Mr. James Walker reports

ARES STRATEGIC MINING INC. ANNOUNCES NEW FLUORSPAR DISCOVERIES ON ITS PERMITTED MINING AREA

Ares Strategic Mining Inc. has discovered new and additional fluorspar mineralization at the Lost Sheep permitted mining site located at its Spor Mountain fluorspar project.

Ares is currently undertaking core diamond drilling to delineate the placement and design of installations to facilitate mining operations scheduled for later in 2024. As drilling has proceeded, drill holes have reached depths not previously investigated, new high-grade fluorspar mineralization has been discovered connected to the initial mining targets Ares has selected for its preliminary production plans, expanding the potential of these targets.

Drilling is currently progressing, with further delineation drilling planned within this zone. The company will progress to delineate secondary targets and confirm further mineralization, while investigating for similarly deeper mineralization below previously delineated fluorspar pipes.

James Walker, president and chief executive officer of the company, said: "The high-grade results from the current drill program are a great bonus and serve to provide additional confidence in the upcoming operation currently under construction. Additionally, the discoveries give us a great insight into the geology and layout of the subsurface fluorspar mineralization and direct the company towards locations where high-grade fluorspar is likely located. Ares can now consider expanding its proposed production capacity. The company and its staff are excited at the tangible near-term and long-term prospects, and are looking forward to commencing operations and being the only domestic supplier of metspar and acidspar in the U.S."

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 -- 299 claims;
• Located in the Spor Mountain area, 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 Bureau of Land Management:
  • First approved by Rex Rowley -- area manager, Bureau of Land Management -- Aug. 24, 1992;
  • Renewed by Mike Gates -- minerals program manager, Bureau of Land Management -- Dec. 12, 2016.

We seek Safe Harbor.