Mr. James Walker reports

ARES STRATEGIC MINING INC. PROVIDES UPDATE ON PROPOSED SPIN OUT OF LIARD AND VANADIUM RIDGE PROPERTIES BY WAY OF PLAN OF ARRANGEMENT AND ANNOUNCES SHARE DISTRIBUTION RECORD DATE OF SEPTEMBER 8, 2023

Ares Strategic Mining Inc., further to its news releases dated Oct. 11, 2022, and Dec. 8, 2022, is proceeding to complete its previously announced plan of arrangement to be effected under Section 182 of the Business Corporations Act (Ontario) (OBCA) with its wholly owned subsidiary, Enyo Strategic Mining Inc.

On Oct. 6, 2022, the company obtained an interim order from the Ontario Superior Court of Justice authorizing the company to call a shareholder' meeting to, among other things, approve the arrangement. Shareholders of the company approved the arrangement at a meeting held on Nov. 23, 2022. On Dec. 1, 2022, the court rendered a final order approving the arrangement.

The company has determined Sept. 8, 2023, to be the share distribution record date with respect to the arrangement. The arrangement is expected to be effective on Sept. 11, 2023. Under the terms of the arrangement, the company will: (i) transfer all of its right, title and interest in and to its Liard property and Vanadium Ridge property, located in British Columbia, Canada, in consideration of approximately 13,777,000 common shares of Enyo; (ii) undertake a capital reorganization, which will include the renaming and redesignation of its common shares, and the creation of a new class of common shares. Shareholders of Ares at the close of business on the record date will receive one new Ares share and 0.1 of an Enyo spinout share in exchange for each existing Ares share that is held by such Ares shareholder.

On the effective date of the arrangement, Enyo will become a separate unlisted reporting issuer in each of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador. Upon completion of the arrangement, Enyo will own the Liard property and the Vanadium Ridge property. The Liard property consists of 18 mineral claims totalling 4,825 hectares, located in north-central British Columbia. It is anticipated that the Liard property will be Enyo's material property for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects, however, there is no assurance that the Enyo will develop or retain any of the properties. The Vanadium Ridge property consists of 20 mineral claims, of which Ares is the recorded owner of 50 per cent of such claims, located near Barriere, B.C.

The directors of Enyo are James Walker, Paul Sarjeant, Changxian Li, Bob Li and Raul Sanabria (all of whom are currently directors of Ares). Enyo's president and chief executive officer is Mr. Walker, who is also the CEO of Ares, and Enyo's chief financial officer is Viktoriya Griffin, who is also the CFO of Ares.

It is expected that, upon completion of the arrangement, Enyo will undertake one or more offerings of securities to raise sufficient proceeds to, among other things, finance any exploration activities on one or more of the spinout properties and to finance its working capital requirements. Depending upon market and other conditions, Enyo may elect to retain or dispose any of its properties, or acquire additional properties or assets of merit.

Enyo has not made an application to list its shares on any stock exchange, including the Canadian Securities Exchange. Any listing will be subject to Enyo fulfilling all of the listing requirements of such exchange.

Ares will focus on the development of its Spor Mountain and Jackpot Lake properties, located in the states of Utah and Nevada, respectively, and will actively seek to acquire more advanced assets or business opportunities of merit.

All scientific and technical information in this news release has been prepared under the supervision of Toby Hughes, PGeol, a qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Properties.

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