Mr. James Walker reports

ARES STRATEGIC MINING CONTRACTS PROVO MINING FOR MINE PREPARATION ACTIVITIES AND MINING

Ares Strategic Mining Inc. has entered into an agreement with Provo Mining & Construction Inc. to prepare Ares's permitted mine site for producing fluorspar feed for its anticipated fluorspar production operation.

Highlights:

• Ares and Provo will commence drilling at Ares's permitted mine site to provide the data for the mine work design and installations.
• A ramp installation is being planned, with offshoot adits, to intersect several fluorspar pipes.
• The mined product will provide feed for the lump plant currently under construction at Ares's processing site.
• Provo Mining will provide mining services to extract fluorspar mineralization for the Ares processing facility.
• The completion of the mine work is planned to coincide with the completion of the lump construction.

Provo is a Utah-based mining contracting company that utilizes innovative engineering for project and construction management to deliver safe, well-executed mining projects. Provo specializes in EPCM (engineering, procurement and construction management), feasibility assessments, design, build and the commissioning of mining projects. Provo has begun planning work on the Ares mine site and is looking to start physical work at the site imminently. Drilling work will commence to inform the mine installation works, with an aim to retrieve fluorspar mineralization for processing as inexpensively and efficiently as possible.

Ares is undertaking simultaneous activity across its mine site and processing facility to expedite its Utah operation's development. In addition to the mine preparation, the company is currently constructing its lump plant at its 50-acre industrial site. The company recently closed a State of Utah backed financing (see press release dated Dec. 22, 2023) and is in the process of ordering a flotation plant capable of delivering the highest-grade fluorspar products needed by industry, enabling the company to have multiple product lines.

James Walker, chief executive officer and president of the company, said: "All the components to launch our operation are lining up. The project is now well financed, has professional and experienced teams working on both the mine and the processing site, while we also scale up our manufacturing capability with new and advanced equipment. We are looking forward to keeping our shareholders updated with our progress during this very busy period of development for our company and project."

In 2018, the U.S. government classified fluorspar as a critical mineral, deemed critical to U.S. national security and the economy. Fluorspar remains the only non-metallic critical mineral that is 100 per cent imported in the entire country. Fluorspar's classification as a critical mineral in the United States translates to a faster permitting period, enabling mining operations to initiate more quickly than operations for conventional minerals.

Lost Sheep fluorspar project -- Delta, Utah:

• 100 per cent owned; 5,982 acres (353 claims);
• Located in the Spor Mountain area in Juab county, Utah, approximately 214 kilometres southwest of Salt Lake City;
• Fully permitted -- including mining permits;
• National Instrument 43-101 technical report identified extensive high-grade fluorspar with low levels of impurities;
• Mining plan approved by BLM (Bureau of Land Management):
  • First approved by Rex Rowley, area manager, BLM, on Aug. 24, 1992;
  • Renewed by Mike Gates, mineral program manager, BLM, on Dec. 12, 2016.

We seek Safe Harbor.