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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 4pt solid; font-size: 1pt; border-bottom: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>WASHINGTON,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Mark
One)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the transition period from</b> ______ to ______</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_900_edei--EntityRegistrantName_c20230101__20231231_zbckVQuguHn6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:EntityRegistrantName" id="ixv-897">JUPITER
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Republic
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Jurisdiction
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span id="xdx_908_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zjRKDSTodaqj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine1" id="ixv-929">Rua
bueno Aires, 10 &#8211; 14th Floor</ix:nonNumeric></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span id="xdx_902_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zhmZmbH2CXD3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" name="dei:EntityAddressCityOrTown" id="ixv-935">Belo
Horizonte</ix:nonNumeric></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,</span></b><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
MG <span id="xdx_906_edei--EntityAddressPostalZipCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z0O9HvhVuZle"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" name="dei:EntityAddressPostalZipCode" id="ixv-943">30.315-570</ix:nonNumeric></span></span></b><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zk1XZ2YT4Smc"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry" id="ixv-949">Brazil</ix:nonNumeric></span></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Telephone:+<span id="xdx_90B_edei--CityAreaCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zUJjWFZSLxxk"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" name="dei:CityAreaCode" id="ixv-954">55-11</ix:nonNumeric></span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-<span id="xdx_905_edei--LocalPhoneNumber_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zTUrNLf9IxFc"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" name="dei:LocalPhoneNumber" id="ixv-959">3956-1109</ix:nonNumeric></span></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Email:
<span id="xdx_90A_edei--ContactPersonnelEmailAddress_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zOtvqECciB4i"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" name="dei:ContactPersonnelEmailAddress" id="ixv-964">marc.fogassa@jupitergoldcorp.com</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
Telephone, E-mail and/or Facsimile number and Address, of Company Contact Person)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(b) of the Act: None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(g) of the Act: None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Common
Stock, par value $0.001 per share</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title
of Class)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were <span id="xdx_906_edei--EntityCommonStockSharesOutstanding_iI_c20231231_znPiooQHnaie"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-996">9,674,497</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares outstanding on December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 1in; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Yes &#9746; <span id="xdx_907_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zo4NTUW2Aua7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:EntityWellKnownSeasonedIssuer" id="ixv-1007">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 1in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Yes &#9746; <span id="xdx_908_edei--EntityVoluntaryFilers_c20230101__20231231_zi44hEoeq4Zb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:EntityVoluntaryFilers" id="ixv-1015">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
- Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 from their obligations under those Sections.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports<i>)</i>,
and (2) has been subject to such filing requirements for the past 90 days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 1in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
<span id="xdx_90A_edei--EntityCurrentReportingStatus_c20230101__20231231_z2TCZYqelnyd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:EntityCurrentReportingStatus" id="ixv-1028">Yes</ix:nonNumeric></span> &#9744; No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167; 232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 1in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
<span id="xdx_901_edei--EntityInteractiveDataCurrent_c20230101__20231231_zHCKUE24q7O"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:EntityInteractiveDataCurrent" id="ixv-1036">Yes</ix:nonNumeric></span> &#9744; No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of
&#8220;accelerated filer and large accelerated filer&#8221; in Rule 12b-2 of the Exchange Act. (Check one):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    Large accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    Accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
    <span id="xdx_90D_edei--EntityFilerCategory_c20230101__20231231_zZ7p1OWJvsF8"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory" id="ixv-1052">Non-accelerated filer</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_901_edei--EntityEmergingGrowthCompany_c20230101__20231231_z7G87aUSCqL2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany" id="ixv-1061">&#9744;</ix:nonNumeric>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section 13(a) of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_905_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zjcla1nQuEbh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" name="dei:DocumentFinStmtErrorCorrectionFlag" id="ixv-1072">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b).
&#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span id="xdx_907_edei--DocumentAccountingStandard_c20230101__20231231_zoRNAWD0dzt7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:DocumentAccountingStandard" id="ixv-1088">U.S. GAAP</ix:nonNumeric></span></td>

    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
    Financial Reporting Standards as issued by the International Accounting Standards Board</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 1in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Item 17 &#9744; Item 18</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 1in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Yes <span id="xdx_907_edei--EntityShellCompany_dbF_c20230101__20231231_zOhliegkbBt7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" name="dei:EntityShellCompany" id="ixv-1113">&#9746;</ix:nonNumeric></span> No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="M_009"></span>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#M_001">Cautionary
    Note Regarding Forward Looking Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#M_002">Part
    I</a></b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#M_003">Identity
    of Directors, Senior Management and Advisers</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#M_004">Offer
    Statistics and Expected Timetable</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#M_005">Key
    Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#M_006">Information
    on the Company</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    4A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#M_007">Unresolved
    Staff Comments</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#M_008">Operating
    and Financial Review and Prospects</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_001">Directors,
    Senior Management and Employees</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_002">Major
    Shareholders and Related Party Transactions</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_003">Financial
    Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_004">The
    Offer and Listing</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_005">Additional
    Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_006">Quantitative
    and Qualitative Disclosures About Market Risk</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_007">Description
    of Securities Other Than Equity Securities</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_027"><b>Part
    II</b></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_008">Defaults,
    Dividend Arrearages and Delinquencies</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_009">Material
    Modifications to the Rights of Security Holders and Use of Proceeds</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_010">Controls
    and Procedures</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_011">Reserved</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_012">Audit
    Committee Financial Expert</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16B</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_013">Code
    of Ethics</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16C</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_014">Principal
    Accountant Fees and Services</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16D</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_015">Exemptions
    from the Listing Standards for Audit Committees.</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16E</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_016">Purchases
    of Equity Securities by the Issuer and Affiliated Purchasers.</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16F</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_017">Changes
    in Registrant&#8217;s Certifying Accountant</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16G</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_018">Corporate
    Governance</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16H</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_019">Mine
    Safety Disclosure</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16 I</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_020"><span style="text-decoration: none">Disclosure
    Regarding Foreign Jurisdictions that Prevent Inspections</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Item 16K</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#item16k">Cybersecurity</a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">51</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_021"><b>Part
    III</b></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    17.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_022">Financial
    Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    18.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_023">Financial
    Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    19.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_024">Exhibits</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_025">Financial
    Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Z_026">Signature
    Page</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"></p>

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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="M_001"></span>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annual Report on Form 20-F contains or incorporates by reference forward-looking statements. All statements, other than statements of
historical facts, that address activities, events or developments that we intend, expect, project, believe or anticipate will or may
occur in the future are forward-looking statements. Such statements are characterized by terminology such as &#8220;anticipates,&#8221;
&#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;assuming,&#8221; &#8220;projects,&#8221;
&#8220;plans,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should&#8221; and similar expressions or the negative of those
terms or other comparable terminology. These forward-looking statements, which include statements about the mineral industry; market
size, share and demand, performance, our expectations, objectives, anticipations, intentions and strategies regarding the future,
expected operating results, revenues and earnings and potential litigation are not guarantees of future performance and are subject to
risks and uncertainties, including those risks described under the heading &#8220;Risk Factors&#8221; set forth herein, or in the documents
incorporated by reference herein, that could cause actual results to differ materially from the results contemplated by the forward-looking
statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
are cautioned that our forward-looking statements are not guarantees of future performance and the actual results or developments may
differ materially from the expectations expressed in the forward-looking statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
for the forward-looking statements that relate to future financial results and other projections, actual results will be different due
to the inherent uncertainty of estimates, forecasts and projections may be better or worse than projected. Given these uncertainties,
you should not place undue reliance on these forward-looking statements. These forward-looking statements also represent our estimates
and assumptions only as of the date that they were made. We expressly disclaim a duty to provide updates to these forward-looking statements,
and the estimates and assumptions associated with them, after the date of this filing to reflect events or changes in circumstances or
changes in expectations or the occurrence of anticipated events, unless as otherwise required by law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
You are advised, however, to consult any additional disclosures we make in our reports on Form 20-F and Form 6-K, or their successors.
We also note that we have provided a cautionary discussion of risks and uncertainties under the caption &#8220;Risk Factors&#8221; in
this Annual Report. These are factors that we think could cause our actual results to differ materially from expected results. Other
factors besides those listed here could also adversely affect us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
regarding market and industry statistics contained in this Annual Report is included based on information available to us which we believe
is accurate. We have not reviewed or included data from all sources and cannot assure stockholders of the accuracy or completeness of
the data included in this Annual Report. Forecasts and other forward-looking information obtained from these sources are subject to the
same qualifications and the additional uncertainties accompanying any estimates of future market size, revenue and market acceptance
of products and services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="M_002"></span>PART
I</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="M_003"></span>Item
1. Identity of Directors, Senior Management and Advisers.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="M_004"></span>Item
2. Offer Statistics and Expected Timetable.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="M_005"></span>Item
3. Key Information.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
3.A. [Reserved].</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
3.B. Capitalization and Indebtedness.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">Not applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
3.C. Reasons for the Offer and Use of Proceeds.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
3.D. Risk Factors.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should carefully consider the following risk factors and all other information contained in this Report before purchasing our shares.
We have assembled these risk factors based upon publicly available information, our own analysis and our own beliefs relative to our
understanding of our business. If any of the following risks occur, our business, financial condition or results of operations could
be materially and adversely affected, in which case, the value of our shares could decline, and you may lose some or all of your investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Relating to Our Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is substantial doubt about whether the Company can continue as a going concern.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit opinion and notes that accompany the Company&#8217;s Financial Statements disclose a going concern qualification to its ability
to continue in business. The accompanying Financial Statements have been prepared under the assumption that the Company will continue
as a going concern. The Company is an exploration and development stage company and has incurred losses since its inception. The Company
has incurred losses resulting in an accumulated deficit of $4,200,308 as of December 31, 2023, and further losses are anticipated in the
development of its business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company currently has no historical recurring source of revenue and its ability to continue as a going concern is dependent on its ability
to raise capital to fund its future exploration and working capital requirements or its ability to profitably execute its business plan.
The Company&#8217;s plans for the long-term return to and continuation as a going concern include financing its future operations through
sales of its Common Shares and/or debt and the eventual profitable exploitation of its gold and quartzite deposits. Additionally, the
volatility in capital markets and general economic conditions in the U.S. and elsewhere can pose significant challenges to raising the
required funds. These factors raise substantial doubt about the Company&#8217;s ability to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s consolidated financial statements do not give effect to any adjustments required to realize its assets and discharge
its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying Financial
Statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company may have difficulty meeting its current and future capital requirements.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management and the board of directors monitor overall costs and expenses and, if necessary, adjust programs and planned
expenditures in an attempt to ensure that the Company has sufficient operating capital. If the Company is unable to fund future operations
by way of financings, including public or private offerings of equity or debt securities, it will need to reorganize or significantly
reduce its operations, which may result in an adverse impact on the Company&#8217;s business, financial condition and exploration activities.
The Company does not have a credit, off-take or other commercial financing arrangement in place that would finance continued evaluation
or development of its projects. Moreover, financing may not be available on attractive terms and, if available, will likely result in
significant dilution to existing stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to access funding on acceptable terms or at all.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may seek additional debt or equity financing to finance our business model and for growth. Such financing may not be available on acceptable
terms or at all and any failure to obtain additional financing when needed could severely impact our business. Additional equity financing
may be dilutive to shareholders, and debt financing may involve significant covenants and future repayment obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>The Company is a mineral exploration stage
company with no history of operations.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company remains an exploration stage enterprise
engaged in mineral exploration in Brazil. The Company has a very limited operating history and is subject to all the risks inherent in
a new business enterprise. To date, the Company has had no revenues and has relied upon loans from the controlling subsidiary and sales
of common shares. The likelihood of success must be considered in light of the problems, expenses, difficulties, complications, and delays
frequently encountered in connection with an exploration stage business, and the competitive and regulatory environment in which the
Company operates and will operate, such as under-capitalization, personnel limitations, and limited financing sources.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>The Company&#8217;s business plan is highly
speculative, and its success largely depends on the successful exploration of the Gold and Quartz Projects</i></b>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s business plan has been
focused on exploring its primary gold project and developing its quartzite project. At this point in time the Company has not
established any mineral reserves as such term is defined by Regulation S-K and its gold project remains in the exploration stage.
The Company may never enter the development or production stage of gold. Exploration of mineralization and determination of whether
the mineralization might be extracted profitably is highly speculative, and it may take a number of years until production is
possible, during which time the economic viability of the project may change. Substantial expenditures are required to establish
reserves, extract metals from ore and construct mining and processing facilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s primary gold project is subject to all of the risks
inherent in mineral exploration and development. The economic feasibility of any mineral exploration and/or development project is based
upon, among other things, estimates of the size and grade of mineral reserves, proximity to infrastructures and other resources (such
as water and power), anticipated production rates, capital and operating costs, and metals prices. To advance from an exploration project
to a development project, the Company will need to overcome various hurdles, including completing favorable feasibility studies, securing
necessary permits, and raising significant additional capital to fund activities. There can be no assurance that the Company will be
successful in overcoming these hurdles. Because of the Company&#8217;s focus on its primary gold project and its location in Minas Gerais state,
the success of its operations and profitability may be disproportionately exposed to the impact of adverse conditions unique to the region.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>The nature of mineral exploration and production
activities involves a high degree of risk and the possibility of uninsured losses.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exploration for and the production of minerals
is highly speculative and involves much greater risk than many other businesses. Most exploration programs do not result in the discovery
of mineralization, and any mineralization discovered may not be of sufficient quantity or quality to be profitably mined. The Company&#8217;s
operations are, and any future development or mining operations the Company may conduct will be, subject to all of the operating hazards
and risks normally incidental to exploring for and development of mineral properties, including, but not limited to:</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">economically insufficient mineralized material;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">fluctuation in production costs that make mining uneconomical;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">labor disputes;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">unanticipated variations in grade and other geologic problems;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">environmental hazards;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">water conditions;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">difficult surface or underground conditions;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">industrial accidents;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">metallurgic and other processing problems;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">mechanical and equipment performance problems;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">failure of dams, stockpiles, wastewater transportation systems,
    or impoundments;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">unusual or unexpected rock formations; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">personal injury, fire, flooding, cave-ins and landslides.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any of these risks can materially and adversely
affect, among other things, the development of properties, production quantities and rates, costs and expenditures, potential revenues,
and production dates. If the Company determines that capitalized costs associated with any of its mineral interests are not likely to
be recovered, the Company would incur a write-down of its investment in these interests. All these factors may result in losses in relation
to amounts spent that are not recoverable, or that result in additional expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
currently do not have mineral reserves as such term is defined by the SEC.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
several of our projects are known to have gold, as determined by our own research exploration studies, none of these studies were carried
out in a manner as to allow the measurement of &#8220;reserves&#8221; under the SEC&#8217;s definition of such term. Lack of &#8220;reserves&#8221;
may lead to lesser desirability from investors and potential partners.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company has a history of losses and expects to continue to incur losses in the future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has incurred losses since inception, has had negative cash flow from operating activities, and expects to continue to incur losses
in the future. The Company has incurred the following losses from operations during each of the following periods:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,057,773
    for the year ended December 31, 2023; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$657,375
    for the year ended December 31, 2022</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company expects to continue to incur losses unless and until such time its projects enter into commercial production and generate sufficient
revenues to fund continuing operations. The Company recognizes that if it is unable to generate significant revenues from mining operations
and dispositions of its properties, the Company will not be able to earn profits or continue operations. At this early stage of its operation,
the Company also expects to face the risks, uncertainties, expenses, and difficulties frequently encountered by smaller operating companies.
The Company cannot be sure that it will be successful in addressing these risks and uncertainties and its failure to do so could have
a materially adverse effect on its financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
results are likely to fluctuate significantly in future periods.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating and financial results are difficult to predict and may fluctuate significantly from period to period. Results of
operations may fluctuate as a result of a variety of factors that are outside of our control including, but not limited to, foreign
exchange variation specially between the Brazilian real and the U.S. dollar, commodity prices, lack of sufficient working capital,
equipment malfunction and breakdowns, and regulatory or licensing delays.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company is exposed to information systems and cybersecurity risks.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s information systems (including those of any of its counterparties) may be vulnerable to the increasing threat of continually
evolving cybersecurity risks. Unauthorized parties may attempt to gain access to these systems or information through fraud or other
means of deception. The Company&#8217;s operations depend, in part, on how well it and its counterparties protect networks, equipment,
information technology systems and software against damage from threats. The failure of information systems or a component of information
systems could, depending on the nature of any such failure, adversely impact the Company&#8217;s reputation and results of operations.
There can be no assurance that the Company or its counterparties will not incur such losses in the future. The Company&#8217;s risk and
exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As a result,
cybersecurity and the continued development and enhancement of controls, processes and practices designed to protect systems, computers,
software, data and networks from attack, damage or unauthorized access remain an area of attention.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Operating in Brazil</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Substantially
all of our assets are in Brazil.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
all of our assets (mineral properties, equipment) are located in Brazil. We therefore depend on complying with laws and regulations in
Brazil to keep such assets free of any liens or judgments. On the other hand, it may be difficult to enforce judgments from other countries&#8217;
courts against such assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to extensive mining and environmental regulation in Brazil.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to various Brazilian federal mining laws and regulations as well as federal, state and local environmental laws and
regulations. For any of the operations that we intend to pursue directly, we will be required to obtain a certain number of permits from
regulators. After operations begin, we will have capital expenditures on an ongoing basis to continue to ensure compliance with the permits
obtained as well as other mining and environmental laws and regulations. In addition, due to the possibility of changes to mining and
environmental laws and regulations, the amount and timing of future regulatory expenditures may vary substantially from those currently
anticipated. We could be subject to civil or criminal penalties for non-compliance with mining and environmental laws and regulations
under Brazilian law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Significant
volatility in the value of the Brazilian real in relation to the U.S. dollar could harm our results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
local costs in Brazil are incurred in the currency of Brazil, the Brazilian real. There have been significant fluctuations in the exchange
rate between the Brazilian real and the U.S. dollar and this may at times be detrimental to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Brazilian
economic and political conditions may have an impact on our businesses.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Brazilian economy has been characterized by frequent, and occasionally drastic, intervention by the Brazilian government, which has often
changed monetary, credit and other policies to influence the economy. Actions taken by the Brazilian government concerning the economy
may have important effects on us. Our financial condition and results of operations may be adversely affected by the following factors,
among others, and by any of the Brazilian government&#8217;s actions in response to them: economic and social instability, energy and/or
fuel shortages, exchange rate controls and restrictions on remittances abroad, and tax policy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal
proceedings and investigations could have a material adverse effect on our business</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
enforcement of contracts in Brazil is a multifaceted challenge characterized by a protracted and intricate legal process. Under Brazilian
law, a broad range of behaviors and conducts could be considered as breaches of agreements and/or violation of laws (e.g. Brazilian environmental,
labor or tax laws).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
our executive officers, employees and, in certain cases, we and our subsidiaries could be subject to investigations and proceedings in
connection with allegations of agreement breaches or legal violations. Defending ourselves in these legal proceedings may be costly and
time consuming. The lack of consistency poses challenges for businesses aiming to ensure compliance and mitigate legal risks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
potential repercussions of adverse outcomes in legal proceedings are substantial and may encompass litigation, financial penalties, the
revocation of operating licenses, and harm to our reputation. Such consequences could significantly impact our results of operations
and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Brazilian
tax laws are complex and may be detrimental to us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brazilian
government has been frequently implementing and may keep implementing changes in their tax policies, including but not limited to changes
in tax rates, sector fees and, occasionally, implementation of temporary contributions. Any such changes, as well as changes in the interpretation
of such tax laws and regulations, may result in increases in the Company&#8217;s overall tax burden, which would negatively affect its
profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in the tax policies, tax laws and interpretation may impact on our tax obligations and present material adverse impact on our financial
status and results of operations and eventually on our share price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Common Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is currently a very limited trading market for our Common Stock.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Common Stock trades on OTCQB, a platform of OTC Markets, and as of now it has low liquidity. A possible reason for this includes the
fact that only a small percentage of our Common Stock is available to be traded and is held by a small number of holders. Another possible
reason may be related to the fact that we are a new company and therefore the demand for our shares is limited by the lack of knowledge
about us. We believe that liquidity will be dependent, among other things, on the perception of our business, alongside steps
that we may take to raise investor awareness, including press releases, road shows, and conferences. There can be no assurance as to
when an increase in liquidity will occur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
price and liquidity of our Common Stock may be affected by many reasons, some beyond our control.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price and liquidity of our Common Stock may be affected by a variety of factors and events outside of our control, some, but not all,
of which are listed below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">overall
    market conditions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in the market valuations of other similar or comparable companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
    by competitors of significant acquisitions, strategic partnerships, joint ventures or capital commitments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    absence of consistent administrative supervision of &#8220;bid&#8221; and &#8220;ask&#8221; quotations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">adoption
    of new accounting standards;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in estimates and recommendations by advisors and analysts; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in gold prices.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price and liquidity of our Common Stock may also impair our ability to raise capital by selling shares of our stock, to acquire mineral
properties by using our stock as consideration, or to recruit and retain executives with equity-based stock incentive plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
operating results may be volatile and difficult to predict, and if it fails to meet expectations the market price of our Common Stock
may decline significantly.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating results may fluctuate significantly from period to period, due to a number of factors. These factors include, but are not limited
to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    global price for gold;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs
    related to our operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Brazilian real &#8211; U.S. dollar exchange rate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">extreme
    weather periods;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
    in licensing of mines or mineral properties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">departures
    of key personnel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">research
    results related to any of their projects and mineral rights;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">new
    mining, environmental, and/or tax regulations in Brazil; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
    in economic, political, and market conditions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of these factors are entirely outside of our control, and for others we only have limited influence. As a result of the factors above,
and others, we may be unable to forecast our financial projections accurately and may be unable to adjust our spending in a timely manner
to compensate for any unexpected revenue and/or funding shortfalls. Additionally, a failure to meet revenue or expense projections may
have an immediate and negative impact on our operating results. If this were to happen, the market price of our Common Stock could decline
significantly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Common Stock may be considered a &#8220;penny stock&#8221; and may be difficult to sell.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) has adopted regulations which generally define a &#8220;penny stock&#8221;
to be an equity security that has a market price of less than US$5.00 per share or an exercise price of less than US$5.00 per share,
subject to specific exemptions. The SEC&#8217;s penny stock rules require a broker-dealer, before a transaction in a penny stock not
otherwise exempt from the rules, to deliver to its customer a standardized risk disclosure document that provides information about penny
stocks and the risks in the penny stock market. The broker-dealer must also provide the customer with current bid and offer quotations
for the penny stock, the compensation of the broker-dealer and the salesperson in the transaction, and monthly account statements showing
the market value of each penny stock held in the customer&#8217;s account. In addition, the penny stock rules generally require that
before a transaction in a penny stock, the broker-dealer make a special written determination that the penny stock is a suitable investment
for the purchaser and receive the purchaser&#8217;s agreement to the transaction. These rules may adversely impact the liquidity of our
Common Stock and may affect the ability of investors to sell their shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
do not anticipate paying dividends on our Common Stock for the foreseeable future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate that, for the foreseeable future, if and when we generate profits, that our Board of Directors may choose to reinvest such
profits or save them as reserves and not pay dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
results of operations, financial position and business outlook may become highly dependent on the price of gold, which is subject to
significant volatility and uncertainty</i>.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
results may become substantially related to gold prices. As a result of the volatility of gold prices, such results may fluctuate substantially.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
currently do not have mineral reserves as such term is defined by the SEC.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
several of our projects are known to have gold, as determined by our own research exploration studies, none of these studies were carried
out in a manner as to allow the measurement of &#8220;reserves&#8221; under the SEC&#8217;s definition of such term. Lack of &#8220;reserves&#8221;
may lead to lesser desirability from investors and potential partners.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are highly dependent on certain members of our management.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
depend on the efforts of a small number of officers and directors. In particular, we are heavily dependent upon the expertise of Marc
Fogassa, our Chairman and Chief Executive Officer, who is also formally our Chief Financial Officer and Principal Accounting Officer.
Mr. Fogassa speaks Portuguese and English fluently, has extensive networks in both Brazil and the United States of America, and relevant
experience in management and finance. If it occurs, any loss of the services of Mr. Fogassa could have a material adverse effect upon
our results of operations and financial position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Marc
Fogassa is both our Chairman and Chief Executive Officer as well as Chairman and Chief Executive Officer of Atlas Lithium Corporation
and may be subject to potential conflicts of interest in matters involving both companies.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Fogassa, our Chairman and Chief Executive Officer, is Chairman and Chief Executive Officer of Atlas Lithium Corporation (&#8220;Atlas
Lithium&#8221;), our largest shareholder, and is also Chairman and Chief Executive Officer of Apollo Resources Corporation (&#8220;Apollo
Resources&#8221;), a private company focused on the development of iron ore properties in Brazil. Potential conflicts of interest
may occur between us and Atlas Lithium as related to allocation of Mr. Fogassa&#8217;s working time, among others.
To diminish or eliminate such potential conflicts of interests between these two companies, the Board of Directors of each company
has a different composition. With regard to board approval of matters that involve a potential conflict of interest, Mr.
Fogassa recuses himself, and let the disinterested directors decide.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Series A Preferred Stock has the effect of concentrating voting control in Marc Fogassa, our Chairman and Chief Executive Officer.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
share of our Series A Preferred Stock is issued, outstanding and held by Marc Fogassa, Chairman and Chief Executive Officer, since 2016.
Mr. Fogassa holds the only outstanding share of such Series A Preferred Stock. The Certificate of Designations, Preferences and Rights
of the Series A Convertible Preferred provides that for so long as Series A Preferred Stock is issued and outstanding, the holders of
Series A Preferred Stock shall vote together as a single class with the holders of our Common Stock, with the holders of Series A Preferred
Stock being entitled to 51% of the total votes on all matters regardless of the actual number of shares of Series A Preferred Stock then
outstanding, and the holders of our Common Stock being entitled to their proportional share of the remaining 49% of the total votes based
on their respective voting power. Therefore, so long as he holds the only outstanding shares of Series A Preferred Stock, Mr. Fogassa
will have effective voting control on all matters requiring a stockholder vote.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Under
our Bylaws, stockholders that initiate certain proceedings may be obligated to reimburse us and our officers and directors for all fees,
costs and expenses incurred in connection with such proceedings if the claim proves unsuccessful.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Bylaws include a fee-shifting provision in Article VI, Section 7 for stockholder claims (the &#8220;Fee Shifting Provision&#8221;), which
reads as follows: &#8220;In the event that (a) any current or prior shareholder of the Company or anyone on their behalf (&#8220;Claiming
Party&#8221;) initiates or asserts any claim or counterclaim (&#8220;Claim&#8221;) or joins, offers assistance to, or has a direct interest
in any Claim against the Corporation and/or any of its shareholders, officers, or directors (together, the Corporation and/or any of
its shareholders, officers, or directors are henceforth called &#8220;Receiving Parties&#8221;), including any Claim purportedly filed
on behalf of the Corporation or any shareholder, whether direct or derivative, in any jurisdiction, and (b) the Claiming Party (or the
third party that received assistance from the Claiming Party or in whose Claim the Claiming Party had a direct interest) does not obtain
a favorable judgment on all of the merits of its Claim, with such determination made by the Corporation, then each Claiming Party shall
be obligated jointly and severally to reimburse the Receiving Parties for all fees, costs and expenses of every kind and description
(including, but not limited to, all attorneys&#8217; fees) that the Receiving Parties may incur in connection with such Claim.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fee Shifting Provision was adopted to eliminate or decrease nuisance and frivolous litigation. We intend to apply the Fee Shifting Provision
broadly to all actions, including U.S. federal securities law claims. The level of recovery for the plaintiff to avoid any payment, quoting
verbatim the language of the Fee Shifting Provision, would necessitate such plaintiff obtaining a &#8220;favorable judgment on all of
the merits of its Claim.&#8221; The Fee Shifting Provision is intended to apply to &#8220;any current or prior shareholder of the Company
or anyone on their behalf&#8221; and the Company will make such determination based on the facts of any case it may encounter. The parties
entitled to recover, quoting verbatim, are &#8220;the Corporation and/or any of its shareholders, officers, or directors.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are incorporated in the Marshall Islands, which may have fewer rights and protections for shareholders.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated in the Republic of the Marshall Islands (&#8220;Marshall Islands&#8221;). Our corporate affairs are governed by our
Articles of Incorporation and Bylaws and by the Marshall Islands Business Corporations Act (the &#8220;BCA&#8221;). The provisions of
the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few judicial
cases in the Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the law of the Marshall
Islands are not as clearly established as the rights and fiduciary responsibilities of directors under statutes or judicial precedent
in existence in certain U.S. jurisdictions. Shareholder rights may differ as well. While the BCA does specifically incorporate the non-statutory
law, or judicial case law, of the State of Delaware and other states with substantially similar legislative provisions, our public shareholders
may have more difficulty in protecting their interests in the face of actions by management, directors or controlling shareholders than
would shareholders of a corporation incorporated in a U.S. jurisdiction. Further, the Marshall Islands does not have a well-developed
body of bankruptcy law. As such, in the case of our bankruptcy, there may be a delay of bankruptcy proceedings and the ability of shareholders
and creditors to receive recovery after a bankruptcy proceeding. Additionally, our incorporation in the Marshall Islands may make service
of process more difficult.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="M_006"></span>Item
4. Information on the Company.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>History
and Development of the Company.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Date
of Incorporation, Legal Form, Domicile, &amp; Business Summary</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated under the laws of the Republic of the Marshall Islands on July 27, 2016, and have been in continuous, active operations
since that date. Our common stock symbol is JUPGF and we are currently listed in OTCQB, a platform of OTC Markets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are focused on gold properties in Brazil, a well-regarded jurisdiction that we know well.
We plan to mine properties that lend themselves to year-round, simple open-sky operations to enable steady profitability on gold retrieval.
In other situations, we will prefer to partner and collect royalties while another entity operates the project. Our main goal is to become
a profitable company as soon as possible.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">We also own a quartzite
deposit located in Minas Gerais, which, after a drilling campaign, received all permits necessary and was subject to a trial mining period
in 2023. We intend to start mining operations and generate revenues from quartzite sales in 2024, as described in section &#8220;Material
projects&#8221; below.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have no debt, except for operational payables. We have been primarily funded to date by sales of our common stock. We are prohibited
from issuing variable-rate convertible debt by our Bylaws.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Outlook</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><b>Gold</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that gold will continue to grow in its usage as a medium of value storage, in addition to uses in jewelry and manufacturing.
