- Ares has procured essential heavy mining equipment to progress its flagship fluorspar project in the United States.
- This acquisition reinforces Ares’ position as a key supplier of high-grade fluorspar, critical to the nuclear energy and industrial sectors.
- The Company’s fluorspar production will support domestic industries and align with the Department of Energy’s (DOE) mission to strengthen the U.S. nuclear fuel supply chain.
Vancouver, B.C. – TheNewswire – December 19, 2024 – Ares Strategic Mining Inc. (the “Company”) (CSE: ARS) (OTC: ARSMF) (FRA: N8I1) is pleased to announce the acquisition of the heavy mining equipment critical to the advancement of its flagship fluorspar project. As the owner of the only fluorspar mine in the United States, Ares is well-positioned to support domestic industries with essential minerals used in nuclear energy, electronics, and other key sectors.
This acquisition marks a significant step forward in the Company’s strategy to meet the rising demand for fluorspar, particularly as a critical component in uranium enrichment and other industrial applications. By ensuring a reliable domestic supply chain, Ares is actively contributing to U.S. energy security and industrial independence.
A Key Milestone for U.S. Fluorspar Production
Fluorspar, used to produce hydrofluoric acid, is indispensable in the manufacturing of uranium hexafluoride for nuclear fuel production. As global interest in nuclear energy surges, Ares’ production capacity will be integral to bolstering the U.S. nuclear energy sector. The newly acquired heavy mining equipment will allow Ares to scale operations efficiently, ensuring timely delivery of high-grade acidspar to support critical industries.
Strengthening Partnerships and Industry Alignment
“The acquisition of this equipment is a major milestone in Ares’ journey to become a leading supplier of high-grade fluorspar in North America,” said James Walker, President and CEO of Ares Strategic Mining. “With this development, we are reinforcing our commitment to supporting domestic energy security, industrial growth, and technological innovation.”
Positioned for Growth and Sustainability With its strategic advancements and collaborations, Ares Strategic Mining remains dedicated to its mission of delivering high-grade fluorspar to support national priorities, driving innovation, and ensuring a sustainable future for its stakeholders.
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In 2018 the U.S. government classified fluorspar as a Critical Mineral, “deemed critical to U.S. national security and the economy.” Fluorspar remains the only non-metallic Critical Mineral, which is 100% imported in the entire country. Fluorspar’s classification as a Critical Mineral in the United States translates to a faster permitting period, enabling mining operations to initiate more quickly than operations for conventional minerals.
As part of its ongoing efforts to manage the development of the Company, Ares has entered several arrangements to further the business interests. At the request of the equipment suppliers, Ares has agreed to settle $480,541.91 in equipment purchase costs through the issuance of up to 2,529,168 Ares common shares (the “Settlement”). Ares has also agreed to settle $91,795.20 in professional lobbying service fees through the issuance of up to 483,133 Ares common shares (the “Service Settlement”). Additionally, Ares has agreed to settle $8,900 in management service fees through the issuance of up to 46,842 Ares common shares (the “Management Settlement”). Purchases of an Ares debenture have also requested the conversion of their $192,720.70 investment to 741,234 Ares common shares (the “Investment Settlement”). All shares issued in connection with the Settlement will be subject to a four-month hold period in accordance with applicable securities laws.
