Mr. James Walker reports

ARES STRATEGIC MINING MINE INSTALLATIONS REACH THE TARGETED MINING DEPTH REQUIRED TO EXTRACT FLUORSPAR

Ares Strategic Mining Inc.'s mineworks installations have reached the depths required from the mine plan to begin extracting the fluorspar mineralization, bringing the company closer to its first mining activities at an industrial scale for the first time at the Spor Mountain district.

The company has completely revamped and prepared its mine sits, with site clearances, MSHA inspections, purchased heavy industrial equipment and worker facilities constructed at the Lost Sheep mine area. Ares is working with Provo Mining to ensure that the operation of the mine and the processing of fluorspar are set to start later this year, with mining permits and authorizations already completed. Ares plans to bring to market a responsibly extracted high-purity fluorspar, to supply the steel, chemical and electric vehicle sectors with a domestic and sustainable product.

The portal and ramp installations can now accommodate heavy machinery all the way to the extraction depths.

Ares is undertaking simultaneous activity across its mine site and processing site to expedite the Utah operation's development. In addition to the mine preparation, the company is currently constructing its lumps plant at its 50-acre industrial site. The company also recently paid in full for a new flotation plant capable able of delivering the highest-grade fluorspar products needed by industry, enabling the company to have multiple product lines; that plant will be delivered to site later this year.

Shotcreting and rock bolting has been extended to depth

James Walker, chief executive officer and president of the company, said: "All our current work is building towards making Ares a leading domestic supplier of fluorspar. The company and team have made significant progress in the past year. The development is proceeding expeditiously and is fortunate to have very professional and experienced teams working on both the mine and the processing site to bring them to operational capacity. We are looking forward to keeping our shareholders updated with our progress during this very productive period of development for our company and project."

Ares has removed tens of thousands of tons of material to create a modernized fluorspar mining operation capable of removing significant quantities of fluorspar mineralization.

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.

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