Exhibit 4.4

Table of Contents

Ares Strategic Mining Inc. (Unaudited) Canadian Dollars

Management’s Responsibility

To the Shareholders of Ares Strategic Mining Inc:

Management is responsible for the preparation and presentation of the accompanying condensed interim consolidated financial statements, including responsibility for significant accounting judgments and estimates in accordance with IFRS Accounting Standards. This responsibility includes selecting appropriate accounting principles and methods, and making decisions affecting the measurement of transactions in which objective judgment is required.

In discharging its responsibilities for the integrity and fairness of the condensed interim consolidated financial statements, management designs and maintains the necessary accounting systems and related internal controls to provide reasonable assurance that transactions are authorized, assets are safeguarded and financial records are properly maintained to provide reliable information for the preparation of the condensed interim consolidated financial statements.

The Board is responsible for overseeing management in the performance of its financial reporting responsibilities, and for approving the financial information included in the annual report. The Board fulfils these responsibilities by reviewing the financial information prepared by management and discussing relevant matters with management and the external auditors. The Audit Committee has the responsibility of meeting with management, and the external auditors to discuss the internal controls over the financial reporting process, auditing matters and financial reporting issues. The Audit Committee is also responsible for recommending the appointment of Ares Strategic Mining Inc.’s external auditors.

We draw attention to Note 1 in the condensed interim consolidated financial statements which indicates the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern.

Ares Strategic Mining Inc. (Unaudited) Canadian Dollars

Condensed Interim Consolidated Statements of Financial Position

The Condensed Interim Consolidated Financial Statements were approved by the Board of Directors on 1 June 2026 and were signed on its behalf by:

Ares Strategic Mining Inc. (Unaudited) Canadian Dollars

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss

Ares Strategic Mining Inc. (Unaudited) Canadian Dollars

Condensed Interim Consolidated Statements of Changes in Equity

Equity attributable to shareholders

Ares Strategic Mining Inc. FOR THE SIX MONTHS PERIOD ENDED 31 March 2026 (Unaudited) Canadian Dollars

Condensed Interim Consolidated Statements of Cash Flows

Ares Strategic Mining Inc. FOR THE SIX MONTHS PERIOD ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements

Ares Strategic Mining Inc. (“Ares” or the “Company”) was incorporated pursuant to the Company Act (Ontario) by registration of its Memorandum and Articles on 20 November 2009. On 9 July 2010, the Company registered in British Columbia for extra provincial registration as the Company’s administrative office is located at 1001-409 Granville Street, Vancouver BC, V6C 1T2. The Company is classified as a Junior Natural Resource Mining Company and is listed on the Canadian Securities Exchange under the stock symbol “ARS”.

The Company was previously in the business of acquiring and exploring lithium properties in Nevada and Arizona. On 18 February 2020, the Company completed a three-cornered amalgamation transaction (the “Amalgamation”) with American Strategic Minerals Inc. (“ASM”). As a result, Ares is focusing on progressing its fluorspar projects towards exploitation, production, and supplying metspar and acidspar to the markets.

These condensed interim consolidated financial statements (the “Financial Statements”) have been prepared on the basis of the accounting principles applicable to a going concern, which assumes the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. There are several adverse conditions that cast significant doubt upon the soundness of this assumption. The business of mining and exploration involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The recoverability of exploration and evaluation expenditures and construction in progress is dependent upon several factors; these factors include the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development of these properties, and construction in progress, and future profitable production or proceeds from disposition of mineral properties or construction in progress once completed.

Consistent with other companies in the mineral exploration sector, the Company has incurred operating losses since inception, has limited sources of revenue, is unable to self-finance operations and has significant cash requirements to meet its overhead, maintain its mineral interests and fund the completion of its construction in progress. These factors indicate the existence of a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern.

As discussed in Note 14, the Company was in breach of certain financial covenants as at 31 March 2026, and 30 September 2025. The lender has not demanded repayment; however, this condition contributes to the material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern.

