Ares Strategic Mining Inc. (CSE: ARS) (OTCQX: ARSMF) (FRA: N8I1) announced that members of management and insiders have committed approximately $990,112.65 to acquire common shares at $0.28 per share, representing about 3.53 million shares. This investment comes as the company transitions from development to production, with active mining at the Lost Sheep Mine, growing ore stockpiles, and progress on its Lumps Plant and Acidspar Flotation Plant. The company also recently secured a U.S. Department of Defense fluorspar supply contract, highlighting its strategic importance.
James Walker, President and CEO, stated that the investment reflects management's belief that the company's operational progress and government relationships are not fully reflected in its current market valuation. The company expects multiple catalysts in the coming months, including continued mine production, advancement toward processing operations, development of domestic acidspar production capacity, execution of government contracts, and expansion of commercial relationships.
In addition, Ares renewed its engagement with Pivotal CM Limited for investor communications and marketing, with approximately US$356,250 of services to be satisfied through the issuance of common shares at market price, subject to regulatory approvals. The company also settled $69,046.47 of debt by issuing 246,595 common shares at $0.28 per share.
On the board front, Lorenzo Esteva stepped down in response to public commentary. The company noted that certain public statements contained misrepresentations regarding his regulatory history, and his lawyer clarified that he voluntarily resigned his FINRA registrations and disputed most allegations.
Ares Strategic Mining is focused on developing its fluorspar projects in the U.S., aiming to become a significant supplier of high-grade fluorspar to North American markets. The Lost Sheep Fluorspar Project in Utah is 100% owned, fully permitted, and covers 5,982 acres with 353 claims. The project has an NI 43-101 Technical Report identifying extensive high-grade fluorspar with low impurities, and a mining plan approved by the BLM.
The company cautions that forward-looking statements involve risks and uncertainties, and there is no assurance that such statements will prove accurate. Important factors include failure to satisfy securities exchange conditions and other risks detailed in company filings.
For more information, visit the original release on NewMediaWire.