We also believe that Brazil, a country that is larger than the continental United States, with varied geology, will continue to yield
promising areas for gold exploration. Brazil also has a detailed mining code and a long history of welcoming exploration of its resources
by foreign groups. We believe the trends favoring gold mining in stable jurisdictions such as Brazil will continue for the next several
decades.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gold
has emotional, cultural and financial value and different people across the globe buy gold for different reasons, often influenced by
a range of national socio-cultural factors, local market conditions and wider macro-economic drivers. The modern gold market is a picture
of diversity and growth. Since the early 1970s, the volume of gold produced each year has tripled, the amount of gold bought annually
has quadrupled and gold markets have flourished across the globe. Currently the global gold market has attracted a lot of attention and
the price of gold achieved, in December 2023, its highest historical rate. Gold is now bought by a far more diverse set
of consumers and investors than at any previous time in history.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gold&#8217;s
diverse uses, in jewelry, technology and by central banks and investors, mean different sectors of the gold market rise to prominence
at different points in the global economic cycle. This diversity of demand and self-balancing nature of the gold market underpin gold&#8217;s
robust qualities as an investment asset. The price of gold, as each price, is determined by the market forces of demand and supply. The
demand is the amount of a good demanded for purchase at a given price. Gold demand is often analyzed on an annual basis and divided into jewelry demand, technology demand, central
banks&#8217; demand or investment demand.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
gold market is a global market, with London and New York being the two biggest marketplaces for gold in the world. The gold market is
quite large, larger than many other markets. The World Gold Council estimates that 209,000 tonnes of gold have been mined historically.
The financial share of the physical gold market is made up of bars, coins, physically backed gold ETFs and central bank reserves. This
accounts for around 82,200 tonnes worth USD 5 trillion, equivalent to 39% of total above-ground gold stocks. The average daily trading
volume in gold in the over-the-counter market alone, from 2018 to 2022, is estimated at $149 billion, indicating that the
gold market is very liquid. Investment demand is the demand for gold for investment purposes. This demand is made up of direct ownership
of bars and coins, or indirect ownership via Exchange-Traded Funds (ETFs) and similar products. Investment demand appears to be
the most important category of demand for gold.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quartzite</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quartzite
is a very hard rock composed predominantly of an interlocking mosaic of quartz crystals. Over the last several years, polished quartzite
slabs have become sought after as a higher-end substitute to granite in kitchen countertops and tiles. Brazil has a flourishing quartzite
mining industry centered in the neighboring the states of Minas Gerais and Esp&#237;rito Santo with smaller producers being the norm.
Each quarry produces quartzite of different color and texture and therefore stones are unique to their location. Mining is via simple
open pit procedures, not particularly labor intensive, and with the mined product normally prepared as cubes of raw quartzite measuring
ten meters in each diameter. Buyers are normally responsible for the logistics of transporting such raw quartzite blocks from the mine.
Buyers for quartzite mined in Brazil are primarily from four locations: Brazil itself, United States, China, and Italy. It is common
for mines to develop an exclusive selling relationship with a buyer.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global quartzite market size was over 3.6 billion USD in 2022, and it is expected to expand at a CAGR of 2.46% until 2030, reaching volumes
over 4 billion USD by 2028, according to Global Research and Insights.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">Current Company Projects</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
Properties</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Summary
of Material Properties</span></b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Project
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mineral
    Right Number</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Area
    (hectares)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mineral</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Municipalities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">State,
    Country</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">831.942/2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,883.01</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dionisio,
    Marlieria, Sao Domingos do Prata</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minas
    Gerais, Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">831.140/2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,859.51</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marlieria,
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minas
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">831.141/2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antonio
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minas
    Gerais, Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">831.142/2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,294.65</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antonio
    Dias, Sao Domingos do Prata</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minas
    Gerais, Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">831.143/2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50.68</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sao
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minas
    Gerais, Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">831.144/2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,739.78</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dionisio,
    Marlieria, Sao Domingos do Prata</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minas
    Gerais, Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">831.145/2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">936.01</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dionisio,
    Sao Domingos do Prata</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minas
    Gerais, Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">831.146/2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">557.57</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sao
    Domingos do Prata</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minas
    Gerais, Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">830.064/2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">301.31</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sao
    Domingos do Prata</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minas
    Gerais, Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">830.065/2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antonio
    Dias, Nova Era, Sao Domingos do Prata</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minas
    Gerais, Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">830.066/2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,603.58</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dionisio,
    Marlieria, Sao Domingos do Prata</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minas
    Gerais, Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">830.074/2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.48</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nova
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minas
    Gerais, Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quartzite
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">831.665/2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.44</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">quartzite</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Augusto
    de Lima, Diamantina</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minas
    Gerais, Brazil</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Maps
of Material Properties</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_001.jpg" alt="" style="height: 474px; width: 670px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
1: Map of the Alpha Project mineral rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_002.jpg" alt="" style="height: 474px; width: 670px"/></span></p>




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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
2: Map of the Quartzite Project mineral right.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Additional
Information on Material Properties</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Alpha
Project</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Infrastructure:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Alpha Project&#8217;s primary mineral right (claim number ANM 831.942/2016) is located in the rural zone of Santana do Alfi&#233;,
a district in the municipality of S&#227;o Domingos do Prata, in the interior of the state of Minas Gerais in Brazil. According to
the latest data from the Brazilian Institute of Geography and Statistics (&#8220;IBGE&#8221;), the population of Santana do Alfi&#233;
was 1,691 inhabitants. We believe that the current population size is similar. Houses in this district have power from the electric grid
and utilize wells for water.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
district of Santana do Alfi&#233; originated in 1751 as a settlement near locations where alluvial gold had been identified by the
Portuguese settlers of Brazil. It is a local understanding that the word &#8220;Alfi&#233;&#8221; derives from the evolutionary phonetic
contraction of the term &#8220;Ouro Fiel&#8221; which can be translated as &#8220;Faithful Gold&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
municipality of S&#227;o Domingos do Prata, the largest town near the Alpha Project, had 17,392 inhabitants according to the IBGE census
of 2022. This town is located only a few miles from the Alpha Project mineral rights and serves as the logistical basis where geologists
and consultants stay. S&#227;o Domingos do Prata offers all of the basic infrastructure needs such as labor and supplies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Belo
Horizonte, the 6<sup>th</sup> largest city in Brazil with a population of 2,315,560 according to the IBGE census of 2022, is only 88
miles away from the Alpha Project mineral rights. The Company&#8217;s office is located in Belo Horizonte. Belo Horizonte is the capital
of the Brazilian state called &#8220;Minas Gerais&#8221; which in translation means &#8220;General Mines&#8221;. According to data provided
in January 2024 by the Sindicato da Ind&#250;stria Mineral do Estado de Minas Gerais, an organization representing the Minas Gerais
mining industry sector, the state of Minas Gerais is responsible for 41.5% of all mineral output of Brazil, placing it as the top mineral
producing state among 27 states in Brazil. In fact, Belo Horizonte is commonly known as &#8220;the mining capital of Brazil&#8221; for
having strong concentration of head offices of mining companies and extensive availability of labor and supplies. The Belo Horizonte
metropolitan area is served by a modern airport (Aeroporto Internacional de Confins &#8211; symbol CNF) with regional and international
flights, including non-stop flights to the U.S.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
visits to the site, it was possible to check the condition of the existing roads, which are generally in good condition and appear to
be frequently maintained, due to agricultural and cattle ranching activity in the vicinity (Figure 3).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_003.jpg" alt="A dirt road with trees and grass on a hill&#10;&#10;Description automatically generated" style="height: 468px; width: 624px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
3: Local road used to access the Alpha Project showing good condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
use in mobile offices, workshops and other support structures during drilling campaigns, the network of the local utility company, already
existing on site, will be used. To do this, it will be necessary to install a point on the distribution line to connect with the future
unit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
area near and within the Alpha Project is home to multiple small waterways. We expect to apply for and receive permits for local water
usage to support drilling campaign operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Work
Completed:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
Work</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
prior owner of the mineral right ANM 831.942/2016 which currently belongs to Jupiter Gold, Minera&#231;&#227;o Ouro Fiel (the &#8220;Prior
Owner&#8221;) identified gold targets from soil geochemistry and confirmed mineralization in the colluvium through auger holes. This
research work was carried out using a regular mesh, sampling every meter and chemical analysis at an outside laboratory.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Surface
Owner Authorization</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the Company owns the mineral right but not the surface, prior to carrying out any exploration work, proper authorization was obtained
from the surface owner. Our relations with the surface owner are very good.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trenching</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2020 and 2021, Oxford Geoconsultants (&#8220;Oxford&#8221;), a technical consulting firm with a geologist that meets the Qualified Person
definition of Regulation S-K 1300 performed geological studies, including new trenching, in targets within ANM 831.942/2016. A summary
of such results is presented below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
research work carried out by Oxford at the Alpha Project has included semi-detailed geological recognition and mapping, in addition to
well resampling and chemical analysis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
geological recognition of the area was carried out through walks that identified and registered 58 excavations consisting of wells and
trenches, carried out by the Prior Owner. At a promising target denominated &#8220;Lavrinha&#8221;, regional geological reconnaissance
was also carried out to identify the main lithotypes existing in the area, as well as collect structural data and mineral occurrences.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_004.jpg" alt="A map of land with yellow dots&#10;&#10;Description automatically generated" style="height: 413px; width: 624px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
4: Location map of old excavations at the Lavrinha target.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
the geological recognition stage, 188 information collection points were registered, such as lithologies, predominant mineralogy of rock
structures and the presence of structures and outcrops of interest, among other relevant geological information of the location, for
the preparation of a map of the area on a scale of semi-detail, supported by the description of wells and trenches opened by the Prior
Owner (Figure 4).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_005.jpg" alt="A map of land with red and yellow squares&#10;&#10;Description automatically generated" style="height: 653px; width: 624px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
5: Field point map.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the well resampling stage, two wells were chosen from the 58 existing excavations (Figure 5). Saprolite material and colluvial material
were analyzed, resulting in 37 samples at intervals of 1 meter in 1 meter, through vertical channels on one of the faces (north face)
of the wells. The samples were collected from the bottom to the wellhead, always in the center of the face, thus avoiding contamination
of lower intervals by material from higher intervals. Information on lithology and structures was collected that can assist in the geological-structural
understanding of gold mineralization (Figure 6). For each sample, 3 kg of material was collected. All collected material was placed in
a properly identified and sealed sample bag, avoiding sample exchange, loss of material or contamination during transport and storage.
Finally, the samples were sent for chemical analysis at the SGS Geosol laboratory (&#8220;SGS&#8221;), in Vespasiano, Minas Gerais, a
highly regarded analytical laboratory used by all major mining companies in Brazil. After description and sampling, these wells remained
open for future audits, surrounded by a wire fence to prevent accidents with people and/or animals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
6: Map with location of sampled wells and registered excavations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_007.jpg" alt="A collage of a person in a hole&#10;&#10;Description automatically generated" style="height: 721px; width: 624px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
7: Photographs of the work performed in resampling of wells.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_009" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chemical
Analysis of Samples</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the chemical analysis stage, the fire assay method was used by SGS, resulting in the results presented in Table 1 below. Well 2 showed
high levels in colluvium and saprolite with 4m at 5.0 gAu/t (simple average influenced by high content of sample AM36), a value of 0.70
gAu/t in the range of 7 to 8m depth, and additionally showed some anomalous values between 12 to 14m and 17 to 19m. The AM36 sample is
noteworthy because it presented a gold content of 16,523 ppb; however it should be noted that the gold grain in the region is coarse,
and a nugget effect may occur.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Table
1: Results of chemical analysis of samples from Wells 1 and 2.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="text-align: center">&#160;</td>
    <td colspan="7" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt">Well 2</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; width: 13%; text-align: center"><span style="font-size: 10pt">Sample</span></td>
    <td style="width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 10%; text-align: center"><span style="font-size: 10pt">From (m)</span></td>
    <td style="width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 10%; text-align: center"><span style="font-size: 10pt">To (m)</span></td>
    <td style="width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 10%; text-align: center"><span style="font-size: 10pt">Au content (ppb)</span></td>
    <td style="width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 12%; text-align: center"><span style="font-size: 10pt">Sample</span></td>
    <td style="width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 10%; text-align: center"><span style="font-size: 10pt">From (m)</span></td>
    <td style="width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 10%; text-align: center"><span style="font-size: 10pt">To (m)</span></td>
    <td style="width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 11%; text-align: center"><span style="font-size: 10pt">Au content (ppb)</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-size: 10pt">AM17</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">0</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">1</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">264</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 37</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">0</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">1</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">38</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
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    <td style="text-align: center">&#160;</td>
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    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">2</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">248</span></td>
    <td style="text-align: center">&#160;</td>
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    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">1</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">2</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">382</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">2</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">3</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">335</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 35</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">2</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">3</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">262</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-size: 10pt">AM14</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">3</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">4</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">197</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 34</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">3</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">4</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">12</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-size: 10pt">AM13</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">4</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">5</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">473</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 33</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">4</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">5</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">71</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-size: 10pt">AM12</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">5</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">6</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">91</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 32</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">5</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">6</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">39</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-size: 10pt">AM11</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">6</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">7</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">400</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 31</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">6</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">7</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">110</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-size: 10pt">AM10</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">7</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">8</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">813</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 30</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">7</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">8</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">166</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-size: 10pt">AM09</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">8</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">9</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">26</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 29</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">8</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">9</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">84</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-size: 10pt">AM08</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">9</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">10</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">1,336</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 28</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">9</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">10</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">30</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-size: 10pt">AM07</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">10</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">11</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">319</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 27</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">10</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">11</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">18</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-size: 10pt">AM06</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">11</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">12</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">31</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 26</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">11</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">12</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">19</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-size: 10pt">AM05</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">12</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">13</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">15</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 25</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">12</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">13</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">724</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-size: 10pt">AM04</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">13</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">14</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">20</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 24</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">13</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">14</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">28</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">14</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">15</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">&lt;5</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 23</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">14</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">15</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">89</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-size: 10pt">AM02</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">15</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">16</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">13</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 22</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">15</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">16</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">80</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-size: 10pt">AM01</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">16</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">17</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">17</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 21</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">16</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">17</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">376</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
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    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">18</span></td>
    <td style="text-align: center">&#160;</td>
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    <td style="text-align: center"><span style="font-size: 10pt">16,523</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">AM 18</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">19</span></td>
    <td style="text-align: center">&#160;</td>
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    <td style="text-align: center"><span style="font-size: 10pt">2,161</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Exploration
Plan:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company has engaged a geologist who meets the &#8220;Qualified Person&#8221; criteria under Item 1300 of Regulation
S-K to prepare an exploration plan for the Alpha Project. Planning and budgeting for such exploration plan described above is ongoing.
The Company anticipates that its initial cost will be in the $250,000 to $350,000 range, and will encompass further detailed geological
mapping, geophysics, and initial exploratory drill holes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Book
Value of Property</span>:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
book value of the property is less than $10,000. It includes the cost of obtaining the mineral property directly from the Brazilian national
mining department. The Company has title to the mineral rights of the Alpha Project, and such title has no known encumbrances and can
be assumed to be more valuable than its book value, although no third-party offers have been received or estimates prepared.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Quartzite
Project</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Infrastructure:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Quartzite Quarry (thereafter, simply &#8220;Quarry&#8221;) is in the rural zone of Conselheiro Mata, a district in the municipality of
Diamantina, in the interior of the state of Minas Gerais in Brazil. According to the latest data from the IBGE, the population of Conselheiro
Mata was 819 inhabitants. Most houses in the rural zone of this district have power from the electric grid and utilize wells for water.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
municipality of Diamantina, the largest town near our Quarry, had 47,702 inhabitants according to the IBGE census of 2022. Diamantina
offers all the basic infrastructure needs such as labor and supplies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Belo
Horizonte, the capital of the state of Minas Gerais and where the Company has its principal place of business, is 172 miles away from
our Quarry. Belo Horizonte is commonly known as &#8220;the mining capital of Brazil&#8221; for having strong concentration of head offices
of mining companies and extensive availability of labor and supplies. The Belo Horizonte metropolitan area is served by a modern airport
(Aeroporto Internacional de Confins &#8211; symbol CNF) with regional and international flights, including non-stop flights to the U.S.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
visits to the site, it was possible to check the condition of the existing roads, which are generally in good condition and appear to
be frequently maintained, due to agricultural and cattle ranching activity in the vicinity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Work
Completed:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Overview
</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we are primarily focused on gold, in one of our mineral rights, ANM 831.665/2016 (the &#8220;Area&#8221;), measuring 94.44 hectares,
a greenfield deposit of quartzite was identified by our exploration team which became our &#8220;Quartzite Project&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2020, we studied the Quartzite Project with rotary drilling in which we obtained a preliminary volumetric estimate of four deposits of
quartzite which had been identified in the Area. Such geological studies, drilling campaign, and volumetric estimates were <span style="text-decoration: underline">not</span>
carried out under Item 1300 of Regulation S-K.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, Yan Taffner Binda, a mining engineer with vast experience in quartzite who meets the &#8220;Qualified Person&#8221; criteria under
Item 1300 of Regulation S-K, prepared the mining plan for an open pit quarry at the Quartzite Project.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, Geoline, an independent engineering and environmental licensing consultancy, performed the field studies needed to file our petition
to the applicable regulatory body for an operational license. The filing of such permit occurred in August 2021. On April 4, 2022, our
Quartzite Project received the necessary permit from the Brazilian mining department (&#8220;ANM&#8221;). On December 12, 2022, our Quartzite
Project received the operational license from the state of Minas Gerais environmental department (&#8220;SUPRAM&#8221;). These approvals
from ANM and SUPRAM have allowed the Quartzite Project to begin its operations and to be able to commercialize production. As a result,
we will refer to our Quartzite Project as the &#8220;Quartzite Quarry&#8221; or simply &#8220;Quarry&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preparation
of the site for operations of the Quarry began in June 2023. The first quartzite block was retrieved on August 31, 2023. For the period
between September 1, 2023, and December 31, 2023, a mining trial period, the Quarry team was comprised of one manager, one supervisor,
and five mining workers. The processing was done by cutting the blocks with diamond wire. The blocks produced had dimensions varying
between 6 m<sup>3</sup> and 12 m<sup>3</sup>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the period between August 31, 2023, and December 31, 2023, a total of 223.10 cubic meters of quartzite blocks were produced and 80.82
cubic meters were sold to independent third parties from Brazil and Italy for an aggregate total revenue of R$ 531,580.39 (Brazilian
reais) or approximately US$ 107,540,81. Thus, the average revenue per cubic meter of raw quartzite block sold was approximately US$ 1,331.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net results of the trial mining were fully charged to profit and loss of the period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_008.jpg" alt="A large stone blocks in a field&#10;&#10;Description automatically generated" style="height: 498px; width: 624px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
8: Example of blocks produced at our Quartzite Quarry in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
block of quartzite was cut into slabs which were subsequently polished. It is expected that the revenue generated from sales of polished
slabs on a per-cubic-meter basis will be three to four times that of raw quartzite blocks according to initial contacts with prospective
buyers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_009.jpg" alt="A grey and black marble slab&#10;&#10;Description automatically generated" style="height: 477px; width: 624px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
9: Polished quartzite slab from our Quartzite Quarry production.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Specific
Details</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Surface
Owner Authorization</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the Company owns the mineral right but not the surface, prior to carrying out any exploration work, proper authorization was obtained
from the surface owner. Our relations with the surface owner are very good.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_010.jpg" alt="A dry landscape with trees and hills in the background&#10;&#10;Description automatically generated" style="height: 373px; width: 493px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
10: View of the Area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_011.jpg" alt="A landscape with trees and rocks&#10;&#10;Description automatically generated" style="height: 353px; width: 465px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
11: Another view of the Area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geological
Mapping</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Two
days of mapping were carried out in the region, one on October 19, 2019, and another on September 10, 2020. The primary objective was
to look for signs of gold, manganese, and/or quartzite mineralization in the Area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
presence of manganese was a consideration given the existence of a deactivated manganese mine from Minera&#231;&#227;o Vale do Jacar&#233;,
a local mining company, approximately 2 km from the Area, as can be seen on the map below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20f_012.jpg" alt="" style="height: 457px; width: 670px"/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
12: Lithological map of the Area and deactivated manganese mine nearby.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quartzite
outcrop formations in the Area were identified during geological mapping. The identified occurrences varied from white to medium gray,
sometimes with levels parallel to stratification. White-appearing quartzites were apparent below grayish facies and were particularly
observed in drainage channels.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_013.jpg" alt="A hammer and a hammer on a rock&#10;&#10;Description automatically generated" style="height: 322px; width: 554px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
13: Image of grey quartzite outcrop in the Area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_014.jpg" alt="A rocky area with rocks and trees&#10;&#10;Description automatically generated" style="height: 384px; width: 507px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
14: Foreground image of white quartzite outcrop in the Area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_015.jpg" alt="A hand holding a rock&#10;&#10;Description automatically generated" style="height: 372px; width: 368px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
15: Detail of white quartzite sample from the Area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsurface
Sampling</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsurface
sampling was carried out by means of shallow detonations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_016.jpg" alt="A close-up of a rock&#10;&#10;Description automatically generated" style="height: 242px; width: 425px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
16: Subsurface sampling work in the Area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_017.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
17: Subsurface sampling work in the Area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rotary
Drilling</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
geological exploration was carried out by means of rotary drilling by an independent consultant to 15 meters depth for subsurface recognition
of the aesthetic characteristics of the rock identified in the previous stage of blasting sampling, such as basic color, mineralogical
alternation due to stratification, presence of layered portions, veins and other characteristics that could be exposed, as they differ
completely from the outcrop, susceptible to weathering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
location of the five planned drill holes is shown in the map below (&#8220;FS&#8221; stands for &#8220;furo de sonda&#8221; which means
drill hole). Drill holes 1 through 4 were executed, and are succinctly described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_018.jpg" alt=""/>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
18: Map showing drill hole locations in the Area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drill
Hole 1</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
quartzite rock showed medium gray color with the presence of dark gray portions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weathered
parts identified in the first 30 cm. From 6.1 m to 6.4 m, and also from 9.2 m to 9.6 m, sandy patches were seen. Two rusty parts were
identified, one with 5 cm starting at 12.6 m and other with 8 cm starting at 13.0 m.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<img src="form20f_019.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
19: Cores obtained from drill hole 1 in the Area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drill
Hole 2</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
quartzite rock showed medium gray color with the presence of dark gray portions, with 74% of core recovery due to the drill rod being
stuck at the bottom of the hole.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rusty
parts were identified in the first 60 cm, and also from 8.4 m to 8.9 m, and from 11.6 m to 12.1 m. The drill bit stuck caused an interruption
in the planned drilling after this point.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20f_020.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
20: Cores obtained from drill hole 2 in the Area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drill
Hole 3</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
quartzite rock showed alternances of medium gray color with the presence of dark gray portions and yellowish medium gray parts until
4.6 m.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
sandy interval was dissolved in the drilling mud from 2.9 m to 3.2 m. From 4.6 m to 15 m the rock graded from medium to dark gray to
light to medium gray portions indicating a possible second lighter material with strong market potential.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;<img src="form20f_021.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
21: Cores obtained from drill hole 3 in the Area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drill
Hole 4</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
entire 15 m core was recovered showing alternances of medium gray with light to medium gray matrix with thin layers of dark gray. Some
light yellowish weathered parts appeared in the first 5 m.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_022.jpg" alt=""/>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
22: Cores obtained from drill hole 4 in the Area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aerial
Survey</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to ascertain the size of the quartzite outcrops with greater precision, an aerial survey was carried out using a drone. The flight
was planned to prioritize the eastern portion of the Area and Litchi software was used, as can be seen in the figure below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20f_023.jpg" alt="" style="height: 331px; width: 670px"/>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
23: Aerial image showing flight plan made by drone.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, aerial photogrammetry and field survey of the eastern part of the Area was carried out by an outside consultant. This resulted
in a planimetric map at scale 1:6,000 with contour lines at each meter and allowed a digital elevation model of the eastern part of the
Area to be created.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
resulting map included all basic geographic information, such as drainages, accesses, and relevant physical structures, facilitating
field work and serving as a basis for geological mapping of the area and delimitation of search targets for resource calculation. The
map was created using ArcGIS 10.5 and Datamine Studio 3 software and RM for resource cubing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;<img src="form20f_024.jpg" alt="" style="height: 473px; width: 670px"/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
24: Topographic map from 2021 of the eastern portion of the Area.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20f_025.jpg" alt="" style="height: 448px; width: 670px"/>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
25: Digital elevation model of the Area made from contour lines.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Data processing also resulted in an orthoimage
of the eastern portion of the Area. Agisoft software Metashape 1.6 was used for orthoimage processing. The orthoimage can be seen below.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_026.jpg" alt=""/>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
26: Orthoimage with delimitation of quartzite outcrops in the eastern region of the Area.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Surface
Area Estimation</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the information provided by the orthoimage above, it was possible to estimate the surface area of the quartzite formations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Estimation
of Depth of Formations</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thickness
estimates of quartzites in the region from various Brazilian geologists were consulted. Pflug (1968) suggests that common quartzite thickness
in the region is between 700-1,000 meters. On the other hand, Sch&#246;ll &amp; Foga&#231;a (1980) and Diniz &amp; Pinheiro (1980)
both suggest that such thickness isf approximately 250 meters. In our estimation of thickness we used the more conservative figure, 250
meters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Volume
Estimation</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Topography
data extracted in GIS (System Information Geographic) were processed by the Datamine Studio 3 software, in order to obtain the geological
model of quartzite massifs and their respective volumes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
four rock masses delimited in the field stages were modeled. These four rocky bodies and their respective volume calculations are represented
in the sequence of figures and table below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 40%; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quartzite
    Formations</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volume
                                            (m<sup>3</sup>)</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rocky
    Body 01</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">302,380</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rocky
    Body 02</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">867,801</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rocky
    Body 03</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">243,292</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rocky
    Body 04</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,916</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,454,389</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Table
1: Estimate of volume of quartzite formations in the Area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Exploration
Plan: </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, there is no plan for further geological exploration of the Area as the focus going forward will be on mining and
revenue generation. The Company plans to continue to rely on the technical expertise of Yan Taffner Binda, a mining engineer with vast
experience in quartzite who meets the &#8220;Qualified Person&#8221; criteria under Item 1300 of Regulation S-K.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
subsequent events after December 31, 2023, in 2024 we have retained two executives to work with our Quarry: a director of operations,
and a director of sales and marketing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
director of operations will focus on safely improving production to 100 m<sup>3</sup> per month and then to 250 m<sup>3</sup>. This will
likely require the addition of more equipment, and likely the hiring of additional workers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
director of sales and marketing will focus on attempting to commercialize quartzite slabs obtained from our production to the U.S. market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Planning
and budgeting for the expansion described above is ongoing. The Company anticipates that it will need working capital of $150,000 to
$200,000 to run the Quarry and its developing commercial operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Book
Value of Property:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
book value of the property is less than $10,000. It includes the cost of obtaining the mineral property directly from the Brazilian national
mining department. The Company has title to the Area, and such title has no known encumbrances and can be assumed to be more valuable
than its book value, although no third-party offers have been received or estimates prepared.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Material
Properties</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Summary
of Non-Material Properties</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mineral
    Right Number</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Area
    (hectares)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mineral</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Municipality</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">State,
    Country</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alta
    Floresta Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">867.176/2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,740.91</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peixoto
    de Azevedo</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mato
    Grosso, Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alta
    Floresta Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">867.173/2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83.99</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terra
    Nova do Norte</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mato
    Grosso, Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alta
    Floresta Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">867.174/2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47.55</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matupa,
    Nova Guarita</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mato
    Grosso, Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apui
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">880.133/2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,325.31</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apui</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amazonas,
    Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apui
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">880.134/2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,391.67</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apui</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amazonas,
    Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apui
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">880.135/2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,340.04</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apui</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amazonas,
    Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brotas
    de Macauba Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">870.400/2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,951.18</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold,
    palladium, platinum</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brotas
    de Macauba</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bahia,
    Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cavalcante
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">860.479/2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,930.79</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parana
    (TO), Cavalcante (GO)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goias
    and Tocantins, Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Crixas
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">860.807/2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,241.63</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Crixas,
    Uirapuru</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goias,
    Brazil</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paracatu
    Project</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">831.883/2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">312.66</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paracatu</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minas
    Gerais, Brazil</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Maps
of Non-Material Properties</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><img src="form20f_027.jpg" alt="" style="height: 474px; width: 670px"/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
27: Map of the Alta Floresta Project.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
28: Map of the Apui Project.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
29: Map of the Brotas de Macauba Project.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
30: Map of the Cavalcante Project.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
31: Map of the Crixas Project.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figure
32: Map of the Paracatu Project.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not implemented formal exploration program to comply with Item 1305 of Regulation S-K, but we have engaged a qualified person for
gold and a qualified person for quartzite, as such term is defined in Subpart 1300 of Regulation S-K, who works on both the Alpha Project
and the Quartzite Project.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="M_007"></span>Item
4A. Unresolved Staff Comments.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>




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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="M_008"></span>Item
5. Operating and Financial Review and Prospects.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial
statements and the related notes and other information included elsewhere in this registration statement. This discussion contains forward-looking
statements that are based on management&#8217;s current expectations, estimates and projections about our business and operations. Our
actual results may differ materially from those currently anticipated and expressed in such forward-looking statements and as a result
of the factors we describe under &#8220;Risk Factors&#8221; and elsewhere in this filing. See &#8220;Special Note Regarding Forward-looking
Statements&#8221; and &#8220;Risk Factors.&#8221; We undertake no obligation to update publicly any forward-looking statements for any
reason, even if new information becomes available or other events occur in the future, other than as required by law.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">The discussion and
analysis of the financial condition and results of operations of certain items for the fiscal year ended December 31, 2021, and
year-to-year comparison between fiscal year ended December&#160;31, 2022, and December 31, 2021, that are not included in this Form
20-F can be found in &#8220;Item 5. Operating And Financial Review And Prospects&#8221; of our Form 20-F for the fiscal year ended December
31, 2022 filed with the SEC on April 28, 2023, which is incorporated by reference herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as may be otherwise indicated, all dollar amounts are stated in U.S. dollars, the Registrant&#8217;s reporting currency. The following
table sets out the exchange rates, based on the data from the website of Brazil&#8217;s &#8220;Banco Central&#8221; (an equivalent to
the U.S. Federal Reserve), for the conversion of the Brazilian real (R$) currency into the United States dollar (US$), for the period
from January 1, 2023, to December 31, 2023. The average exchange rates are based on the average of the daily closing exchange rates during
such periods:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"></p>

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    </b>&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 1%; text-align: left">R$</td><td style="width: 10%; text-align: right"><span style="font-size: 10pt">4.7202
                                            &#160;&#160;</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">R$</td><td style="width: 10%; text-align: right"><span style="font-size: 10pt">4.8413
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    <td style="text-align: left">R$</td><td style="text-align: right"><span style="font-size: 10pt">5.7042</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">R$</td><td style="text-align: right"><span style="font-size: 10pt">4.7378 &#160;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">R$</td><td style="text-align: right"><span style="font-size: 10pt">5.2177 &#160;</span></td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exchange rate on December 31, 2023, was R$4.8413 Brazilian reais per one U.S. dollar.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fiscal
Year Ended December 31, 2023, Compared to Fiscal Years Ended December 31, 2022 </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
did not record any revenue during the year ended December 31, 2023, compared to revenue of $0 during the year ended December 31, 2022.