For the Company to continue to operate as a going concern, it must continue to obtain additional financing to maintain operations. Although the Company has been successful in the past at raising funds, there can be no assurance that this will continue in the future. Subsequent to year-end, the Company has raised additional equity financing and plans to obtain additional equity and debt financing to continue to explore and develop its mineral properties and complete its construction in progress. If the going concern assumptions were not appropriate for these Financial Statements, then adjustments would be necessary to the carrying value of assets and liabilities, the reported expenses and the statement of financial position classifications used, and such adjustments could be material.

Ares Strategic Mining Inc. FOR THE SIX MONTHS PERIOD ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

These Financial Statements, including comparatives, have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (“IAS 34”) using accounting policies consistent with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The Financial Statements have been prepared on a historical cost basis, except for financial instruments classified as financial instruments at fair value through profit and loss, which are stated at their fair value. In addition, these Financial Statements have been prepared using the accrual basis of accounting except for cash flow information.

Since the Financial Statements do not include all disclosures required by IFRS for annual financial statements, they should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended 30 September 2025.

The policies set out were consistently applied to all the periods presented unless otherwise noted below. The preparation of the condensed interim consolidated financial statements requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company’s accounting policies. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The accounting policies and methods of computation followed in preparing these Financial Statements are the same as those followed in preparing the most recent audited annual consolidated financial statements. For a complete summary of material accounting policies, please refer to the Company’s audited annual consolidated financial statements for the year ended 30 September 2025.

In the application of the Company’s accounting policies, management is required to make judgments, estimates and assumptions about the carrying amount and classification of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revisions affect only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

The following are the critical judgments and areas involving estimates, that management have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amount recognized in the Financial Statements.

Income taxes

Deferred tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that probable that future taxable profit will be available against which the deductible temporary differences and carry-forward of unused tax assets and unused tax losses can be utilized. In addition, the valuation of tax credits receivable requires management to make judgements on the amount and timing of recovery.

Ares Strategic Mining Inc. FOR THE SIX MONTHS PERIOD ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

Going concern evaluation

As discussed in Note 1, these Financial Statements have been prepared under the assumptions applicable to a going concern. If the going concern assumption were not appropriate for these Financial Statements, then adjustments would be necessary to the carrying value of assets and liabilities, the reported expenses and the condensed interim consolidated statement of financial position classifications used and such adjustments could be material.

The Company reviews the going concern assessment at the end of each reporting period. There were no material changes to the assessment as at 31 March 2026.

Exploration evaluation assets

The Company makes certain estimates and assumptions regarding the recoverability of the carrying values of exploration and evaluation assets. The amounts shown for exploration and evaluation assets do not necessarily represent present or future values. The recoverability of the assets’ carrying values is dependent upon the determination of economically recoverable reserves, the ability of the Company to obtain the necessary financing and permits to complete development and future profitable production or proceeds from the disposition thereof.

The Company has taken steps to verify title to exploration and evaluation assets in which it has or is in the process of earning an interest, including review of condition of title reports, vesting deeds, mining claim location notices and filings, and property tax and other public records and is not presently aware of any title defects. The procedures the Company has undertaken and may undertake in the future to verify title provide no assurance that the underlying properties are not subject to prior agreements or transfers of which the Company is unaware.

Long-lived assets

The Company makes certain judgments in its assessment of whether indicators of impairment exist with respect to its long-lived assets. The carrying amounts of the Company’s long-lived assets are reviewed at each reporting date for indicators of impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment, if any. The recoverable amount of an asset is evaluated at the cash-generating unit level, which is the smallest identifiable group of assets that generates cash inflows that are largely ind ependent of the cash inflows from other assets or group of assets. The recoverable amount of a CGU is the greater of its fair value less costs to sell and its value in use.

Useful lives of property, plant and equipment

Useful lives are estimated by management based on the expected period over which the assets are anticipated to be available for use, taking into consideration factors such as expected usage, physical wear and tear, technical or commercial obsolescence, and legal or other limits on the use of the assets. The useful lives and residual values of property, plant and equipment are reviewed at least annually and are adjusted prospectively if expectations differ from previous estimates. Changes in the estimated useful lives of assets could result in changes to depreciation expense in current and future periods

Stock-based compensation

The Company uses Black-Scholes Option Pricing Model for valuation of stock options. Option pricing models require the input of subjective assumptions and estimates including expected price volatility, interest rate and forfeiture rate.

