Ares Strategic Mining Inc. has initiated active mining operations at its Lost Sheep Fluorspar Mine in Utah, with several thousands of tons of fluorspar ore successfully mined and stockpiled at surface in preparation for processing. This milestone represents a decisive transition from development to production build-up and tangible progress toward sustained acidspar output. Underground operations are advancing steadily, with ore being extracted, transported to surface, and organized into structured stockpiles to support upcoming processing runs.
The current stockpiling phase allows Ares to build strategic ore inventory ahead of flotation plant commissioning, optimize blending and grade control for consistent processing performance, ensure uninterrupted feedstock supply once processing begins, and demonstrate visible and measurable production momentum. James Walker, President and CEO of Ares Strategic Mining, commented that seeing hundreds of tons of ore at surface is a powerful validation of the hard work the team has put into bringing the Lost Sheep back into production. This stockpiling initiative is part of Ares' broader strategy to ensure smooth ramp-up into full acidspar production, with underground development advancing and surface infrastructure in place.
Fluorspar is a designated U.S. critical mineral essential for steel and aluminum manufacturing, fluorochemicals and refrigerants, semiconductor and electronics production, clean energy technologies, and defense and national security applications. As the only permitted and operating fluorspar mine in the United States, Ares continues to reinforce its position as a cornerstone of domestic supply. The commencement of stockpiling demonstrates not just operational readiness, but the Company's commitment to disciplined execution and long-term value creation.
The Lost Sheep Fluorspar Project is located in the Spor Mountain area, Juab County, Utah, approximately 214 km south-west of Salt Lake City. The project is fully permitted, including mining permits approved by the Bureau of Land Management. A NI 43-101 Technical Report identified extensive high-grade fluorspar with low levels of impurities. The mining plan was first approved by Rex Rowley, Area Manager of the Bureau of Land Management, on August 24, 1992, and renewed by Paul B. Baker, Minerals Program Manager of the Bureau of Land Management, on December 12, 2016.
Over the coming weeks, Ares expects to continue expanding surface stockpiles, advance flotation plant readiness, prepare for initial processing runs, and move closer to steady-state production. The Company remains focused on delivering sustainable growth, operational excellence, and shareholder value as it advances toward full production capacity. Ares has settled $185,199.23 CAD for services rendered to the company by consultants and service providers by issuing 381,854 common shares, which are subject to a statutory hold period of four months and one day from the date of issuance.
