Mr. James Walker reports

ARES STRATEGIC MINING INC. ANNOUNCES THE COMPLETION OF ITS MINE PLANNING AND THE COMMENCEMENT OF MINE INSTALLATION CONSTRUCTION

Ares Strategic Mining Inc. has completed the mine planning phase and commenced its mine construction. The company has started ramp installation work to intersect fluorspar mineralization and provide feed for the plant currently under construction in Delta, Utah.

The continuing diamond drilling program has assisted technical staff to define the extents of fluorspar mineralization and has aided in delineating the placement and design of ramps to facilitate mining operations scheduled for later in 2024. As drilling proceeded, drill holes reached depths not previously investigated and intersected previously unidentified fluorspar mineralization which connect to the company's initial mining targets. These visually identified zones of fluorspar mineralization have the potential to expand planned mining extraction. Assay results are pending and will be reported when received by the company.

James Walker, president and chief executive officer of the company, said: "Seeing the project get closer to production is extremely encouraging and motivating. The visually confirmed fluorspar mineralization from the current drill program was an unexpected bonus and provided us with still further confidence in our upcoming operation. The ramp currently under construction is the biggest development towards the largest fluorspar operation ever seen at the Spor Mountain Range, which has almost 100 years of mining history. 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 United States."

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, which 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.

Paul Sarjeant, PGeo, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release. Mr. Sarjeant is not independent to the company as he is a director and shareholder.

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;
• NI 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.