We expect revenues to increase in future periods as we increase our mining operations, including the start of our quartzite mining
activities in 2024; however, we can offer no assurances that we will be successful in our efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating expenses are comprised primarily of stock-based compensation, general administrative expenses, and to a lesser extent
professional fees and other compensation related costs. Operating expenses totaled $1,057,773 for the year ended December 31, 2023, compared
to operating expenses of $657,375 for the year ended December 31, 2022. The increase in operating expenses of 61% comparing 2023 to 2022
and 20% is explained primarily by increased general and administrative expenses and compensation costs, both highly influenced by
the increase in activities related to the Quartzite project, including the increase in the number of employees from 1 in 2022 to 7 in
2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incurred a net loss of $1,071,845 for the year ended December 31,2023, an increase of 63% compared to $657,375 for the year ended December
31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities was $862,694 for the year ended December 31,2023, compared to $534,073 used in operations during the
year ended December 31, 2022. Net cash provided by investing activities was $638,544
for the year ended December 31,2023, compared to $74,678 for the year ended December 31, 2022. Net cash provided by financing activities was $291,600 for the year ended December 31, 2023, compared to $489,875 for the
year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had total current assets of $96,432 and total current liabilities of $734,118 for a current ratio of 0.13
to 1.00 and negative working capital of $637,684 (important to highlight that current liabilities include an amount of $674,461
payable to a group company). By comparison, as of December 31, 2022, we had total current assets of $25,438 and total current
liabilities of $20,583 for a current ratio of 1.23 to 1.0 and working capital of $4,855. The variation of the working capital was
primarily driven by the resources received from a loan provided by Minera&#231;&#227;o Apollo Ltd, a wholly owned subsidiary of
Apollo Resources Corporation, an affiliate, in order to cover our expenditures with exploration of gold assets and execution of the
trial quartzite mining activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the two years ended December 31, 2023, and 2022, our primary sources of liquidity were derived from the sale
of our common stock and loans received from related parties. We expect that our primary source of liquidity will continue to be
generated from the sale of our common stock, as well as anticipated revenues to be generated from the operation of our
Quartzite operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements have been prepared on a going concern basis. The Company has incurred losses since its inception
resulting in an accumulated deficit of $4,200,308 and further losses are anticipated in the development of its business. The Company
does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment
to certain current liabilities and/or raising additional funds. In order to continue to meet its fiscal obligations in the current
fiscal year and beyond, the Company must seek additional financing. These factors raise substantial doubt about the Company&#8217;s
ability to continue as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to
generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its
liabilities arising from normal business operations when they come due. The accompanying consolidated financial statements do not
include any adjustments that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
5.C. R&amp;D, Patents and Licenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None,
except mineral rights described above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
5.D. Trend Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Having
commenced initial quartzite operations in August 2023 with the trial mining period and achieved its first production milestones, the
quartzite project is poised for expanded capacity in 2024 on the back of strong market demand corroborated by the current market
size of over $3.6 billion and the expected compounded annual growth rate of 2.46% until 2030.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
fiscal year 2024, the Company targets over 850 cubic meters of output driving revenue between $1.5 and $2.0 million (based on same price
levels obtained for the production of the trial mining period) and delivering robust operating profit margins.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_033.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
1</b> &#8211; Ongoing Quartzite Quarry Operations at Silver River Mine</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_034.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
2</b> &#8211; Finished Silver River Quartzite Slabs Ready for Sale</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20f_035.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
3</b> &#8211; Finished Silver River Quartzite Slabs Ready for Sale</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
support its next growth phase, the Company plans to strengthen its executive team on the quartzite side by appointing a Director of
Sales and Marketing. With over twenty years of international sales experience in ornamental stone, this incoming executive will
focus on expanding Silver River&#8217;s customer base globally including the United States. She is expected to join the Company in early April 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
5.E. Critical Accounting Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amount
of revenues and expenses during the reporting period. Actual results may differ from those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Going
Concern</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and the settlement
of liabilities in the normal course of business. The Company has limited working capital, has incurred losses since its inception, and
has not yet generated material revenues from the sale of its products or services. These factors create substantial doubt about the Company&#8217;s
ability to continue as a going concern. The consolidated financial statements do not include any adjustment that might be necessary if
the Company is unable to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ability of the Company to continue as a going concern is dependent on the Company generating cash from its operations, the sale of its
stock and/or obtaining debt financing. During the year ended December 31, 2023, the Company funded operations primarily through the sale
of equity securities and loans from related parties. Management intends to cover any operating losses by selling its equity securities
and obtaining debt financing. There can be no assurance the Company will be successful in these efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Fair
Value of Financial Instruments</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jupiter
Gold follows the guidance of Accounting Standards Codification (&#8220;ASC&#8221;) Topic 820 &#8211; Fair Value Measurement and Disclosure.
Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants as of the measurement date. The guidance also establishes a hierarchy for inputs used
in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the
most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability
and are developed based on market data obtained from sources independent of Jupiter Gold. Unobservable inputs are inputs that reflect
Jupiter Gold&#8217;s assumptions about the factors market participants would use in valuing the asset or liability. The guidance establishes
three levels of inputs that may be used to measure fair value:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1. Observable inputs such as quoted prices in active markets;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, Jupiter Gold did not have any level 2 or 3 assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jupiter
Gold&#8217;s financial instruments consist of cash and cash equivalents, accounts payable, and accrued expenses. The carrying amount
of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing
market rates unless otherwise disclosed in these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Property
and Equipment</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost. Major improvements and betterments are capitalized. Maintenance and repairs are expensed as incurred.
Depreciation is computed using the straight-line method over the estimated useful life. At the time of retirement or other disposition
of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected
in the statements of operations as other gain or loss, net.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
diamond and gold processing plant and other machinery are depreciated over an estimated useful life of ten years; vehicles are depreciated
over an estimated life of five years; and computer and other office equipment over an estimated useful life of three years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Mineral
Properties</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs
of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. Mineral property acquisition costs,
including licenses and lease payments, are capitalized. Impairment losses are recorded on mineral properties used in operations when
indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets&#8217;
carrying amount. The Company did not recognize any impairment losses related to mineral properties held during the years ended December
31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
intangible assets purchased in a business combination, the estimated fair values of the assets received are used to establish their recorded
values. For intangible assets acquired in a non-monetary exchange, the estimated fair values of the assets transferred (or the estimated
fair values of the assets received, if more clearly evident) are used to establish their recorded values, unless the values of neither
the assets received nor the assets transferred are determinable within reasonable limits, in which case the assets received are measured
based on the carrying values of the assets transferred. Valuation techniques consistent with the market approach, income approach and/or
cost approach are used to measure fair value. These rights are held in perpetuity provided the Company remains in compliance with various
government regulations and industry requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Impairment
of Long-Lived Assets</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
long-lived assets, such as property and equipment and intangible assets subject to amortization, Jupiter Gold continually monitors events
and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes
in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value
of such assets will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows
is less than the carrying amount of those assets, Jupiter Gold recognizes an impairment loss based on the excess of the carrying amount
over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs
to sell.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Stock-Based
Compensation</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company records stock-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation. ASC 718 requires companies
to measure compensation cost for stock-based employee compensation at fair value at the grant date and recognize the expense over the
employee&#8217;s requisite service period. Under ASC 718, volatility is based on the historical volatility of our stock or the expected
volatility of the stock of similar companies. The expected life assumption is primarily based on historical exercise patterns and employee
post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield
curve in effect at the time of grant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company utilizes the Black-Scholes option-pricing model, which was developed for use in estimating the fair value of options. Option-pricing
models require the input of highly complex and subjective variables including the expected life of options granted and the expected volatility
of our stock price over a period equal to or greater than the expected life of the options. Because changes in the subjective assumptions
can materially affect the estimated value of our employee stock options, it is management&#8217;s opinion that the Black-Scholes option-pricing
model may not provide an accurate measure of the fair value of our employee stock options. Although the fair value of employee stock
options is determined in accordance with ASC Topic 718 using an option-pricing model, that value may not be indicative of the fair value
observed in a willing buyer/willing seller market transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 20, 2018, the FASB issued ASU 2018-07 which simplifies the accounting for share-based payments granted to non-employees for
goods and services. Under the ASU, most of the guidance on such payments to non-employees would be aligned with the requirements for
share-based payments granted to employees. Equity classified share-based payments for employees are fixed at the time of grant.
Equity-classified non-employee share-based payment awards are measured at the grant date of the award which is the same as
share-based payments for employees. The Company adopted the requirements of the new rule as of January 1, 2019, the effective date
of the new guidance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Foreign
Currency</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jupiter
Gold&#8217;s subsidiary, MJL, uses its local currency as its functional currency. Resulting translation gains or losses are recognized
as a component of accumulated other comprehensive income. Transaction gains or losses related to balances denominated in a currency other
than the functional currency are recognized in the consolidated statements of operations.</span></p>
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6. Directors, Senior Management and Employees.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
6.A. Directors and Senior Management.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
officers and directors as of March 12, 2024, were as follows:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 63%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Marc
    Fogassa</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    of the Board of Directors, Chief Executive Officer, and Chief Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Joel
    de Paiva Monteiro, Esq.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director,
    Vice-President of Administration and Operations, and Secretary</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Areli
    Nogueira da Silva J&#250;nior</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director,
    and Vice-President, Mineral Exploration</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Brian
    W. Bernier</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice-President,
    Corporate Development and Investor Relations</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
officers are appointed by and serve at the pleasure of our Board of Directors. A biography of each director and officer follows.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marc
Fogassa is our Founder and has been our Chairman and Chief Executive Officer since July 2016. He has lengthy investment experience in
executive management for mining projects, as well as in venture capital and capital markets, and has served on boards of directors of
multiple private companies. Mr. Fogassa double majored at the Massachusetts Institute of Technology (M.I.T.), graduating with two Bachelor
of Science degrees in 1990. He later graduated from the Harvard Medical School with a Doctor of Medicine degree in 1995, and also from
the Harvard Business School with a Master in Business Administration degree in 1999. Mr. Fogassa was born in Brazil and is fluent in
Portuguese and English. Mr. Fogassa is also the Chairman and Chief Executive Officer of Atlas Lithium Corporation (&#8220;Atlas Lithium&#8221;),
one of our shareholders, and of Apollo Resources Corporation, an affiliate (&#8220;Apollo Resources&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joel
de Paiva Monteiro, Esq., has been a consultant to us since 2017 and became our Vice-President, Administration and Operations, in 2020.
Previously he was a partner of the Brazilian law firm PRA Advogados - Pimenta da Rocha Andrade, with three offices and headquarters in
Belo Horizonte, state of Minas Gerais. Mr. Monteiro has worked with all aspects of Brazilian business law, and has extensive experience
in a wide range of areas from strategic business planning to litigation. His prior clients included large corporations in a variety of
economic sectors in diverse states in Brazil. Mr. Monteiro has a law degree from the Milton Campos Faculty in Belo Horizonte, Brazil.
Subsequently he achieved a post-graduate degree in Business and Civil Law from the Pontifical Catholic University of Minas Gerais. Mr.
Monteiro is also an officer at Atlas Lithium, one of our shareholders, and an officer and a director of Apollo Resources.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areli
Nogueira da Silva J&#250;nior has been a consultant to us since 2018 and became our Vice-President, Mineral Exploration, in 2021. He
is the Founder and was the Chief Technical Officer of MineXplore, a consultancy focused on mineral rights in Brazil. Mr. da Silva J&#250;nior
has been a consultant geologist with GeoEspinha&#231;o, a firm that undertakes geological studies in a variety of minerals across Brazil.
Mr. da Silva J&#250;nior has also been a college faculty member teaching geology. Previously, he worked at the Brazilian mining department
and before that as a geologist at Usiminas Minera&#231;&#227;o. Mr. da Silva J&#250;nior has a Master of Geology degree from the
Federal University of Rio de Janeiro, and an undergraduate degree in Geological Engineering from the School of Mines of the Federal University
of Ouro Preto, a premier and the oldest mining-focused college in Brazil. Mr. da Silva has been officer and consultant to Atlas Lithium
and Apollo Resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brian
W. Bernier has been a consultant to us since 2019 and became our Vice-President, Corporate Development and Investor Relations in 2020.
Mr. Bernier has worked in the business development and investor relations sector for over three decades and was most recently at a regional
investment bank. He graduated with a degree in Management from Boston University. Mr. Bernier has been an officer and consultant to
Atlas Lithium and Apollo Resources.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships between or among any of the persons listed above.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
6.B. Compensation</b>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
adopted an incentive plan (the &#8220;2016 Incentive Plan&#8221;) to compensate employees, directors, and consultants, and allow it to
acquire and retain human talent. The 2016 Incentive Plan is hereby incorporated by reference to Exhibit 10.7 in our Registration Statement
on Form F-1 (Registration No. 333-214872) filed with the Securities and Exchange Commission on December 1, 2016 (the &#8220;F-1&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, officers and directors received $410,248 as cash compensation, added to options to purchase an aggregate
of 420,000 shares of its common stock. Such awards corresponded to the period between January 1, 2023, to December 31, 2023. The options
issued in 2023 were valued at $115,038 in total. The options were valued using the Black-Scholes option pricing model with the following
average assumptions: our stock price on date of grant $0.65 to $2.10, a strike price of $0.01 to $1.00, illiquidity discount of 75%,
expected dividend yield of 0%, annualized volatility of 268% to 364%, risk-free interest rate of 3.42% to 4.73%, and an expected term
of five to ten years.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, officers and directors received $275,000 as cash compensation, added to options to purchase an aggregate
of 420,000 shares of its common stock. Such awards corresponded to the period between January 1, 2022, to December 31, 2022. The options
issued in 2022 were valued at $104,140 in total. The options were valued using the Black-Scholes option pricing model with the following
average assumptions: our stock price on date of grant $0.80 to $1.20, a strike price of $0.01 to $1.00, illiquidity discount of 75%,
expected dividend yield of 0%, annualized volatility of 295% to 372%, risk-free interest rate of 1.51% to 4.05%, and an expected term
of five to ten years.</span></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
6.C. Board Practices.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is managed by the directors who exercise all the powers of the Company, subject to the Business Corporations Act of the Republic
of the Marshall Islands, our Articles of Incorporation and our Bylaws, and any special resolution of the Board of Directors. Our Bylaws
specify the procedures for the election and removal of directors. Bylaws are hereby incorporated by reference to Exhibit 1.1.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="margin: 0; text-align: justify">Board of Director is composed of 3 individuals, as described in item 6.A; two of our directors are not
U.S. residents.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
6.D. Employees.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had six full time equivalent employees.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
6.E. Share Ownership.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information as of March 12, 2024, regarding the beneficial ownership of our Common Stock by:
each of our executive officers, each member of our board of directors and all officers and directors as a group. The number and percentage
of our Common Stock beneficially owned by each person is determined in accordance with Rule 13d-3 of the Securities Exchange Act of 1934
(the &#8220;Exchange Act&#8221;). The information contained in the table below is not necessarily indicative of beneficial ownership
for any other purpose.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined in accordance with the rules of the SEC. In computing the number of shares beneficially owned by a person and
the percentage ownership of that person, shares issuable upon the exercise of stock options or warrants or the conversion of other securities
held by that person that are exercisable or convertible within 60 days are deemed to be issued and outstanding. These shares, however,
are not deemed outstanding for the purposes of computing percentage ownership of each other shareholder.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Name and Address of Officers and Directors (1)</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    address for each officer and director is: c/o Jupiter Gold Corporation, Rua Buenos Aires, 10 &#8211; 14<sup>th</sup> Floor, Belo
    Horizonte, MG 30.315-570, Brazil.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    1,210,000 shares of common stock issuable to Mr. Fogassa upon exercise of options, the majority of which was awarded in lieu of any
    cash salary, with an average exercise price of $0.04 per share and an average maturity of 8.22 years.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Fogassa owns the only outstanding share of our Series A Convertible Preferred Stock (&#8220;Preferred A Stock&#8221;). The Certificate
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    the holders of Preferred A Stock shall vote together as a single class with the holders of our common stock, with the holders of
    Preferred A Stock being entitled to 51% of the total votes on all matters regardless of the actual number of shares of Preferred
    A Stock then outstanding, and the holders of our common stock being entitled to their proportional share of the remaining 49% of
    the total votes based on their respective voting power. Mr. Fogassa is thus deemed to have voting control on all matters requiring
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  </table>
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_009" title="Table of Contents">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z_002"></span>Item
7. Major Shareholders and Related Party Transactions.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major
    Shareholders</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information as of March 12, 2024, regarding the beneficial ownership of our Common Stock by
our major shareholders who beneficially own more than 5% of our voting securities. The number and percentage of our Common Stock beneficially
owned by each person is determined in accordance with Rule 13d-3 of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;).
The information contained in the table below is not necessarily indicative of beneficial ownership for any other purpose.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined in accordance with the rules of the SEC. In computing the number of shares beneficially owned by a person and
the percentage ownership of that person, shares issuable upon the exercise of stock options or warrants or the conversion of other securities
held by that person that are exercisable or convertible within 60 days are deemed to be issued and outstanding. These shares, however,
are not deemed outstanding for the purposes of computing percentage ownership of each other shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marc
    Fogassa</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">(3)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,965,703</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64.4</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Atlas
    Lithium Corporation</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,652,584</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.4</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,652,584</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.9</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    mailing address for each listed shareholder is c/o Jupiter Gold Corporation, Rua Buenos Aires, 10 &#8211; 14<sup>th</sup> Floor,
    Belo Horizonte, MG 30.315-570, Brazil.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    1,210,000 shares of common stock issuable to Mr. Fogassa upon exercise of options, the majority of which was awarded in lieu of any
    cash salary, with an average exercise price of $0.04 per share and an average maturity of 8.22 years.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Fogassa owns the only outstanding share of our Series A Convertible Preferred Stock (&#8220;Preferred A Stock&#8221;). The Certificate
    of Designations, Preferences and Rights of our Preferred A Stock provides that for so long as Preferred A Stock is issued and outstanding,
    the holders of Preferred A Stock shall vote together as a single class with the holders of our common stock, with the holders of
    Preferred A Stock being entitled to 51% of the total votes on all matters regardless of the actual number of shares of Preferred
    A Stock then outstanding, and the holders of common stock being entitled to their proportional share of the remaining 49% of the
    total votes based on their respective voting power. Mr. Fogassa is thus deemed to have voting control on all matters requiring a
    stockholder vote.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
7.B. Related Party Transactions.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had $674,461 of amounts payable to Minera&#231;&#227;o Apollo Ltd, an entity wholly owned by Apollo Resources, an affiliate. The loans bear no interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="margin: 0; text-align: justify">See discussion about the Registration Rights Agreement under Item 10.C, Material Contracts on page 46.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
7.C. Interests of Experts and Counsel.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z_003"></span><b>Item
8. Financial Information.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
8.A. Consolidated Statements and Other Financial Information.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements are stated in U.S. dollars (US$) and are prepared in accordance with United States Generally
Accepted Accounting Principles (&#8220;GAAP&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements as required under Item 18 of Form 20-F are attached hereto and found immediately following the text of this Annual
Report. The audit report of BF Borgers CPA P.C., our independent auditors, is included herein immediately preceding the financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
8.A.7. Legal/Arbitration Proceedings.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
that are material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
8.A.8. Policy on Dividend Distributions.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
dividends are intended to be declared or paid by us in the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
8.B. Significant Changes.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z_004"></span><b>Item
9. The Offer and Listing.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock symbol is JUPGF and we are currently listed in OTCQB, a platform of OTC Markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z_005"></span><b>Item
10. Additional Information.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
10.A.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had 9,674,497 shares of our Common Stock, par value $0.001 per share, and 1 share of our Series A Convertible
Preferred Stock, par value $0.001 per share, issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had 40 million common shares and 10 million preferred shares authorized.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
10.B. Memorandum and Articles of Association.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Articles of Incorporation and Certificate of Incorporation are hereby incorporated by reference to Exhibits 1.1 and 1.2, respectively,
in our F-1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
10.C. Material Contracts.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following descriptions of the material provisions of the referenced agreements do not purport to be complete and are subject to, and
qualified in their entirety by reference to the agreements which have been filed as exhibits to this report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Registration
Rights Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registration Rights Agreement provides that whenever we propose to register any of its securities under the Securities Act of 1933, as
amended (the &#8220;Securities Act&#8221;) and the registration form to be used may be used for the registration and contemplated disposition
of Registrable Securities (a &#8220;Piggyback Registration&#8221;), we will give prompt written notice to Atlas Lithium of its intention
to effect such a registration so that such notice is received by Atlas Lithium at least twenty (20) days before the anticipated filing
date. We will include in such registration all securities covered by the Registration Agreement (&#8220;Registrable Securities&#8221;)
with respect to which we have received a written request for inclusion therein subject to any limitations on the number of shares that
may be registered for resale that may be imposed by law, including positions of the staff of the SEC. In connection with each Piggyback
Registration, all of the expenses incurred in compliance with the aforesaid, including, without limitation, all registration and filing
fees, printing expenses, fees and disbursements of our counsel and our blue sky fees and expenses will be paid by us and Atlas Lithium
shall pay all of the underwriting discounts and selling commissions applicable to the sale of Registrable Securities and all fees and
disbursements of counsel for Atlas Lithium attributable to the sale of its securities pursuant to the Piggyback Registration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
10.D. Exchange Controls</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
direct investment in Brazil is governed by Law number 14.286 of December 29, 2021 (the &#8220;<b>New Foreign Exchange
Law</b>&#8221;), replacing Brazilian Laws number. 4.131 (1962) and number 11.371 (2006), incorporating crucial amendments. Under the
New Foreign Exchange Law, foreign direct investors must adhere to a set of reporting and regulatory obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
investments, whether in the form of portfolio investments or direct investments in the capital market by individuals or entities,
are subject to rigorous registration requirements. Portfolio investments, now regulated by Brazil Monetary Council
(&#8220;<b>CMN</b>&#8221;) Resolution number 4.373 since March 30, 2015, have introduced changes aimed at facilitating the entry of
foreign investors into the Brazilian financial and capital markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-resident
investors are obligated to report their status to the Brazilian Central Bank, appoint a tax representative, and engage a representative
in Brazil for service of process in suits under Brazilian Corporate Law. Additionally, investments exceeding US$ 100,000.00 require prompt
reporting to the Brazilian Central Bank through the Foreign Capital Information Reporting System &#8211; Foreign Direct Investment within
30 days of funds flowing into Brazil.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reporting obligations extend to various aspects, including the remittance of profits abroad, the repatriation of capital, and the formalization
of reinvestments. Investments are reported in the foreign currency of origin or in Brazilian currency if derived from a non-resident
account in Brazil.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than such reporting obligations, foreign investment is not subject to government approvals or authorizations and there are no requirements
regarding minimum investment or local participation in capital (except in very limited cases such as in regard to financial institutions,
insurance companies and other entities subject to specific regulations). Foreign participation, however, is limited (that is, subject
to approvals) or forbidden in several sectors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
investments in currency must be officially channeled through financial institutions duly authorized to deal in foreign exchange. Foreign
currency must be converted into Brazilian currency and vice versa through the execution of an exchange contract. Foreign investments
may also be made through the contribution of assets and equipment intended for the local production of goods and services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
role of attorneys-in-fact from the previous legislation has evolved into the appointment of a representative in Brazil. This representative,
authorized by the Brazilian Central Bank, assumes responsibility for compliance with registration and reporting requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remittances
abroad, covering the distribution of profits or interest on equity and repatriation of capital, follow a meticulous process involving
foreign exchange contracts. These contracts are established between the Brazilian company and an authorized Brazilian commercial bank,
reflecting the exchange of Brazilian currency into foreign currency at an agreed-upon rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
historical instances, such as the freeze on dividend and capital repatriations in 1989 and 1990, demonstrated the government&#8217;s use of
temporary restrictions to protect foreign currency reserves, the New Foreign Exchange Law provides a framework for potential future restrictions.
The likelihood of such restrictions is influenced by factors such as Brazil&#8217;s foreign currency reserves, availability of foreign currency,
debt service burden, policy towards the International Monetary Fund, and broader political constraints.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
10.E. Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
should consult their own tax advisor regarding the specific tax consequences of owning and disposing of our common stock, including eligibility
for the benefits of any treaty for the avoidance of double taxation, the applicability or effect of any special rules to which they may
be subject, and the effect of any state, local, or other tax laws.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Marshall
Islands Tax Considerations</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is applicable only to persons who are not citizens of and do not reside in, maintain offices in or engage in business, transactions
or operations in the Marshall Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-resident
shareholders in Marshall Islands are not subject to Marshall Islands stamp, capital gains or other taxes on the purchase, ownership or
disposition of our common shares, and will not be required by the Marshall Islands to file a tax return related to our common shares.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
10.F. Dividends and Paying Agents.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
10.G. Statement by Experts.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
10.H. Documents on Display.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the informational requirements of the Exchange Act applicable to foreign private issuers and, in accordance with these
requirements, we file reports with the SEC. As a foreign private issuer, we are exempt from the rules under the Exchange Act relating
to the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the reporting
and short swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange
Act to file periodic reports and financial statements with the Securities and Exchange Commission as frequently or as promptly as U.S.
