Issued on behalf of Ares Strategic Mining Inc.

Vancouver – Baystreet.ca News Commentary – As geopolitical tensions with China escalate, Western nations are intensifying efforts to reduce reliance on Chinese-controlled critical minerals. With accelerating demand for metals like cobalt, lithium, antimony, fluorspar, and copper—driven largely by clean energy and defense needs—the pressure is mounting to secure alternative sources. While some advocate for improved recycling of e-waste to recover these materials, the global supply landscape continues to consolidate around fewer jurisdictions. In response, U.S. policymakers and allied governments are pushing to rebuild domestic capacity, supporting projects led by companies such as Ares Strategic Mining Inc. (CSE: ARS) (OTCQX: ARSMF), Perpetua Resource Corp. (NASDAQ: PPTA) (TSX: PPTA), Western Copper and Gold Corporation (NYSE-American: WRN) (TSX: WRN), Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF), and Almonty Industries Inc. (TSX: AII) (OTCQX: ALMTF).

The article continued: Among the more overlooked minerals deemed critical to U.S. interests is fluorspar—a non-metallic resource that, according to the U.S. Geological Survey (USGS), remains 100% imported. Despite its low profile, fluorspar is a foundational ingredient in modern clean energy systems. It plays a central role in producing lithium-ion battery components, including electrolytes, cathodes, anodes, and binder materials, and is also essential in processing natural graphite. As the global push for electrification accelerates, fluorspar's importance in securing resilient battery supply chains is becoming harder to overlook.

Ares Strategic Mining Secures $11M State-Backed Loan to Fast-Track Production

Ares Strategic Mining (CSE: ARS) (OTCQX: ARSMF) has just locked in a major financial boost from the Utah State Legislature and the Utah Community Impact Board (CIB): an $11 million USD loan designed to accelerate production at its Lost Sheep fluorspar mine — the only fully permitted fluorspar operation in the United States.

Key Highlights:

• $11 million loan approved by the Utah legislature and CIB
• First and only fully permitted fluorspar mine in the U.S.
• Confirmed gallium presence, boosting potential national strategic relevance
• Located in Juab County, Utah, with 100% owned, 5,982-acre land package
• Permits in place and production ramp-up now underway
• Fluorspar use cases: steel, cement, lithium-ion batteries, uranium enrichment, and aluminum
• Gallium nitrate: vital for microchips, semiconductors, and advanced electronics

"CIB is delighted to support a project of such national significance that will also create valuable job opportunities in rural Utah," said Curtis Webb, Chair of the CIB Board.

The funds will also support the extraction of gallium, a strategic mineral critical to the microchip and defense industries. Ares’ mine is confirmed to contain substantial gallium deposits, filling a major gap in U.S. domestic supply that has existed since 1987.

The initiative was made possible through the leadership of Senator Jerry Stevenson, who sponsored SB187, a bill prioritizing critical mineral supply chains tied to national security.

“Fluorspar and gallium are essential to U.S. national security and economic stability,” said Senator Stevenson. “Establishing a domestic supply for these critical minerals is a priority."

This move positions Ares Strategic Mining as a critical domestic supplier of two essential minerals that have traditionally been imported into the U.S., giving the company first-mover advantage as Washington and industry leaders look to de-risk supply chains.

“This funding highlights the pivotal role of fluorspar across defense, technology, and renewable energy sectors,” added James Walker, CEO of Ares. “Utah’s investment underscores a strategic commitment to rebuilding America’s critical mineral independence.”

These latest developments build on a wave of momentum for Ares Strategic Mining. In recent months, the company secured essential heavy equipment to advance its production capabilities and welcomed a significant increase in institutional backing from UK-based firm Sorbie Bornholm LP. That capital injection was framed as a strong endorsement of Ares’ vision to become a fully integrated North American fluorspar manufacturer.

With permits in hand, machinery on site, institutional capital committed, and now a landmark state funding package secured, Ares appears to be firing on all cylinders. The company is not only reactivating America’s only permitted fluorspar mine — it's positioning itself as a central pillar in rebuilding the U.S. domestic supply chain for critical minerals.

