Ares Strategic Mining Locates Dozens of Large Fluorspar Targets Across the Spor Mountain Range
Satellite imaging conducted across the Spor Mountain district identified an initial 49 locations with correlating signatures of fluorspar samples Ares provided XMTS prior to satellite imaging.
Vancouver, B.C., September 28, 2026 – Ares Strategic Mining Inc. (CSE: ARS) (OTCQX: ARSMF) (FRA: N8I1) ("Ares" or the "Company") is pleased to report the results of a third-stage satellite-based exploration at its Spor Mountain fluorspar project in Utah. Maps prepared for Ares by XMTS Resources show recurring interpreted anomalies across surveyed portions of the range and identify 49 preliminary target locations for follow-up work, including a cluster near existing mine infrastructure.
A District with Room for New Discoveries
The maps show interpreted target traces along a broad surveyed corridor beyond the active Lost Sheep workings. Spor Mountain has a long fluorspar mining history, yet much of the range outside established workings has seen limited testing against modern district-wide target maps. The recurring pattern gives Ares a substantial long-term exploration opportunity alongside its current operations.
From Regional Patterns to 49 Preliminary Targets
XMTS’s Phase 3 material advances earlier broad mapping into 49 numbered preliminary target locations. They include a wider pattern across the range and a cluster near Ares’ mine infrastructure. The Company will rank them against mapped structures, earlier geophysical work, access and permitting requirements.
Building on Earlier District Work
The Phase 3 work adds a targeting layer to Ares’ earlier exploration. In 2022, the Company reported airborne radiometric and magnetic surveys and a ground gravity survey that identified prospective areas across Spor Mountain. Ares will compare the latest locations with those separate data sets, historical workings and field observations before selecting follow-up sites.
Exploration Alongside Operating Progress
Lost Sheep ore is being mined, hauled to the Company’s Delta facility and introduced into its Metallurgical Lumps Plant during live-material optimization. The maps offer potential future areas to evaluate as Ares builds a longer-term supply plan. Any contribution from a new target would require fieldwork, technical evaluation, applicable permits and an economic mining decision.
James Walker, President and Chief Executive Officer of Ares Strategic Mining, commented: “We are mining fluorspar at the Lost Sheep and putting that ore through our Delta plant. These maps show a much larger opportunity beyond today’s workings. Interpreted signatures recur across the surveyed range, including some close to our infrastructure. We will test those signatures against the geology on the ground and our earlier surveys, then advance the most promising targets in sequence. If confirmed, they could give the Utah operation valuable future options.”
Next Exploration Steps
Ares plans to check the Phase 3 coordinates and methods against earlier geophysical and geological data, then undertake field mapping and sampling where warranted. The results will guide priorities near existing infrastructure and farther across its Spor Mountain ground. Drilling decisions will follow that review.
The XMTS presentation provides interpretive maps and target-coordinate tables. No new field sampling, assays or drilling results have been conducted on these targets yet. Target positions and interpretations require field verification and do not establish fluorspar grade, thickness, continuity, tonnage, economic viability or a mineral resource or reserve.
The Company also announced issuance of common stock for services rendered to the Company by various arm’s length and non-arm’s length parties (the “Share Settlement”), as part of the anticipated ramp up for Ares’ Utah operations. The Company plans to issue 3,066,708 common shares of the Company (“Common Shares”) to settle approximately $874,011.79 owed to the various arm’s length and non-arm’s length parties. The Share Settlement is subject to CSE (“Exchange”) approval.
About Ares Strategic Mining
Ares Strategic Mining Inc. is a mining company focused on the development of its fluorspar projects in the U.S. The Company aims to become a significant supplier of high-grade fluorspar to North American markets, supporting industries vital to modern technology and infrastructure.
Lost Sheep Fluorspar Project – Delta, Utah
100% owned – 5,982 acres – 353 Claims
Located in the SporMountain area, Juab County, Utah, approximately 214 km south-west of Salt Lake City.
Fully Permitted – including mining permits.
NI 43-101 Technical Report identified extensive high-grade fluorspar with low levels of impurities.
Mining plan approved by BLM[1]
First approved by Rex Rowley – Area Manager, Bureau of Land Management – 24th August 1992.
Renewed by Paul B. Baker – Minerals Program Manager, Bureau of Land Management – 12th December 2016.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARES STRATEGIC MINING LTD.
James Walker
Chief Executive Officer and President
For further information, please contact James Walker by email at info@aresmining.com
DISCLOSURE AND FORWARD-LOOKING STATEMENTS:
Companies typically rely on comprehensive feasibility reports on mineral reserve estimates to reduce the risks and uncertainties associated with a production decision. Historically, situations where the issuer decides to put a mineral project into production without first establishing mineral reserves supported by a technical report and completing a feasibility study have a higher risk of economic or technical failure, though some industrial mineral ventures are relatively simple operations with low levels of investment and risk, where the operating entity has determined that a formal prefeasibility or feasibility study in conformance with NI 43-101 and 43-101 CP is not required for a production decision. Based on historical engineering work, geological reports, historical production data and current engineering work completed or in the process by Ares, the Company intends to move forward with the development of its Utah asset.
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.
