Found Industries and ARES Strategic Mining Sign MOU to Advance Domestic Gallium, Germanium and Fluorspar Recovery from Utah's Lost Sheep Mine
(TheNewswire)
Foundto evaluate resin-free electrochemical Direct Feedstock Extractiontechnology at the only currently permitted fluorspar mine in theUnited States
Boston, MA / Juab County, Utah – TheNewswire - May 12, 2026 — FoundIndustries, through its Found Metals division, and ARES StrategicMining Inc. (CSE: ARS) (OTC: ARSMF) (FRA: N8I1) today announced thesigning of a Memorandum of Understanding to evaluate the recovery ofgallium, germanium and other strategic critical materials fromARES-owned or controlled feedstocks associated with the Lost SheepMine in Utah.
The collaboration brings together a uniquely strategicU.S. mineral asset and an emerging domestic critical metals processingplatform at a moment when secure North American supply chains forsemiconductors, defense systems, energy technologies and advancedmanufacturing have become an urgent industrial priority.
ARES’ Lost Sheep Mine is the only currently permittedfluorspar mine in the United States, comprising 353 mining claimsacross approximately 5,982 acres. The asset’s strategic relevancehas recently been further underscored by ARES when it announced theaward of a five-year Indefinite Delivery/Indefinite Quantity contractby the U.S. Department of Defense through the Defense LogisticsAgency, with an estimated initial award value of approximately $168.9million and a total contract ceiling of up to $250 million, subject tofuture task orders. In addition to fluorspar, recent surveys cited inthe MOU have identified significant concentrations of gallium andgermanium within the deposit, including reported gallium grades in thehundreds of parts per million. Subject to technical, economic,regulatory and commercial validation, preliminary assessments indicatethe Lost Sheep operations could ultimately support gallium productionat industrial scales at full development, alongside potential recoveryof associated critical metals.
Under the MOU, Found Metals will evaluate opportunitiesto apply Found’s proprietary Direct Feedstock Extraction technologyto support the recovery of critical metals from ARES-controlledfeedstocks. The initial phase is expected to focus on technicalevaluation, feedstock assessment, process integration concepts, andpreliminary analysis to determine the potential pathway for future
piloting, scale-up, and joint commercialization. Earlywork related to the collaboration is also being supported in part bythe Commonwealth of Massachusetts through its InnovateMass program,reflecting the state’s interest in advancing domestic criticalmaterials innovation.
“ARES controls one of the unique domestic assets withthe right combination of permitting position, critical mineralrelevance and multi-metal upside,” said Peter Godart, President andCEO of Found Industries. “Found Metals was built to turn complexfeedstocks into domestic critical metal production. This collaborationgives us a pathway to demonstrate how next-generation electrochemicalrefining can help transform a strategic U.S. mine into a scalable,multi-metal critical materials platform.”
“Found brings the kind of processing innovation thatcan materially expand the strategic value of Lost Sheep,” said JamesWalker, CEO of ARES Strategic Mining Inc. “Fluorspar is already acritical mineral. The opportunity to evaluate gallium, germanium andother high-value critical materials from the same broader resourcebase could make Lost Sheep even more important to North Americansupply chains.”
Gallium and germanium are among the most strategicallyimportant and highest growth technology metals in the modern economy.Gallium is central to high-performance semiconductor supply chains,while germanium is used in fiber optics, semiconductors and nightvision applications. Both are overwhelmingly controlled by Chineseproduction at present. Fluorspar is essential to industries includingsynthetic materials, iron and steel, ceramics, glass and refining. Theability to evaluate all three within a single domestic resource basecreates a compelling opportunity for investors, policymakers andindustrial partners seeking exposure to resilient U.S. criticalmineral supply.
For Mining Equipment, Technology and Services (METS)investors and mining-sector strategics, the Found–ARES MOU points toa broader shift: critical metals recovery is becoming a processingtechnology race as much as a mining race. Domestic resources,tailings, leachates and byproduct streams that were historicallytreated as secondary opportunities can become strategic productionplatforms when paired with selective, scalable extractiontechnology.
“Found Metals is prioritizing partners who can movequickly, share representative feedstocks, define financeable projectsand help bring new domestic critical metal capacity online,” addedGodart. “The market is rewarding speed, differentiated processeconomics and strategic supply relevance. We believe thiscollaboration with ARES has all three ingredients.”
Found Industries is building advanced technologies fordomestic energy and critical materials resilience. Through its FoundMetals division, the company is developing a vertically integratedcritical metals platform that spans foundational R&D, processdevelopment, electrochemical system design, engineering, pilotdeployment, and commercial project development. Found Metals isfocused on converting complex and dilute feedstocks into strategicallyimportant metals using its proprietary resin-free Direct FeedstockExtraction platform, creating a pathway from lab-scale innovation todomestic production of gallium, germanium and other high-valuecritical materials while reducing reliance on legacy reagent-intensiverecovery methods.
AboutARES Strategic Mining Inc.
ARES Strategic Mining Inc. owns and operates the LostSheep Mine in western Utah, the only currently permitted fluorsparmine in the United States. ARES is focused on developing strategicmineral resources that can support secure NorthAmerican supply chains, including fluorspar and the potential recoveryof associated critical materials such as gallium and germanium.
This press release contains forward-looking statements,including statements regarding potential mineral recovery, productionvolumes, pilot development, commercialization pathways, non-dilutivefunding opportunities, future joint development or joint venturestructures, and the strategic value of gallium, germanium, fluorsparand associated materials. These statements are based on preliminaryassessments and current expectations and are subject to technical,economic, regulatory, financing and commercial risks. No assurance canbe given that any pilot, commercial project, production target,funding award, joint venture, offtake arrangement or definitiveagreement will result from the MOU. References to mineralconcentrations, recoveries, production volumes or potential output areillustrative, preliminary and subject to independentvalidation.
Found Industries / Found Metals
media@found-industries.com
ARES Strategic Mining Inc.
info@aresmining.com
Copyright (c) 2026 TheNewswire - All rights reserved.
NASDAQ: ARSMF
ARSMF Trading
1.94% G/L:
$0.2053 Last:
164,050 Volume:
$0.2127 Open:
