Ares Strategic Mining has reached its targeted mining depth at its Lost Sheep facility 

Ares Strategic Mining began construction in March 2024 at its Lost Sheep operation in Utah, USA. The company has just announced that it has reached its target depth with an installed ramp to intersect the mineralised fluorspar ore. The ramp is intended to provide access to the lump plant currently under construction on the site. To speed up the process, Ares Strategic Mining is simultaneously preparing its mining and processing sites, with the anticipated delivery of its new flotation plant later this year. To do this, Ares has partnered with Provo Mining, a mining contracting company.

The USA currently imports all its fluorspar, primarily from countries including Mexico, China, Vietnam, and South Africa, as there is currently no domestic supply of fluorspar. Fluorspar was included on the US Critical Minerals List in 2018 crucial as a raw material for producing hydrofluoric acid and Li-ion battery electrolytes, making it essential to the electric vehicle sector. Additionally, it is needed for steel and aluminium production. Ares Strategic Mining aims to provide its fluorspar to the domestic steel and chemical markets, positioning itself as the primary fluorspar producer in the US.

The domestic production of fluorspar will help strengthen the US internal supply chain and reduce dependence on imports. This aligns with the Biden Administration's efforts to assist in meeting the growing demand for critical minerals and materials in the U.S. In April 2024, the Department of Energy (DOE) announced a US$17M investment into the affordable and sustainable domestic production of commodities on the critical minerals list. This was further emphasized by an additional US$10M investment by the DOE in July 2024.

Following the successful closing of a US$4.42M loan from the US Department of Agriculture in April 2023, an additional US$10.5M bond was secured in December 2023 from Millard County, Utah to support the acquisition, construction and development of a new processing facility.