Mr. James Walker reoirts

ARES STRATEGIC MINING INC. CONCLUDES AN MOU WITH CREMER ERZKONTOR NORTH AMERICA

Ares Strategic Mining Inc. has an MOU (memorandum of understanding) with Cremer Erzkontor Inc.

Under the MOU, the two firms will negotiate binding definitive agreements for the following:

Cremer Erzkontor will become ARES's agent for the sale and worldwide distribution of Fluorspar produced at the Company's Lost Sheep Mine in Utah.

Under a take or pay sales agreement, Cremer will be responsible for selling all the Company's expected 50,000 tons per year production of Metspar, for the next 5 years, with the option of renewal at the end of that period.

Cremer Erzkontor will earn a commission on all sales.

After suitable due diligence, Cremer Erzkontor will advance US$2,000,000 under a forward sale agreement, to enable the company to meet its working capital and investment needs.

Cremer Erzkontor also has the right of first refusal for any additional fluorspar products such as acidspar and any production from other mines ARES may acquire.

Niklas Luedemann, Cremer Erzkontor's Head of Region North America said: "Having a US source for quality fluorspar is a gigantic step in securing the demand of the North American market. Under the agreement we will shorten lead times and eliminate many of the uncertainties that come along with importing material.

We are happy to partner up with an experienced company like ARES to move on to the next steps of this project."

James Walker, CEO of the Company said: "This agreement is a key milestone as we advance towards our fluorspar mining operation. Having a buyer for all the product produced from our fully permitted mine further derisks the project and provides the market reassurance that the Company has identified the correct strategy to achieve success. We have a strategic partner with decades of global experience selling commodities and raw materials, able to lend Ares its seasoned market expertise. Over the last few years traditional sources of fluorspar, such as those from China, have shifted from being net exporters to net importers, compounding the domestic difficulty to source the necessary fluorspar to facilitate U.S. industry. Ares will be the only fluorspar mine in the United States able to supply some of this growing domestic demand as we build a successful venture with our new partners."

The Spor Mountain Fluorspar Mine is a fully permitted past producer. Fluorspar mining is expected to start in 2024. Sales of metspar will commence soon after.

About Cremer Erzkontor

Cremer Erzkontor GmbH & Co. KG was established in 1915 in the Hanseatic City of Lubeck in Germany. Originally the business focused on trading iron ore from Sweden. From the 1960s onwards the focus shifted increasingly to manganese and chrome ores. In subsequent years the product range and the company's divisions were expanded to meet changing needs, new commercial relations were established, and existing ones strengthened. The company grew in every respect and with typical Hanseatic cosmopolitanism also expanded internationally.

Today the trading portfolio of the Cremer Erzkontor Group comprises almost all natural and synthetic industrial raw materials. With our many offices located in Europe, Asia, North and South America, they supply traditional and emerging sales markets around the globe. In terms of sectors, we focus mainly on the refractory, steel, metallurgical and chemical industries.

Since 2014, Cremer Erzkontor GmbH & Co. KG has been under ownership of Peter Cremer Holding GmbH & Co. KG . This traditional business is based in Hamburg and has operations worldwide: it specializes in the international trading, processing, and refining of agricultural and industrial commodities.

About the Spor Mountain Fluorspar Project - Delta, Utah

100% owned - 5,982 acres - 299 Claims.

Located in the Spor Mountain area, Juab County, Utah, approximately 214 km south-west 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 BLM

1 First approved by Rex Rowley - Area Manager, Bureau of Land Management - 24th August 1992.

1 Renewed by Mike Gates - Minerals Program Manager, Bureau of Land Management - 12th December 2016.

We seek Safe Harbor.