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ARS.CN ·

Ares Strategic Mining Cancels Stock Options

Share Capital & Compensation

Ares Strategic Mining

Cancels Stock Options

Vancouver, B.C. January 6, 2023 — Ares Strategic Mining Inc. (“Ares” or the “Company”) (CSE:ARS)

(OTC:ARSMF) (FRA: N8I1), is announcing that it has cancelled an aggregate of 8,088,053 Options. The

subject Options were cancelled effective January 6th, 2023 and are comprised of 1,888,053 Options

previously granted on December 16, 2021 at an exercise price of $0.31 per Share and 6,200,000 Options

previously granted on Feb 8, 2022 at an exercise price of $0.46 per Share.

ON BEHALF OF THE BOARD OF DIRECTORS OF

ARES STRATEGIC MINING LTD.

James Walker

Chief Executive Officer and President

For further information, please contact Mark Bolin by phone at 604 -345-1576 or by email at

[email protected]

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this

press release.