Mr. James Walker reports

ARES STRATEGIC MINING PRODUCES SALEABLE-GRADE METSPAR LUMPS AND WELCOMES MR. BOB LI AS INTERIM GENERAL MANAGER DURING HANDOVER

Ares Strategic Mining Inc. is now producing metallurgical-grade fluorspar (metspar) lumps at saleable grade, meeting the customer specifications targeted for the company's initial deliveries. The company also announces that it is transferring the site operations from Provo Mining and Construction Inc. to Ares operational management. Bob Li, a director of Ares and chairman of the Mujim Group, has stepped in to lead the transition, leveraging his years of operational fluorspar operations for Ares's operations.

Highlights:

• Saleable-grade metspar lumps are being produced at the Delta lumps plant, meeting targeted customer specifications.
• Mr. Li, currently a director of the company, is now on site in Delta assisting the current team.
• Site operations are transitioning from Provo to direct Ares operational management.

Operational update: saleable product from a connected mine-to-plant system

Throughout September and October, the Delta team increased plant feed from the Lost Sheep mine and carried out product testing and process optimization. That work has delivered an important result: Fluorspar lumps are coming off the production line at saleable grade, meeting the customer specifications targeted for the company's initial deliveries this month.

Although the ramp-up to commercial production has taken longer than originally planned, the company's focus is on consistently repeating product quality, increasing saleable output and co-ordinating production with customer delivery requirements.

First commercial shipments and sales are expected to commence in November, subject to final customer acceptance and shipping arrangements. The company will confirm the first shipment once it has been completed.

Mr. Li, chairman of the Mujim fluorspar operation, is lending his expertise to the operation

Ares is pleased to announce that Mr. Li is now on site in Delta. Mr. Li is currently a director of the company and will continue to serve on the board.

Mr. Li brings extensive experience in fluorspar mining, processing, plant design and metallurgy through his work with the Mujim Group, which supplied Ares's processing plants, including the lumps plant. He has been closely involved in the commissioning of the lumps plant and in product quality sign-off, and his knowledge of both the equipment and the product makes him an important contributor as the company optimizes performance and builds production.

Mr. Li will bring that expertise directly into Ares's operational leadership. His focus will be practical: consistent product quality, efficient plant operation, operator development, and close co-ordination between mine supply and processing.

Transition of site operations to direct Ares management

Roy Durr and his Provo team have played a substantial role in developing the Lost Sheep mine and the Delta processing facility. The company is now advancing the handover from contractor-led development to direct Ares management of continuing operations, which is expected to complete in mid-December, 2026.

The transition is designed to preserve the experience and site knowledge of the people who built the operation while bringing production planning, maintenance, staffing and operating priorities under co-ordinated Ares leadership.

As announced on Oct. 20, 2026, the company agreed to settle $1-million (U.S.) of outstanding debt relating to mine and processing facility development through the issuance of 5,550,588 common shares at a deemed price of 25.5 cents per share. The debt, originally owed to Provo, was assigned to Mr. Durr, who requested settlement in shares as an investment in Ares. The settlement reduced the company's liabilities while preserving cash for operations, and aligns Mr. Durr's investment with the company's future progress.

"As Ares grows its manufacturing activities and transitions its operations, experienced operational leadership is central to converting installed infrastructure into dependable commercial output, and Bob's knowledge of the plant and the product makes him the right person to lead operations," said James Walker, chief executive officer and president of Ares.

About Ares Strategic Mining Inc.

Ares Strategic Mining is a junior mining company focused on the development of its fluorspar projects in the United States. The company aims to become a significant supplier of high-grade fluorspar to North American markets, supporting industries vital to modern technology and infrastructure.

Lost Sheep fluorspar project -- Delta, Utah:

• 100 per cent owned; 5,982 acres; 353 claims;
• Located in the Spor Mountain area, Juab county, Utah, approximately 214 kilometres southwest of Salt Lake City;
• Fully permitted -- including mining permits;
• National Instrument 43-101 technical report identified extensive high-grade fluorspar with low levels of impurities;
• Mining plan approved by BLM (Bureau of Land Management).

We seek Safe Harbor.