companies whose securities are registered under the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may read and copy any documents that we file with the SEC, including this Report and the related exhibits, without charge at the web site maintained by the Securities and Exchange Commission at www.sec.gov.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
10.I. Subsidiary Information.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
10.J. Annual Report to Securities Holders</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z_006"></span>Item
11. Quantitative and Qualitative Disclosure about Market Risk.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Exchange Risk</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to risk brought about by the possibility of a significant change in the rate of exchange of the U.S. dollar for the
Brazilian real.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Rate Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None;
as of the date of this Annual Report, we had no fixed or floating rate indebtedness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span id="Z_007"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
12. Description of Securities Other than Equity Securities.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z_027"></span><b>PART
II</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Z_008"></span><b>Item
13. Defaults, Dividend Arrearages and Delinquencies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
material</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span id="Z_009"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
14. Material Modifications to the Rights of Security Holders and Use of Proceeds.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z_010"></span>Item
15. Controls and Procedures. Disclosure Controls And Procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management has evaluated the design, operation, and effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e)
and 15d-15(e) of the Exchange Act as of December 31, 2022. On the basis of that evaluation, management concluded that our disclosure
controls and procedures are designed, and are effective, to provide reasonable assurance that the information required to be disclosed
in reports filed or submitted pursuant to the Exchange Act is recorded, processed, summarized, and reported within the time periods specified
in the rules and forms of the SEC, and that such information is accumulated and communicated to management to allow timely decisions
regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management&#8217;s
Report On Internal Control Over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining effective internal control over financial reporting and for its assessment
of the effectiveness of internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
internal control over financial reporting is a process designed by, or under the supervision of, our principal executive and financial
officer and effected by our Board of Directors, management, and other personnel to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally
accepted in the United States. Our internal control over financial reporting includes those policies and procedures that (1) pertain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with accounting principles generally accepted in the United States, and that our receipts and expenditures are being made only in accordance
with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of our assets that could have a material effect on the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis. Therefore,
even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and
presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management performed an assessment of the effectiveness of our internal control over financial reporting at December 31, 2023, utilizing
the criteria described in the &#8220;Internal Control &#8212; Integrated Framework&#8221; issued by the Committee of Sponsoring Organizations
of the Treadway Commission. The objective of this assessment was to determine whether our internal control over financial reporting was
effective on December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a
reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented
or detected on a timely basis. In our assessment of the effectiveness of internal control over financial reporting on December 31, 2023,
we did not identify any material weaknesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the management&#8217;s assessment, we have concluded that
our internal control over financial reporting was effective on December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
In Internal Control Over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have been no changes in our internal control
over financial reporting during the year ended December 31, 2023, which have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z_011"></span>Item
16. Reserved</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span id="Z_012"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16A. Audit Committee Financial Expert</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors currently acts as our audit committee. We do not currently have an independent member of our Board of Directors who
qualifies as an &#8220;audit committee financial expert&#8221; as such term is usually defined.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span id="Z_013"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16B. Code of Ethics.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors plans to adopt in 2024 a code of ethics to apply to all of our directors, officers, and employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z_014"></span>Item
16C. Principal Accountant Fees and Services.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BF
Borgers CPA PC has served as our independent auditors for our financial statements as of December 31, 2023 and for the years ended December
31, 2022 and 2021. This firm billed the following fees to us for professional services related to such date and periods:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: justify">Audit Fees</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">22,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">8,100</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">8,100</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Audit-Related Fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tax Fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">All Other Fees</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,000</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,100</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,100</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Audit
Fees&#8221; are the aggregate fees billed for the audit of our annual financial statements. This category also includes services that
generally the independent accountant provides, such as consents and assistance with and review of documents filed with the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Audit-Related
Fees&#8221; are the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit
and are not reported under Audit Fees. These fees include mainly accounting consultations regarding the accounting treatment of matters
that occur in the regular course of business, implications of new accounting pronouncements and other accounting issues that occur from
time to time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Tax
Fees&#8221; are the aggregate fees billed for professional services rendered for tax compliance, tax advice, other than in connection
with the audit. Tax compliance involves preparation of original and amended tax returns, tax planning and tax advice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;All
Other Fees&#8221; are the aggregate fees billed for products and services, other than the services reported on the preceding lines.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the audit and non-audit services to us were pre-approved by our Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span id="Z_015"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16D. Exemptions from the Listing Standards for Audit Committees.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span id="Z_016"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span id="Z_017"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16F. Change in Registrant&#8217;s Certifying Accountant.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span id="Z_018"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16G. Corporate Governance.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span id="Z_019"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16H. Mine Safety Disclosure.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span id="Z_020"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p><p style="margin-top: 0pt; margin-bottom: 0pt"><span id="item16k"></span><b>Item
                                            16K. Cybersecurity.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an exploration stage company, we have limited operations and our business activity to date has been identifying, acquiring, and exploring
mineral properties, and have not yet adopted formal cybersecurity risk management programs or formal processes for assessing cybersecurity
risks. We understand the importance of managing material risks from cybersecurity threats and are committed, as part of our continuing
growth, to implementing and maintaining an adequate information security program to manage such risks and safeguard our systems and data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently manage our cybersecurity risk through a variety of practices that are applicable to all users of our information technology
and information assets, including our employees and contractors. We use a combination of technology, policies, training, and monitoring
to promote security awareness and prevent security incidents.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the early stage of development of our projects, we believe have limited exposure to cyber threats other than emails and project data
storage. Financial transactions are enabled through well-stablished financial institutions and accounting and employee information storage
are outsourced to an external accounting firm.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not, as of the date of this report, experienced a cybersecurity threat or incident in the last three years, that materially affected
or is reasonably likely to affect our business, results of operations, or financial condition. However, there can be no guarantee that
we will not experience such an incident in the future. Refer to our risk factor &#8220;<i><span style="text-decoration: underline">The Company is exposed to information systems
and cybersecurity risks</span></i>&#8221; on page 4.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors oversees cybersecurity risk as part of its role of overseeing enterprise-wide risk.</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span id="Z_021"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART
III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span id="Z_022"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
17. Financial Statements.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have responded to Item 18 in lieu of this item.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span id="Z_023"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
18. Financial Statements.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements required by this item are found at the end of this annual report, beginning on page F-1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span id="Z_024"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
19. Exhibits.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
    Number</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Exhibit</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">1.1</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="https://www.sec.gov/Archives/edgar/data/1684688/000107997416001769/ex1_3.htm" style="-sec-extract: exhibit">Company Bylaws</a>**</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">2.1</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="https://www.sec.gov/Archives/edgar/data/1684688/000107997416001769/ex1_4.htm" style="-sec-extract: exhibit">Certificate of designations, preferences and rights of our preferred A Stock</a>**</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">3.1</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="https://www.sec.gov/Archives/edgar/data/1684688/000107997416001769/ex10_2.htm" style="-sec-extract: exhibit">Registration of rights agreement</a>**</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="ex12-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of CEO Pursuant to Section 302 of Sarbanes-Oxley Act of 2002 (&#8220;Sarbanes-Oxley Act&#8221;).*</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="ex12-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of CFO Pursuant to Section 302 of Sarbanes-Oxley Act.*</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><a href="ex13-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification Pursuant to Section 906 of Sarbanes-Oxley Act.*</span></a></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Filed
herewith.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
Previously Filed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Z_026"></span>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JUPITER
    GOLD CORPORATION</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;(Registrant)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Marc Fogassa</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 45%"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marc Fogassa</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span id="Z_025"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>JUPITER
GOLD CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Report
of Independent Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the shareholders and the board of directors of Jupiter Gold Corporation</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Jupiter Gold Corporation as of December 31, 2023 and 2022, the related statements
of operations, stockholders&#8217; equity (deficit), and cash flows for the years then ended, and the related notes (collectively referred
to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the
financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the years
then ended, in conformity with accounting principles generally accepted in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Substantial
Doubt about the Company&#8217;s Ability to Continue as a Going Concern</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
1 to the financial statements, the Company has suffered recurring losses from operations and has a significant accumulated deficit. In
addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company&#8217;s
ability to continue as a going concern. Management&#8217;s plans in regard to these matters are also described in Note 1. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>/S/
<span id="xdx_90F_edei--AuditorName_c20230101__20231231_zh0sDQcjum62"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:AuditorName" id="ixv-8064">BF Borgers CPA PC</ix:nonNumeric></span></b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(PCAOB
ID <span id="xdx_908_edei--AuditorFirmId_c20230101__20231231_zkpTLgTM40dc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:AuditorFirmId" id="ixv-8069">5041</ix:nonNumeric></span></span></b><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2016</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><span id="xdx_90B_edei--AuditorLocation_c20230101__20231231_zZiyWEXEpJ0b" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:AuditorLocation" id="ixv-8079">Lakewood,
CO</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
12, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_009">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>JUPITER
GOLD CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
BALANCE SHEETS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--AssetsAbstract_iB_zzTwgvVCiLG4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">ASSETS</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--AssetsCurrentAbstract_i01B_zZOa7UAeelOg" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-8282">78,866</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zrgZe4KNSsI7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--LiabilitiesCurrentAbstract_i01B_zszgBqRcxaA1" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40A_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_i02I_maLCzpa8_zaW07cyCSsG3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_eus-gaap--LiabilitiesCurrent_i02TI_mtLCzpa8_maLzzPB_zlFyt1Gkdnd6" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_407_eus-gaap--OtherLiabilitiesNoncurrent_i01I_maLNzCYH_zUW7G8ZRHpO3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0115">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--Liabilities_i01TI_mtLzzPB_maLASEzM9h_zZ0jNiI51eZ2" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Total liabilities</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-8493">14,417</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--StockholdersEquityAbstract_i01B_ziZPwfCeLEXc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Stockholders&#8217; equity:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--PreferredStockValue_i02I_maSEzn1E_zeJxEW1AIpsj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0129">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0130">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0131">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--CommonStockValue_i02I_maSEzn1E_zcuoAP2V0OBh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40B_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_maSEzn1E_zj4jUoMqpFa1" style="vertical-align: bottom; background-color: White">
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    <td style="padding-left: 20pt; text-align: left">Total liabilities and stockholders&#8217; equity</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-8696">417,134</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 57; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_009">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>JUPITER
GOLD CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30A_113_znPShwOuC172" summary="xdx: Statement - Consolidated Statements of Operations and Comprehensive Loss" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49B_20230101__20231231_zbkkwbexyAfl" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_496_20220101__20221231_zDDiDdATiIIb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_498_20210101__20211231_zyIY4LsDzcji" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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    <td>Revenue </td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0206">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0207">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Operating expenses:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_eus-gaap--ShareBasedCompensation_i01N_di_maOEzGS9_zHrk2U5Wtunj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Stock based compensation </td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40D_eus-gaap--OperatingExpenses_i01NT_di_mtOEzGS9_msOILzeVA_zQaHHZvvmrAb" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Total operating expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-8892">1,057,773</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-8902">546,989</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40B_eus-gaap--OperatingIncomeLoss_iT_mtOILzeVA_maILFCOzaFh_zr7A0fOc9kDe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Loss from operations </td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-8909">1,057,773</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_40E_eus-gaap--NonoperatingGainsLossesAbstract_iB_zuda1ecEBPJ9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other expense (income):</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--OtherNonoperatingIncomeExpense_i01_maNIEzlWJ_zmQMjJSGySQb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Other income (expense)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-8940">14,072</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0246">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-8950">1,449</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_403_eus-gaap--NonoperatingIncomeExpense_i01T_mtNIEzlWJ_maILFCOzaFh_zAR908Ck7eR4" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left"> Other income (expense)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-8957">14,072</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40B_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_maNILzesG_mtILFCOzaFh_zaKZcN1E17e1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Loss before provision for income taxes</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--IncomeTaxExpenseBenefit_msNILzesG_zUPkXS6LTEm3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Provision for income taxes</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0257">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0258">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_403_eus-gaap--NetIncomeLoss_iT_mtNILzesG_z0kjaMtwGml2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Net loss</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-9008">1,071,845</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-9013">657,375</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-9018">548,438</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td/><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--EarningsPerShareAbstract_iB_zvTgGKQNjyed" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Basic and diluted loss per share </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; padding-bottom: 2.5pt">Net loss per share</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_902_eus-gaap--EarningsPerShareBasic_i01_pid_c20230101__20231231_z92TE5ZRK6Gi" title="Net loss per share - Basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><span id="xdx_90B_eus-gaap--EarningsPerShareDiluted_i01_pid_c20230101__20231231_zAJLjBHIgiy1" title="Net loss per share - Diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2023-01-01to2023-12-31" format="ixt:numunitdecimalin" decimals="INF" sign="-" unitRef="USDPShares" id="ixv-9055"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2023-01-01to2023-12-31" format="ixt:numunitdecimalin" decimals="INF" sign="-" unitRef="USDPShares" id="ixv-9056">0,12</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90C_eus-gaap--EarningsPerShareBasic_i01_pid_c20220101__20221231_zdrlIWSrPjg7" title="Net loss per share - Basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_i01_pid_c20220101__20221231_zd8t5x8kZlmh" title="Net loss per share - Diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2022-01-012022-12-31" format="ixt:numunitdecimalin" decimals="INF" sign="-" unitRef="USDPShares" id="ixv-9063"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2022-01-012022-12-31" format="ixt:numunitdecimalin" decimals="INF" sign="-" unitRef="USDPShares" id="ixv-9064">0,08</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--WeightedAverageNumberOfSharesOutstandingAbstract_iB_zleDlRctmzh5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Weighted-average number of common shares outstanding:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_009">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>JUPITER
GOLD CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS&#8217; EQUITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_300_114_zHwZm8PnbP62" summary="xdx: Statement - Consolidated Statements of Changes in Stockholders' Equity" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_408_eus-gaap--StockIssuedDuringPeriodValueNewIssues_zaZucRwPne2e" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0349">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0350">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0351">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--StockIssuedDuringPeriodValueNewIssues_zfyNepQMEBU" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Issuance of common stock in connection with sales made under private offerings</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 59; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_009">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>JUPITER
GOLD CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CASH FLOWS </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30B_112_zx6PtZESODz2" summary="xdx: Statement -  Consolidated Statements of Cash Flows" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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  <tr id="xdx_40E_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_400_ecustom--PaymentsForProceedsFromRelatedParties_i01_pp0p0_maNCPBUzMLy_zDA2QfFQgzG7" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_pp0p0_mtNCPBUzMLy_maCCERCz57X_zaE5BgS9sTz5" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 40pt; text-align: left; padding-bottom: 1.5pt">Net cash provided by (used in) investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-10481">105,378</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Cash flows from financing activities:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 40pt; text-align: left; padding-bottom: 1.5pt">Net cash provided by (used in) financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_maCCERCz57X_zpBkcFpVED9l" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-10564">74</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD" id="ixv-10569">5,891</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-10574">2</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_pp0p0_mtCCERCz57X_zcvSLmtWzuQ4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iS_pp0p0" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Cash and cash equivalents at beginning of period</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-10598">25,438</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-10603">849</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-10608">67,552</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iE_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents at end of period</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-10615">92,813</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-10620">25,438</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-10625">849</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>JUPITER
GOLD CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock" id="ixv-10652"><p id="xdx_807_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_zQCQet1esSf3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 &#8211; <span id="xdx_829_zFok09fqfMSc">ORGANIZATION, BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="JUPGF:OrganizationAndDescriptionOfBusinessPolicyTextBlock" id="ixv-10659"><p id="xdx_845_ecustom--OrganizationAndDescriptionOfBusinessPolicyTextBlock_zYLeIGJF6wN9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_866_zAhtHam5iEvc">Organization
and Description of Business</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2016, Jupiter Gold Corporation (&#8220;Jupiter Gold&#8221; or the &#8220;Company&#8221;) was incorporated under the laws of
the Republic of the Marshall Islands. Concurrently, Atlas Lithium Corporation (&#8220;Atlas Lithium&#8221;), a U.S. corporation, exchanged
its <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20160727__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MineracaoJupiterLtdMember_zQOr0pB8Tlma" title="Equity method investment, ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2016-07-27_custom_MineracaoJupiterLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-10670">99.99</ix:nonFraction></span>% ownership in Minera&#231;&#227;o Jupiter Ltda (&#8220;MJL&#8221;), a Brazilian company, for <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20160726__20160727__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MineracaoJupiterLtdMember_zKLdG7MLzodf" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2016-07-262016-07-27_custom_MineracaoJupiterLtdMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-10672">4,000,000</ix:nonFraction></span> shares of Jupiter
Gold&#8217;s common stock. Atlas Lithium held an approximate <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AtlasLthiumCorpMember_zzh6di3DA53i" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_AtlasLthiumCorpMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-10674">27.42</ix:nonFraction></span>% interest in the Company as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20160727__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AtlasLthiumCorpMember_zHMja7hoX6Sc" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2016-07-27_custom_AtlasLthiumCorpMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-10680">100</ix:nonFraction></span>%-ownership to several gold projects in development and in exploratory stages aggregating over <span id="xdx_906_eus-gaap--AreaOfLand_iI_uAcres_c20231231_zVxwEI4dKIZg" title="Area of land"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Acres" id="ixv-10682">154,000</ix:nonFraction></span> acres in Brazil.
It also owns a modular gold recovery plant. The Company trades on the OTC Markets (Pink Open Market) under the symbol JUPGF.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The Company also owns a Quartzite deposit located in Minas Gerais,
which, after a drilling campaign, received all permits necessary and was subject to a trial mining period in 2023. We intend to start
mining operations and generate revenues from Quartzite sales in 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock" id="ixv-10688"><p id="xdx_841_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z49UXIa0Z3la" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_863_z1oK43ZcYHEk">Basis
of Presentation</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles (&#8220;GAAP&#8221;)
of the United States of America and are expressed in United States dollars. For the years ended December 31, 2023, 2022 and 2021, the
consolidated financial statements include the accounts of the Company and its <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MineracaoJupiterLtdMember_zw2AFmWIvrz4" title="Ownership percentage"><span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MineracaoJupiterLtdMember_zcDvYQuUR3qa" title="Ownership percentage"><span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20211231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MineracaoJupiterLtdMember_zBLWxgLQ8QE4" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_MineracaoJupiterLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-10701"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_MineracaoJupiterLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-10702"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-12-31_custom_MineracaoJupiterLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-10703">99.99</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>% owned subsidiary, Minera&#231;&#227;o Jupiter
Ltda.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
material intercompany accounts and transactions have been eliminated in consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="us-gaap:UseOfEstimates" id="ixv-10710"><p id="xdx_84D_eus-gaap--UseOfEstimates_zbIE3cHBoDEd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_864_zzFnXKgLNbK9">Use
of Estimates</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amount
of revenues and expenses during the reporting period. Actual results may differ from those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="JUPGF:GoingConcernPolicyTextBlock" id="ixv-10722"><p id="xdx_848_ecustom--GoingConcernPolicyTextBlock_zKoIT8n69RXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_86C_z3U2jQFL6g0e">Going
Concern</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and the settlement
of liabilities in the normal course of business. The Company has limited working capital, has incurred losses since its inception, and
has not yet generated material revenues from the sale of its products or services. These factors create substantial doubt about the Company&#8217;s
ability to continue as a going concern. The consolidated financial statements do not include any adjustment that might be necessary if
the Company is unable to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ability of the Company to continue as a going concern is dependent on the Company generating cash from its operations, the sale of its
stock and/or obtaining debt financing. During the year ended December 31, 2023, the Company funded operations primarily through the sale
of equity securities and loans from related parties. Management intends to cover any operating losses by selling its equity securities
and obtaining debt financing. There can be no assurance the Company will be successful in these efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 61; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_009">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy" id="ixv-10751"><p id="xdx_84E_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zuIOarGp18a4" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_863_zcHVcXtC89Nk">Fair
Value of Financial Instruments</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jupiter
Gold follows the guidance of Accounting Standards Codification (&#8220;ASC&#8221;) Topic 820 &#8211; Fair Value Measurement and Disclosure.
Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants as of the measurement date. The guidance also establishes a hierarchy for inputs used
in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the
most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability
and are developed based on market data obtained from sources independent of Jupiter Gold. Unobservable inputs are inputs that reflect
Jupiter Gold&#8217;s assumptions about the factors market participants would use in valuing the asset or liability. The guidance establishes
three levels of inputs that may be used to measure fair value:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1. Observable inputs such as quoted prices in active markets;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, Jupiter Gold did not have any level 2 or 3 assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jupiter
Gold&#8217;s financial instruments consist of cash and cash equivalents, accounts payable, and accrued expenses. The carrying amount
of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing
market rates unless otherwise disclosed in these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock" id="ixv-10783"><p id="xdx_840_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zMFn5doem923" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_86F_zRl7JV0qhX24">Cash
and Cash Equivalents</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent
that the funds are not being held for investment purposes. Funds held in Brazilian banks are insured up to <span id="xdx_90D_eus-gaap--CashFDICInsuredAmount_iI_c20231231_z3IjEunFvc7g" title="Cash insurred"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-10794">250,000</ix:nonFraction></span> Brazilian Real (approximately
$<span id="xdx_909_ecustom--ExchangeRatesAmount_iI_c20231231_znfPKoyxfQfj" title="Exchange rates amount"><ix:nonFraction name="JUPGF:ExchangeRatesAmount" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-10796">3,652</ix:nonFraction></span> based on the December 31, 2023 exchange rate).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock" id="ixv-10799"><p id="xdx_845_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zzgkvlXfY2bj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_867_zhWJXO1InP6h">Property
and Equipment</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost. Major improvements and betterments are capitalized. Maintenance and repairs are expensed as incurred.
Depreciation is computed using the straight-line method over the estimated useful life. At the time of retirement or other disposition
of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected
in the statements of operations as other gain or loss, net.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
diamond and gold processing plant and other machinery are depreciated over an estimated useful life of <span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OtherMachineryAndEquipmentMember_zSdn7Wizryv4" title="Property and equipment estimated useful Life"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_OtherMachineryAndEquipmentMember" format="ixt-sec:durwordsen" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="ixv-10814">ten years</ix:nonNumeric></span>; vehicles are depreciated
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="JUPGF:MineralPropertiesPolicyTextBlock" id="ixv-10821"><p id="xdx_849_ecustom--MineralPropertiesPolicyTextBlock_zbR8zNvzJwFd" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_86E_zFsoNQCEmncj">Mineral
Properties</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs
of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. Mineral property acquisition costs,
including licenses and lease payments, are capitalized. Impairment losses are recorded on mineral properties used in operations when
indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets&#8217;
carrying amount. The Company did not recognize any impairment losses related to mineral properties held during the years ended December
31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
intangible assets purchased in a business combination, the estimated fair values of the assets received are used to establish their recorded
values. For intangible assets acquired in a non-monetary exchange, the estimated fair values of the assets transferred (or the estimated
fair values of the assets received, if more clearly evident) are used to establish their recorded values, unless the values of neither
the assets received nor the assets transferred are determinable within reasonable limits, in which case the assets received are measured
based on the carrying values of the assets transferred. Valuation techniques consistent with the market approach, income approach and/or
cost approach are used to measure fair value. These rights are held in perpetuity provided the Company remains in compliance with various
government regulations and industry requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_009">Table of Contents</a></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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of Long-Lived Assets</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
long-lived assets, such as property and equipment and intangible assets subject to amortization, Jupiter Gold continually monitors events
and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes
in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value
of such assets will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows
is less than the carrying amount of those assets, Jupiter Gold recognizes an impairment loss based on the excess of the carrying amount
over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs
to sell.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="us-gaap:CompensationRelatedCostsPolicyTextBlock" id="ixv-10861"><p id="xdx_842_eus-gaap--CompensationRelatedCostsPolicyTextBlock_z2hWshDMKsxd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_869_z4Ne9VXRnH8j">Stock-Based
Compensation</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company records stock-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation. ASC 718 requires companies
to measure compensation cost for stock-based employee compensation at fair value at the grant date and recognize the expense over the
employee&#8217;s requisite service period. Under ASC 718, volatility is based on the historical volatility of our stock or the expected
volatility of the stock of similar companies. The expected life assumption is primarily based on historical exercise patterns and employee
post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield
curve in effect at the time of grant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company utilizes the Black-Scholes option-pricing model, which was developed for use in estimating the fair value of options. Option-pricing
models require the input of highly complex and subjective variables including the expected life of options granted and the expected volatility
of our stock price over a period equal to or greater than the expected life of the options. Because changes in the subjective assumptions
can materially affect the estimated value of our employee stock options, it is management&#8217;s opinion that the Black-Scholes option-pricing
model may not provide an accurate measure of the fair value of our employee stock options. Although the fair value of employee stock
options is determined in accordance with ASC Topic 718 using an option-pricing model, that value may not be indicative of the fair value
observed in a willing buyer/willing seller market transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 20, 2018, the FASB issued ASU 2018-07 which simplifies the accounting for share-based payments granted to nonemployees for goods
and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based
payments granted to employees. Equity classified share-based payments for employees are fixed at the time of grant. Equity-classified
nonemployee share-based payment awards are measured at the grant date of the award which is the same as share-based payments for employees.
The Company adopted the requirements of the new rule as of January 1, 2019, the effective date of the new guidance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" id="ixv-10881"><p id="xdx_847_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z8UXGFck9Spf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_868_zND2QHcyhen2">Foreign
Currency</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jupiter
Gold&#8217;s subsidiary, MJL, uses its local currency as its functional currency. Resulting translation gains or losses are recognized
as a component of accumulated other comprehensive income. Transaction gains or losses related to balances denominated in a currency other
than the functional currency are recognized in the consolidated statements of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock" id="ixv-10893"><p id="xdx_845_eus-gaap--EarningsPerSharePolicyTextBlock_zpdEgi1KuQb6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_868_zcEbPQBmLfR9">Basic
Earnings (Loss) Per Share</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company computes loss per share in accordance with ASC Topic 260, Earnings per Share, which requires presentation of both basic and diluted
earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common
shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all
dilutive potential common shares outstanding during the period. As of December 31, 2023, the Company&#8217;s potentially dilutive securities
relate to common stock issuable in connection with options. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_009">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock" id="ixv-10919"><p id="xdx_843_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zS4sfUSsOxxa" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_867_zQwONmGXDwj6">Recent
Accounting Pronouncements</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not
believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position
or results of operations except as noted below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging
- Contracts in Entity&#8217;s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity&#8217;s
Own Equity. ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible
debt instruments and convertible preferred stock. Limiting the accounting models will result in fewer embedded conversion features being
separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation
models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition
of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued
with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives
scope exception for contracts in an entity&#8217;s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06
will be effective January 1, 2024, for the Company. Early adoption is permitted, but no earlier than January 1, 2021, including interim
periods within that year. The Company is evaluating the effect of the adoption of ASU 2020-06 on the consolidated financial statements,
but currently does not believe ASU 2020-06 will have a significant impact on the Company&#8217;s accounting for its convertible debt
instruments. The effect will largely depend on the composition and terms of the financial instruments at the time of adoption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2020, the FASB issued ASU 2020-02, Financial Instruments-Credit Losses (Topic 326) and Leases (Topic 842) - Amendments to SEC
Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards
Update No. 2016-02, Leases (Topic 842), which amends the effective date of the original pronouncement for smaller reporting companies.
ASU 2016-13 and its amendments will be effective for the Company for interim and annual periods in fiscal years beginning after December
15, 2022. The Company believes the adoption will modify the way the Company analyzes financial instruments, but it does not anticipate
a material impact on results of operations. The Company is in the process of determining the effects adoption will have on its consolidated
financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial
Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in the ASU seek to reduce
diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures
in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including
businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The
amendments are effective for all joint venture formations with a formation date on or after January 1, 2025. Early adoption and retrospective
application of the amendments are permitted. We do not expect adoption of the new guidance to have a material impact on our consolidated
financial statements and disclosures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 30.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable
segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure
enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker
and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each
reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15,
2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption
is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 30.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure
requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal
years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments
are permitted. We do not expect adoption of the new guidance to have a material impact on our consolidated financial statements and disclosures.</span></p>

</ix:nonNumeric><p id="xdx_85A_zkHSmjCNV5ie" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="JUPGF:CompositionOfCertainFinancialStatementItemsTextBlock" id="ixv-10956"><p id="xdx_80D_ecustom--CompositionOfCertainFinancialStatementItemsTextBlock_zUtiR71c0EX8" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 &#8211; <span id="xdx_822_zx0VsIz7soAa">COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Property
and Equipment, Net</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock" id="ixv-10969"><p id="xdx_899_eus-gaap--PropertyPlantAndEquipmentTextBlock_zGNV5olLhtF1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the components of the Company&#8217;s property and equipment as at December 31, 2023, 22 and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_z5yDSTv1WLl1" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT</span></span></p>

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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 65%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Machinery and equipment</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--PropertyPlantAndEquipmentNet_iI_pp0p0_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zPvdcBiHi8Lb" title="Net Book Value" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2021-12-31_us-gaap_MachineryAndEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-11239">30,254</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zvgyGC4Y2GP1" title="Cost" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_us-gaap_VehiclesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-11246">42,507</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zcRwMtfi1Uca" title="Accumulated Depreciation" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2021-12-31_us-gaap_VehiclesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-11251">42,507</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--PropertyPlantAndEquipmentNet_iI_pp0p0_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_z0SRMsDrCx33" title="Net Book Value" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0655">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total fixed assets</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20211231_zqHfqMLQJpn2" title="Cost" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-11263">153,029</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20211231_zL3PsddVAULd" title="Accumulated Depreciation" style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-11268">121,625</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentNet_iI_pp0p0_c20211231_z4GcKjHUgAq7" title="Net Book Value" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-11273">31,404</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AF_z2nb7yNY7H0k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, the Company recorded depreciation expense of $<span id="xdx_902_eus-gaap--Depreciation_pp0p0_c20230101__20231231_zPaJKbC9Fymf" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-11280">42,243</ix:nonFraction></span>, $<span id="xdx_901_eus-gaap--Depreciation_pp0p0_c20220101__20221231_zjk5Jrbehvb6" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-11282">12,997</ix:nonFraction></span> and $<span id="xdx_907_eus-gaap--Depreciation_pp0p0_c20210101__20211231_zskIXgL17Vnk" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-11284">19,714</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2023, the Company acquired a gold processing
plant from Atlas Lithium at a total price of $<span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentNet_iI_c20231231_zEW9JvzHq4sj" title="Property plant and equipment"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-11290">320,700</ix:nonFraction></span>. Total paid for the plant acquisition was composed of <span id="xdx_90B_eus-gaap--SharesIssued_iI_c20231231_zT7EC1Qfhyf1" title="Shares issued"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11292">320,700</ix:nonFraction></span> shares issued by
the Company at $<span id="xdx_90B_eus-gaap--SharePrice_iI_c20231231_zaQvCJxKfMUh" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-11294">1.00</ix:nonFraction></span> each.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Related
Party Receivables/Payables</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, there are $<span id="xdx_908_eus-gaap--AccountsPayableCurrent_iI_do_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MineracaoApolloLtdaMember_z3GoKwIouJld"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2023-12-31_custom_MineracaoApolloLtdaMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-11307">674,461</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of relating parties outstanding balances,
represented by amounts owed to Minera&#231;&#227;o Apollo Ltda.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, there is <span id="xdx_903_eus-gaap--AccountsReceivableNetCurrent_iI_do_c20221231__dei--LegalEntityAxis__custom--AtlasLthiumCorpMember_zlHQBBmUW5yi" title="Acounts Receivable - Related Party"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2022-12-31_custom_AtlasLthiumCorpMember" format="ixt-sec:numwordsen" decimals="0" unitRef="USD" id="ixv-11315">no</ix:nonFraction></span> related party outstanding balance. As of December 31, 2021, related party receivables totaled $<span id="xdx_900_eus-gaap--AccountsReceivableNetCurrent_iI_c20211231__dei--LegalEntityAxis__custom--AtlasLthiumCorpMember_zgYOA8lRDkx4" title="Acounts Receivable - Related Party"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2021-12-31_custom_AtlasLthiumCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-11317">85,203</ix:nonFraction></span>.
The entire amount is owed from Atlas Lithium for short-term loans made and expenses paid by Jupiter Gold and MJL.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 64; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#M_009">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock" id="ixv-11334"><p id="xdx_805_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zPXjN2tpEJA1" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 &#8211; <span id="xdx_823_zq0YqLYmEGT3">STOCKHOLDERS&#8217; EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Issued
and Authorized</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, Jupiter Gold had <span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231_z95Etbcd9gIh"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11350">9,674,497</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of its common stock and <span id="xdx_90F_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20231231_z4WSjWl4cM0c"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11353">1</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">share of its preferred stock issued and outstanding.
As of December 31, 2022, Jupiter Gold had <span id="xdx_909_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20221231_zFepMuxaS14h"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11356">8,118,737</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of its common stock and <span id="xdx_908_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20221231_z1SZDVtbkZkl"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11359">1</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">share of its preferred stock issued and outstanding.
