Mr. James Walker reports

ARES STRATEGIC MINING INC. ANNOUNCES CLOSING OF PLAN OF ARRANGEMENT

Ares Strategic Mining Inc.'s plan of arrangement, including the spinoff of its wholly owned subsidiary, Enyo Strategic Mining Inc., has closed.

The arrangement was approved by the shareholders of the company's common shares at an annual and special meeting held on Nov. 23, 2022, and by the Ontario Superior Court of Justice in its final order dated Dec. 1, 2022.

The arrangement included a transfer of Ares Strategic's ownership and rights in and to the Liard property and Vanadium Ridge property located in British Columbia, Canada, to Enyo in consideration of 13,900,065 common shares of Enyo. In addition, the company completed a capital reorganization, which included the renaming and redesignation of its common shares and the creation of a new class of common shares. The shareholders at the close of business on Sept. 14, 2023, received one new Ares Strategic share and 0.1 of an Enyo spinout share in exchange for each existing Ares Strategic share that was held by such shareholder.

Following the closing of the arrangement, Enyo is now 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. Enyo owns Ares Strategic's interests in 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. The Vanadium Ridge property consists of 20 mineral claims, of which Ares Strategic is the recorded owner of 50 per cent of such claims, located near Barriere, B.C.

For additional details regarding the arrangement, see the company's management information circular as filed on the company's page on SEDAR+ on Nov. 2, 2022.