In a market desperate for secure, high-grade domestic inputs, Ares may have just staked its claim as a strategic player to watch.

CONTINUED… Read this and more news for Ares Strategic Mining at: https://usanewsgroup.com/2024/04/29/this-company-is-bringing-essential-mining-back-to-the-u-s-fueled-by-government-action/

In other industry developments and happenings in the market include:

Perpetua Resource Corp. (NASDAQ: PPTA) (TSX: PPTA) recently received a new award of up to $6.9 million from the U.S. Army to help establish a fully domestic antimony trisulfide supply chain through its Stibnite Gold Project in Idaho. The funding supplements a prior $15.5 million agreement and will be used to scale up a modular pilot plant capable of producing military-spec material from U.S.-sourced ore.

“We are honored to continue our work with the U.S. Army to secure a domestic source of antimony trisulfide,” said Jon Cherry, President and CEO of Perpetua Resources. “Advancing America's capabilities to process minerals critical to national defense is essential for our long-term mineral independence and resilience.”

This initiative aligns with the Pentagon’s "ground-to-round" strategy and follows China's 2024 export ban on antimony to the U.S. With this latest award, Perpetua has now secured over $80 million in aggregate defense funding, including a separate $59.2 million Defense Production Act grant for project readiness.

Western Copper and Gold Corporation (NYSE-American: WRN) (TSX: WRN) has extended its investor rights agreement with Mitsubishi Materials Corporation after the Japanese firm purchased two million additional shares on the open market, increasing its stake to roughly 5%.

“We are extremely pleased to maintain, and enhance, our relationship with Mitsubishi Materials,” said Sandeep Singh, President and CEO of Western Copper and Gold Corporation. “They remain an incredibly supportive shareholder, and we value their expertise as we advance the Casino Project.”

The agreement is now extended until May 30, 2026, under terms previously announced in April. Western views the deepening relationship as a signal of long-term alignment around the development of its flagship Casino Project in Yukon. Mitsubishi’s support comes as the project advances toward becoming one of Canada’s most significant copper-gold producers.

Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) recently reported no damage to infrastructure at its McIlvenna Bay Project, a key development-stage source of copper, zinc, gold, and silver—all minerals considered vital to the energy transition and industrial resilience.

“I cannot begin to express how proud I am of our team, both on and off site, who have acted with unwavering focus and courage to protect, first and foremost, our people,” said Dan Myerson, Executive Chairman and CEO of Foran Mining Corporation. “Their efforts in safeguarding McIlvenna Bay have been nothing short of outstanding, and we look forward to resuming our work with pride and forward momentum.”

After a nearby wildfire forced the evacuation of over 500 personnel, a smaller team remained on-site to protect core infrastructure, successfully holding the fire back with suppression systems and reinforced firebreaks. With conditions stabilizing, Foran expects to resume construction at one of Canada’s largest undeveloped VHMS deposits, which sits within the historic Flin Flon Greenstone Belt.

Almonty Industries Inc. (TSX: AII) (OTCQX: ALMTF) has strengthened its Board with the appointment of Alan Estevez, a seasoned U.S. national security and logistics expert who most recently served as Under Secretary of Commerce for Industry and Security from 2022 to 2025. Estevez previously held senior leadership roles within the U.S. Department of Defense and advised Fortune 500 firms at Deloitte Consulting.

“Alan’s firsthand experience in acquisition, contracting, and supply chain operations will be especially relevant as we advance our position as a key allied supplier of tungsten,” said Lewis Black, Chief Executive Officer of Almonty Industries. “His appointment aligns with our recently signed offtake agreement with a U.S. defense contractor to supply tungsten oxide exclusively for American defense applications.”

His expertise in acquisition, export controls, and defense supply chains is expected to support Almonty’s growing strategic relevance as a Western tungsten supplier. The appointment follows the company’s recent exclusive tungsten oxide offtake agreement with a U.S. defense contractor.

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