As of December 31, 2023, Jupiter Gold had <span id="xdx_902_eus-gaap--CommonStockSharesAuthorized_iI_c20231231__us-gaap--StatementEquityComponentsAxis__custom--IssuedAndAuthorizedMember_zVPlHxq0DGAl"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-12-31_custom_IssuedAndAuthorizedMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11363">40,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares and <span id="xdx_902_eus-gaap--PreferredStockSharesAuthorized_iI_c20231231__us-gaap--StatementEquityComponentsAxis__custom--IssuedAndAuthorizedMember_zJWCX6D6XKp8"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2023-12-31_custom_IssuedAndAuthorizedMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11366">6,148,212</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">preferred shares authorized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Common
Stock</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, Jupiter Gold issued and sold <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zibEFOtWZfva"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-01-012023-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11380">827,180</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock for cash proceeds of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zt64jFqdVhN9"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2023-01-012023-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-11384">612,300</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, Jupiter Gold issued and sold <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zsPfoRHoPETc"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-01-012022-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11393">1,853,626</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock for cash proceeds of $<span id="xdx_909_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zsSvK1UfFoF8"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2022-01-012022-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-11396">489,875</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, Jupiter Gold issued and sold <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zwxxluVtuZQa"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11404">293,889</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock for cash proceeds of $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZNtdhckqVHf"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-11407">205,790</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
Additionally, the Company issued <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZ0PDdEZadCc"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11410">74,158</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of its common stock in exchange for fees
and services totaling $<span id="xdx_909_eus-gaap--ProfessionalFees_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zoqhZqoK4FA4"><ix:nonFraction name="us-gaap:ProfessionalFees" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-11413">72,035</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
or an average price of $<span id="xdx_90D_eus-gaap--SharePrice_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zOxpDaKbSfLd"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-11416">0.97</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share which approximated fair market value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Preferred
A Stock</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jupiter
Gold has issued to one of its directors one share of a Series A Convertible Preferred Stock (&#8220;Preferred A Stock&#8221;). The Certificate
of Designations, Preferences and Rights of Preferred A Stock provides that for so long as it is issued and outstanding, its holders shall
vote together as a single class with the holders of the Company&#8217;s common stock, with <span id="xdx_903_eus-gaap--PreferredStockVotingRights_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zsJvwTpeBNx7" title="Preferred stock, voting rights description"><ix:nonNumeric contextRef="From2023-01-012023-12-31_us-gaap_SeriesAPreferredStockMember" name="us-gaap:PreferredStockVotingRights" id="ixv-11429">the holders of Preferred A Stock being entitled
to 51% of the total votes on all such matters regardless of the actual number of shares of Preferred A Stock then outstanding, and the
holders of common stock are entitled to their proportional share of the remaining 49% of the total votes based on their respective voting
power</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Stock
Options</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company granted Marc Fogassa as contractual compensation options to purchase an aggregate of <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20230101__20231231__srt--TitleOfIndividualAxis__custom--OfficersAndDirectorsMember_zhgnZuuun9o8"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2023-01-012023-12-31_custom_OfficersAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11441">420,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of its common stock. Such awards corresponded
to the period between January 1, 2023, to December 31, 2023. The options issued in 2023 were valued at $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans_c20230101__20231231_zOkZurKZzmr1"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-11445">115,038</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in total. The options were valued using the Black-Scholes
option pricing model with the following average assumptions: our stock price on date of grant $<span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20231231__srt--RangeAxis__srt--MinimumMember_zOpDwynJoSZc"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2023-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-11448">0.65</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to $<span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20231231__srt--RangeAxis__srt--MaximumMember_z16Ra55uqGs8"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2023-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-11451">2.10</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
a strike price of $<span id="xdx_903_eus-gaap--OptionIndexedToIssuersEquityStrikePrice1_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zl4WtTGY731f"><ix:nonFraction name="us-gaap:OptionIndexedToIssuersEquityStrikePrice1" contextRef="From2023-01-012023-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-11454">0.01</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to $<span id="xdx_902_eus-gaap--OptionIndexedToIssuersEquityStrikePrice1_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_zClNjYpp5tw9"><ix:nonFraction name="us-gaap:OptionIndexedToIssuersEquityStrikePrice1" contextRef="From2023-01-012023-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-11457">1.00</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
illiquidity discount of <span id="xdx_90E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsIlliquidityDiscount_pid_dp_uPure_c20230101__20231231_zO1jKZE8X9d7"><ix:nonFraction name="JUPGF:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsIlliquidityDiscount" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11460">75</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
expected dividend yield of <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20230101__20231231_zHRcX8Jt11n1"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11463">0</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
annualized volatility of <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pid_dp_uPure_c20230101__20231231_zsypmhU6HJrb"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11466">268</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
to <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pid_dp_uPure_c20230101__20231231_z5yeOOC1Ld9g"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11469">364</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
risk-free interest rate of <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPure_c20230101__20231231_z1rfqWkKllY6"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11472">3.42</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
to <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPure_c20230101__20231231_znPxvK1ixkbl"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11475">4.73</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
and an expected term of <span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zXKBMbPFdvu3" title="::XDX::P5Y"><span style="-sec-ix-hidden: xdx2ixbrl0710">five
</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dc_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_zXW7P4Adg8we"><ix:nonNumeric contextRef="From2023-01-012023-12-31_srt_MaximumMember" format="ixt-sec:durwordsen" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" id="ixv-11481">ten
years</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, the Company granted officers and directors as contractual compensation options to purchase an aggregate
of <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20220101__20221231__srt--TitleOfIndividualAxis__custom--OfficersAndDirectorsMember_ztsL5eeBvqae"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-01-012022-12-31_custom_OfficersAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11488">420,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of its common stock. Such awards corresponded
to the period between January 1, 2022, to December 31, 2022. The options issued in 2022 were valued at $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans_c20220101__20221231_zzfHfnoqPJob"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-11492">104,140</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in total. The options were valued using the Black-Scholes
option pricing model with the following average assumptions: our stock price on date of grant $<span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20221231__srt--RangeAxis__srt--MinimumMember_zbAuv2f48IA6"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2022-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-11495">0.80</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to $<span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20221231__srt--RangeAxis__srt--MaximumMember_zs66RwbZfa03"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2022-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-11498">1.20</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
a strike price of $<span id="xdx_906_eus-gaap--OptionIndexedToIssuersEquityStrikePrice1_c20220101__20221231__srt--RangeAxis__srt--MinimumMember_zX1WfMEciZ4f"><ix:nonFraction name="us-gaap:OptionIndexedToIssuersEquityStrikePrice1" contextRef="From2022-01-012022-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-11501">0.01</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to $<span id="xdx_901_eus-gaap--OptionIndexedToIssuersEquityStrikePrice1_c20220101__20221231__srt--RangeAxis__srt--MaximumMember_z89ksjX0Ok6k"><ix:nonFraction name="us-gaap:OptionIndexedToIssuersEquityStrikePrice1" contextRef="From2022-01-012022-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-11504">1.00</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
illiquidity discount of <span id="xdx_908_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsIlliquidityDiscount_pid_dp_uPure_c20220101__20221231_ztry4G3fdIwh"><ix:nonFraction name="JUPGF:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsIlliquidityDiscount" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11507">75</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
expected dividend yield of <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20220101__20221231_zWyLVxpLZ4i"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11510">0</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
annualized volatility of <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pid_dp_uPure_c20220101__20221231_zyDtPbDU0Scg"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11513">295</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
to <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pid_dp_uPure_c20220101__20221231_zMmYpMQ18Mcl"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11516">372</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
risk-free interest rate of <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPure_c20220101__20221231_zjNhcOCYgPHc"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11519">1.51</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
to <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPure_c20220101__20221231_zrvu5qQYYGNb"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11522">4.05</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
and an expected term of <span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20220101__20221231__srt--RangeAxis__srt--MinimumMember_z7vJXq5a7UEd" title="::XDX::P5Y"><span style="-sec-ix-hidden: xdx2ixbrl0724">five
</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dc_c20220101__20221231__srt--RangeAxis__srt--MaximumMember_zZuUdRLaP4s7"><ix:nonNumeric contextRef="From2022-01-012022-12-31_srt_MaximumMember" format="ixt-sec:durwordsen" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" id="ixv-11528">ten
years</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, the Company granted officers and directors as contractual compensation options to purchase an aggregate
of <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20210101__20211231__srt--TitleOfIndividualAxis__custom--OfficersAndDirectorsMember_zWqoY8uShhWk"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-012021-12-31_custom_OfficersAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11535">210,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of its common stock. Such awards corresponded
to the period between January 1, 2021, to June 30, 2021; option awards for the period between July 1, 2021 and December 31, 2021
were issued after December 31, 2021. The options issued in 2021 were valued at $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans_c20210101__20211231_zyFrImIJ0tid"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-11539">56,616</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in total. The options were valued using the Black-Scholes
option pricing model with the following average assumptions: our stock price on date of grant ($<span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20211231__srt--RangeAxis__srt--MinimumMember_z64GRA4PCUf3"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2021-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-11542">0.51</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to $<span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20211231__srt--RangeAxis__srt--MaximumMember_zgsaAdGjuIc8"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2021-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-11545">1.93</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">),
a strike price of $<span id="xdx_90D_eus-gaap--OptionIndexedToIssuersEquityStrikePrice1_c20210101__20211231__srt--RangeAxis__srt--MinimumMember_zPWnIJCcEJvd"><ix:nonFraction name="us-gaap:OptionIndexedToIssuersEquityStrikePrice1" contextRef="From2021-01-012021-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-11548">0.01</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to $<span id="xdx_907_eus-gaap--OptionIndexedToIssuersEquityStrikePrice1_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zVy64EYM6Lid"><ix:nonFraction name="us-gaap:OptionIndexedToIssuersEquityStrikePrice1" contextRef="From2021-01-012021-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-11551">1.00</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
illiquidity discount of <span id="xdx_90D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsIlliquidityDiscount_pid_dp_uPure_c20210101__20211231_zcvlfE9C74h7"><ix:nonFraction name="JUPGF:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsIlliquidityDiscount" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11554">75</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
expected dividend yield of <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20210101__20211231_z7cudCB66j7a"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11557">0</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
annualized volatility of <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pid_dp_uPure_c20210101__20211231_zyNFO4vtjrKj"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11560">169</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
to <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pid_dp_uPure_c20210101__20211231_z4Mj28BjQ2Rf"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11563">288</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
risk-free interest rate of <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPure_c20210101__20211231_zLGoHlALV6Tk"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11566">0.92</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
to <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPure_c20210101__20211231_zcURAlGJACkg"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-11569">1.75</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
and an expected term of <span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20210101__20211231__srt--RangeAxis__srt--MinimumMember_zHAnKJr0t5k4" title="::XDX::P5Y"><span style="-sec-ix-hidden: xdx2ixbrl0738">five
</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to <span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dc_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zeGcqsROa7Bf"><ix:nonNumeric contextRef="From2021-01-012021-12-31_srt_MaximumMember" format="ixt-sec:durwordsen" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" id="ixv-11575">ten
years</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" id="ixv-11583"><p id="xdx_892_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zb5kEjoGltFh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reflects all outstanding and exercisable options on December 31, 2023. All stock options immediately vest and
are exercisable for a period of five to ten years from the date of issuance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zAdH5VzffvWf" style="display: none">SCHEDULE OF STOCK OPTIONS ACTIVITY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Remaining</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Options</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Contractual Life</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Issued in 2022</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8211;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Outstanding, December 31, 2022</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20230101__20231231_z5qle92XSQI8" title="Number of Options Outstanding, Beginning Balance" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11692">1,905,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Issued in 2023</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_906_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsIssuedWeightedAverageRemainingContractualTerm2_dtY_c20230101__20231231_z610UwJfi6tb" title="Average Remaining Contractual Life (Years), Issued"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" name="JUPGF:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsIssuedWeightedAverageRemainingContractualTerm2" id="ixv-11721">8.98</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Exercised in 2023</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20230101__20231231_zWxGHbT44up9" title="Number of Options Outstanding, Exercised" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11728">1,115,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Outstanding, December 31, 2023</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20230101__20231231_zdY4KR50gvse" title="Number of Options Outstanding, Ending Balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-11744">1,210,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20230101__20231231_zDNvXiWbEj26" title="Average Exercise Price, Ending Balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares" id="ixv-11749">0.04</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20230101__20231231_zIE94B52fj5h" title="Average Remaining Contractual Life (Years), Outstanding"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" id="ixv-11755">8.22</ix:nonNumeric></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zjvcNVTSHou3" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Stock
Warrants</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2023, 2022 and 2021 the company did not issue any warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="us-gaap:SubsequentEventsTextBlock" id="ixv-11769"><p id="xdx_80A_eus-gaap--SubsequentEventsTextBlock_zGYuU6eUDW37" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4 &#8211; <span id="xdx_82A_zpuRxjrprKUb">SUBSEQUENT EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with FASB ASC 855-10 Subsequent Events, the Company has analyzed its operations subsequent to December 31, 2023 to the date
these consolidated financial statements were issued, and has determined that it does not have any material subsequent events to disclose
in these consolidated financial statements.</span></p>

</ix:nonNumeric><p id="xdx_81F_zR7SfK5ONix4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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[{"type": "20-F", "sequence": "1", "filename": "form20f.htm", "secsgml_size_bytes": 958946}]
{"company-data": {"conformed-name": "Jupiter Gold Corp", "cik": "0001684688", "assigned-sic": "1040", "organization-name": "01 Energy & Transportation", "irs-number": "000000000", "state-of-incorporation": "1T", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "333-214872", "film-number": "24742866"}, "business-address": {"street1": "RUA VEREADOR JOAO ALVES PRAES N  95-A", "city": "OLHOS D GUA, MG 39398-000", "state": "D5", "zip": "39398-000", "phone": "55-31-3956-1109"}, "mail-address": {"street1": "RUA VEREADOR JOAO ALVES PRAES N  95-A", "city": "OLHOS D GUA, MG 39398-000", "state": "D5", "zip": "39398-000"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
    the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report:
For
the transition period from
______ to ______
Commission
file number
333-214872
JUPITER
GOLD CORPORATION
(Exact
name of Registrant as specified in its charter)
Not
Applicable
(Translation
of Registrant's name into English)
Republic
of the
Marshall Islands
(Jurisdiction
of incorporation or organization)
Rua
buenos Aires, 10 – 14th Floor
Belo
Horizonte
,
MG
30.315-570
,
Brazil
(Address
of principal executive offices)
Marc
Fogassa
Rua
bueno Aires, 10 – 14th Floor
Belo
Horizonte
,
MG
30.315-570
,
Brazil
Telephone:+
55-11
-
3956-1109
Email:
marc.fogassa@jupitergoldcorp.com
(Name,
Telephone, E-mail and/or Facsimile number and Address, of Company Contact Person)
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.
Common
Stock, par value $0.001 per share
(Title
of Class)
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report.
There
were
9,674,497
common
shares outstanding on December 31, 2023.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
☐
Yes ☒
No
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.
☐
Yes ☒
No
Note
- Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 from their obligations under those Sections.
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports
)
,
and (2) has been subject to such filing requirements for the past 90 days.
☒
Yes
☐ No
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files).
☒
Yes
☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of
"accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):
☐
    Large accelerated filer
☐
    Accelerated filer
☒
Non-accelerated filer
☐
Emerging growth company
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
☐
Indicate
by check which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒
International
    Financial Reporting Standards as issued by the International Accounting Standards Board
☐
Other
☐
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.
☐
Item 17 ☐ Item 18
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).
☐
Yes
☒
No
TABLE
OF CONTENTS
Cautionary
    Note Regarding Forward Looking Statements
1
Part
    I
Item
    1.
Identity
    of Directors, Senior Management and Advisers
2
Item
    2.
Offer
    Statistics and Expected Timetable
2
Item
    3.
Key
    Information
2
Item
    4.
Information
    on the Company
8
Item
    4A.
Unresolved
    Staff Comments
37
Item
    5.
Operating
    and Financial Review and Prospects
37
Item
    6.
Directors,
    Senior Management and Employees
41
Item
    7.
Major
    Shareholders and Related Party Transactions
44
Item
    8.
Financial
    Information
45
Item
    9.
The
    Offer and Listing
45
Item
    10.
Additional
    Information
45
Item
    11.
Quantitative
    and Qualitative Disclosures About Market Risk
48
Item
    12.
Description
    of Securities Other Than Equity Securities
48
Part
    II
Item
    13.
Defaults,
    Dividend Arrearages and Delinquencies
48
Item
    14.
Material
    Modifications to the Rights of Security Holders and Use of Proceeds
48
Item
    15.
Controls
    and Procedures
48
Item
    16.
Reserved
50
Item
    16A
Audit
    Committee Financial Expert
50
Item
    16B
Code
    of Ethics
50
Item
    16C
Principal
    Accountant Fees and Services
50
Item
    16D
Exemptions
    from the Listing Standards for Audit Committees.
51
Item
    16E
Purchases
    of Equity Securities by the Issuer and Affiliated Purchasers.
51
Item
    16F
Changes
    in Registrant's Certifying Accountant
51
Item
    16G
Corporate
    Governance
51
Item
    16H
Mine
    Safety Disclosure
51
Item
    16 I
Disclosure
    Regarding Foreign Jurisdictions that Prevent Inspections
51
Item 16K
Cybersecurity
51
Part
    III
Item
    17.
Financial
    Statements
51
Item
    18.
Financial
    Statements
51
Item
    19.
Exhibits
51
Financial
    Statements
F-1
Signature
    Page
52
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Annual Report on Form 20-F contains or incorporates by reference forward-looking statements. All statements, other than statements of
historical facts, that address activities, events or developments that we intend, expect, project, believe or anticipate will or may
occur in the future are forward-looking statements. Such statements are characterized by terminology such as "anticipates,"
"believes," "expects," "future," "intends," "assuming," "projects,"
"plans," "may," "will," "should" and similar expressions or the negative of those
terms or other comparable terminology. These forward-looking statements, which include statements about the mineral industry; market
size, share and demand, performance, our expectations, objectives, anticipations, intentions and strategies regarding the future,
expected operating results, revenues and earnings and potential litigation are not guarantees of future performance and are subject to
risks and uncertainties, including those risks described under the heading "Risk Factors" set forth herein, or in the documents
incorporated by reference herein, that could cause actual results to differ materially from the results contemplated by the forward-looking
statements.
Investors
are cautioned that our forward-looking statements are not guarantees of future performance and the actual results or developments may
differ materially from the expectations expressed in the forward-looking statements.
As
for the forward-looking statements that relate to future financial results and other projections, actual results will be different due
to the inherent uncertainty of estimates, forecasts and projections may be better or worse than projected. Given these uncertainties,
you should not place undue reliance on these forward-looking statements. These forward-looking statements also represent our estimates
and assumptions only as of the date that they were made. We expressly disclaim a duty to provide updates to these forward-looking statements,
and the estimates and assumptions associated with them, after the date of this filing to reflect events or changes in circumstances or
changes in expectations or the occurrence of anticipated events, unless as otherwise required by law.
We
undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
You are advised, however, to consult any additional disclosures we make in our reports on Form 20-F and Form 6-K, or their successors.
We also note that we have provided a cautionary discussion of risks and uncertainties under the caption "Risk Factors" in
this Annual Report. These are factors that we think could cause our actual results to differ materially from expected results. Other
factors besides those listed here could also adversely affect us.
Information
regarding market and industry statistics contained in this Annual Report is included based on information available to us which we believe
is accurate. We have not reviewed or included data from all sources and cannot assure stockholders of the accuracy or completeness of
the data included in this Annual Report. Forecasts and other forward-looking information obtained from these sources are subject to the
same qualifications and the additional uncertainties accompanying any estimates of future market size, revenue and market acceptance
of products and services.
-
1
-
Table of Contents
PART
I
Item
1. Identity of Directors, Senior Management and Advisers.
Not
applicable.
Item
2. Offer Statistics and Expected Timetable.
Not
applicable.
Item
3. Key Information.
Item
3.A. [Reserved].
Item
3.B. Capitalization and Indebtedness.
Not applicable.
Item
3.C. Reasons for the Offer and Use of Proceeds.
Not
applicable.
Item
3.D. Risk Factors.
You
should carefully consider the following risk factors and all other information contained in this Report before purchasing our shares.
We have assembled these risk factors based upon publicly available information, our own analysis and our own beliefs relative to our
understanding of our business. If any of the following risks occur, our business, financial condition or results of operations could
be materially and adversely affected, in which case, the value of our shares could decline, and you may lose some or all of your investment.
-
2
-
Table of Contents
Relating to Our Business
Risks
Related to Operations
There
is substantial doubt about whether the Company can continue as a going concern.
The
audit opinion and notes that accompany the Company's Financial Statements disclose a going concern qualification to its ability
to continue in business. The accompanying Financial Statements have been prepared under the assumption that the Company will continue
as a going concern. The Company is an exploration and development stage company and has incurred losses since its inception. The Company
has incurred losses resulting in an accumulated deficit of $4,200,308 as of December 31, 2023, and further losses are anticipated in the
development of its business.
The
Company currently has no historical recurring source of revenue and its ability to continue as a going concern is dependent on its ability
to raise capital to fund its future exploration and working capital requirements or its ability to profitably execute its business plan.
The Company's plans for the long-term return to and continuation as a going concern include financing its future operations through
sales of its Common Shares and/or debt and the eventual profitable exploitation of its gold and quartzite deposits. Additionally, the
volatility in capital markets and general economic conditions in the U.S. and elsewhere can pose significant challenges to raising the
required funds. These factors raise substantial doubt about the Company's ability to continue as a going concern.
The
Company's consolidated financial statements do not give effect to any adjustments required to realize its assets and discharge
its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying Financial
Statements.
The
Company may have difficulty meeting its current and future capital requirements.
The
Company's management and the board of directors monitor overall costs and expenses and, if necessary, adjust programs and planned
expenditures in an attempt to ensure that the Company has sufficient operating capital. If the Company is unable to fund future operations
by way of financings, including public or private offerings of equity or debt securities, it will need to reorganize or significantly
reduce its operations, which may result in an adverse impact on the Company's business, financial condition and exploration activities.
The Company does not have a credit, off-take or other commercial financing arrangement in place that would finance continued evaluation
or development of its projects. Moreover, financing may not be available on attractive terms and, if available, will likely result in
significant dilution to existing stockholders.
We
may be unable to access funding on acceptable terms or at all.
We
may seek additional debt or equity financing to finance our business model and for growth. Such financing may not be available on acceptable
terms or at all and any failure to obtain additional financing when needed could severely impact our business. Additional equity financing
may be dilutive to shareholders, and debt financing may involve significant covenants and future repayment obligations.
The Company is a mineral exploration stage
company with no history of operations.
The Company remains an exploration stage enterprise
engaged in mineral exploration in Brazil. The Company has a very limited operating history and is subject to all the risks inherent in
a new business enterprise. To date, the Company has had no revenues and has relied upon loans from the controlling subsidiary and sales
of common shares. The likelihood of success must be considered in light of the problems, expenses, difficulties, complications, and delays
frequently encountered in connection with an exploration stage business, and the competitive and regulatory environment in which the
Company operates and will operate, such as under-capitalization, personnel limitations, and limited financing sources.
The Company's business plan is highly
speculative, and its success largely depends on the successful exploration of the Gold and Quartz Projects
.
The Company's business plan has been
focused on exploring its primary gold project and developing its quartzite project. At this point in time the Company has not
established any mineral reserves as such term is defined by Regulation S-K and its gold project remains in the exploration stage.
The Company may never enter the development or production stage of gold. Exploration of mineralization and determination of whether
the mineralization might be extracted profitably is highly speculative, and it may take a number of years until production is
possible, during which time the economic viability of the project may change. Substantial expenditures are required to establish
reserves, extract metals from ore and construct mining and processing facilities.
The Company's primary gold project is subject to all of the risks
inherent in mineral exploration and development. The economic feasibility of any mineral exploration and/or development project is based
upon, among other things, estimates of the size and grade of mineral reserves, proximity to infrastructures and other resources (such
as water and power), anticipated production rates, capital and operating costs, and metals prices. To advance from an exploration project
to a development project, the Company will need to overcome various hurdles, including completing favorable feasibility studies, securing
necessary permits, and raising significant additional capital to fund activities. There can be no assurance that the Company will be
successful in overcoming these hurdles. Because of the Company's focus on its primary gold project and its location in Minas Gerais state,
the success of its operations and profitability may be disproportionately exposed to the impact of adverse conditions unique to the region.
The nature of mineral exploration and production
activities involves a high degree of risk and the possibility of uninsured losses.
Exploration for and the production of minerals
is highly speculative and involves much greater risk than many other businesses. Most exploration programs do not result in the discovery
of mineralization, and any mineralization discovered may not be of sufficient quantity or quality to be profitably mined. The Company's
operations are, and any future development or mining operations the Company may conduct will be, subject to all of the operating hazards
and risks normally incidental to exploring for and development of mineral properties, including, but not limited to:
●
economically insufficient mineralized material;
●
fluctuation in production costs that make mining uneconomical;
●
labor disputes;
●
unanticipated variations in grade and other geologic problems;
●
environmental hazards;
●
water conditions;
●
difficult surface or underground conditions;
●
industrial accidents;
●
metallurgic and other processing problems;
●
mechanical and equipment performance problems;
●
failure of dams, stockpiles, wastewater transportation systems,
    or impoundments;
●
unusual or unexpected rock formations; and
●
personal injury, fire, flooding, cave-ins and landslides.
-
3
-
Table of Contents
Any of these risks can materially and adversely
affect, among other things, the development of properties, production quantities and rates, costs and expenditures, potential revenues,
and production dates. If the Company determines that capitalized costs associated with any of its mineral interests are not likely to
be recovered, the Company would incur a write-down of its investment in these interests. All these factors may result in losses in relation
to amounts spent that are not recoverable, or that result in additional expenses.
We
currently do not have mineral reserves as such term is defined by the SEC.
Although
several of our projects are known to have gold, as determined by our own research exploration studies, none of these studies were carried
out in a manner as to allow the measurement of "reserves" under the SEC's definition of such term. Lack of "reserves"
may lead to lesser desirability from investors and potential partners.
The
Company has a history of losses and expects to continue to incur losses in the future.
The
Company has incurred losses since inception, has had negative cash flow from operating activities, and expects to continue to incur losses
in the future. The Company has incurred the following losses from operations during each of the following periods:
●
$1,057,773
    for the year ended December 31, 2023; and
●
$657,375
    for the year ended December 31, 2022
The
Company expects to continue to incur losses unless and until such time its projects enter into commercial production and generate sufficient
revenues to fund continuing operations. The Company recognizes that if it is unable to generate significant revenues from mining operations
and dispositions of its properties, the Company will not be able to earn profits or continue operations. At this early stage of its operation,
the Company also expects to face the risks, uncertainties, expenses, and difficulties frequently encountered by smaller operating companies.
The Company cannot be sure that it will be successful in addressing these risks and uncertainties and its failure to do so could have
a materially adverse effect on its financial condition.
Our
results are likely to fluctuate significantly in future periods.
Our
operating and financial results are difficult to predict and may fluctuate significantly from period to period. Results of
operations may fluctuate as a result of a variety of factors that are outside of our control including, but not limited to, foreign
exchange variation specially between the Brazilian real and the U.S. dollar, commodity prices, lack of sufficient working capital,
equipment malfunction and breakdowns, and regulatory or licensing delays.
The
Company is exposed to information systems and cybersecurity risks.
The
Company's information systems (including those of any of its counterparties) may be vulnerable to the increasing threat of continually
evolving cybersecurity risks. Unauthorized parties may attempt to gain access to these systems or information through fraud or other
means of deception. The Company's operations depend, in part, on how well it and its counterparties protect networks, equipment,
information technology systems and software against damage from threats. The failure of information systems or a component of information
systems could, depending on the nature of any such failure, adversely impact the Company's reputation and results of operations.
There can be no assurance that the Company or its counterparties will not incur such losses in the future. The Company's risk and
exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As a result,
cybersecurity and the continued development and enhancement of controls, processes and practices designed to protect systems, computers,
software, data and networks from attack, damage or unauthorized access remain an area of attention.
Risks
Related to Operating in Brazil
Substantially
all of our assets are in Brazil.
Substantially
all of our assets (mineral properties, equipment) are located in Brazil. We therefore depend on complying with laws and regulations in
Brazil to keep such assets free of any liens or judgments. On the other hand, it may be difficult to enforce judgments from other countries'
courts against such assets.
We
are subject to extensive mining and environmental regulation in Brazil.
We
are subject to various Brazilian federal mining laws and regulations as well as federal, state and local environmental laws and
regulations. For any of the operations that we intend to pursue directly, we will be required to obtain a certain number of permits from
regulators. After operations begin, we will have capital expenditures on an ongoing basis to continue to ensure compliance with the permits
obtained as well as other mining and environmental laws and regulations. In addition, due to the possibility of changes to mining and
environmental laws and regulations, the amount and timing of future regulatory expenditures may vary substantially from those currently
anticipated. We could be subject to civil or criminal penalties for non-compliance with mining and environmental laws and regulations
under Brazilian law.
Significant
volatility in the value of the Brazilian real in relation to the U.S. dollar could harm our results.
The
local costs in Brazil are incurred in the currency of Brazil, the Brazilian real. There have been significant fluctuations in the exchange
rate between the Brazilian real and the U.S. dollar and this may at times be detrimental to us.
Brazilian
economic and political conditions may have an impact on our businesses.
The
Brazilian economy has been characterized by frequent, and occasionally drastic, intervention by the Brazilian government, which has often
changed monetary, credit and other policies to influence the economy. Actions taken by the Brazilian government concerning the economy
may have important effects on us. Our financial condition and results of operations may be adversely affected by the following factors,
among others, and by any of the Brazilian government's actions in response to them: economic and social instability, energy and/or
fuel shortages, exchange rate controls and restrictions on remittances abroad, and tax policy.
-
4
-
Table of Contents
Legal
proceedings and investigations could have a material adverse effect on our business
The
enforcement of contracts in Brazil is a multifaceted challenge characterized by a protracted and intricate legal process. Under Brazilian
law, a broad range of behaviors and conducts could be considered as breaches of agreements and/or violation of laws (e.g. Brazilian environmental,
labor or tax laws).
Accordingly,
our executive officers, employees and, in certain cases, we and our subsidiaries could be subject to investigations and proceedings in
connection with allegations of agreement breaches or legal violations. Defending ourselves in these legal proceedings may be costly and
time consuming. The lack of consistency poses challenges for businesses aiming to ensure compliance and mitigate legal risks.
The
potential repercussions of adverse outcomes in legal proceedings are substantial and may encompass litigation, financial penalties, the
revocation of operating licenses, and harm to our reputation. Such consequences could significantly impact our results of operations
and financial condition.
Brazilian
tax laws are complex and may be detrimental to us.
Brazilian
government has been frequently implementing and may keep implementing changes in their tax policies, including but not limited to changes
in tax rates, sector fees and, occasionally, implementation of temporary contributions. Any such changes, as well as changes in the interpretation
of such tax laws and regulations, may result in increases in the Company's overall tax burden, which would negatively affect its
profitability.
Changes
in the tax policies, tax laws and interpretation may impact on our tax obligations and present material adverse impact on our financial
status and results of operations and eventually on our share price.
Risks
Related to Our Common Stock
There
is currently a very limited trading market for our Common Stock.
Our
Common Stock trades on OTCQB, a platform of OTC Markets, and as of now it has low liquidity. A possible reason for this includes the
fact that only a small percentage of our Common Stock is available to be traded and is held by a small number of holders. Another possible
reason may be related to the fact that we are a new company and therefore the demand for our shares is limited by the lack of knowledge
about us. We believe that liquidity will be dependent, among other things, on the perception of our business, alongside steps
that we may take to raise investor awareness, including press releases, road shows, and conferences. There can be no assurance as to
when an increase in liquidity will occur.
The
price and liquidity of our Common Stock may be affected by many reasons, some beyond our control.
The
price and liquidity of our Common Stock may be affected by a variety of factors and events outside of our control, some, but not all,
of which are listed below:
●
overall
    market conditions;
●
changes
    in the market valuations of other similar or comparable companies;
●
announcements
    by competitors of significant acquisitions, strategic partnerships, joint ventures or capital commitments;
●
the
    absence of consistent administrative supervision of "bid" and "ask" quotations;
●
adoption
    of new accounting standards;
●
changes
    in estimates and recommendations by advisors and analysts; and
●
changes
    in gold prices.
The
price and liquidity of our Common Stock may also impair our ability to raise capital by selling shares of our stock, to acquire mineral
properties by using our stock as consideration, or to recruit and retain executives with equity-based stock incentive plans.
-
5
-
Table of Contents
Our
operating results may be volatile and difficult to predict, and if it fails to meet expectations the market price of our Common Stock
may decline significantly.
Our
operating results may fluctuate significantly from period to period, due to a number of factors. These factors include, but are not limited
to:
●
the
    global price for gold;
●
costs
    related to our operations;
●
the
    Brazilian real – U.S. dollar exchange rate;
●
extreme
    weather periods;
●
delays
    in licensing of mines or mineral properties;
●
departures
    of key personnel;
●
research
    results related to any of their projects and mineral rights;
●
new
    mining, environmental, and/or tax regulations in Brazil; and
●
fluctuations
    in economic, political, and market conditions.
Many
of these factors are entirely outside of our control, and for others we only have limited influence. As a result of the factors above,
and others, we may be unable to forecast our financial projections accurately and may be unable to adjust our spending in a timely manner
to compensate for any unexpected revenue and/or funding shortfalls. Additionally, a failure to meet revenue or expense projections may
have an immediate and negative impact on our operating results. If this were to happen, the market price of our Common Stock could decline
significantly.
Our
Common Stock may be considered a "penny stock" and may be difficult to sell.
The
U.S. Securities and Exchange Commission (the "SEC") has adopted regulations which generally define a "penny stock"
to be an equity security that has a market price of less than US$5.00 per share or an exercise price of less than US$5.00 per share,
subject to specific exemptions. The SEC's penny stock rules require a broker-dealer, before a transaction in a penny stock not
otherwise exempt from the rules, to deliver to its customer a standardized risk disclosure document that provides information about penny
stocks and the risks in the penny stock market. The broker-dealer must also provide the customer with current bid and offer quotations
for the penny stock, the compensation of the broker-dealer and the salesperson in the transaction, and monthly account statements showing
the market value of each penny stock held in the customer's account. In addition, the penny stock rules generally require that
before a transaction in a penny stock, the broker-dealer make a special written determination that the penny stock is a suitable investment
for the purchaser and receive the purchaser's agreement to the transaction. These rules may adversely impact the liquidity of our
Common Stock and may affect the ability of investors to sell their shares.
We
do not anticipate paying dividends on our Common Stock for the foreseeable future.