Ares Strategic Mining Inc. FOR THE SIX MONTHS PERIOD ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

Financial instruments of the Company carried on the condensed interim consolidated statement of financial position are carried at amortized cost. There have been no changes in levels during the period.

The Company classifies the fair value of these transactions according to the following hierarchy:

The Company’s financial instruments include cash and cash equivalents, restricted cash, share proceeds receivable, accounts payable, short-term loans and long-term loans. As at 31 March 2026, the carrying value of cash and cash equivalents is at fair value. Accounts payable and short-term loans approximate their fair value due to their short-term nature.

Market risk is the risk that changes in market prices will affect the Company’s earnings or the value of its financial instruments. Market risk is comprised of commodity price risk and interest rate risk. The objective of market risk management is to manage and control exposures within acceptable limits, while maximizing returns. The Company is not exposed to significant market risk.

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company’s primary exposure to credit risk is on its bank accounts. The Company’s bank accounts are held with major banks in Canada, accordingly the Company is not exposed to significant credit risk.

Interest rate risk is the risk of losses that arise as a result of changes in contracted interest rates. The Company is not exposed to significant interest rate risk.

Ares Strategic Mining Inc. FOR THE SIX MONTHS PERIOD ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

Currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company is exposed to foreign currency risk on its restricted cash and USDA and PAB loans payable balances that are denominated in other than the functional currencies. As at 31 March 2026, the Company held currency totalling the following:

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company controls liquidity risk by ensuring that it has sufficient cash resources to pay for its financial obligations. As at 31 March 2026, the Company had a cash balance of $12,079,856 to settle current liabilities of $11,803,657 that are due within one year. The Company’s outstanding liabilities, their current values and the principal amounts along with the due dates are as stated in the table below:

Amounts receivable consists of:

Ares Strategic Mining Inc. FOR THE SIX MONTHS PERIOD ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

As at 31 March 2026, the Company has entered into three share proceeds receivable equity swap agreements with Sorbie Bornholm LP (“Sorbie” or collectively, “Sorbie Agreements”). Under each agreement, Sorbie subscribed for Units payable over 24 months. Each Unit consists of one common share and either one full common share purchase warrant or one-half warrant, as described below.

In connection with each subscription, the parties entered into a sharing agreement (equity swap arrangement) under which the Company’s economic interest is realized in 24 monthly settlement tranches measured against a defined benchmark price. The monthly settlement amount is based on the 20-day volume weighted average price (“Settlement Price”) prior to each settlement date, based on the following:

Summary of Sorbie Agreements:

For each of the Sorbie Agreements noted above, the share proceeds receivable relating to the cash receivable did not meet the classification of a financial asset measured at amortized cost or at fair value through other comprehensive income as the Company does not have a business model whose objective is to hold financial assets in order to collect contractual cash flows, and the financial asset does not give rise to cash flows that are solely payments of principal and interest. Therefore, the cash receivable is classified as a financial asset measured at fair value through profit or loss.

In accordance with IFRS 9 Financial Instruments, the Units issued were initially measured based on the fair value of the related share proceeds receivable, with the corresponding amount allocated between common shares and warrants based on their relative fair values in accordance with IAS 32 Financial Instruments: Presentation, and the Company’s accounting policy.

Subsequently, the financial assets are revalued at each reporting period with the difference between the initial valuation and the value recognized in profit or loss as an unrealized gain (loss) on financial asset.

Ares Strategic Mining Inc. FOR THE SIX MONTHS PERIOD ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

The following table summarizes the movement in the share proceeds receivable:

The following table summarizes the settlement activity:

The following table provides a breakdown of the share proceeds receivable between current and non-current assets based on the timing of the expected cash flows:

All gains and losses are recognized in the condensed interim consolidated statements of loss and comprehensive loss under other income/expenses.

