ARSMF - Ares Strategic Mining Announces US$4920000 USDA Financing Approval

(TheNewswire)

• Financing will support construction of the processingfacility and tailings dam.

• Company has equipment, land, and labor ready forfinancial deployment.

• Non-dilutive financing for construction of Ares’manufacturing facility.

• Federal loan among least expensive financing optionsavailable nationally.

Vancouver, B.C. - TheNewswire- August 18th, 2022 — Ares Strategic Mining Inc. (the “Company”) (CSE:ARS) (OTC:ARSMF) (FRA:N8I1), ispleased to announce the approval of $4,920,000 USD financing from theU.S. Department of Agriculture (USDA) under its Business and IndustryGuaranteed Loan Program (B&I). The B&I program is deployed bythe Federal Government to promote rural development and higher payingwages.

The Company arranged this non-dilutive financing toexclusively develop the Company’s manufacturing operation at itsprocessing site in Delta, Utah. The manufacturing operation will bethe first of its kind in the country and will be looking to bring backan entire industry to the United States. Fluorspar is used in themanufacture of steel, aluminum, hydrofluoric acid, lithium-ionbatteries, electronics, cement, and the glass industries. Currently100% of all the U.S’ fluorspar is imported.

The funds will be diligently deployed to create valuefor investors with a focus on production and developing cashflow forthe Company. The USDA financing is widely accepted as among the leastexpensive financing options available in the country. The Federalsupport for the Company’s project will give the Company far greaterability to accelerate its plans.

James Walker, President and CEO of the Company said,“This financing is a major advancement for the Company, and greatnews for our shareholders. We have already obtained the industrialland, plant, and expertise needed to construct our facility. Thefinancing provides the company with the resources it needs to completethe lumps plant manufacturing operation construction, complete thetailings dam, upgrade the water wells, finish the rail spur, and havean operational facility ready to manufacture.”

In 2018 the U.S. government classified fluorspar as aCritical Mineral, “deemed critical to U.S. national security and theeconomy”. Fluorspar remains the only non-metallic Critical Mineralwhich is 100% imported in the entire country. Fluorspar’sclassification as a Critical Mineral in theUnited States translates to a faster permitting period, enabling mining operations to initiate more quickly thanoperations for conventional minerals.

The Company has arranged a 15-year term, withinterest-Only payments monthly for the first 12 months, followed bymonthly principal and interest payments, fully amortizing theprincipal balance over the remaining 168-month period. The interestwill be calculated using WSJ Prime + 2.50%, adjusting quarterly. TheCompany will be issued the financing within the next fundingallocation.

Lost Sheep Fluorspar Project – Delta, Utah

• 100% owned – 5,982 acres – 353 Claims

• Located in the Spor Mountain area, Juab County, Utah, approximately214 km south-west of Salt Lake City.

• Fully Permitted – including mining permits.

• NI 43-101 Technical Report identified extensive high-grade fluorsparwith low levels of impurities.

• Mining plan approved by BLM 1

First approved by Rex Rowley – Area Manager, Bureauof Land Management – 24th August 1992.

Renewed by Paul B. Baker – Minerals ProgramManager, 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 byphone at 604-345-1576 or by email at jwalker@aresmining.com

DISCLOSURE AND FORWARD-LOOKINGSTATEMENTS:

Companies typically rely oncomprehensive feasibility reports on mineral reserve estimates toreduce the risks and uncertainties associated with a productiondecision. Historically, situations where the issuer decides to put amineral project into production without first establishing mineralreserves supported by a technical report and completing a feasibilitystudy have a higher risk of economic or technical failure, though someindustrial mineral ventures are relatively simple operations with lowlevels of investment andrisk, where the operating entity has determined that a formalprefeasibility or feasibility study in conformance with NI 43-101 and43-101 CP is not required for a production decision. Based onhistorical engineering work, geological reports, historical productiondata and current engineering work completed or in the process by Ares,the Company intends to move forward with the development of its Utahasset.

Certain information in this newsrelease may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Forward-lookingstatements are often identified by terms such as “will”,“may”, “should”, “anticipate”, “expects” and similarexpressions. All statements other than statements of historical factincluded in this news release are forward-looking statements thatinvolve risks and uncertainties. There can be no assurance that suchstatements will prove to be accurate and actual results and futureevents could differ materially from those anticipated in suchstatements. Important factors that could cause actual results todiffer materially from the Company’s expectations include thefailure to satisfy the conditions of the relevant securitiesexchange(s) and other risks detailed from time to time in the filingsmade by the Company with securities regulations. The reader iscautioned that assumptions used in the preparation of anyforward-looking information may prove to be incorrect. Events orcircumstances may cause actual results to differ materially from thosepredicted, as a result of numerous known and unknown risks,uncertainties, and other factors, many of which are beyond the controlof the Company. The reader is cautioned not to place undue reliance onany forward-looking information. Such information, although consideredreasonable by management at the time of preparation, may prove to beincorrect and actual results may differ materially from thoseanticipated. Forward-looking statements contained in this news releaseare expressly qualified by this cautionary statement. Theforward-looking statements contained in this news release are made asof the date of this news release and the Company disclaims anyintention or obligation to update or revise such information, exceptas required by applicable law.

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