Ares Strategic Mining Inc. (CSE: ARS) (OTCQX: ARSMF) (FRA: N8I1) announced that members of management and insiders have invested approximately $990,112.65 to acquire about 3.53 million common shares at $0.28 per share, signaling strong confidence in the company's transformation from a development-stage entity to an emerging producer. The investment coincides with key operational achievements, including the commencement of mining at the Lost Sheep Mine, growing surface ore stockpiles, progress on processing facilities, and a recently awarded fluorspar supply contract from the U.S. Department of Defense.
James Walker, President and CEO, stated that management believes the company's operational progress, strategic assets, and government relationships are not fully reflected in the current market valuation. The investment underscores a commitment to long-term value creation alongside shareholders. Ares is entering a pivotal period with expected catalysts such as continued mine production, advancement toward processing operations, development of domestic acidspar production capacity, execution of government contracts, and expansion of commercial relationships.
The company also renewed its engagement with Pivotal CM Limited for investor communications and marketing. Under the renewed arrangement, approximately US$356,250 of services will be satisfied through the issuance of about 1.76 million common shares at the current market price, subject to regulatory approvals. Additionally, Ares settled $69,046.47 in debt by issuing 246,595 common shares at $0.28 per share to Prospero and Craven Capital.
In a board update, Lorenzo Esteva stepped down from the Board of Directors following public commentary regarding his prior regulatory history. The company noted that some public statements contained misrepresentations and erroneous characterizations, and Esteva's lawyer clarified that he voluntarily resigned his FINRA registrations and disputed most allegations. The Board thanked Esteva for his contributions during a period of significant growth.
Ares Strategic Mining is focused on developing its fluorspar projects in the U.S., particularly the Lost Sheep Fluorspar Project in Delta, Utah. The project comprises 100% owned 5,982 acres with 353 claims, fully permitted with mining permits approved by the Bureau of Land Management. A NI 43-101 technical report identified extensive high-grade fluorspar with low impurities. The company aims to become a significant supplier of high-grade fluorspar to North American markets, supporting industries vital to modern technology and infrastructure.
Forward-looking statements in the release are subject to risks and uncertainties, and the company cautions against undue reliance on such information. The release is available at NewMediaWire.
