Mr. James Walker reports

ARES STRATEGIC MINING CLOSES FIRST TRANCHE OF LIFE OFFERING AND FILES AMENDED AND RESTATED OFFERING DOCUMENT

Ares Strategic Mining Inc. has closed the first tranche of its previously announced offering of units by issuing 11,111,112 units at a price of 45 cents per unit for aggregate gross proceeds of $5,000,000.40, pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions.

Each unit shall consist of one common share in the capital of the company and one-half of one non-transferable common share purchase warrant. Each warrant will be exercisable into one common share at a price of 55 cents per warrant share for a period of two years following the date of issuance.

In connection with the closing of the first tranche, an aggregate of $300,000.02 was paid in cash and a total of 666,667 finder's warrants were issued to Ventum Financial Corp. as finder's fees. Each finder's warrant entitles the holder thereof to acquire one common share in the capital of the company at a price of 45 cents per finder's warrant share for a period of two years following the closing date of the first tranche. The finder's warrants are subject to a four-month hold period from the date of issuance.

Amended and restated offering document

The company also announces that it has filed an amended and restated offering document in connection with the initial LIFE offering. The initial offering document dated Oct. 10, 2025, is being amended to increase the offering by up to 1,111,110, for a total offering of under the amended offering document of 12,222,220 units at 45 cents per unit for gross proceeds to be raised pursuant to the amended LIFE offering of up to $5,499,999. Upon filing of the amended offering document, the amended LIFE offering will be extended to the date that is 45 days from the date of this news release. The amended offering document can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this amended offering document before making an investment decision.

Upon closing of any tranches of the amended LIFE offering, the company may pay finders finders' fees under the amended LIFE offering as permitted by the policies of the Canadian Securities Exchange and applicable securities laws.

For additional details relating to the initial LIFE offering, please refer to the company's news release dated Oct. 10, 2025, which can be accessed under the company's profile on SEDAR+. Completion of any tranches under the amended LIFE offering remain subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals.

As disclosed in the amended offering document, the company intends to use the net proceeds from the amended LIFE offering to pay for the development of the company's fluorspar manufacturing facility currently under construction in Delta, Utah, for general and corporate working capital purposes, and for repayment of outstanding debts.

We seek Safe Harbor.