Ares Strategic Mining Closes Third Tranche of Non-Brokered Private Placement Offering

Each Unit consists of one (1) common share in the capital of the Company (each, a “Common Share”) and one nontransferable Common Share purchase warrant (each, a “Warrant”). Each Warrant is exercisable into one (1) Common Share (each, a “Warrant Share”) at a price of $0.26 per Warrant Share for a period of two (2) 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 (the “CSE”) (or such other securities exchange on which the Common Shares may be traded at such time) is equal to or greater than $0.40 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 (a “Warrant Acceleration 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 (the “Accelerated Expiry Date”) (the “Acceleration Clause”). 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.

In connection with the closing of the third tranche, an aggregate of $16,787.51 was paid in cash and a total of 93,263 finder’s warrants (each, a “Finder’s Warrant”) were issued to certain finders as finder’s fees. Each Finder’s Warrant entitles the holder thereof to acquire one (1) common share in the capital of the Company (a “Finder’s Warrant Share”) at a price of $0.26 per Finder’s Warrant Share for a period of two (2) years following the closing date of the third tranche. The Finder’s Warrants are subject to the Acceleration Clause. Any securities issued as finder’s fees are subject to a 4-month hold period from the date of issuance.

The balance of the Amended LIFE Offering is expected to close on or before August 1, 2024, and 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 Amended LIFE Offering as disclosed in the Amended LIFE Offering Document dated June 17, 2024, which is available under the Company’s profile on www.sedarplus.com and on the Company’s website (www.aresmining.com), for completing the ramp installation to intersect fluorspar mineralization at depth at its Lost Sheep fluorspar property located in Delta, Utah, to provide feed for the manufacturing facility which is currently under construction and for general and corporate working capital purposes.

None of the securities issued in connection with the Amended LIFE Offering will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.

ON BEHALF OF THE BOARD OF DIRECTORS OF ARES STRATEGIC MINING INC.

James Walker Chief Executive Officer and President For further information, please contact James Walker by email at [email protected]

DISCLOSURE AND FORWARD-LOOKING STATEMENTS:

Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events.

In particular, this news release contains forward-looking information relating to, among other things, the Amended LIFE Offering, including the total anticipated proceeds, the expected use of proceeds and the closing (including the proposed closing date) of the balance of the Amended LIFE Offering. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including the assumption that the Company will close the balance of Amended LIFE Offering on the timeline anticipated, will raise the balance of the gross proceeds from the Amended LIFE Offering and will use the proceeds of the Amended LIFE Offering as anticipated. Those assumptions and factors are based on information currently available to the Company. Although such statements are based on reasonable assumptions of the Company’s management, there can be no assurance that any conclusions or forecasts will prove to be accurate.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include: the risk that the LIFE Offering does not close on the timeline expected, or at all; the risk that the Company raises less than the anticipated amount of gross proceeds from the Amended LIFE Offering; the risk that the Company does not use the proceeds from the Amended LIFE Offering as currently expected; risks inherent in the exploration and development of mineral