JUPITER GOLD RECEIVES PERMIT NEEDED TO START ITS QUARTZITE MINE

BELO HORIZONTE, BRAZIL, Dec. 28, 2022 (GLOBE NEWSWIRE) -- Jupiter Gold Corporation JUPGF ("Jupiter Gold" or the "Company") is pleased to announce that the necessary operational licensing has been obtained with respected to the Company's 100%-owned quartzite project (the "Project") in the state of Minas Gerais. The Project is now fully licensed for commercial mining and operations are planned to start in early 2023.

Jupiter Gold's geology team discovered the quartzite deposit in the third quarter of 2020 during detailed field reconnaissance in one of the Company's mineral rights. In the first quarter of 2021, a drilling campaign was undertaken which confirmed the presence of high-quality quartzite in the samples collected. Preliminary calculations indicated a potential of 3.9 million tons of quartzite mineralization. Photos of quartzite cores from the Project are attached to this release.

During the second and third quarters of 2021, specialized consultants hired by Jupiter Gold performed all necessary environmental studies in the Project area for the application to obtain the quarry's operational licensing, which has now been obtained. Jupiter Gold has hired a mining engineer with extensive experience in quartzite mining and in the commercialization of such production. The revenue potential ranges between $1,800 to $2,000 per cubic meter of quartzite production sold.

Joel de Paiva Monteiro, Esq., a board member of Jupiter Gold, commented, "It has been rewarding to observe the continued progress of the Quartzite Project from our initial discovery of the deposit to the positive results of the drilling campaign, to the final regulatory milestone necessary for the commencement of operations. Quartzite mining operations require relatively small initial costs and few workers. We are excited to be in the position to start revenue-generating operations."

About Us

Jupiter Gold Corporation JUPGF owns 100% of the Alpha Gold Project, a 34,911-acre greenstone belt project in the state of Minas Gerais and 100% of the Alta Floresta Gold Project, a 24,395-acre project in the gold district of Alta Floresta in the state of Mato Grosso. Additionally, the Company owns several other mineral rights for gold. Jupiter Gold is opening its first revenue-generating mine, a quartzite quarry, in the state of Minas Gerais in early 2023. Atlas Lithium Corporation owns approximately 24% of the Company. More information on Jupiter Gold is available at www.jupitergoldcorp.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based upon the current plans, estimates and projections of Jupiter Gold Corporation ("Jupiter Gold" or the "Company") and are subject to inherent risks and uncertainties which could cause actual results to differ from the forward-looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: results from ongoing geotechnical analysis of the projects operated by the Company and its subsidiaries; business conditions in Brazil; general economic conditions, geopolitical events and regulatory changes; availability of capital; Atlas Lithium's ability to maintain its competitive position; and dependence on key management.

Jupiter Gold advises U.S. investors that its properties and projects, and those of its subsidiaries, as of now, are exploratory and do not have measured "reserves" as such term is defined by the Securities and Exchange Commission ("SEC"). Additional risks related to the Company and its subsidiaries are more fully discussed in the section entitled "Risk Factors" in the Company's Annual Report on Form 20-F for the year ended December 31, 2021, filed with the SEC on April 29, 2022, which is available at www.sec.gov. In addition, any forward-looking statements represent the Company's views only as of today and should not be relied upon as representing its views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements.

Investor Relations:

Brian Bernier
ir@jupitergoldcorp.com
https://www.jupitergoldcorp.com/
@JupiterGoldCorp

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• JUPITER GOLD RECEIVES PERMIT NEEDED TO START ITS QUARTZITE MINE
• JUPITER GOLD RECEIVES PERMIT NEEDED TO START ITS QUARTZITE MINE