Ares Strategic Mining Provides Update on Utah Mining Claims

(TheNewswire)

Vancouver, B.C. May 1, 2026 -TheNewswire — Ares StrategicMining Inc. (CNSX: ARS) (“Ares” or the “Company”) provides anupdate concerning certain unpatented mining claims located in JuabCounty, Utah. The Company’s Utah subsidiary, Ares Strategic Mining,Inc. (the “Subsidiary”), has entered into a settlement agreementand release dated April 22, 2026 with Hinkinite Resources LLC(“Hinkinite”) in connection with overlapping claim locationscovering certain portions of the same physical ground (the “ClaimMatter”).

Pursuant to the agreement, Hinkinite has agreed toabandon and convey to the Subsidiary any interest it may have in 101unpatented mining claims located in Juab County, Utah, and to providecertain related non-privileged data and records. In consideration,Ares has agreed to pay an aggregate of US$77,878, comprised of aUS$50,000 cash payment and reimbursement of verified staking expensesof US$27,878, and the Company has agreed, subject to CanadianSecurities Exchange approval and applicable securities laws, to issueto Hinkins 170,887 common shares of the Company (the “CommonShares”) at a deemed price of $0.395 per Common Share.

The agreement provides for a mutual release of claimsrelated to the Claim Matter and for dismissal of the related courtproceeding following completion of the required settlement steps. Theagreement expressly states that it is a compromise and full and finalsettlement of disputed claims, and is not an admission of liability,wrongdoing or unlawful conduct by any party.

The Common Shares to be issued in connection with theagreement will be subject to a four-month hold period in accordancewith applicable securities laws. None of the Common Shares will beregistered under the United States Securities Act of 1933, as amended(the “1933 Act”), and none of them may be offered or sold in theUnited States absent registration or an applicable exemption from theregistration requirements of the 1933 Act. This news release shall notconstitute an offer to sell or a solicitation of an offer to buy norshall there be any sale of the securities in any state where suchoffer, 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 atjwalker@aresmining.com

DISCLOSURE AND FORWARD-LOOKINGSTATEMENTS:

Certain statements contained in thisnews release constitute forward-looking information. These statementsrelate to future events or future performance. The use of any of thewords “could”, “intend”, “expect”, “believe”,“will”, “projected”, “estimated” and similar expressionsand statements relating to matters that are not historical facts areintended to identify forward-looking information and are based on theCompany’s current belief or assumptions as to the outcome and timingof such future events. Forward-looking information involves known andunknown risks, uncertainties and other factors which may cause theactual results, performance or achievements to be materially differentfrom any future results, performance or achievements expressed orimplied by the forward-looking information. Such factors include:risks inherent in the exploration and development of mineral deposits,including risks relating to changes in project parameters as planscontinue to be redefined and the risk that exploration and developmentactivities will cost more than the amount budgeted for such activitiesby the Company; risks relating to changes in mineral prices and theworldwide demand for and supply of minerals; risks related toincreased competition and current global financial conditions; accessand supply risks; risks associated with the Company’s reliance onkey personnel; operational risks; regulatory risks, including risksrelating to the acquisition of the necessary licenses and permits;financing, capitalization and liquidity risks; title and environmentalrisks; and risks relating to the failure to receive all requisiteregulatory approvals. The forward-looking information contained inthis news release is made as of the date hereof, and the Company isnot obligated to update or revise any forward-looking information,whether as a result of new information, future events or otherwise,except as required by applicable securities laws. Because of therisks, uncertainties and assumptions contained herein, investorsshould not place undue reliance on forward-looking information. Theforegoing statements expressly qualify any forward-looking informationcontained herein.

NEITHER THE CANADIAN SECURITIESEXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPTRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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