Mr. James Walker reports

ARES STRATEGIC MINING ANNOUNCES PROPOSED PRIVATE PLACEMENT OFFERING UNDER THE LISTED ISSUER FINANCING EXEMPTION

Ares Strategic Mining Inc. has arranged a non-brokered private placement offering, consisting of a minimum of 2,777,778 units of the company and a maximum of 11,666,667 units at a price of 18 cents per unit, for gross proceeds of a minimum of $500,000 and a maximum of $2.1-million. Each unit shall consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share in the capital of the company at a price of 26 cents per common share for a period of two years following the closing date of the LIFE (listed issuer financing exemption) offering, provided that if the 10-day volume-weighted average trading price of the common shares as quoted on the Canadian Securities Exchange (or such other securities exchange on which the common shares may be traded at such time) is equal to or greater than 40 cents at the close of any trading day, then the company may, at its option, accelerate the expiry date of the warrants by giving notice to the holders thereof by issuing a news release announcing that the expiry date shall be deemed to be on the 30th day following the date of such news release. All warrants that remain unexercised following the accelerated expiry date shall immediately expire and all rights of holders of such warrants shall be terminated without any compensation to such holder.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the LIFE offering is being made to purchasers resident in each of the provinces of Canada pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106. The securities offered under the exemption will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document related to the LIFE offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

Upon closing of the LIFE offering, the company may pay finders' fees under the LIFE offering as permitted by CSE policy and applicable securities laws.

As disclosed in the offering document, the company intends to use the net proceeds from the LIFE offering to pay for the continuing construction and installation of a secondary ventilation system to meet MSHA (Mine Safety and Health Administration) requirements so that fluorspar can be mined and removed safely through the new ramp installation at the company's Lost Sheep fluorspar property, and for general and corporate working capital purposes.

The LIFE offering, as facilitated by Capiche, is anticipated to close on or before Oct. 6, 2024, and completion of the LIFE offering is subject to certain conditions, including, but not limited to, a minimum of $500,000 in gross proceeds being raised by the company under the LIFE offering, and the receipt of all necessary regulatory and other approvals.

James Walker, chief executive officer of Ares, said: "Following many requests from investors who were unable to participate in the last financing due to brokerage and on-line account issues we have opened up a round to provide them -- and any other investors wishing to participate -- with the opportunity to invest using the new simplified and automated system via Capiche. The new subscription process should allow for much easier participation in our financing, under the same terms as the previous raise. We are grateful for all the support and enthusiasm around our project as we get closer to production, and wish for all those interested to have the opportunity to be part of our near to production operation and help return the fluorspar industry to the United States."

We seek Safe Harbor.