Ares Strategic Mining Inc. FOR THE SIX MONTHS PERIOD ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

During the period ended 30 September 2021, the Company entered into an agreement to acquire a fluorspar lump manufacturing facility (the “Facility”) pursuant to the terms and conditions of a Profit-Sharing Agreement dated 9 February 2021, as amended (the “Profit Sharing Agreement”) between the Company and the Mujim Group, a non-arm’s length private Shanghai company (“Mujim”). Pursuant to the terms of the Profit-Sharing Agreement, the Company had agreed to acquire the Facility by issuing an aggregate of 5,300,000 common shares in the capital of the Company (each, a “Share”), the fair value of which was determined based on the date when they were issued, i.e. $0.67, and the consideration was recorded as a capital advance to Mujim as at 30 September 2021.

The Company has agreed that, upon completion of the Facility, it would incur costs pertaining to the installation of the Facility, including compensating contractors from Mujim to assist with installation and to begin operating the Facility. Furthermore, once the Facility is operational within parameters and specifications defined in the Profit-Sharing Agreement, the company will pay Mujim, US$20 per ton for ongoing technical support, and has also agreed to pay Mujim, US$10 per ton as agency fee for any sales in Asia.

The final purchase price may vary depending on certain target production output metrics defined in the Profit-Sharing agreement.

As at 31 March 2026, the construction of the Facility and Flotation Plant are in progress and significantly all components of the Flotation Plant were received from a related party (Note 18). As at 31 March 2026, the Company has incurred $38,012,389 (30 September 2025 - $25,721,163) in construction costs on the Facility which included $4,097,483 (2025 - $2,747,544) of capitalized borrowing costs. The Company is expected to incur additional costs to complete the installation of the Facility and the Flotation Plant and begin operations.

Deposits consist of:

As at 31 March 2026, the balance in deposits of $6,309 represents a deposit for office lease, reclamation surety and bond in the amount of $103,623 paid to the State of Utah for a five-year escalation at Lost Sheep and Bell Hill.

Ares Strategic Mining Inc. FOR THE SIX MONTHS PERIOD ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is charged to recognize the cost of the asset on the condensed interim consolidated statements of comprehensive loss using the straight-line method over the estimated useful life of the asset.

Depreciation is charged to recognize the cost of the asset on the condensed interim consolidated statements of loss and comprehensive loss using the straight-line method over the estimated useful life of the asset.

During the year ended 30 September 2023, the Company acquired an industrial land parcel located in Millard County, State of Utah in the United States for the purpose of setting up its fluorspar plant, which was pledged as collateral on the USDA loan.

In addition to the land parcel acquired during the year, land comprises five Canadian properties located in Ontario, Canada (Note 11(f)). The Company earns revenues from sale of quarry rock located on these properties. These revenues are offset against maintenance payments made on the property and are included within the resource property expense on the condensed interim consolidated statement of loss and comprehensive loss.

Ares Strategic Mining Inc. FOR THE SIX MONTHS ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

The following table summarizes exploration and evaluation assets:

The Company holds a 100% interest in and rights to certain U.S. federal mining claims located at the north-east end of the Spor Mountain Mining District, in section 21, T.12S. 12W, and T.13S. 12W, SLBM of Juab County, western Utah, USA (the “Spor Mountain”). The Spor Mountain property consists of several mineral claim blocks including the Lost Sheep Fluoride Mine, and other unpatented claims. The Company acquired its initial interest through the Amalgamation on 18 February 2020. During the period ended 30 September 2021, the Company acquired additional claims in the region through staking.

As part of the amalgamation with ASM, the Company assumed an underlying property purchase agreement (the “Purchase Agreement”) for certain unpatented claims comprising the Spor Mountain property, pursuant to which the Company would be required to make a payment of US$1,000,000 within 18 months from the commencement of production. During the period ended 30 September 2021, USD $1,000,000 was transferred to the underlying vendor, pursuant to which, the Company is deemed to have fulfilled its obligations under the Purchase Agreement, and the title to the unpatented claims was transferred to the Company.

