Ares Strategic Mining Provides Update on Utah Mining Claims

About this update from Ares Strategic Mining Inc

Vancouver - Ares Strategic Mining Inc. (CNSX: ARS) ('Ares' or the 'Company') provides an update concerning certain unpatented mining claims located in Juab County, Utah. The Company's Utah subsidiary, Ares Strategic Mining, Inc. (the 'Subsidiary'), has entered into a settlement agreement and release dated April 22, 2026 with Hinkinite Resources LLC ('Hinkinite') in connection with overlapping claim locations covering certain portions of the same physical ground (the 'Claim Matter'). Pursuant to the agreement, Hinkinite has agreed to abandon and convey to the Subsidiary any interest it may have in 101 unpatented mining claims located in Juab County, Utah, and to provide certain related non-privileged data and records. In consideration, Ares has agreed to pay an aggregate of US$77,878, comprised of a US$50,000 cash payment and reimbursement of verified staking expenses of US$27,878, and the Company has agreed, subject to Canadian Securities Exchange approval and applicable securities laws, to issue to Hinkins 170,887 common shares of the Company (the 'Common Shares') at a deemed price of $0.395 per Common Share. The agreement provides for a mutual release of claims related to the Claim Matter and for dismissal of the related court proceeding following completion of the required settlement steps. The agreement expressly states that it is a compromise and full and final settlement 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 the agreement will be subject to a four-month hold period in accordance with applicable securities laws. None of the Common Shares will be registered under the United States Securities Act of 1933, as amended (the '1933 Act'), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful. Contact:James Walker Chief Executive Officer and President Email: [email protected] DISCLOSURE AND FORWARD-LOOKING STATEMENTS: Certain statements contained in this news release constitute forward-looking information. These statements relate ...

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