• ARES Strategic Mining signed a memorandum of understanding with Found Industries to evaluate recovering gallium, germanium, fluorspar from feedstocks linked to Utah’s Lost Sheep Mine.
• Found Metals plans to assess applying its electrochemical Direct Feedstock Extraction process, with initial work covering feedstock testing, process integration concepts, preliminary analysis for a potential pilot, scale-up, joint commercialization.
• Lost Sheep is only currently permitted fluorspar mine in US, comprising 353 mining claims across about 5,982 acres.
• ARES recently won a five-year Indefinite Delivery/Indefinite Quantity contract from US Department of Defense through Defense Logistics Agency with estimated initial award value about $168.9 million, contract ceiling up to $250 million.
• Surveys cited in MOU reported gallium grades in hundreds of parts per million, supporting preliminary assessments for potential industrial-scale gallium output at full development, subject to validation.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Ares Strategic Mining Inc. published the original content used to generate this news brief via TheNewswire (Ref. ID: 202605110830TNWSWRCACNPR_____1AqRFJVP4) on May 11, 2026, and is solely responsible for the information contained therein.