Mr. James Walker reports

ARES STRATEGIC MINING CLOSES 2ND TRANCHE OF NON-BROKERED PRIVATE PLACEMENT OFFERING

Ares Strategic Mining Inc. has closed the second tranche of its previously announced offering of units by issuing 765,170 units at a price of 18 cents per unit, for aggregate gross proceeds of $137,730.60.

On Aug. 22, 2024, the company announced a non-brokered private placement offering of units (the LIFE offering) at a price of 18 cents per unit pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 (Prospectus Exemptions).

For additional details relating to the LIFE offering, please see the company's previously filed news releases, which are available under the company's profile on SEDAR+.

Each unit consists of one common share in the capital of the company and one non-transferable common share purchase warrant. Each warrant is exercisable into one common share at a price of 26 cents per warrant share for a period of two years following the closing date of the amended LIFE 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 discretion, accelerate the expiry date of the warrants by issuing a news release announcing that the expiry date of the warrants shall be deemed to be on the 30th day following the date of the warrant acceleration news release. All warrants that remain unexercised following the accelerated expiry date shall immediately expire, and all rights of holders of such warrant shall be terminated without any compensation to such holder. Units offered under the life exemption will not be subject to resale restrictions for Canadian resident investors pursuant to applicable Canadian securities laws.

The close of the LIFE offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals. The company intends to use the proceeds of the LIFE offering as disclosed in the LIFE offering document dated Sept 4, 2024, which is available under the company's profile on SEDAR+ and on the company's website.

We seek Safe Harbor.