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Vancouver, B.C. May 1, 2026 - TheNewswire — 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.

ON BEHALF OF THE BOARD OF DIRECTORS OF

ARES STRATEGIC MINING INC.

James Walker

Chief Executive Officer and President

For further information, please contact James Walker by email at jwalker@aresmining.com

DISCLOSURE AND FORWARD-LOOKING STATEMENTS:

Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include: risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined and the risk that exploration and development activities will cost more than the amount budgeted for such activities by the Company; risks relating to changes in mineral prices and the worldwide demand for and supply of minerals; risks related to increased competition and current global financial conditions; access and supply risks; risks associated with the Company’s reliance on key personnel; operational risks; regulatory risks, including risks relating to the acquisition of the necessary licenses and permits; financing, capitalization and liquidity risks; title and environmental risks; and risks relating to the failure to receive all requisite regulatory approvals. The forward-looking information contained in this news release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

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