERVE ESTIMATES
---	---

There are no Mineral Reserve Estimates on this Project.

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 52
---	---
13	MINING<br>METHODS
---	---

This section is not relevant to this Report.

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 53
---	---

14 PROCESSING AND RECOVERY METHODS

This section is not relevant to this Report.

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 54
---	---

15 INFRASTRUCTURE

This section is not relevant to this Report.

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 55
---	---
16	MARKET<br>STUDIES
---	---

This section is not relevant to this Report.

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 56
---	---
17	ENVIRONMENTAL<br>STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS
---	---

This section is not relevant to this Report.

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 57
---	---
18	CAPITAL<br>AND OPERATING COSTS
---	---

This section is not relevant to this Report.

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 58
---	---
19	ECONOMIC<br>ANALYSIS
---	---

This section is not relevant to this Report.

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 59
---	---
20	ADJACENT<br>PROPERTIES
---	---

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 60
---	---
21	OTHER<br>RELEVANT DATA AND INFORMATION
---	---

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 61
---	---
22	INTERPRETATION<br>AND CONCLUSIONS
---	---

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.

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 62
---	---
23	RECOMMENDATIONS
---	---

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

●	A<br> Geophysical Magnetometric Survey (Drone MAG) including electromagnetic (EM), Aerophotogrammetry,<br> and detailed topographic surveying using Lidar, with a budget of US$ 75,000.00.
●	Detailed<br> fieldwork, including the collection of samples for chemical analysis to support high-resolution<br> geological mapping, to be carried out by Atlas Critical Minerals’s team of geologists,<br> with a budget of US$ 85,000.00.
---	---
●	In<br> addition, the program will include a 5,000-meter drilling campaign, supported by the implementation<br> of all necessary infrastructure for a complete sample management and quality control chain.<br> This will encompass chemical analyses, proper sample storage in a dedicated facility, and<br> the application of rigorous QA/QC protocols. The estimated budget for this phase is US$1,550,000.00
---	---
●	The<br> Atlas team will be responsible for managing and supervising field activities, with a budget<br> of US$ 160,000.00.
---	---
●	Metallurgical<br> Testing and SK-1,300 resource report with US$ 170,000.00.
---	---
●	Contingency<br> US$ 105,000.00.
---	---
●	Totaling<br> a value of US$ 2,145,000.00 for the resource report definition of both areas.
---	---

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 63
---	---
24	REFERENCES
---	---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 64
---	---

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. RevistaBrasileira 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. RevistaBrasileira de Geociências, v. 30, n. 1, p. 192–195, 2000.

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

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

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

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

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

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

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

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

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 65
---	---

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

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

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

SGS Geological Services
S-K 1300 Technical Report – Malacacheta Graphite Project – Minas Gerais, Brazil	Page 66
---	---
25	RELIANCE<br>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.

SGS Geological Services