Ares Strategic Mining Inc. — Capital/Financing Update 2021

Mar 2, 2021

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Ares Strategic Mining Inc. Retains Market IQ, Axe Communications, and VSA Capital for Investor Relations and Cancels Private Placement Financin g

Vancouv e r, B.C. March 2, 2021 — Ares Strate g ic Mining I n c. (“Ares” or the “Com p any”) (TSXV : ARS) (OTC:ARSMF) (FRA: N 8I1) announces that the Compan y has enga g ed Market IQ (“MIQ”) , Axe Commun i cations (“Ax e ”), and VSA Capital (“VS A ”) for inves t or relations services to the Company. The services a re anticipat e d to includ e marketing, financial ad v isory servic e s, business p lan development, multi‐reg i on distribut i on, market analysis and advice, an d keeping in v estors info r med on ne w s by recirculating within it s network. A dditionally, the Compa n y has deter m ined not t o proceed w i th its private placement financing to raise gross pr o ceeds of $ 6 00,000 that was previously announc e d on Novemb e r 4th and 1 2 th, 2020 a n d confirms t hat no securities were issued pursu a nt to the private placeme n t financing.

Pursuant to agreeme n ts dated June 1, 2020 a nd October 18, 2020, the Compan y retained A X E for services including general busin e ss consultin g , corporat e communic a tions, business introdu c tions, creating s trategic alli a nces, joint v enture sour c ing and ass i stance, pro p erty acquisi t ions sourcin g and assistanc e , financing sourcing and assistanc e , video ma r keting crea t ive, sourcin g and assis t ance, strategic business in t roductions, website cre a tive, sourci n g and assi s tance. For s uch service s , the Company paid $50,000 for a two‐ m onth term under the June 1, 2020 c ontract and $200,000 fo r a six month te r m under th e October 18, 2020 contra c t.

Pursuant to agreeme n ts dated Ju n e 11, 2020 and Octobe r 18, 2020, the Company retained M I Q for services including d i gital media campaigns for brand i ng, media consulting, general bu s iness develop m ent, multim e dia services and project management. A significant amount of time will a l so be devoted t o product a n d services m arketing/ ad v ertising. Fo r such servic e s, the Company paid $1 5 0,000

for a two‐month term under the contract dated June 11, 2020 and $400,000 for a six month term under the contract dated October 18, 2020.

Pursuant to an amended and restated agreement dated February 17, 2021, the Company retained VSA Capital for services including provision for a research analyst to prepare a research initiation note for Ares for distribution to potential investors; arranging for a VSA research analyst to prepare periodic update notes for Ares, following release of financial results and any other major announcements as appropriate; and referring to developments relating to Ares in daily market updates and other relevant market reviews issued from time to time by VSA. In connection with such services, the Company agreed to pay £35,000 for an initial term of 12 months. The agreement is subject to approval from the TSX Venture Exchange.

Neither Ares nor any of its directors, officers or employees have any interest, directly or indirectly, in MIQ, AXE, or VSA, or their securities, or any right or intent to acquire such an interest.

ON BEHALF OF THE BOARD OF DIRECTORS OF ARES STRATEGIC MINING INC.

James Walker

Chief Executive Officer and President

For further information, please contact Mark Bolin by phone at 604‐781‐0535 or by email at mbolin@aresmining.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.