We
anticipate that, for the foreseeable future, if and when we generate profits, that our Board of Directors may choose to reinvest such
profits or save them as reserves and not pay dividends.
Our
results of operations, financial position and business outlook may become highly dependent on the price of gold, which is subject to
significant volatility and uncertainty
.
Our
results may become substantially related to gold prices. As a result of the volatility of gold prices, such results may fluctuate substantially.
We
currently do not have mineral reserves as such term is defined by the SEC.
Although
several of our projects are known to have gold, as determined by our own research exploration studies, none of these studies were carried
out in a manner as to allow the measurement of "reserves" under the SEC's definition of such term. Lack of "reserves"
may lead to lesser desirability from investors and potential partners.
We
are highly dependent on certain members of our management.
We
depend on the efforts of a small number of officers and directors. In particular, we are heavily dependent upon the expertise of Marc
Fogassa, our Chairman and Chief Executive Officer, who is also formally our Chief Financial Officer and Principal Accounting Officer.
Mr. Fogassa speaks Portuguese and English fluently, has extensive networks in both Brazil and the United States of America, and relevant
experience in management and finance. If it occurs, any loss of the services of Mr. Fogassa could have a material adverse effect upon
our results of operations and financial position.
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Table of Contents
Marc
Fogassa is both our Chairman and Chief Executive Officer as well as Chairman and Chief Executive Officer of Atlas Lithium Corporation
and may be subject to potential conflicts of interest in matters involving both companies.
Mr.
Fogassa, our Chairman and Chief Executive Officer, is Chairman and Chief Executive Officer of Atlas Lithium Corporation ("Atlas
Lithium"), our largest shareholder, and is also Chairman and Chief Executive Officer of Apollo Resources Corporation ("Apollo
Resources"), a private company focused on the development of iron ore properties in Brazil. Potential conflicts of interest
may occur between us and Atlas Lithium as related to allocation of Mr. Fogassa's working time, among others.
To diminish or eliminate such potential conflicts of interests between these two companies, the Board of Directors of each company
has a different composition. With regard to board approval of matters that involve a potential conflict of interest, Mr.
Fogassa recuses himself, and let the disinterested directors decide.
Our
Series A Preferred Stock has the effect of concentrating voting control in Marc Fogassa, our Chairman and Chief Executive Officer.
One
share of our Series A Preferred Stock is issued, outstanding and held by Marc Fogassa, Chairman and Chief Executive Officer, since 2016.
Mr. Fogassa holds the only outstanding share of such Series A Preferred Stock. The Certificate of Designations, Preferences and Rights
of the Series A Convertible Preferred provides that for so long as Series A Preferred Stock is issued and outstanding, the holders of
Series A Preferred Stock shall vote together as a single class with the holders of our Common Stock, with the holders of Series A Preferred
Stock being entitled to 51% of the total votes on all matters regardless of the actual number of shares of Series A Preferred Stock then
outstanding, and the holders of our Common Stock being entitled to their proportional share of the remaining 49% of the total votes based
on their respective voting power. Therefore, so long as he holds the only outstanding shares of Series A Preferred Stock, Mr. Fogassa
will have effective voting control on all matters requiring a stockholder vote.
Under
our Bylaws, stockholders that initiate certain proceedings may be obligated to reimburse us and our officers and directors for all fees,
costs and expenses incurred in connection with such proceedings if the claim proves unsuccessful.
Our
Bylaws include a fee-shifting provision in Article VI, Section 7 for stockholder claims (the "Fee Shifting Provision"), which
reads as follows: "In the event that (a) any current or prior shareholder of the Company or anyone on their behalf ("Claiming
Party") initiates or asserts any claim or counterclaim ("Claim") or joins, offers assistance to, or has a direct interest
in any Claim against the Corporation and/or any of its shareholders, officers, or directors (together, the Corporation and/or any of
its shareholders, officers, or directors are henceforth called "Receiving Parties"), including any Claim purportedly filed
on behalf of the Corporation or any shareholder, whether direct or derivative, in any jurisdiction, and (b) the Claiming Party (or the
third party that received assistance from the Claiming Party or in whose Claim the Claiming Party had a direct interest) does not obtain
a favorable judgment on all of the merits of its Claim, with such determination made by the Corporation, then each Claiming Party shall
be obligated jointly and severally to reimburse the Receiving Parties for all fees, costs and expenses of every kind and description
(including, but not limited to, all attorneys' fees) that the Receiving Parties may incur in connection with such Claim."
The
Fee Shifting Provision was adopted to eliminate or decrease nuisance and frivolous litigation. We intend to apply the Fee Shifting Provision
broadly to all actions, including U.S. federal securities law claims. The level of recovery for the plaintiff to avoid any payment, quoting
verbatim the language of the Fee Shifting Provision, would necessitate such plaintiff obtaining a "favorable judgment on all of
the merits of its Claim." The Fee Shifting Provision is intended to apply to "any current or prior shareholder of the Company
or anyone on their behalf" and the Company will make such determination based on the facts of any case it may encounter. The parties
entitled to recover, quoting verbatim, are "the Corporation and/or any of its shareholders, officers, or directors."
We
are incorporated in the Marshall Islands, which may have fewer rights and protections for shareholders.
We
are incorporated in the Republic of the Marshall Islands ("Marshall Islands"). Our corporate affairs are governed by our
Articles of Incorporation and Bylaws and by the Marshall Islands Business Corporations Act (the "BCA"). The provisions of
the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few judicial
cases in the Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the law of the Marshall
Islands are not as clearly established as the rights and fiduciary responsibilities of directors under statutes or judicial precedent
in existence in certain U.S. jurisdictions. Shareholder rights may differ as well. While the BCA does specifically incorporate the non-statutory
law, or judicial case law, of the State of Delaware and other states with substantially similar legislative provisions, our public shareholders
may have more difficulty in protecting their interests in the face of actions by management, directors or controlling shareholders than
would shareholders of a corporation incorporated in a U.S. jurisdiction. Further, the Marshall Islands does not have a well-developed
body of bankruptcy law. As such, in the case of our bankruptcy, there may be a delay of bankruptcy proceedings and the ability of shareholders
and creditors to receive recovery after a bankruptcy proceeding. Additionally, our incorporation in the Marshall Islands may make service
of process more difficult.
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Table of Contents
Item
4. Information on the Company.
History
and Development of the Company.
Date
of Incorporation, Legal Form, Domicile, & Business Summary
We
were incorporated under the laws of the Republic of the Marshall Islands on July 27, 2016, and have been in continuous, active operations
since that date. Our common stock symbol is JUPGF and we are currently listed in OTCQB, a platform of OTC Markets.
We
are focused on gold properties in Brazil, a well-regarded jurisdiction that we know well.
We plan to mine properties that lend themselves to year-round, simple open-sky operations to enable steady profitability on gold retrieval.
In other situations, we will prefer to partner and collect royalties while another entity operates the project. Our main goal is to become
a profitable company as soon as possible.
We also own a quartzite
deposit located in Minas Gerais, which, after a drilling campaign, received all permits necessary and was subject to a trial mining period
in 2023. We intend to start mining operations and generate revenues from quartzite sales in 2024, as described in section "Material
projects" below.
We
have no debt, except for operational payables. We have been primarily funded to date by sales of our common stock. We are prohibited
from issuing variable-rate convertible debt by our Bylaws.
Sector Outlook
Gold
We
believe that gold will continue to grow in its usage as a medium of value storage, in addition to uses in jewelry and manufacturing.
We also believe that Brazil, a country that is larger than the continental United States, with varied geology, will continue to yield
promising areas for gold exploration. Brazil also has a detailed mining code and a long history of welcoming exploration of its resources
by foreign groups. We believe the trends favoring gold mining in stable jurisdictions such as Brazil will continue for the next several
decades.
Gold
has emotional, cultural and financial value and different people across the globe buy gold for different reasons, often influenced by
a range of national socio-cultural factors, local market conditions and wider macro-economic drivers. The modern gold market is a picture
of diversity and growth. Since the early 1970s, the volume of gold produced each year has tripled, the amount of gold bought annually
has quadrupled and gold markets have flourished across the globe. Currently the global gold market has attracted a lot of attention and
the price of gold achieved, in December 2023, its highest historical rate. Gold is now bought by a far more diverse set
of consumers and investors than at any previous time in history.
Gold's
diverse uses, in jewelry, technology and by central banks and investors, mean different sectors of the gold market rise to prominence
at different points in the global economic cycle. This diversity of demand and self-balancing nature of the gold market underpin gold's
robust qualities as an investment asset. The price of gold, as each price, is determined by the market forces of demand and supply. The
demand is the amount of a good demanded for purchase at a given price. Gold demand is often analyzed on an annual basis and divided into jewelry demand, technology demand, central
banks' demand or investment demand.
The
gold market is a global market, with London and New York being the two biggest marketplaces for gold in the world. The gold market is
quite large, larger than many other markets. The World Gold Council estimates that 209,000 tonnes of gold have been mined historically.
The financial share of the physical gold market is made up of bars, coins, physically backed gold ETFs and central bank reserves. This
accounts for around 82,200 tonnes worth USD 5 trillion, equivalent to 39% of total above-ground gold stocks. The average daily trading
volume in gold in the over-the-counter market alone, from 2018 to 2022, is estimated at $149 billion, indicating that the
gold market is very liquid. Investment demand is the demand for gold for investment purposes. This demand is made up of direct ownership
of bars and coins, or indirect ownership via Exchange-Traded Funds (ETFs) and similar products. Investment demand appears to be
the most important category of demand for gold.
Quartzite
Quartzite
is a very hard rock composed predominantly of an interlocking mosaic of quartz crystals. Over the last several years, polished quartzite
slabs have become sought after as a higher-end substitute to granite in kitchen countertops and tiles. Brazil has a flourishing quartzite
mining industry centered in the neighboring the states of Minas Gerais and Espírito Santo with smaller producers being the norm.
Each quarry produces quartzite of different color and texture and therefore stones are unique to their location. Mining is via simple
open pit procedures, not particularly labor intensive, and with the mined product normally prepared as cubes of raw quartzite measuring
ten meters in each diameter. Buyers are normally responsible for the logistics of transporting such raw quartzite blocks from the mine.
Buyers for quartzite mined in Brazil are primarily from four locations: Brazil itself, United States, China, and Italy. It is common
for mines to develop an exclusive selling relationship with a buyer.
The
global quartzite market size was over 3.6 billion USD in 2022, and it is expected to expand at a CAGR of 2.46% until 2030, reaching volumes
over 4 billion USD by 2028, according to Global Research and Insights.
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Current Company Projects
Material
Properties
Summary
of Material Properties
Project
Mineral
    Right Number
Area
    (hectares)
Mineral
Municipalities
State,
    Country
Alpha
    Project
831.942/2016
1,883.01
gold
Dionisio,
    Marlieria, Sao Domingos do Prata
Minas
    Gerais, Brazil
Alpha
    Project
831.140/2019
1,859.51
gold
Marlieria,
    Sao Domingos do Prata
Minas
    Gerais, Brazil
Alpha
    Project
831.141/2019
777.94
gold
Antonio
    Dias, Sao Domingos do Prata
Minas
    Gerais, Brazil
Alpha
    Project
831.142/2019
1,294.65
gold
Antonio
    Dias, Sao Domingos do Prata
Minas
    Gerais, Brazil
Alpha
    Project
831.143/2019
50.68
gold
Sao
    Domingos do Prata
Minas
    Gerais, Brazil
Alpha
    Project
831.144/2019
1,739.78
gold
Dionisio,
    Marlieria, Sao Domingos do Prata
Minas
    Gerais, Brazil
Alpha
    Project
831.145/2019
936.01
gold
Dionisio,
    Sao Domingos do Prata
Minas
    Gerais, Brazil
Alpha
    Project
831.146/2019
557.57
gold
Sao
    Domingos do Prata
Minas
    Gerais, Brazil
Alpha
    Project
830.064/2021
301.31
gold
Sao
    Domingos do Prata
Minas
    Gerais, Brazil
Alpha
    Project
830.065/2021
7.6
gold
Antonio
    Dias, Nova Era, Sao Domingos do Prata
Minas
    Gerais, Brazil
Alpha
    Project
830.066/2021
1,603.58
gold
Dionisio,
    Marlieria, Sao Domingos do Prata
Minas
    Gerais, Brazil
Alpha
    Project
830.074/2021
211.48
gold
Nova
    Era, Sao Domingos do Prata
Minas
    Gerais, Brazil
Quartzite
    Project
831.665/2016
94.44
quartzite
Augusto
    de Lima, Diamantina
Minas
    Gerais, Brazil
Maps
of Material Properties
Figure
1: Map of the Alpha Project mineral rights.
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Figure
2: Map of the Quartzite Project mineral right.
Additional
Information on Material Properties
Alpha
Project
Infrastructure:
The
Alpha Project's primary mineral right (claim number ANM 831.942/2016) is located in the rural zone of Santana do Alfié,
a district in the municipality of São Domingos do Prata, in the interior of the state of Minas Gerais in Brazil. According to
the latest data from the Brazilian Institute of Geography and Statistics ("IBGE"), the population of Santana do Alfié
was 1,691 inhabitants. We believe that the current population size is similar. Houses in this district have power from the electric grid
and utilize wells for water.
The
district of Santana do Alfié originated in 1751 as a settlement near locations where alluvial gold had been identified by the
Portuguese settlers of Brazil. It is a local understanding that the word "Alfié" derives from the evolutionary phonetic
contraction of the term "Ouro Fiel" which can be translated as "Faithful Gold".
The
municipality of São Domingos do Prata, the largest town near the Alpha Project, had 17,392 inhabitants according to the IBGE census
of 2022. This town is located only a few miles from the Alpha Project mineral rights and serves as the logistical basis where geologists
and consultants stay. São Domingos do Prata offers all of the basic infrastructure needs such as labor and supplies.
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Belo
Horizonte, the 6
th
largest city in Brazil with a population of 2,315,560 according to the IBGE census of 2022, is only 88
miles away from the Alpha Project mineral rights. The Company's office is located in Belo Horizonte. Belo Horizonte is the capital
of the Brazilian state called "Minas Gerais" which in translation means "General Mines". According to data provided
in January 2024 by the Sindicato da Indústria Mineral do Estado de Minas Gerais, an organization representing the Minas Gerais
mining industry sector, the state of Minas Gerais is responsible for 41.5% of all mineral output of Brazil, placing it as the top mineral
producing state among 27 states in Brazil. In fact, Belo Horizonte is commonly known as "the mining capital of Brazil" for
having strong concentration of head offices of mining companies and extensive availability of labor and supplies. The Belo Horizonte
metropolitan area is served by a modern airport (Aeroporto Internacional de Confins – symbol CNF) with regional and international
flights, including non-stop flights to the U.S.
During
visits to the site, it was possible to check the condition of the existing roads, which are generally in good condition and appear to
be frequently maintained, due to agricultural and cattle ranching activity in the vicinity (Figure 3).
Figure
3: Local road used to access the Alpha Project showing good condition.
For
use in mobile offices, workshops and other support structures during drilling campaigns, the network of the local utility company, already
existing on site, will be used. To do this, it will be necessary to install a point on the distribution line to connect with the future
unit.
The
area near and within the Alpha Project is home to multiple small waterways. We expect to apply for and receive permits for local water
usage to support drilling campaign operations.
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Work
Completed:
Prior
Work
As
prior owner of the mineral right ANM 831.942/2016 which currently belongs to Jupiter Gold, Mineração Ouro Fiel (the "Prior
Owner") identified gold targets from soil geochemistry and confirmed mineralization in the colluvium through auger holes. This
research work was carried out using a regular mesh, sampling every meter and chemical analysis at an outside laboratory.
Surface
Owner Authorization
As
the Company owns the mineral right but not the surface, prior to carrying out any exploration work, proper authorization was obtained
from the surface owner. Our relations with the surface owner are very good.
Trenching
In
2020 and 2021, Oxford Geoconsultants ("Oxford"), a technical consulting firm with a geologist that meets the Qualified Person
definition of Regulation S-K 1300 performed geological studies, including new trenching, in targets within ANM 831.942/2016. A summary
of such results is presented below.
The
research work carried out by Oxford at the Alpha Project has included semi-detailed geological recognition and mapping, in addition to
well resampling and chemical analysis.
The
geological recognition of the area was carried out through walks that identified and registered 58 excavations consisting of wells and
trenches, carried out by the Prior Owner. At a promising target denominated "Lavrinha", regional geological reconnaissance
was also carried out to identify the main lithotypes existing in the area, as well as collect structural data and mineral occurrences.
Figure
4: Location map of old excavations at the Lavrinha target.
After
the geological recognition stage, 188 information collection points were registered, such as lithologies, predominant mineralogy of rock
structures and the presence of structures and outcrops of interest, among other relevant geological information of the location, for
the preparation of a map of the area on a scale of semi-detail, supported by the description of wells and trenches opened by the Prior
Owner (Figure 4).
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Figure
5: Field point map.
In
the well resampling stage, two wells were chosen from the 58 existing excavations (Figure 5). Saprolite material and colluvial material
were analyzed, resulting in 37 samples at intervals of 1 meter in 1 meter, through vertical channels on one of the faces (north face)
of the wells. The samples were collected from the bottom to the wellhead, always in the center of the face, thus avoiding contamination
of lower intervals by material from higher intervals. Information on lithology and structures was collected that can assist in the geological-structural
understanding of gold mineralization (Figure 6). For each sample, 3 kg of material was collected. All collected material was placed in
a properly identified and sealed sample bag, avoiding sample exchange, loss of material or contamination during transport and storage.
Finally, the samples were sent for chemical analysis at the SGS Geosol laboratory ("SGS"), in Vespasiano, Minas Gerais, a
highly regarded analytical laboratory used by all major mining companies in Brazil. After description and sampling, these wells remained
open for future audits, surrounded by a wire fence to prevent accidents with people and/or animals.
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Figure
6: Map with location of sampled wells and registered excavations.
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Table of Contents
Figure
7: Photographs of the work performed in resampling of wells.
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Table of Contents
Chemical
Analysis of Samples
In
the chemical analysis stage, the fire assay method was used by SGS, resulting in the results presented in Table 1 below. Well 2 showed
high levels in colluvium and saprolite with 4m at 5.0 gAu/t (simple average influenced by high content of sample AM36), a value of 0.70
gAu/t in the range of 7 to 8m depth, and additionally showed some anomalous values between 12 to 14m and 17 to 19m. The AM36 sample is
noteworthy because it presented a gold content of 16,523 ppb; however it should be noted that the gold grain in the region is coarse,
and a nugget effect may occur.
Table
1: Results of chemical analysis of samples from Wells 1 and 2.
Well 1
Well 2
Sample
From (m)
To (m)
Au content (ppb)
Sample
From (m)
To (m)
Au content (ppb)
AM17
0
1
264
AM 37
0
1
38
AM16
1
2
248
AM 36
1
2
382
AM15
2
3
335
AM 35
2
3
262
AM14
3
4
197
AM 34
3
4
12
AM13
4
5
473
AM 33
4
5
71
AM12
5
6
91
AM 32
5
6
39
AM11
6
7
400
AM 31
6
7
110
AM10
7
8
813
AM 30
7
8
166
AM09
8
9
26
AM 29
8
9
84
AM08
9
10
1,336
AM 28
9
10
30
AM07
10
11
319
AM 27
10
11
18
AM06
11
12
31
AM 26
11
12
19
AM05
12
13
15
AM 25
12
13
724
AM04
13
14
20
AM 24
13
14
28
AM03
14
15
<5
AM 23
14
15
89
AM02
15
16
13
AM 22
15
16
80
AM01
16
17
17
AM 21
16
17
376
AM 20
17
18
1,214
AM 19
18
19
16,523
AM 18
19
20
2,161
Exploration
Plan:
As
of December 31, 2023, the Company has engaged a geologist who meets the "Qualified Person" criteria under Item 1300 of Regulation
S-K to prepare an exploration plan for the Alpha Project. Planning and budgeting for such exploration plan described above is ongoing.
The Company anticipates that its initial cost will be in the $250,000 to $350,000 range, and will encompass further detailed geological
mapping, geophysics, and initial exploratory drill holes.
Book
Value of Property
:
The
book value of the property is less than $10,000. It includes the cost of obtaining the mineral property directly from the Brazilian national
mining department. The Company has title to the mineral rights of the Alpha Project, and such title has no known encumbrances and can
be assumed to be more valuable than its book value, although no third-party offers have been received or estimates prepared.
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Quartzite
Project
Infrastructure:
Our
Quartzite Quarry (thereafter, simply "Quarry") is in the rural zone of Conselheiro Mata, a district in the municipality of
Diamantina, in the interior of the state of Minas Gerais in Brazil. According to the latest data from the IBGE, the population of Conselheiro
Mata was 819 inhabitants. Most houses in the rural zone of this district have power from the electric grid and utilize wells for water.
The
municipality of Diamantina, the largest town near our Quarry, had 47,702 inhabitants according to the IBGE census of 2022. Diamantina
offers all the basic infrastructure needs such as labor and supplies.
Belo
Horizonte, the capital of the state of Minas Gerais and where the Company has its principal place of business, is 172 miles away from
our Quarry. Belo Horizonte is commonly known as "the mining capital of Brazil" for having strong concentration of head offices
of mining companies and extensive availability of labor and supplies. The Belo Horizonte metropolitan area is served by a modern airport
(Aeroporto Internacional de Confins – symbol CNF) with regional and international flights, including non-stop flights to the U.S.
During
visits to the site, it was possible to check the condition of the existing roads, which are generally in good condition and appear to
be frequently maintained, due to agricultural and cattle ranching activity in the vicinity.
Work
Completed:
Overview
While
we are primarily focused on gold, in one of our mineral rights, ANM 831.665/2016 (the "Area"), measuring 94.44 hectares,
a greenfield deposit of quartzite was identified by our exploration team which became our "Quartzite Project".
In
2020, we studied the Quartzite Project with rotary drilling in which we obtained a preliminary volumetric estimate of four deposits of
quartzite which had been identified in the Area. Such geological studies, drilling campaign, and volumetric estimates were
not
carried out under Item 1300 of Regulation S-K.
In
2021, Yan Taffner Binda, a mining engineer with vast experience in quartzite who meets the "Qualified Person" criteria under
Item 1300 of Regulation S-K, prepared the mining plan for an open pit quarry at the Quartzite Project.
In
2021, Geoline, an independent engineering and environmental licensing consultancy, performed the field studies needed to file our petition
to the applicable regulatory body for an operational license. The filing of such permit occurred in August 2021. On April 4, 2022, our
Quartzite Project received the necessary permit from the Brazilian mining department ("ANM"). On December 12, 2022, our Quartzite
Project received the operational license from the state of Minas Gerais environmental department ("SUPRAM"). These approvals
from ANM and SUPRAM have allowed the Quartzite Project to begin its operations and to be able to commercialize production. As a result,
we will refer to our Quartzite Project as the "Quartzite Quarry" or simply "Quarry".
Preparation
of the site for operations of the Quarry began in June 2023. The first quartzite block was retrieved on August 31, 2023. For the period
between September 1, 2023, and December 31, 2023, a mining trial period, the Quarry team was comprised of one manager, one supervisor,
and five mining workers. The processing was done by cutting the blocks with diamond wire. The blocks produced had dimensions varying
between 6 m
3
and 12 m
3
.
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For
the period between August 31, 2023, and December 31, 2023, a total of 223.10 cubic meters of quartzite blocks were produced and 80.82
cubic meters were sold to independent third parties from Brazil and Italy for an aggregate total revenue of R$ 531,580.39 (Brazilian
reais) or approximately US$ 107,540,81. Thus, the average revenue per cubic meter of raw quartzite block sold was approximately US$ 1,331.
The
net results of the trial mining were fully charged to profit and loss of the period.
Figure
8: Example of blocks produced at our Quartzite Quarry in 2023.
One
block of quartzite was cut into slabs which were subsequently polished. It is expected that the revenue generated from sales of polished
slabs on a per-cubic-meter basis will be three to four times that of raw quartzite blocks according to initial contacts with prospective
buyers.
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Figure
9: Polished quartzite slab from our Quartzite Quarry production.
Specific
Details
Surface
Owner Authorization
As
the Company owns the mineral right but not the surface, prior to carrying out any exploration work, proper authorization was obtained
from the surface owner. Our relations with the surface owner are very good.
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Figure
10: View of the Area.
Figure
11: Another view of the Area.
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Geological
Mapping
Two
days of mapping were carried out in the region, one on October 19, 2019, and another on September 10, 2020. The primary objective was
to look for signs of gold, manganese, and/or quartzite mineralization in the Area.
The
presence of manganese was a consideration given the existence of a deactivated manganese mine from Mineração Vale do Jacaré,
a local mining company, approximately 2 km from the Area, as can be seen on the map below.
Figure
12: Lithological map of the Area and deactivated manganese mine nearby.
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Quartzite
outcrop formations in the Area were identified during geological mapping. The identified occurrences varied from white to medium gray,
sometimes with levels parallel to stratification. White-appearing quartzites were apparent below grayish facies and were particularly
observed in drainage channels.
Figure
13: Image of grey quartzite outcrop in the Area.
Figure
14: Foreground image of white quartzite outcrop in the Area.
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Figure
15: Detail of white quartzite sample from the Area.
Subsurface
Sampling
Subsurface
sampling was carried out by means of shallow detonations.
Figure
16: Subsurface sampling work in the Area.
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Figure
17: Subsurface sampling work in the Area.
Rotary
Drilling
The
geological exploration was carried out by means of rotary drilling by an independent consultant to 15 meters depth for subsurface recognition
of the aesthetic characteristics of the rock identified in the previous stage of blasting sampling, such as basic color, mineralogical
alternation due to stratification, presence of layered portions, veins and other characteristics that could be exposed, as they differ
completely from the outcrop, susceptible to weathering.
The
location of the five planned drill holes is shown in the map below ("FS" stands for "furo de sonda" which means
drill hole). Drill holes 1 through 4 were executed, and are succinctly described below.
Figure
18: Map showing drill hole locations in the Area.
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Drill
Hole 1
The
quartzite rock showed medium gray color with the presence of dark gray portions.
Weathered
parts identified in the first 30 cm. From 6.1 m to 6.4 m, and also from 9.2 m to 9.6 m, sandy patches were seen. Two rusty parts were
identified, one with 5 cm starting at 12.6 m and other with 8 cm starting at 13.0 m.
Figure
19: Cores obtained from drill hole 1 in the Area.
Drill
Hole 2
The
quartzite rock showed medium gray color with the presence of dark gray portions, with 74% of core recovery due to the drill rod being
stuck at the bottom of the hole.
Rusty
parts were identified in the first 60 cm, and also from 8.4 m to 8.9 m, and from 11.6 m to 12.1 m. The drill bit stuck caused an interruption
in the planned drilling after this point.
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Figure
20: Cores obtained from drill hole 2 in the Area.
Drill
Hole 3
The
quartzite rock showed alternances of medium gray color with the presence of dark gray portions and yellowish medium gray parts until
4.6 m.
A
sandy interval was dissolved in the drilling mud from 2.9 m to 3.2 m. From 4.6 m to 15 m the rock graded from medium to dark gray to
light to medium gray portions indicating a possible second lighter material with strong market potential.
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Figure
21: Cores obtained from drill hole 3 in the Area.
Drill
Hole 4
The
entire 15 m core was recovered showing alternances of medium gray with light to medium gray matrix with thin layers of dark gray. Some
light yellowish weathered parts appeared in the first 5 m.
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Figure
22: Cores obtained from drill hole 4 in the Area.
Aerial
Survey
In
order to ascertain the size of the quartzite outcrops with greater precision, an aerial survey was carried out using a drone. The flight
was planned to prioritize the eastern portion of the Area and Litchi software was used, as can be seen in the figure below.
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Figure
23: Aerial image showing flight plan made by drone.
In
2021, aerial photogrammetry and field survey of the eastern part of the Area was carried out by an outside consultant. This resulted
in a planimetric map at scale 1:6,000 with contour lines at each meter and allowed a digital elevation model of the eastern part of the
Area to be created.
The
resulting map included all basic geographic information, such as drainages, accesses, and relevant physical structures, facilitating
field work and serving as a basis for geological mapping of the area and delimitation of search targets for resource calculation. The
map was created using ArcGIS 10.5 and Datamine Studio 3 software and RM for resource cubing.
Figure
24: Topographic map from 2021 of the eastern portion of the Area.
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Figure
25: Digital elevation model of the Area made from contour lines.
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Data processing also resulted in an orthoimage
of the eastern portion of the Area. Agisoft software Metashape 1.6 was used for orthoimage processing. The orthoimage can be seen below.
Figure
26: Orthoimage with delimitation of quartzite outcrops in the eastern region of the Area.
Surface
Area Estimation
With
the information provided by the orthoimage above, it was possible to estimate the surface area of the quartzite formations.
Estimation
of Depth of Formations
Thickness
estimates of quartzites in the region from various Brazilian geologists were consulted. Pflug (1968) suggests that common quartzite thickness
in the region is between 700-1,000 meters. On the other hand, Schöll & Fogaça (1980) and Diniz & Pinheiro (1980)
both suggest that such thickness isf approximately 250 meters. In our estimation of thickness we used the more conservative figure, 250
meters.
Volume
Estimation
Topography
data extracted in GIS (System Information Geographic) were processed by the Datamine Studio 3 software, in order to obtain the geological
model of quartzite massifs and their respective volumes.
The
four rock masses delimited in the field stages were modeled. These four rocky bodies and their respective volume calculations are represented
in the sequence of figures and table below.
Quartzite
    Formations
Estimated
Volume
                                            (m
3
)
Rocky
    Body 01
302,380
Rocky
    Body 02
867,801
Rocky
    Body 03
243,292
Rocky
    Body 04
40,916
TOTAL
1,454,389
Table
1: Estimate of volume of quartzite formations in the Area.
Exploration
Plan:
As
of December 31, 2023, there is no plan for further geological exploration of the Area as the focus going forward will be on mining and
revenue generation. The Company plans to continue to rely on the technical expertise of Yan Taffner Binda, a mining engineer with vast
experience in quartzite who meets the "Qualified Person" criteria under Item 1300 of Regulation S-K.
As
subsequent events after December 31, 2023, in 2024 we have retained two executives to work with our Quarry: a director of operations,
and a director of sales and marketing.
The
director of operations will focus on safely improving production to 100 m
3
per month and then to 250 m
3
. This will
likely require the addition of more equipment, and likely the hiring of additional workers.
The
director of sales and marketing will focus on attempting to commercialize quartzite slabs obtained from our production to the U.S. market.
Planning
and budgeting for the expansion described above is ongoing. The Company anticipates that it will need working capital of $150,000 to
$200,000 to run the Quarry and its developing commercial operations.
Book
Value of Property:
The
book value of the property is less than $10,000. It includes the cost of obtaining the mineral property directly from the Brazilian national
mining department. The Company has title to the Area, and such title has no known encumbrances and can be assumed to be more valuable
than its book value, although no third-party offers have been received or estimates prepared.