The Company holds a 100% interest in five properties located in Ontario, Canada.

Ares Strategic Mining Inc. FOR THE SIX MONTHS ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

The following is a summary of the Company’s short-term loans as at 31 March 2026 and 30 September 2025:

As at 31 March 2026 , the Company holds a net $700,709 (30 September 2025 - $696,413) loan from the CEO as well as received $nil (30 September 2025 $112,203) in loans from companies related to directors of the Company subject to 10% per annum and maturing on 30 August 2025, which have been settled as at 31 March 2026. There are no defined terms or due dates of repayment on the loans from the CEO and a non-related party, and the loans are unsecured. Canada Emergency Business Account loan of $60,000 was refinanced with the financial institution in order to repay the full amount in January 2024 and the Company qualified for $20,000 loan forgiveness which was recognized as other income during the year ended 30 September 2024. The refinanced balance of $40,000 is subject to prime rate plus 2.14% per annum over 5-year term commencing on 18 January 2024.

On 2 December 2022, the Company closed a non-brokered private placement offering of secured convertible debentures totalling $1,252,700. The Company incurred a financing fee equal to 45% of the principal amount amounting to $563,715 and paid a finders’ fee totalling $52,720 for net proceeds of $636,265. The principal amount of convertible debentures will be convertible at holder’s option into full-paid common shares in the capital of the Company at any time prior to maturity in two years, at an exercise price of $0.26 per common share. Interest on the debentures shall be paid semi-annually at an annual interest rate of 12% per annum.

In connection with the convertible debentures, the Company also issued 202,771 finders’ warrants, with each warrant exercisable into one common share of the Company for a period of two years at a price of $0.26 per common share. The fair value of the warrants was calculated to be $20,000 using the Black-Scholes option pricing model.

During six months ended 31 March 2026, the Company settled the remaining principal convertible debt of $181,800 and associated interest of $62,600 through a combination of common shares and cash payments. Of the total amount settled, $135,700 was converted into common shares of the Company, with the remaining balance paid in cash.

Ares Strategic Mining Inc. FOR THE SIX MONTHS ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

The following table summarizes the accounting for the convertible debentures and the amounts recognized during the period/year.

On 30 June 2023, the Company’s subsidiary, Ares Utah, signed a promissory note agreement with Community Bank & Trust (“CB&T”) – West Georgia and received a total loan of US$4,420,000 at prime rate stated in money rates section of Wall Street journal plus 2.50%., in lieu of which it pledged its land that was purchased in conjunction with the proceeds and situated in Utah (Note Error! Reference source not found.. The loan matures in 15 years and is guaranteed by the US Department of Agriculture (“USDA”). The interest is due and payable on the 1^st of each month starting 1 May 2023 for the initial 12 months after which the Company is required to repay the monthly instalment consisting of the principal and interest (as per repayment schedule) on each payment date. For the purpose of securing payments and obligations, the Company granted the power of sale and right of the parcel of the land purchased with the proceeds as well as all the proceeds and awards or payments from the land purchased.

Ares Strategic Mining Inc. FOR THE SIX MONTHS ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

The Company has acted as a guarantor in securing the USDA loan payable, and the Company and its subsidiary, Ares Utah, have provided as collateral, interest in all of the Company’s rights, title and interest in and to all property and fixtures (current and future) of the Company and its subsidiaries. In connection with the first USDA loan payable of US$4,420,000, Ares Utah is subject to the following financial covenants:

During the year ended 30 September 2025, the Company received commercial loan of US$1,200,000 from CB&T at prime rate stated in money rates section of Wall Street journal plus 2.50%., the loan maturing on 16 September 2028 is due and payable on the 16^th of each month starting from October 2025 and consisting of the principal and interest (as per repayment schedule) on each payment date. The loan was used primarily to pay for interest and principal of USDA loan and as at 31 March 2026, the remaining balance of cash was US$2,655.

As at 31 March 2026 and 30 September 2025, the Company did not meet the above covenants and therefore, the first USDA loan of US$4,420,000 is in default and has been classified as current liability.

