Ares Strategic Mining Acquires Heavy Mining Equipment to Advance Fluorspar Project
Ares Strategic Mining Acquires Heavy Mining Equipment to
Advance Fluorspar Project
• Ares has procured essential heavy mining equipment to progress its flagship fluorspar
project in the United States.
• This acquisition reinforces Ares’ position as a key supplier of high-grade fluorspar, critical
to the nuclear energy and industrial sectors.
• The Company’s fluorspar production will support domestic industries and align with the
Department of Energy’s (DOE) mission to strengthen the U.S. nuclear fuel supply chain.
Vancouver, B.C., December 1 9, 2024 – Ares Strategic Mining Inc. (the “Company”) (CSE: ARS)
(OTC: ARSMF) (FRA: N8I1) is pleased to announce the acquisition of the heavy mining equipment
critical to the advancement of its flagship fluorspar project. As the owner of the only fluorspar
mine in the United States, Ares is well- positioned to support domestic industries with essential
minerals used in nuclear energy, electronics, and other key sectors.
This acquisition marks a significant step forward in the Company’s strategy to meet the rising
demand for fluorspar, particularly as a critical component in uranium enrichment and other
industrial applications. By ensuring a reliable domestic supply chain, Ares is actively contributing
to U.S. energy security and industrial independence.
A Key Milestone for U.S. Fluorspar Production
Fluorspar, used to produce hydrofluoric acid, is indispensable in the manufacturing of uranium
hexafluoride for nuclear fuel production. As global interest in nuclear energy surg es, Ares’
production capacity will be integral to bolstering the U.S. nuclear energy sector. The newly
acquired heavy mining equipment will allow Ares to scale operations efficiently, ensuring timely
delivery of high-grade acidspar to support critical industries.
Strengthening Partnerships and Industry Alignment
“The acquisition of this equipment is a major milestone in Ares’ journey to become a leading
supplier of high-grade fluorspar in North America,” said James Walker, President and CEO of Ares
Strategic Mining. “With this development, we are reinforcing our commitment to supporting
domestic energy security, industrial growth, and technological innovation.”
Positioned for Growth and Sustainability With its strategic advancements and collaborations,
Ares Strategic Mining remains dedicated to its mission of delivering high -grade fluorspar to
support national priorities, driving innovation, and ensuring a sustainable future for its
stakeholders.
In 2018 the U.S. government classified fluorspar as a Critical Mineral, “deemed critical to U.S.
national security and the economy.” Fluorspar remains the only non -metallic Critical Mineral,
which is 100% imported in the entire country. Fluorspar’s classification as a Critical Mineral in the
United States translates to a faster permitting period, enabling mining operations to initiate more
quickly than operations for conventional minerals.
As part of its ongoing efforts to manage the development of the Com pany, Ares has entered
several arrangements to further the business interests. At the request of the equipment
suppliers, Ares has agreed to settle $480,541.91 in equipment purchase costs through the
issuance of up to 2,52 9,168 Ares common shares (the "Set tlement"). Ares has also agreed to
settle $91,795.20 in professional lobbying service fees through the issuance of up to 483,133 Ares
common shares (the "Service Settlement"). Additionally, Ares has agreed to settle $8,900 in
management service fees throug h the issuance of up to 46,842 Ares common shares (the
"Management Settlement"). Purchases of an Ares debenture have also requested the conversion
of their $192,720.70 investment to 741,234 Ares common shares (the “Investment Settlement”).
All shares issued in connection with the Settlement will be subject to a four -month hold period
in accordance with applicable securities laws.
About Ares Strategic Mining
Ares Strategic Mining Inc. is a mining company focused on the development of its fluorspar
projects in the U.S. 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% owned – 5,982 acres – 353 Claims
• Located in the Spor Mountain area, Juab County, Utah, approximately 214 km south-
west of Salt Lake City.
• Fully Permitted – including mining permits.
• NI 43-101 Technical Report identified extensive high- grade fluorspar with low levels
of impurities.
• Mining plan approved by BLM1
First approved by Rex Rowley – Area Manager, Bureau of Land Management – 24th August 1992.
Renewed by Paul B. Baker – Minerals Program Manager, Bureau of Land Management – 12th December 2016.
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:
Companies typically rely on comprehensive feasibility reports on mineral reserve estimates to reduce the
risks and uncertainties associated with a production decision. Historically, situations where the issuer
decides to put a mineral project into production without first establishing mineral reserves supported by a
technical report and completing a feasibility study have a higher risk of economic or technical failure,
though some industrial mineral ventures are relatively simple operations with low levels of investment and
risk, where the operating entity has determined that a formal prefeasibility or feasibility study in
conformance with NI 43-101 and 43-101 CP is not required for a production decision. Based on historical
engineering work, geological reports, historical production data and current engineering work completed
or in the process by Ares, the Company intends to move forward with the development of its Utah asset.
Certain information in this news release may contain forward-looking statements that involve substantial
known and unknown risks and uncertainties. Forward-looking statements are often identified by terms
such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than
statements of historical fact included in this news release are forward-looking statements that involve risks
and uncertainties. There can be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in such state ments. Important
factors that could cause actual results to differ materially from the Company’s expectations include the
failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to
time in the filings mad e by the Company with securities regulations. The reader is cautioned that
assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events
or circumstances may cause actual results to differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the
Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such
information, although considered reasonable by management at the time of preparation, may prove to be
incorrect and actual results may differ materially from those anticipated. Forward-looking statements
contained in this news release are expressly qualified by this cautionary statement. The forward -looking
statements contained in this news release are made as of the date of this news release and the Company
disclaims any intention or obligation to update or revise such information, except as required by applicable
law.