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Non-Material
Properties
Summary
of Non-Material Properties
Project
Mineral
    Right Number
Area
    (hectares)
Mineral
Municipality
State,
    Country
Alta
    Floresta Project
867.176/2019
9,740.91
gold
Peixoto
    de Azevedo
Mato
    Grosso, Brazil
Alta
    Floresta Project
867.173/2019
83.99
gold
Terra
    Nova do Norte
Mato
    Grosso, Brazil
Alta
    Floresta Project
867.174/2019
47.55
gold
Matupa,
    Nova Guarita
Mato
    Grosso, Brazil
Apui
    Project
880.133/2016
9,325.31
gold
Apui
Amazonas,
    Brazil
Apui
    Project
880.134/2016
9,391.67
gold
Apui
Amazonas,
    Brazil
Apui
    Project
880.135/2016
9,340.04
gold
Apui
Amazonas,
    Brazil
Brotas
    de Macauba Project
870.400/2019
1,951.18
gold,
    palladium, platinum
Brotas
    de Macauba
Bahia,
    Brazil
Cavalcante
    Project
860.479/2019
1,930.79
gold
Parana
    (TO), Cavalcante (GO)
Goias
    and Tocantins, Brazil
Crixas
    Project
860.807/2016
1,241.63
gold
Crixas,
    Uirapuru
Goias,
    Brazil
Paracatu
    Project
831.883/2016
312.66
gold
Paracatu
Minas
    Gerais, Brazil
Maps
of Non-Material Properties
Figure
27: Map of the Alta Floresta Project.
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Figure
28: Map of the Apui Project.
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33
-
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Figure
29: Map of the Brotas de Macauba Project.
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-
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Figure
30: Map of the Cavalcante Project.
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-
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Figure
31: Map of the Crixas Project.
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-
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Figure
32: Map of the Paracatu Project.
We
have not implemented formal exploration program to comply with Item 1305 of Regulation S-K, but we have engaged a qualified person for
gold and a qualified person for quartzite, as such term is defined in Subpart 1300 of Regulation S-K, who works on both the Alpha Project
and the Quartzite Project.
Item
4A. Unresolved Staff Comments.
Not
applicable.
Item
5. Operating and Financial Review and Prospects.
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial
statements and the related notes and other information included elsewhere in this registration statement. This discussion contains forward-looking
statements that are based on management's current expectations, estimates and projections about our business and operations. Our
actual results may differ materially from those currently anticipated and expressed in such forward-looking statements and as a result
of the factors we describe under "Risk Factors" and elsewhere in this filing. See "Special Note Regarding Forward-looking
Statements" and "Risk Factors." We undertake no obligation to update publicly any forward-looking statements for any
reason, even if new information becomes available or other events occur in the future, other than as required by law.
The discussion and
analysis of the financial condition and results of operations of certain items for the fiscal year ended December 31, 2021, and
year-to-year comparison between fiscal year ended December 31, 2022, and December 31, 2021, that are not included in this Form
20-F can be found in "Item 5. Operating And Financial Review And Prospects" of our Form 20-F for the fiscal year ended December
31, 2022 filed with the SEC on April 28, 2023, which is incorporated by reference herein.
Results
of Operations
Except
as may be otherwise indicated, all dollar amounts are stated in U.S. dollars, the Registrant's reporting currency. The following
table sets out the exchange rates, based on the data from the website of Brazil's "Banco Central" (an equivalent to
the U.S. Federal Reserve), for the conversion of the Brazilian real (R$) currency into the United States dollar (US$), for the period
from January 1, 2023, to December 31, 2023. The average exchange rates are based on the average of the daily closing exchange rates during
such periods:
Average
High
Low
Close
Fiscal Year Ended 12/31/2023
R$
4.9953
R$
5.4459
R$
4.7202
R$
4.8413
Fiscal Year Ended 12/31/2022
R$
5.2284
R$
5.7042
R$
4.7378
R$
5.2177
The
exchange rate on December 31, 2023, was R$4.8413 Brazilian reais per one U.S. dollar.
Fiscal
Year Ended December 31, 2023, Compared to Fiscal Years Ended December 31, 2022
We
did not record any revenue during the year ended December 31, 2023, compared to revenue of $0 during the year ended December 31, 2022.
We expect revenues to increase in future periods as we increase our mining operations, including the start of our quartzite mining
activities in 2024; however, we can offer no assurances that we will be successful in our efforts.
Our
operating expenses are comprised primarily of stock-based compensation, general administrative expenses, and to a lesser extent
professional fees and other compensation related costs. Operating expenses totaled $1,057,773 for the year ended December 31, 2023, compared
to operating expenses of $657,375 for the year ended December 31, 2022. The increase in operating expenses of 61% comparing 2023 to 2022
and 20% is explained primarily by increased general and administrative expenses and compensation costs, both highly influenced by
the increase in activities related to the Quartzite project, including the increase in the number of employees from 1 in 2022 to 7 in
2023.
We
incurred a net loss of $1,071,845 for the year ended December 31,2023, an increase of 63% compared to $657,375 for the year ended December
31, 2022.
Net
cash used in operating activities was $862,694 for the year ended December 31,2023, compared to $534,073 used in operations during the
year ended December 31, 2022. Net cash provided by investing activities was $638,544
for the year ended December 31,2023, compared to $74,678 for the year ended December 31, 2022. Net cash provided by financing activities was $291,600 for the year ended December 31, 2023, compared to $489,875 for the
year ended December 31, 2022.
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Liquidity
and Capital Resources
As
of December 31, 2023, we had total current assets of $96,432 and total current liabilities of $734,118 for a current ratio of 0.13
to 1.00 and negative working capital of $637,684 (important to highlight that current liabilities include an amount of $674,461
payable to a group company). By comparison, as of December 31, 2022, we had total current assets of $25,438 and total current
liabilities of $20,583 for a current ratio of 1.23 to 1.0 and working capital of $4,855. The variation of the working capital was
primarily driven by the resources received from a loan provided by Mineração Apollo Ltd, a wholly owned subsidiary of
Apollo Resources Corporation, an affiliate, in order to cover our expenditures with exploration of gold assets and execution of the
trial quartzite mining activities.
For
the two years ended December 31, 2023, and 2022, our primary sources of liquidity were derived from the sale
of our common stock and loans received from related parties. We expect that our primary source of liquidity will continue to be
generated from the sale of our common stock, as well as anticipated revenues to be generated from the operation of our
Quartzite operations.
The
consolidated financial statements have been prepared on a going concern basis. The Company has incurred losses since its inception
resulting in an accumulated deficit of $4,200,308 and further losses are anticipated in the development of its business. The Company
does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment
to certain current liabilities and/or raising additional funds. In order to continue to meet its fiscal obligations in the current
fiscal year and beyond, the Company must seek additional financing. These factors raise substantial doubt about the Company's
ability to continue as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to
generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its
liabilities arising from normal business operations when they come due. The accompanying consolidated financial statements do not
include any adjustments that might result from the outcome of this uncertainty.
Item
5.C. R&D, Patents and Licenses
None,
except mineral rights described above.
Item
5.D. Trend Information
Having
commenced initial quartzite operations in August 2023 with the trial mining period and achieved its first production milestones, the
quartzite project is poised for expanded capacity in 2024 on the back of strong market demand corroborated by the current market
size of over $3.6 billion and the expected compounded annual growth rate of 2.46% until 2030.
For
fiscal year 2024, the Company targets over 850 cubic meters of output driving revenue between $1.5 and $2.0 million (based on same price
levels obtained for the production of the trial mining period) and delivering robust operating profit margins.
Figure
1
– Ongoing Quartzite Quarry Operations at Silver River Mine
Figure
2
– Finished Silver River Quartzite Slabs Ready for Sale
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Figure
3
– Finished Silver River Quartzite Slabs Ready for Sale
To
support its next growth phase, the Company plans to strengthen its executive team on the quartzite side by appointing a Director of
Sales and Marketing. With over twenty years of international sales experience in ornamental stone, this incoming executive will
focus on expanding Silver River's customer base globally including the United States. She is expected to join the Company in early April 2024.
Item
5.E. Critical Accounting Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amount
of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Going
Concern
The
consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and the settlement
of liabilities in the normal course of business. The Company has limited working capital, has incurred losses since its inception, and
has not yet generated material revenues from the sale of its products or services. These factors create substantial doubt about the Company's
ability to continue as a going concern. The consolidated financial statements do not include any adjustment that might be necessary if
the Company is unable to continue as a going concern.
The
ability of the Company to continue as a going concern is dependent on the Company generating cash from its operations, the sale of its
stock and/or obtaining debt financing. During the year ended December 31, 2023, the Company funded operations primarily through the sale
of equity securities and loans from related parties. Management intends to cover any operating losses by selling its equity securities
and obtaining debt financing. There can be no assurance the Company will be successful in these efforts.
Fair
Value of Financial Instruments
Jupiter
Gold follows the guidance of Accounting Standards Codification ("ASC") Topic 820 – Fair Value Measurement and Disclosure.
Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants as of the measurement date. The guidance also establishes a hierarchy for inputs used
in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the
most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability
and are developed based on market data obtained from sources independent of Jupiter Gold. Unobservable inputs are inputs that reflect
Jupiter Gold's assumptions about the factors market participants would use in valuing the asset or liability. The guidance establishes
three levels of inputs that may be used to measure fair value:
Level
1. Observable inputs such as quoted prices in active markets;
Level
2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
Level
3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
As
of December 31, 2023, Jupiter Gold did not have any level 2 or 3 assets or liabilities.
Jupiter
Gold's financial instruments consist of cash and cash equivalents, accounts payable, and accrued expenses. The carrying amount
of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing
market rates unless otherwise disclosed in these consolidated financial statements.
Property
and Equipment
Property
and equipment are stated at cost. Major improvements and betterments are capitalized. Maintenance and repairs are expensed as incurred.
Depreciation is computed using the straight-line method over the estimated useful life. At the time of retirement or other disposition
of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected
in the statements of operations as other gain or loss, net.
The
diamond and gold processing plant and other machinery are depreciated over an estimated useful life of ten years; vehicles are depreciated
over an estimated life of five years; and computer and other office equipment over an estimated useful life of three years.
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Mineral
Properties
Costs
of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. Mineral property acquisition costs,
including licenses and lease payments, are capitalized. Impairment losses are recorded on mineral properties used in operations when
indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets'
carrying amount. The Company did not recognize any impairment losses related to mineral properties held during the years ended December
31, 2023, 2022 and 2021.
For
intangible assets purchased in a business combination, the estimated fair values of the assets received are used to establish their recorded
values. For intangible assets acquired in a non-monetary exchange, the estimated fair values of the assets transferred (or the estimated
fair values of the assets received, if more clearly evident) are used to establish their recorded values, unless the values of neither
the assets received nor the assets transferred are determinable within reasonable limits, in which case the assets received are measured
based on the carrying values of the assets transferred. Valuation techniques consistent with the market approach, income approach and/or
cost approach are used to measure fair value. These rights are held in perpetuity provided the Company remains in compliance with various
government regulations and industry requirements.
Impairment
of Long-Lived Assets
For
long-lived assets, such as property and equipment and intangible assets subject to amortization, Jupiter Gold continually monitors events
and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes
in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value
of such assets will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows
is less than the carrying amount of those assets, Jupiter Gold recognizes an impairment loss based on the excess of the carrying amount
over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs
to sell.
Stock-Based
Compensation
The
Company records stock-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation. ASC 718 requires companies
to measure compensation cost for stock-based employee compensation at fair value at the grant date and recognize the expense over the
employee's requisite service period. Under ASC 718, volatility is based on the historical volatility of our stock or the expected
volatility of the stock of similar companies. The expected life assumption is primarily based on historical exercise patterns and employee
post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield
curve in effect at the time of grant.
The
Company utilizes the Black-Scholes option-pricing model, which was developed for use in estimating the fair value of options. Option-pricing
models require the input of highly complex and subjective variables including the expected life of options granted and the expected volatility
of our stock price over a period equal to or greater than the expected life of the options. Because changes in the subjective assumptions
can materially affect the estimated value of our employee stock options, it is management's opinion that the Black-Scholes option-pricing
model may not provide an accurate measure of the fair value of our employee stock options. Although the fair value of employee stock
options is determined in accordance with ASC Topic 718 using an option-pricing model, that value may not be indicative of the fair value
observed in a willing buyer/willing seller market transaction.
On
June 20, 2018, the FASB issued ASU 2018-07 which simplifies the accounting for share-based payments granted to non-employees for
goods and services. Under the ASU, most of the guidance on such payments to non-employees would be aligned with the requirements for
share-based payments granted to employees. Equity classified share-based payments for employees are fixed at the time of grant.
Equity-classified non-employee share-based payment awards are measured at the grant date of the award which is the same as
share-based payments for employees. The Company adopted the requirements of the new rule as of January 1, 2019, the effective date
of the new guidance.
Foreign
Currency
Jupiter
Gold's subsidiary, MJL, uses its local currency as its functional currency. Resulting translation gains or losses are recognized
as a component of accumulated other comprehensive income. Transaction gains or losses related to balances denominated in a currency other
than the functional currency are recognized in the consolidated statements of operations.
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Item
6. Directors, Senior Management and Employees.
Item
6.A. Directors and Senior Management.
Our
officers and directors as of March 12, 2024, were as follows:
Name
Age
Position
Marc
    Fogassa
57
Chairman
    of the Board of Directors, Chief Executive Officer, and Chief Financial Officer
Joel
    de Paiva Monteiro, Esq.
33
Director,
    Vice-President of Administration and Operations, and Secretary
Areli
    Nogueira da Silva Júnior
43
Director,
    and Vice-President, Mineral Exploration
Brian
    W. Bernier
66
Vice-President,
    Corporate Development and Investor Relations
Executive
officers are appointed by and serve at the pleasure of our Board of Directors. A biography of each director and officer follows.
Marc
Fogassa is our Founder and has been our Chairman and Chief Executive Officer since July 2016. He has lengthy investment experience in
executive management for mining projects, as well as in venture capital and capital markets, and has served on boards of directors of
multiple private companies. Mr. Fogassa double majored at the Massachusetts Institute of Technology (M.I.T.), graduating with two Bachelor
of Science degrees in 1990. He later graduated from the Harvard Medical School with a Doctor of Medicine degree in 1995, and also from
the Harvard Business School with a Master in Business Administration degree in 1999. Mr. Fogassa was born in Brazil and is fluent in
Portuguese and English. Mr. Fogassa is also the Chairman and Chief Executive Officer of Atlas Lithium Corporation ("Atlas Lithium"),
one of our shareholders, and of Apollo Resources Corporation, an affiliate ("Apollo Resources").
Joel
de Paiva Monteiro, Esq., has been a consultant to us since 2017 and became our Vice-President, Administration and Operations, in 2020.
Previously he was a partner of the Brazilian law firm PRA Advogados - Pimenta da Rocha Andrade, with three offices and headquarters in
Belo Horizonte, state of Minas Gerais. Mr. Monteiro has worked with all aspects of Brazilian business law, and has extensive experience
in a wide range of areas from strategic business planning to litigation. His prior clients included large corporations in a variety of
economic sectors in diverse states in Brazil. Mr. Monteiro has a law degree from the Milton Campos Faculty in Belo Horizonte, Brazil.
Subsequently he achieved a post-graduate degree in Business and Civil Law from the Pontifical Catholic University of Minas Gerais. Mr.
Monteiro is also an officer at Atlas Lithium, one of our shareholders, and an officer and a director of Apollo Resources.
Areli
Nogueira da Silva Júnior has been a consultant to us since 2018 and became our Vice-President, Mineral Exploration, in 2021. He
is the Founder and was the Chief Technical Officer of MineXplore, a consultancy focused on mineral rights in Brazil. Mr. da Silva Júnior
has been a consultant geologist with GeoEspinhaço, a firm that undertakes geological studies in a variety of minerals across Brazil.
Mr. da Silva Júnior has also been a college faculty member teaching geology. Previously, he worked at the Brazilian mining department
and before that as a geologist at Usiminas Mineração. Mr. da Silva Júnior has a Master of Geology degree from the
Federal University of Rio de Janeiro, and an undergraduate degree in Geological Engineering from the School of Mines of the Federal University
of Ouro Preto, a premier and the oldest mining-focused college in Brazil. Mr. da Silva has been officer and consultant to Atlas Lithium
and Apollo Resources.
Brian
W. Bernier has been a consultant to us since 2019 and became our Vice-President, Corporate Development and Investor Relations in 2020.
Mr. Bernier has worked in the business development and investor relations sector for over three decades and was most recently at a regional
investment bank. He graduated with a degree in Management from Boston University. Mr. Bernier has been an officer and consultant to
Atlas Lithium and Apollo Resources.
There
are no family relationships between or among any of the persons listed above.
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Item
6.B. Compensation
.
We
adopted an incentive plan (the "2016 Incentive Plan") to compensate employees, directors, and consultants, and allow it to
acquire and retain human talent. The 2016 Incentive Plan is hereby incorporated by reference to Exhibit 10.7 in our Registration Statement
on Form F-1 (Registration No. 333-214872) filed with the Securities and Exchange Commission on December 1, 2016 (the "F-1").
For
the year ended December 31, 2023, officers and directors received $410,248 as cash compensation, added to options to purchase an aggregate
of 420,000 shares of its common stock. Such awards corresponded to the period between January 1, 2023, to December 31, 2023. The options
issued in 2023 were valued at $115,038 in total. The options were valued using the Black-Scholes option pricing model with the following
average assumptions: our stock price on date of grant $0.65 to $2.10, a strike price of $0.01 to $1.00, illiquidity discount of 75%,
expected dividend yield of 0%, annualized volatility of 268% to 364%, risk-free interest rate of 3.42% to 4.73%, and an expected term
of five to ten years.
For
the year ended December 31, 2022, officers and directors received $275,000 as cash compensation, added to options to purchase an aggregate
of 420,000 shares of its common stock. Such awards corresponded to the period between January 1, 2022, to December 31, 2022. The options
issued in 2022 were valued at $104,140 in total. The options were valued using the Black-Scholes option pricing model with the following
average assumptions: our stock price on date of grant $0.80 to $1.20, a strike price of $0.01 to $1.00, illiquidity discount of 75%,
expected dividend yield of 0%, annualized volatility of 295% to 372%, risk-free interest rate of 1.51% to 4.05%, and an expected term
of five to ten years.
Item
6.C. Board Practices.
Our
business is managed by the directors who exercise all the powers of the Company, subject to the Business Corporations Act of the Republic
of the Marshall Islands, our Articles of Incorporation and our Bylaws, and any special resolution of the Board of Directors. Our Bylaws
specify the procedures for the election and removal of directors. Bylaws are hereby incorporated by reference to Exhibit 1.1.
Board of Director is composed of 3 individuals, as described in item 6.A; two of our directors are not
U.S. residents.
-
42
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Table of Contents
Item
6.D. Employees.
As
of December 31, 2023, we had six full time equivalent employees.
Item
6.E. Share Ownership.
The
following table sets forth certain information as of March 12, 2024, regarding the beneficial ownership of our Common Stock by:
each of our executive officers, each member of our board of directors and all officers and directors as a group. The number and percentage
of our Common Stock beneficially owned by each person is determined in accordance with Rule 13d-3 of the Securities Exchange Act of 1934
(the "Exchange Act"). The information contained in the table below is not necessarily indicative of beneficial ownership
for any other purpose.
Beneficial
ownership is determined in accordance with the rules of the SEC. In computing the number of shares beneficially owned by a person and
the percentage ownership of that person, shares issuable upon the exercise of stock options or warrants or the conversion of other securities
held by that person that are exercisable or convertible within 60 days are deemed to be issued and outstanding. These shares, however,
are not deemed outstanding for the purposes of computing percentage ownership of each other shareholder.
Name and Address of Officers and Directors (1)
Common stock
Series A Preferred stock
Combined voting power
Number
%
Number
%
Number
%
Marc Fogassa
2,965,702
(2)
27.2
%
1
(3)
100.0
%
2,965,703
64.4
%
Joel de Paiva Monteiro, Esq.
22,441
0.2
%
-
0.0
%
22,441
0.1
%
Areli Nogueira da Silva Júnior
7,223
0.1
%
-
0.0
%
7,223
0.0
%
Brian W. Bernier
95,127
0.9
%
-
0.0
%
95,127
0.4
%
All Officers and Directors as a group (4 persons)
3,090,493
(2)
28.4
%
1
(3)
100.0
%
3,090,494
64.9
%
(1)
The
    address for each officer and director is: c/o Jupiter Gold Corporation, Rua Buenos Aires, 10 – 14
th
Floor, Belo
    Horizonte, MG 30.315-570, Brazil.
(2)
Includes
    1,210,000 shares of common stock issuable to Mr. Fogassa upon exercise of options, the majority of which was awarded in lieu of any
    cash salary, with an average exercise price of $0.04 per share and an average maturity of 8.22 years.
(3)
Mr.
    Fogassa owns the only outstanding share of our Series A Convertible Preferred Stock ("Preferred A Stock"). The Certificate
    of Designations, Preferences and Rights of our Preferred A Stock provides that for so long as Preferred A Stock is issued and outstanding,
    the holders of Preferred A Stock shall vote together as a single class with the holders of our common stock, with the holders of
    Preferred A Stock being entitled to 51% of the total votes on all matters regardless of the actual number of shares of Preferred
    A Stock then outstanding, and the holders of our common stock being entitled to their proportional share of the remaining 49% of
    the total votes based on their respective voting power. Mr. Fogassa is thus deemed to have voting control on all matters requiring
    a stockholder vote.
-
43
-
Table of Contents
Item
7. Major Shareholders and Related Party Transactions.
A.
Major
    Shareholders
The
following table sets forth certain information as of March 12, 2024, regarding the beneficial ownership of our Common Stock by
our major shareholders who beneficially own more than 5% of our voting securities. The number and percentage of our Common Stock beneficially
owned by each person is determined in accordance with Rule 13d-3 of the Securities Exchange Act of 1934 (the "Exchange Act").
The information contained in the table below is not necessarily indicative of beneficial ownership for any other purpose.
Beneficial
ownership is determined in accordance with the rules of the SEC. In computing the number of shares beneficially owned by a person and
the percentage ownership of that person, shares issuable upon the exercise of stock options or warrants or the conversion of other securities
held by that person that are exercisable or convertible within 60 days are deemed to be issued and outstanding. These shares, however,
are not deemed outstanding for the purposes of computing percentage ownership of each other shareholder.
Common
    stock
Series
    A Preferred stock
Combined
    voting power
Name
    and Address of Shareholder (1)
Number
%
Number
%
Number
%
Marc
    Fogassa
2,965,702
(2)
27.2
%
1
(3)
100.0
%
2,965,703
64.4
%
Atlas
    Lithium Corporation
2,652,584
24.4
%
-
0.0
%
2,652,584
11.9
%
(1)
The
    mailing address for each listed shareholder is c/o Jupiter Gold Corporation, Rua Buenos Aires, 10 – 14
th
Floor,
    Belo Horizonte, MG 30.315-570, Brazil.
(2)
Includes
    1,210,000 shares of common stock issuable to Mr. Fogassa upon exercise of options, the majority of which was awarded in lieu of any
    cash salary, with an average exercise price of $0.04 per share and an average maturity of 8.22 years.
(3)
Mr.
    Fogassa owns the only outstanding share of our Series A Convertible Preferred Stock ("Preferred A Stock"). The Certificate
    of Designations, Preferences and Rights of our Preferred A Stock provides that for so long as Preferred A Stock is issued and outstanding,
    the holders of Preferred A Stock shall vote together as a single class with the holders of our common stock, with the holders of
    Preferred A Stock being entitled to 51% of the total votes on all matters regardless of the actual number of shares of Preferred
    A Stock then outstanding, and the holders of common stock being entitled to their proportional share of the remaining 49% of the
    total votes based on their respective voting power. Mr. Fogassa is thus deemed to have voting control on all matters requiring a
    stockholder vote.
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44
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Table of Contents
Item
7.B. Related Party Transactions.
As
of December 31, 2023, we had $674,461 of amounts payable to Mineração Apollo Ltd, an entity wholly owned by Apollo Resources, an affiliate. The loans bear no interest.
See discussion about the Registration Rights Agreement under Item 10.C, Material Contracts on page 46.
Item
7.C. Interests of Experts and Counsel.
Not
applicable.
Item
8. Financial Information.
Item
8.A. Consolidated Statements and Other Financial Information.
Our
consolidated financial statements are stated in U.S. dollars (US$) and are prepared in accordance with United States Generally
Accepted Accounting Principles ("GAAP").
The
financial statements as required under Item 18 of Form 20-F are attached hereto and found immediately following the text of this Annual
Report. The audit report of BF Borgers CPA P.C., our independent auditors, is included herein immediately preceding the financial statements.
Item
8.A.7. Legal/Arbitration Proceedings.
None
that are material.
Item
8.A.8. Policy on Dividend Distributions.
No
dividends are intended to be declared or paid by us in the foreseeable future.
Item
8.B. Significant Changes.
None
Item
9. The Offer and Listing.
Our
common stock symbol is JUPGF and we are currently listed in OTCQB, a platform of OTC Markets.
Item
10. Additional Information.
Item
10.A.
As
of December 31, 2023, we had 9,674,497 shares of our Common Stock, par value $0.001 per share, and 1 share of our Series A Convertible
Preferred Stock, par value $0.001 per share, issued and outstanding.
As
of December 31, 2023, we had 40 million common shares and 10 million preferred shares authorized.
-
45
-
Table of Contents
Item
10.B. Memorandum and Articles of Association.
Our
Articles of Incorporation and Certificate of Incorporation are hereby incorporated by reference to Exhibits 1.1 and 1.2, respectively,
in our F-1.
Item
10.C. Material Contracts.
The
following descriptions of the material provisions of the referenced agreements do not purport to be complete and are subject to, and
qualified in their entirety by reference to the agreements which have been filed as exhibits to this report.
Registration
Rights Agreement
The
Registration Rights Agreement provides that whenever we propose to register any of its securities under the Securities Act of 1933, as
amended (the "Securities Act") and the registration form to be used may be used for the registration and contemplated disposition
of Registrable Securities (a "Piggyback Registration"), we will give prompt written notice to Atlas Lithium of its intention
to effect such a registration so that such notice is received by Atlas Lithium at least twenty (20) days before the anticipated filing
date. We will include in such registration all securities covered by the Registration Agreement ("Registrable Securities")
with respect to which we have received a written request for inclusion therein subject to any limitations on the number of shares that
may be registered for resale that may be imposed by law, including positions of the staff of the SEC. In connection with each Piggyback
Registration, all of the expenses incurred in compliance with the aforesaid, including, without limitation, all registration and filing
fees, printing expenses, fees and disbursements of our counsel and our blue sky fees and expenses will be paid by us and Atlas Lithium
shall pay all of the underwriting discounts and selling commissions applicable to the sale of Registrable Securities and all fees and
disbursements of counsel for Atlas Lithium attributable to the sale of its securities pursuant to the Piggyback Registration.
Item
10.D. Exchange Controls
Foreign
direct investment in Brazil is governed by Law number 14.286 of December 29, 2021 (the "
New Foreign Exchange
Law
"), replacing Brazilian Laws number. 4.131 (1962) and number 11.371 (2006), incorporating crucial amendments. Under the
New Foreign Exchange Law, foreign direct investors must adhere to a set of reporting and regulatory obligations.
Foreign
investments, whether in the form of portfolio investments or direct investments in the capital market by individuals or entities,
are subject to rigorous registration requirements. Portfolio investments, now regulated by Brazil Monetary Council
("
CMN
") Resolution number 4.373 since March 30, 2015, have introduced changes aimed at facilitating the entry of
foreign investors into the Brazilian financial and capital markets.
Non-resident
investors are obligated to report their status to the Brazilian Central Bank, appoint a tax representative, and engage a representative
in Brazil for service of process in suits under Brazilian Corporate Law. Additionally, investments exceeding US$ 100,000.00 require prompt
reporting to the Brazilian Central Bank through the Foreign Capital Information Reporting System – Foreign Direct Investment within
30 days of funds flowing into Brazil.
The
reporting obligations extend to various aspects, including the remittance of profits abroad, the repatriation of capital, and the formalization
of reinvestments. Investments are reported in the foreign currency of origin or in Brazilian currency if derived from a non-resident
account in Brazil.
Other
than such reporting obligations, foreign investment is not subject to government approvals or authorizations and there are no requirements
regarding minimum investment or local participation in capital (except in very limited cases such as in regard to financial institutions,
insurance companies and other entities subject to specific regulations). Foreign participation, however, is limited (that is, subject
to approvals) or forbidden in several sectors.
Foreign
investments in currency must be officially channeled through financial institutions duly authorized to deal in foreign exchange. Foreign
currency must be converted into Brazilian currency and vice versa through the execution of an exchange contract. Foreign investments
may also be made through the contribution of assets and equipment intended for the local production of goods and services.
The
role of attorneys-in-fact from the previous legislation has evolved into the appointment of a representative in Brazil. This representative,
authorized by the Brazilian Central Bank, assumes responsibility for compliance with registration and reporting requirements.
Remittances
abroad, covering the distribution of profits or interest on equity and repatriation of capital, follow a meticulous process involving
foreign exchange contracts. These contracts are established between the Brazilian company and an authorized Brazilian commercial bank,
reflecting the exchange of Brazilian currency into foreign currency at an agreed-upon rate.
While
historical instances, such as the freeze on dividend and capital repatriations in 1989 and 1990, demonstrated the government's use of
temporary restrictions to protect foreign currency reserves, the New Foreign Exchange Law provides a framework for potential future restrictions.
The likelihood of such restrictions is influenced by factors such as Brazil's foreign currency reserves, availability of foreign currency,
debt service burden, policy towards the International Monetary Fund, and broader political constraints.
-
46
-
Table of Contents
Item
10.E. Taxation
Investors
should consult their own tax advisor regarding the specific tax consequences of owning and disposing of our common stock, including eligibility
for the benefits of any treaty for the avoidance of double taxation, the applicability or effect of any special rules to which they may
be subject, and the effect of any state, local, or other tax laws.
Marshall
Islands Tax Considerations
The
following is applicable only to persons who are not citizens of and do not reside in, maintain offices in or engage in business, transactions
or operations in the Marshall Islands.
Non-resident
shareholders in Marshall Islands are not subject to Marshall Islands stamp, capital gains or other taxes on the purchase, ownership or
disposition of our common shares, and will not be required by the Marshall Islands to file a tax return related to our common shares.
Item
10.F. Dividends and Paying Agents.
Not
required.
Item
10.G. Statement by Experts.
Not
required
Item
10.H. Documents on Display.
We
are subject to the informational requirements of the Exchange Act applicable to foreign private issuers and, in accordance with these
requirements, we file reports with the SEC. As a foreign private issuer, we are exempt from the rules under the Exchange Act relating
to the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the reporting
and short swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange
Act to file periodic reports and financial statements with the Securities and Exchange Commission as frequently or as promptly as U.S.
companies whose securities are registered under the Exchange Act.