On 15 December 2023, the Company’s subsidiary, Ares Utah closed on the State of Utah’s Private Activity Bond (“PAB”) program from Millard County, Utah (“Millard County”) pursuant to a US$10,000,000 tax-exempt Manufacturing Facility Revenue Bond (the “Series 2023A Bond”), and a US$500,000 taxable Manufacturing Facility Revenue Bond (the “Series 2023B Bond”). The repayment of interest on both the bonds begins 15 December 2024 whereas the principal sum of the Series 2023A Bonds begins annually from 15 December 2025 to 15 December 2034 while the Series 2023B bonds are due to be paid all at once on 15 December 2025. As part of the closing, the Company incurred transaction costs in the amount of US$1,666,940 which were allocated to the issuance cost of loan payable and deducted from the principal value. As at 31 March 2026, the Series 2023B Bond was repaid and cash of $1,297,088 is restricted for the repayment of the Series 2023A Bond.

In addition, the Company entered into a Guaranty Agreement and Guaranty of Completion agreement with the Trustee, pursuant to which the Company agreed to guaranty certain obligations of Ares Utah, including the repayment of the principal, interest and other amounts owed under the bonds. The proceeds from the bonds will be used by Ares Utah to acquire, construct, and develop a processing facility (the “Project”) on the Company’s Lost Sheet Fluorspar Project located in Delta, Millard County, Utah.

During the six months ended 31 March 2026, interest expense capitalized within construction in progress was US$530,000, the amortization of debt costs being recognized as accretion expense over the loan period totalling US$64,389 which is recorded within interest and accretion expense on the condensed interim consolidated statement of loss and comprehensive loss.

Ares Strategic Mining Inc. FOR THE SIX MONTHS ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

The Company has acted as a guarantor in securing the PAB loan payable, and the Company and its subsidiary, Ares Utah, have provided as collateral, interest in 5.5 out of 48 acres of Ares Utah’s rights, title and interest in property and fixtures (current and future) of the Company and its subsidiaries situated on the site funded by the PAB, the Project. In connection with the PAB loan payable, Ares Utah is subject to the following financial covenants:

The repayment commitment of 2023A Bonds has been described in the table below:

Ares Strategic Mining Inc. FOR THE SIX MONTHS ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

On 30 May 2025, the Company’s subsidiary, Ares Utah, signed a promissory note agreement with the State of Utah through the Permanent Community Impact Fund Board and received a total loan of US$11,000,000 at a simple interest rate of 4.50%. The loan matures on 1 May 2031 (“Maturity Date”) for payment in full with accrued interest. Ares Utah may, but is not obligated to make interim payments, of any amount, without penalty, and a final payment will be paid on the Maturity Date.

This loan is secured by and is entitled to the benefits and security contemplated by a Trust Deed Security Agreement and Fixture Filing (“Trust Deed”), covering real property and related improvements, and certain equipment, machinery and fixtures, situated in Millard County, Utah.

During the six months period ended 31 March 2026, interest expense capitalized within construction in progress was US$276,919, the amortization of debt costs being recognized as accretion expense over the loan period totalling US$nil which are recorded within interest and accretion expense on the condensed interim consolidated statement of loss and comprehensive loss.

Ares Strategic Mining Inc. FOR THE SIX MONTHS ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

Unlimited common shares without par value.

During the six months period ended 31 March 2026:

During the six months period ended 31 March 2026:

In connection with the closing of those private placements, the Company paid aggregate cash finder’s fees of $1,267,966 and issued a total of 2,428,814 finder’s warrants. Each finder’s warrant is exercisable at $0.55 per common share for a period of two years from the respective closing dates and is subject to a four-month hold period.

Each full warrant is exercisable for two years at an exercise price of $0.55 and $0.75 per share and is subject to a 9.99% ownership restriction.

Ares Strategic Mining Inc. FOR THE SIX MONTHS ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

In connection with the financing, the Company entered into a Sharing Agreement structured as an equity swap arrangement governed by an ISDA Master Agreement and Credit Support Annex. Under the arrangement, $1,000,000 of credit support was posted and is released in equal monthly tranches over the 24-month term. If the settlement price exceeds the benchmark price, the Company receives more than 100% of the monthly tranche (uncapped). If the settlement price is below the benchmark price, the Company receives less than 100% on a pro rata basis.

