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 a deemed price of $0.28 per share, representing about 3.53 million shares. This investment underscores management's confidence as the company transitions from development to production, with active mining at the Lost Sheep Mine, growing ore stockpiles, and progress on processing facilities.
The insider investment reflects management's belief in the company's long-term value and future growth prospects. Over the past year, Ares has achieved major milestones including the commencement of mining, a U.S. Department of Defense fluorspar supply contract, and significant construction progress on both the Lumps Plant and Acidspar Flotation Plant. The company aims to become a significant supplier of high-grade fluorspar to North American markets.
James Walker, President and CEO, stated: 'Management believes the Company has reached a point where its operational progress, strategic assets, government relationships, and production trajectory are not fully reflected in the current market valuation. This investment demonstrates our confidence in the future we are building and our commitment to creating long-term value alongside shareholders.'
The company anticipates multiple catalysts in the coming months, including continued mine production and stockpiling, advancement toward processing operations, development of domestic acidspar production capacity, execution of government contract opportunities, and expansion of commercial relationships. Ares is also focused on strengthening its balance sheet and market position.
Additionally, Ares renewed its engagement with Pivotal CM Limited for investor communications, digital strategy, and marketing initiatives. Under the renewed arrangement, approximately US$356,250 of services will be satisfied through the issuance of common shares at the current market price, representing about 1.76 million shares, subject to regulatory approvals. The company also settled $69,046.47 of debt by issuing 246,595 common shares at $0.28 per share to Prospero and Craven Capital.
In board developments, Lorenzo Esteva stepped down from the Board of Directors in response to public commentary. The company noted that certain public statements regarding Esteva's prior regulatory history contained misrepresentations and erroneous characterizations. Esteva's lawyer clarified that he voluntarily resigned his FINRA registrations and disputed most allegations. The company expressed regret over inaccurate publications that caused his departure.
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, located in the Spor Mountain area. It is fully permitted with mining plans approved by the Bureau of Land Management. A NI 43-101 technical report identified extensive high-grade fluorspar with low impurities.
Forward-looking statements in this release involve known and unknown risks. The company cautions that actual results may differ materially from those anticipated. Risks include failure to satisfy securities exchange conditions and other factors detailed in company filings.