You
may read and copy any documents that we file with the SEC, including this Report and the related exhibits, without charge at the web site maintained by the Securities and Exchange Commission at www.sec.gov.
Item
10.I. Subsidiary Information.
Not
applicable.
Item
10.J. Annual Report to Securities Holders
Not
applicable.
-
47
-
Table of Contents
Item
11. Quantitative and Qualitative Disclosure about Market Risk.
Foreign
Exchange Risk
We
are subject to risk brought about by the possibility of a significant change in the rate of exchange of the U.S. dollar for the
Brazilian real.
Interest
Rate Risk
None;
as of the date of this Annual Report, we had no fixed or floating rate indebtedness.
Item
12. Description of Securities Other than Equity Securities.
Not
applicable.
PART
II
Item
13. Defaults, Dividend Arrearages and Delinquencies
None
material
Item
14. Material Modifications to the Rights of Security Holders and Use of Proceeds.
Not
applicable.
Item
15. Controls and Procedures. Disclosure Controls And Procedures
Our
management has evaluated the design, operation, and effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e)
and 15d-15(e) of the Exchange Act as of December 31, 2022. On the basis of that evaluation, management concluded that our disclosure
controls and procedures are designed, and are effective, to provide reasonable assurance that the information required to be disclosed
in reports filed or submitted pursuant to the Exchange Act is recorded, processed, summarized, and reported within the time periods specified
in the rules and forms of the SEC, and that such information is accumulated and communicated to management to allow timely decisions
regarding required disclosure.
-
48
-
Table of Contents
Management's
Report On Internal Control Over Financial Reporting
Our
management is responsible for establishing and maintaining effective internal control over financial reporting and for its assessment
of the effectiveness of internal control over financial reporting.
Our
internal control over financial reporting is a process designed by, or under the supervision of, our principal executive and financial
officer and effected by our Board of Directors, management, and other personnel to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally
accepted in the United States. Our internal control over financial reporting includes those policies and procedures that (1) pertain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with accounting principles generally accepted in the United States, and that our receipts and expenditures are being made only in accordance
with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of our assets that could have a material effect on the consolidated financial statements.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis. Therefore,
even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and
presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Our
management performed an assessment of the effectiveness of our internal control over financial reporting at December 31, 2023, utilizing
the criteria described in the "Internal Control — Integrated Framework" issued by the Committee of Sponsoring Organizations
of the Treadway Commission. The objective of this assessment was to determine whether our internal control over financial reporting was
effective on December 31, 2023.
A
material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a
reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented
or detected on a timely basis. In our assessment of the effectiveness of internal control over financial reporting on December 31, 2023,
we did not identify any material weaknesses.
Based
on the management's assessment, we have concluded that
our internal control over financial reporting was effective on December 31, 2023.
Changes
In Internal Control Over Financial Reporting
There
have been no changes in our internal control
over financial reporting during the year ended December 31, 2023, which have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.
-
49
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Table of Contents
Item
16. Reserved
Item
16A. Audit Committee Financial Expert
Our
Board of Directors currently acts as our audit committee. We do not currently have an independent member of our Board of Directors who
qualifies as an "audit committee financial expert" as such term is usually defined.
Item
16B. Code of Ethics.
Our
Board of Directors plans to adopt in 2024 a code of ethics to apply to all of our directors, officers, and employees.
Item
16C. Principal Accountant Fees and Services.
BF
Borgers CPA PC has served as our independent auditors for our financial statements as of December 31, 2023 and for the years ended December
31, 2022 and 2021. This firm billed the following fees to us for professional services related to such date and periods:
2023
2022
2021
Audit Fees
$
22,000
8,100
8,100
Audit-Related Fees
—
—
—
Tax Fees
—
—
—
All Other Fees
—
—
—
Total
$
22,000
8,100
8,100
"Audit
Fees" are the aggregate fees billed for the audit of our annual financial statements. This category also includes services that
generally the independent accountant provides, such as consents and assistance with and review of documents filed with the SEC.
"Audit-Related
Fees" are the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit
and are not reported under Audit Fees. These fees include mainly accounting consultations regarding the accounting treatment of matters
that occur in the regular course of business, implications of new accounting pronouncements and other accounting issues that occur from
time to time.
"Tax
Fees" are the aggregate fees billed for professional services rendered for tax compliance, tax advice, other than in connection
with the audit. Tax compliance involves preparation of original and amended tax returns, tax planning and tax advice.
"All
Other Fees" are the aggregate fees billed for products and services, other than the services reported on the preceding lines.
All
of the audit and non-audit services to us were pre-approved by our Board of Directors.
-
50
-
Table of Contents
Item
16D. Exemptions from the Listing Standards for Audit Committees.
Not
applicable.
Item
16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers.
None.
Item
16F. Change in Registrant's Certifying Accountant.
Not
applicable.
Item
16G. Corporate Governance.
Not
applicable.
Item
16H. Mine Safety Disclosure.
Not
applicable.
Item
16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not
applicable.
Item
                                            16K. Cybersecurity.
As
an exploration stage company, we have limited operations and our business activity to date has been identifying, acquiring, and exploring
mineral properties, and have not yet adopted formal cybersecurity risk management programs or formal processes for assessing cybersecurity
risks. We understand the importance of managing material risks from cybersecurity threats and are committed, as part of our continuing
growth, to implementing and maintaining an adequate information security program to manage such risks and safeguard our systems and data.
We
currently manage our cybersecurity risk through a variety of practices that are applicable to all users of our information technology
and information assets, including our employees and contractors. We use a combination of technology, policies, training, and monitoring
to promote security awareness and prevent security incidents.
Due
to the early stage of development of our projects, we believe have limited exposure to cyber threats other than emails and project data
storage. Financial transactions are enabled through well-stablished financial institutions and accounting and employee information storage
are outsourced to an external accounting firm.
We
have not, as of the date of this report, experienced a cybersecurity threat or incident in the last three years, that materially affected
or is reasonably likely to affect our business, results of operations, or financial condition. However, there can be no guarantee that
we will not experience such an incident in the future. Refer to our risk factor "
The Company is exposed to information systems
and cybersecurity risks
" on page 4.
Our
board of directors oversees cybersecurity risk as part of its role of overseeing enterprise-wide risk.
PART
III
Item
17. Financial Statements.
We
have responded to Item 18 in lieu of this item.
Item
18. Financial Statements.
The
financial statements required by this item are found at the end of this annual report, beginning on page F-1.
Item
19. Exhibits.
Exhibit
    Number
Description
    of Exhibit
1.1
Company Bylaws
**
2.1
Certificate of designations, preferences and rights of our preferred A Stock
**
3.1
Registration of rights agreement
**
12.1
Certification of CEO Pursuant to Section 302 of Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act").*
12.2
Certification of CFO Pursuant to Section 302 of Sarbanes-Oxley Act.*
13.1
Certification Pursuant to Section 906 of Sarbanes-Oxley Act.*
*Filed
herewith.
**
Previously Filed.
-
51
-
Table of Contents
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.
JUPITER
    GOLD CORPORATION
(Registrant)
/s/
    Marc Fogassa
By:
Marc Fogassa
Title:
Chief Executive Officer
-
52
-
Table of Contents
JUPITER
GOLD CORPORATION
FINANCIAL
STATEMENTS
F-
1
Table of Contents
Report
of Independent Registered Public Accounting Firm
To
the shareholders and the board of directors of Jupiter Gold Corporation
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Jupiter Gold Corporation as of December 31, 2023 and 2022, the related statements
of operations, stockholders' equity (deficit), and cash flows for the years then ended, and the related notes (collectively referred
to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the
financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the years
then ended, in conformity with accounting principles generally accepted in the United States.
Substantial
Doubt about the Company's Ability to Continue as a Going Concern
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
1 to the financial statements, the Company has suffered recurring losses from operations and has a significant accumulated deficit. In
addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's
ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.
/S/
BF Borgers CPA PC
(PCAOB
ID
5041
)
We
have served as the Company's auditor since 2016
Lakewood,
CO
March
12, 2024
F-
2
Table of Contents
JUPITER
GOLD CORPORATION
CONSOLIDATED
BALANCE SHEETS
December 31,
December 31,
December 31,
2023
2022
2021
ASSETS
Current assets:
Cash and cash equivalents
$
92,813
$
25,438
$
849
Related party transactions
-
-
$
85,203
Other current assets
$
3,621
-
-
Total current assets
$
96,434
$
25,438
$
86,052
Property and equipment, net
320,700
$
41,929
$
31,404
Intangible assets, net
-
$
11,499
$
12,796
Total assets
$
417,134
$
78,866
$
130,251
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable and accrued expenses
$
59,009
$
20,583
$
14,417
Related party transactions
$
674,461
$
-
$
-
Other current liabilities
$
648
$
-
$
-
Total current liabilities
$
734,118
$
20,583
$
14,417
Non Current liabilities:
Other non-current liabilities
$
4,729
-
-
Total current liabilities
$
4,729
-
-
Total liabilities
$
738,847
$
20,583
$
14,417
Stockholders' equity:
Series A preferred stock, $
0,001
par value,
10,000,000
shares authorized;
1
share issued and outstanding
-
-
-
Common stock, $
0,001
par value,
40,000,000
shares authorized;
9,674,497
,
8,118,737
and
6,148,212
shares issued and outstanding as of December 31, 2023, 2022 and 2021, respectively
9,674
8,118
6,148
Additional paid-in capital
3,935,287
3,209,505
2,604,701
Accumulated other comprehensive loss
(
66,366
)
(
30,877
)
(
23,927
)
Accumulated deficit
(
4,200,308
)
(
3,128,463
)
(
2,471,088
)
Total stockholders' equity
(
321,713
)
58,283
115,834
Total liabilities and stockholders' equity
417,134
78,866
130,251
The
accompanying notes are an integral part of the consolidated financial statements.
F-
3
Table of Contents
JUPITER
GOLD CORPORATION
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Year Ended December 31,
Year Ended December 31,
Year Ended December 31,
2023
2022
2021
Revenue
$
-
$
-
$
-
Cost of revenue
$
-
$
-
$
-
Gross profit
$
-
$
-
$
-
Operating expenses:
General and administrative
$
(
340,065
)
$
(
212,578
)
$
(
291,435
)
Compensation and related costs
$
(
602,670
)
$
(
340,657
)
$
(
106,701
)
Stock based compensation
$
(
115,038
)
$
(
104,140
)
$
(
148,853
)
Total operating expenses
$
(
1,057,773
)
$
(
657,375
)
$
(
546,989
)
Loss from operations
$
(
1,057,773
)
$
(
657,375
)
$
(
546,989
)
Other expense (income):
Other income (expense)
$
(
14,072
)
$
-
$
(
1,449
)
Other income (expense)
$
(
14,072
)
$
-
$
(
1,449
)
Loss before provision for income taxes
$
(
1,071,845
)
$
(
657,375
)
$
(
548,438
)
Provision for income taxes
$
-
$
-
$
-
Net loss
$
(
1,071,845
)
$
(
657,375
)
$
(
548,438
)
Basic and diluted loss per share
Net loss per share
$
(
0,12
)
$
(
0,08
)
$
(
0,09
)
Weighted-average number of common shares outstanding:
Basic and diluted
9,029,706
8,118,737
6,148,212
Comprehensive loss:
Net loss
$
(
1,071,845
)
$
(
657,375
)
$
(
548,438
)
Foreign curreny translation adjustment
$
(
35,489
)
$
(
6,950
)
$
74,338
Comprehensive loss
$
(
1,107,334
)
$
(
664,325
)
$
(
474,100
)
The
accompanying notes are an integral part of the consolidated financial statements.
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JUPITER
GOLD CORPORATION
CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Accumulated
Series A Preferred Stock
Common Stock
Additional Paid-in
Other Comprehensive
Accumulated
Total Stockholders'
Shares
Value
Shares
Value
Capital
Income (Loss)
Deficit
Equity
Balance, December 31, 2020
1
$
-
5,780,165
$
5,780
$
2,327,244
$
(
98,265
)
$
(
1,922,650
)
$
312,109
Issuance of common stock in connection with sales made under private offerings
-
-
293,889
$
294
$
205,496
$
-
$
-
$
205,790
Stock based compensation
-
-
74,158
$
74
$
71,961
$
-
$
-
$
72,035
Change in foreign currency translation
-
-
-
$
-
$
-
$
74,338
$
-
$
74,338
Net income (loss)
-
-
-
$
-
$
-
$
-
$
(
548,438
)
$
(
548,438
)
Balance, December 31, 2021
1
$
-
6,148,212
$
6,148
$
2,604,701
$
(
23,927
)
$
(
2,471,088
)
$
115,834
Issuance of common stock in connection with sales made under private offerings
-
-
1,853,626
$
1,853
$
488,022
$
-
$
-
$
489,875
Stock based compensation
-
-
116,899
$
117
$
116,782
$
-
$
-
$
116,899
Change in foreign currency translation
-
-
-
$
-
$
-
$
(
6,950
)
$
-
$
(
6,950
)
Net income (loss)
-
-
-
$
-
$
-
$
-
$
(
657,375
)
$
(
657,375
)
Balance, December 31, 2022
1
$
-
8,118,737
$
8,118
$
3,209,505
$
(
30,877
)
$
(
3,128,463
)
$
58,283
Issuance of common stock in connection with sales made under private offerings
-
-
827,180
$
827
$
611,473
$
-
$
-
$
612,300
Stock based compensation
-
-
728,580
$
729
$
114,309
$
-
$
-
$
115,038
Change in foreign currency translation
-
-
-
$
-
$
-
$
(
35,489
)
$
-
$
(
35,489
)
Net income (loss)
-
-
-
$
-
$
-
$
-
$
(
1,071,845
)
$
(
1,071,845
)
Balance, December 31, 2023
1
$
-
9,674,497
$
9,674
$
3,935,287
$
(
66,366,00
)
$
(
4,200,308
)
$
(
321,713
)
The
accompanying notes are an integral part of the consolidated financial statements.
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Table of Contents
JUPITER
GOLD CORPORATION
CONSOLIDATED
STATEMENTS OF CASH FLOWS
Year Ended December 31,
Year Ended December 31,
Year Ended December 31,
2023
2022
2021
Cash flows from operating activities of continuing operations:
Net loss
$
(
1,071,845
)
$
(
657,375
)
$
(
548,438
)
Adjustments to reconcile net loss to cash used in operating activities:
Stock based compensation and services
$
115,038
$
104,140
$
148,853
Depreciation and amortization
$
56,536
$
12,997
$
18,320
Changes in operating assets and liabilities:
Accounts payable and accrued expenses
$
41,141
$
6,166
$
3,686
Accounts receivable and other assets
$
(
3,566
)
$
-
$
-
Net cash provided by (used in) operating activities
$
(
862,695
)
$
(
534,073
)
$
(
377,579
)
Cash flows from investing activities:
Related party
$
638,545
$
85,203
$
105,378
Acquisition of capital assets
$
-
$
(
10,525
)
$
-
Net cash provided by (used in) investing activities
$
638,545
$
74,678
$
105,378
Cash flows from financing activities:
Net proceeds from sale of common stock
$
291,600
$
489,875
$
205,496
Net cash provided by (used in) financing activities
$
291,600
$
489,875
$
205,496
Effect of exchange rates on cash and cash equivalents
$
(
74
)
$
(
5,891
)
$
2
Net increase (decrease) in cash and cash equivalents
$
67,375
$
24,589
$
(
66,703
)
Cash and cash equivalents at beginning of period
$
25,438
$
849
$
67,552
Cash and cash equivalents at end of period
$
92,813
$
25,438
$
849
The
accompanying notes are an integral part of the consolidated financial statements.
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Table of Contents
JUPITER
GOLD CORPORATION
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 –
ORGANIZATION, BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
and Description of Business
On
July 27, 2016, Jupiter Gold Corporation ("Jupiter Gold" or the "Company") was incorporated under the laws of
the Republic of the Marshall Islands. Concurrently, Atlas Lithium Corporation ("Atlas Lithium"), a U.S. corporation, exchanged
its
99.99
% ownership in Mineração Jupiter Ltda ("MJL"), a Brazilian company, for
4,000,000
shares of Jupiter
Gold's common stock. Atlas Lithium held an approximate
27.42
% interest in the Company as of December 31, 2023.
The
Company has
100
%-ownership to several gold projects in development and in exploratory stages aggregating over
154,000
acres in Brazil.
It also owns a modular gold recovery plant. The Company trades on the OTC Markets (Pink Open Market) under the symbol JUPGF.
The Company also owns a Quartzite deposit located in Minas Gerais,
which, after a drilling campaign, received all permits necessary and was subject to a trial mining period in 2023. We intend to start
mining operations and generate revenues from Quartzite sales in 2024.
Basis
of Presentation
The
consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles ("GAAP")
of the United States of America and are expressed in United States dollars. For the years ended December 31, 2023, 2022 and 2021, the
consolidated financial statements include the accounts of the Company and its
99.99
% owned subsidiary, Mineração Jupiter
Ltda.
All
material intercompany accounts and transactions have been eliminated in consolidation.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amount
of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Going
Concern
The
consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and the settlement
of liabilities in the normal course of business. The Company has limited working capital, has incurred losses since its inception, and
has not yet generated material revenues from the sale of its products or services. These factors create substantial doubt about the Company's
ability to continue as a going concern. The consolidated financial statements do not include any adjustment that might be necessary if
the Company is unable to continue as a going concern.
The
ability of the Company to continue as a going concern is dependent on the Company generating cash from its operations, the sale of its
stock and/or obtaining debt financing. During the year ended December 31, 2023, the Company funded operations primarily through the sale
of equity securities and loans from related parties. Management intends to cover any operating losses by selling its equity securities
and obtaining debt financing. There can be no assurance the Company will be successful in these efforts.
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Table of Contents
Fair
Value of Financial Instruments
Jupiter
Gold follows the guidance of Accounting Standards Codification ("ASC") Topic 820 – Fair Value Measurement and Disclosure.
Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants as of the measurement date. The guidance also establishes a hierarchy for inputs used
in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the
most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability
and are developed based on market data obtained from sources independent of Jupiter Gold. Unobservable inputs are inputs that reflect
Jupiter Gold's assumptions about the factors market participants would use in valuing the asset or liability. The guidance establishes
three levels of inputs that may be used to measure fair value:
Level
1. Observable inputs such as quoted prices in active markets;
Level
2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
Level
3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
As
of December 31, 2023, Jupiter Gold did not have any level 2 or 3 assets or liabilities.
Jupiter
Gold's financial instruments consist of cash and cash equivalents, accounts payable, and accrued expenses. The carrying amount
of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing
market rates unless otherwise disclosed in these consolidated financial statements.
Cash
and Cash Equivalents
The
Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent
that the funds are not being held for investment purposes. Funds held in Brazilian banks are insured up to
250,000
Brazilian Real (approximately
$
3,652
based on the December 31, 2023 exchange rate).
Property
and Equipment
Property
and equipment are stated at cost. Major improvements and betterments are capitalized. Maintenance and repairs are expensed as incurred.
Depreciation is computed using the straight-line method over the estimated useful life. At the time of retirement or other disposition
of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected
in the statements of operations as other gain or loss, net.
The
diamond and gold processing plant and other machinery are depreciated over an estimated useful life of
ten years
; vehicles are depreciated
over an estimated life of
five years
; and computer and other office equipment over an estimated useful life of
three years
.
Mineral
Properties
Costs
of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. Mineral property acquisition costs,
including licenses and lease payments, are capitalized. Impairment losses are recorded on mineral properties used in operations when
indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets'
carrying amount. The Company did not recognize any impairment losses related to mineral properties held during the years ended December
31, 2023, 2022 and 2021.
For
intangible assets purchased in a business combination, the estimated fair values of the assets received are used to establish their recorded
values. For intangible assets acquired in a non-monetary exchange, the estimated fair values of the assets transferred (or the estimated
fair values of the assets received, if more clearly evident) are used to establish their recorded values, unless the values of neither
the assets received nor the assets transferred are determinable within reasonable limits, in which case the assets received are measured
based on the carrying values of the assets transferred. Valuation techniques consistent with the market approach, income approach and/or
cost approach are used to measure fair value. These rights are held in perpetuity provided the Company remains in compliance with various
government regulations and industry requirements.
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Table of Contents
Impairment
of Long-Lived Assets
For
long-lived assets, such as property and equipment and intangible assets subject to amortization, Jupiter Gold continually monitors events
and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes
in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value
of such assets will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows
is less than the carrying amount of those assets, Jupiter Gold recognizes an impairment loss based on the excess of the carrying amount
over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs
to sell.
Stock-Based
Compensation
The
Company records stock-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation. ASC 718 requires companies
to measure compensation cost for stock-based employee compensation at fair value at the grant date and recognize the expense over the
employee's requisite service period. Under ASC 718, volatility is based on the historical volatility of our stock or the expected
volatility of the stock of similar companies. The expected life assumption is primarily based on historical exercise patterns and employee
post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield
curve in effect at the time of grant.
The
Company utilizes the Black-Scholes option-pricing model, which was developed for use in estimating the fair value of options. Option-pricing
models require the input of highly complex and subjective variables including the expected life of options granted and the expected volatility
of our stock price over a period equal to or greater than the expected life of the options. Because changes in the subjective assumptions
can materially affect the estimated value of our employee stock options, it is management's opinion that the Black-Scholes option-pricing
model may not provide an accurate measure of the fair value of our employee stock options. Although the fair value of employee stock
options is determined in accordance with ASC Topic 718 using an option-pricing model, that value may not be indicative of the fair value
observed in a willing buyer/willing seller market transaction.
On
June 20, 2018, the FASB issued ASU 2018-07 which simplifies the accounting for share-based payments granted to nonemployees for goods
and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based
payments granted to employees. Equity classified share-based payments for employees are fixed at the time of grant. Equity-classified
nonemployee share-based payment awards are measured at the grant date of the award which is the same as share-based payments for employees.
The Company adopted the requirements of the new rule as of January 1, 2019, the effective date of the new guidance.
Foreign
Currency
Jupiter
Gold's subsidiary, MJL, uses its local currency as its functional currency. Resulting translation gains or losses are recognized
as a component of accumulated other comprehensive income. Transaction gains or losses related to balances denominated in a currency other
than the functional currency are recognized in the consolidated statements of operations.
Basic
Earnings (Loss) Per Share
The
Company computes loss per share in accordance with ASC Topic 260, Earnings per Share, which requires presentation of both basic and diluted
earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common
shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all
dilutive potential common shares outstanding during the period. As of December 31, 2023, the Company's potentially dilutive securities
relate to common stock issuable in connection with options. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.
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Table of Contents
Recent
Accounting Pronouncements
The
Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not
believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position
or results of operations except as noted below:
In
August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging
- Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's
Own Equity. ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible
debt instruments and convertible preferred stock. Limiting the accounting models will result in fewer embedded conversion features being
separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation
models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition
of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued
with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives
scope exception for contracts in an entity's own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06
will be effective January 1, 2024, for the Company. Early adoption is permitted, but no earlier than January 1, 2021, including interim
periods within that year. The Company is evaluating the effect of the adoption of ASU 2020-06 on the consolidated financial statements,
but currently does not believe ASU 2020-06 will have a significant impact on the Company's accounting for its convertible debt
instruments. The effect will largely depend on the composition and terms of the financial instruments at the time of adoption.
In
February 2020, the FASB issued ASU 2020-02, Financial Instruments-Credit Losses (Topic 326) and Leases (Topic 842) - Amendments to SEC
Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards
Update No. 2016-02, Leases (Topic 842), which amends the effective date of the original pronouncement for smaller reporting companies.
ASU 2016-13 and its amendments will be effective for the Company for interim and annual periods in fiscal years beginning after December
15, 2022. The Company believes the adoption will modify the way the Company analyzes financial instruments, but it does not anticipate
a material impact on results of operations. The Company is in the process of determining the effects adoption will have on its consolidated
financial statements.
In
August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial
Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in the ASU seek to reduce
diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures
in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including
businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The
amendments are effective for all joint venture formations with a formation date on or after January 1, 2025. Early adoption and retrospective
application of the amendments are permitted. We do not expect adoption of the new guidance to have a material impact on our consolidated
financial statements and disclosures.
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable
segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure
enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker
and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each
reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15,
2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption
is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure
requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal
years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments
are permitted. We do not expect adoption of the new guidance to have a material impact on our consolidated financial statements and disclosures.
NOTE
2 –
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS
Property
and Equipment, Net
The
following table sets forth the components of the Company's property and equipment as at December 31, 2023, 22 and 2021:
December 31, 2023
Cost
Accumulated
Depreciation
Net Book
Value
Computers and office equipment
$
2,192
(
2,192
)
$
-
Machinery and equipment
439,555
(
118,855
)
320,700
Vehicles
42,507
(
42,507
)
-
Total fixed assets
$
484,254
(
163,554
)
320,700
December 31, 2022
Cost
Accumulated
Depreciation
Net Book
Value
Computers and office equipment
$
2,192
(
2,192
)
$
-
Machinery and equipment
118,855
(
76,926
)
41,929
Vehicles
42,507
(
42,507
)
-
Total fixed assets
$
163,554
$
(
121,625
)
$
41,929
December 31, 2021
Cost
Accumulated
Depreciation
Net Book
Value
Computers and office equipment
$
2,192
(
1,042
)
$
1,150
Machinery and equipment
108,330
(
78,076
)
30,254
Vehicles
42,507
(
42,507
)
-
Total fixed assets
$
153,029
$
(
121,625
)
$
31,404
For
the years ended December 31, 2023, 2022 and 2021, the Company recorded depreciation expense of $
42,243
, $
12,997
and $
19,714
, respectively.
In 2023, the Company acquired a gold processing
plant from Atlas Lithium at a total price of $
320,700
. Total paid for the plant acquisition was composed of
320,700
shares issued by
the Company at $
1.00
each.
Related
Party Receivables/Payables
As
of December 31, 2023, there are $
674,461
of relating parties outstanding balances,
represented by amounts owed to Mineração Apollo Ltda.
As
of December 31, 2022, there is
no
related party outstanding balance. As of December 31, 2021, related party receivables totaled $
85,203
.
The entire amount is owed from Atlas Lithium for short-term loans made and expenses paid by Jupiter Gold and MJL.
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10
Table of Contents
NOTE
3 –
STOCKHOLDERS' EQUITY
Issued
and Authorized
As
of December 31, 2023, Jupiter Gold had
9,674,497
shares of its common stock and
1
share of its preferred stock issued and outstanding.
As of December 31, 2022, Jupiter Gold had
8,118,737
shares of its common stock and
1
share of its preferred stock issued and outstanding.
As of December 31, 2023, Jupiter Gold had
40,000,000
common shares and
6,148,212
preferred shares authorized.
Common
Stock
During
the year ended December 31, 2023, Jupiter Gold issued and sold
827,180
shares of common stock for cash proceeds of $
612,300
.
During
the year ended December 31, 2022, Jupiter Gold issued and sold
1,853,626
shares of common stock for cash proceeds of $
489,875
.
During
the year ended December 31, 2021, Jupiter Gold issued and sold
293,889
shares of common stock for cash proceeds of $
205,790
.
Additionally, the Company issued
74,158
shares of its common stock in exchange for fees
and services totaling $
72,035
,
or an average price of $
0.97
per share which approximated fair market value.
Preferred
A Stock
Jupiter
Gold has issued to one of its directors one share of a Series A Convertible Preferred Stock ("Preferred A Stock"). The Certificate
of Designations, Preferences and Rights of Preferred A Stock provides that for so long as it is issued and outstanding, its holders shall
vote together as a single class with the holders of the Company's common stock, with
the holders of Preferred A Stock being entitled
to 51% of the total votes on all such matters regardless of the actual number of shares of Preferred A Stock then outstanding, and the
holders of common stock are entitled to their proportional share of the remaining 49% of the total votes based on their respective voting
power
.
Stock
Options
During
the year ended December 31, 2023, the Company granted Marc Fogassa as contractual compensation options to purchase an aggregate of
420,000
shares of its common stock. Such awards corresponded
to the period between January 1, 2023, to December 31, 2023. The options issued in 2023 were valued at $
115,038
in total. The options were valued using the Black-Scholes
option pricing model with the following average assumptions: our stock price on date of grant $
0.65
to $
2.10
,
a strike price of $
0.01
to $
1.00
,
illiquidity discount of
75
%,
expected dividend yield of
0
%,
annualized volatility of
268
%
to
364
%,
risk-free interest rate of
3.42
%
to
4.73
%,
and an expected term of
five
to
ten
years
.
During
the year ended December 31, 2022, the Company granted officers and directors as contractual compensation options to purchase an aggregate
of
420,000
shares of its common stock. Such awards corresponded
to the period between January 1, 2022, to December 31, 2022. The options issued in 2022 were valued at $
104,140
in total. The options were valued using the Black-Scholes
option pricing model with the following average assumptions: our stock price on date of grant $
0.80
to $
1.20
,
a strike price of $
0.01
to $
1.00
,
illiquidity discount of
75
%,
expected dividend yield of
0
%,
annualized volatility of
295
%
to
372
%,
risk-free interest rate of
1.51
%
to
4.05
%,
and an expected term of
five
to
ten
years
.
During
the year ended December 31, 2021, the Company granted officers and directors as contractual compensation options to purchase an aggregate
of
210,000
shares of its common stock. Such awards corresponded
to the period between January 1, 2021, to June 30, 2021; option awards for the period between July 1, 2021 and December 31, 2021
were issued after December 31, 2021. The options issued in 2021 were valued at $
56,616
in total. The options were valued using the Black-Scholes
option pricing model with the following average assumptions: our stock price on date of grant ($
0.51
to $
1.93
),
a strike price of $
0.01
to $
1.00
,
illiquidity discount of
75
%,
expected dividend yield of
0
%,
annualized volatility of
169
%
to
288
%,
risk-free interest rate of
0.92
%
to
1.75
%,
and an expected term of
five
to
ten
years
.
The
following table reflects all outstanding and exercisable options on December 31, 2023. All stock options immediately vest and
are exercisable for a period of five to ten years from the date of issuance.
Average
Number of
Remaining
Options
Average
Contractual Life
Outstanding
Exercise Price
(Years)
Outstanding, December 31, 2021
1,915,000
1.01
2.79
Issued in 2022
420,000
0.15
6.96
Exercised in 2022
430,000
1.00
–
Outstanding, December 31, 2022
1,905,000
0.56
4.74
Issued in 2023
420,000
0.15
8.98
Exercised in 2023
1,115,000
0.98
-
Outstanding, December 31, 2023
1,210,000
0.04
8.22
Stock
Warrants
During
the years ended December 31, 2023, 2022 and 2021 the company did not issue any warrants.
NOTE
4 –
SUBSEQUENT EVENTS
In
accordance with FASB ASC 855-10 Subsequent Events, the Company has analyzed its operations subsequent to December 31, 2023 to the date
these consolidated financial statements were issued, and has determined that it does not have any material subsequent events to disclose
in these consolidated financial statements.
F-
11