Mr. James Walker reports

ARES STRATEGIC MINING ADVANCES TOWARD NASDAQ UPLIST WITH SPONSORED AMERICAN DEPOSITARY SHARE PROGRAM

Ares Strategic Mining Inc. has taken the necessary steps and completed key planning to pursue an uplist of its securities to the Nasdaq Capital Market. The company is targeting completion of the uplist in 2026.

This initiative responds directly to feedback from potential institutional investors whose brokerages currently restrict trading in OTC securities, as well as the practical challenges some existing U.S. shareholders have experienced when seeking to exercise warrants. By moving to Nasdaq, Ares expects to unlock meaningfully higher trading volume, broaden its investor base, and deliver improved accessibility and liquidity for both current and future shareholders.

Sponsored American depositary share program with BNY

To facilitate the Nasdaq listing, Ares is establishing a sponsored American depositary share program with Bank of New York Mellon acting as depositary. On July 17, 2026, Ares and BNY entered into an agreement addressing the establishment, administration and maintenance of the program.

The securities intended to be publicly offered and listed on the Nasdaq Capital Market will be American depositary shares. Each ADS will represent a fixed number of common shares of the company. The final ADS-to-common-share ratio will be determined in consultation with BNY, the underwriters, Nasdaq, and the company's legal and financial advisers. The ratio will be selected with regard to the expected offering price, the prevailing Canadian trading price, foreign exchange rates, the anticipated number of ADSs to be offered and outstanding, and the applicable Nasdaq distribution and bid price requirements.

The common shares underlying the ADSs will be deposited with BNY or its Canadian custodian. As the depositary bank for the Ares ADS program, BNY will administer the program, including, but not limited to, the issuance and cancellation of ADSs, recordkeeping, settlements, distributions and shareholder communications, in accordance with the registration statement to be filed and subject to applicable law, fees and taxes.

Capital will be raised when Ares issues the underlying common shares in the public offering and BNY issues the corresponding ADSs to the underwriters. Subsequent exchanges of outstanding common shares for ADSs, or ADSs for common shares, will generally change only the form in which the securities are held, without altering the company's total outstanding share capital.

Conditions to completion

Completion of the establishment of Ares's ADS program remains subject to finalization and execution of the Form F-6 registration statement, which includes the deposit agreement, establishment of the ADS ratio completion of the company's Form F-10 and prospectus supplement process, DTC and Cusip arrangements, Nasdaq approval, and satisfaction of the conditions to closing of the underwritten offering. Accordingly, the execution of the BNY agreement should not be interpreted as confirmation that the ADS facility is already effective or that Nasdaq has approved the listing.

Looking ahead

James Walker, president and chief executive officer of Ares Strategic Mining, commented: "Moving to Nasdaq is a natural and exciting next step for Ares. We have built a fully permitted domestic fluorspar operation in Utah, and secured meaningful U.S. government relationships and contracts. The U.S. listing on Nasdaq supported by a sponsored ADS program with BNY is designed to open the door for a broader universe of institutional and retail investors who have told us they want to participate but currently face brokerage or warrant exercise barriers on the OTC market. We are targeting Sept. 30, 2026, as our completion date, and are working diligently with our advisers, underwriters and BNY to bring this milestone across the finish line. This is about making Ares more accessible, more liquid and better positioned for the growth chapter that lies ahead."

About Ares Strategic Mining Inc.

Ares Strategic is the only domestic fluorspar producer in the United States, and is developing a vertically integrated critical mineral platform through its Lost Sheep mine and processing facilities in Utah. The company aims to become a significant supplier of high-grade fluorspar to North American markets, supporting industries vital to modern technology and infrastructure.

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