Upon initial recognition, the units were recorded in exchange for a share proceeds receivable classified as a financial asset measured at fair value through profit or loss in accordance with IFRS 9, as the contractual cash flows are not solely payments of principal and interest. The units issued were measured based on the fair value of the share proceeds receivable, with proceeds allocated between Common Shares and warrants based on their relative fair values in accordance with IAS 32.

As consideration for entering into the Sharing Agreement, the Company agreed to a value payment of $70,000, and issued 155,556 common shares and 77,778 warrants. These issuances were accounted for in accordance with IFRS 2, Share-based Payment where warrants were allocated a value of $17,063 and common shares of $52,937 using the Black-Scholes model.

The Company also entered into a finder’s agreement providing for a $60,000 cash fee (6% of funds raised), calculated based on the 20-day volume-weighted average trading price preceding payment.

Upon initial recognition, the 2,222,223 units were recorded in exchange for a cash receivable classified as a financial asset measured at fair value through profit or loss. The half of warrants (1,111,112) were allocated a value of $202,816 and $696,489 to Common Shares.

During the year ended 30 September 2025:

Ares Strategic Mining Inc. FOR THE SIX MONTHS ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.26 and includes: (i) an acceleration provision permitting the Company to accelerate expiry if the ten-day volume-weighted average trading price equals or exceeds C$0.40, in which case the Warrants expire 30 days following notice; and (ii) a 9.99% ownership restriction.

As consideration for entering into the Sharing Agreement, the Company agreed to a value payment of $70,000, payable in cash or units at $0.1480 per unit. The Company elected to issue 472,973 units, each comprising one Common Share and one Warrant. These units were accounted for in accordance with IFRS 2, Share-based Payment.

The Company also entered into a finder’s agreement providing for a $60,000 cash fee (6% of funds raised) and 254,433 finder’s warrants, calculated based on the 20-day volume-weighted average trading price preceding payment. As at September 30, 2025, 875,000 agent warrants had been issued in connection with the 2024 and 2025 Sorbie tranches, with an aggregate fair value of $75,000 determined using the Black-Scholes option pricing model.

Upon initial recognition, the 7,229,730 units were recorded in exchange for a cash receivable classified as a financial asset measured at fair value through profit or loss. The Warrants were valued at $842,006 using the Black-Scholes option pricing model, and the Common Shares were valued at $1,373,649 based on the $0.19 closing market price on the issuance date. Based on relative fair values, $322,134 was allocated to Warrants and $519,872 to Common Shares.

The 472,973 units issued in settlement of the $70,000 value payment were measured at fair value on the date of issuance. The Warrants were valued at $55,684 using the Black-Scholes model and the Common Shares at $89,865 based on the $0.19 closing price. Based on relative fair values, $43,219 was allocated to Common Shares and $26,781 to Warrants.

The Company has adopted an incentive stock option plan to grant options to directors, officers, and consultants for up to 10% of the outstanding common shares. The Board of Directors determines the exercise price per share and the vesting period under the plan. The options can be granted for a maximum term of five years.

Stock option activity during the six months period ended 31 March 2026 and the year ended 30 September 2025 is as follows:

Ares Strategic Mining Inc. FOR THE SIX MONTHS ENDED 31 March 2026 (Unaudited) Canadian Dollars

Notes to the Condensed Interim Consolidated Financial Statements (Cont.)

The Company cancelled an aggregate of 800,000 options during the six months period ended 31 March 2026 due to directors resigning from the Company.

During the year ended 30 September 2025:

The Company did not grant any stock options during the year ended 30 September 2025.

Warrants

Warrant activity during the six months ended 31 March 2026 and the year ended 30 September 2025 is as follows:

During the six months period ended 31 March 2026:

Details of warrants outstanding as at 31 March 2026 and 30 September 2025 are as follows: