ARSMF - Ares Strategic Mining Closes US$4420000 Financing for Construction Phase

(TheNewswire)

• Company secures USDA guaranteed loan to deploy formanufacturing capital costs.

• Financing will support construction of the newprocessing facility and tailings dam.

• Ares will acquire further industrial land and buildingsas part of its expansion.

• Ares has a plant, equipment, and labor ready fordeployment.

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

• Federal loan is among the least expensive financingoptions available nationally.

Vancouver, B.C. - TheNewswire- April 11th, 2023 — Ares Strategic MiningInc. (the “Company”) (CSE:ARS) (OTC:ARSMF) (FRA:N8I1), possessingthe only permitted fluorspar mine in the United States, is pleased toannounce it has closed a loan of $4,420,000 USD ($6,000,000 CAD) fromthe U.S. Department of Agriculture (USDA) under its Business andIndustry Guaranteed Loan Program (B&I). The B&I program isdeployed by the Federal Government to promote rural development andhigher paying wages.

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 glass industries. Currently 100%of all the U.S’ fluorspar is imported, and the Company will belooking to become the only domestic producer.

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. The proceeds will be expended on themanufacturing facility construction and infrastructure.

James Walker, President and CEO of the Company said,“This financing is a major advancement for the Company, and greatnews for our shareholders. The closing has taken an extended time,which has slowed Ares’ ability to advance as quickly as planned buthas allowed the Company to comprehensively plan for the next stage ofdevelopment. We have already obtained a processing plant, and the expertise needed to construct ourfacility. This financing provides the company with the resources itneeds to complete our plant manufacturing operation construction,complete the tailings dam, upgrade the water wells, finish the railspur, and have an 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 the United States translatesto a faster permitting period, enabling miningoperations to initiate more quickly than operations for conventionalminerals. Fluorspar

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.

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 and risk, where the operating entity hasdetermined that a formal prefeasibility or feasibility study inconformance with NI 43-101 and 43-101 CP is not required for aproduction decision. Based on historical engineering work, geologicalreports, historical production data and current engineering workcompleted or in the process by Ares, the Company intends to moveforward with the development of its Utah asset.

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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