Mr. James Walker reports

ARES STRATEGIC MINING PROVIDES UPDATE ON UTAH MINING CLAIMS

Ares Strategic Mining Inc. has provided an update concerning certain unpatented mining claims located in Juab county, Utah. The company's Utah subsidiary, Ares Strategic Mining Inc., has entered into a settlement agreement and release dated April 22, 2026, with Hinkinite Resources LLC, in connection with overlapping claim locations covering certain portions of the same physical ground.

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 $77,878 (U.S.), composed of a $50,000 (U.S.) cash payment and reimbursement of verified staking expenses of $27,878 (U.S.), and the company has agreed, subject to Canadian Securities Exchange approval and applicable securities laws, to issue to Hinkinite 170,887 common shares of the company at a deemed price of 39.5 cents 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.

We seek Safe Harbor.