- Ares Strategic Mining (CSE:ARS) has won a US$168.9 million contract with the US Department of Defense to supply acid-grade fluorspar into the domestic manufacturing industry and strategic minerals stockpile
- Ares Strategic Mining develops fluorspar projects in the United States with eyes on becoming a top supplier for North American technology and infrastructure
- The critical mineral stock has added 282.35 per cent year-over-year
Ares Strategic Mining (CSE:ARS) has won a US$168.9 million contract with the US Department of Defense (DoD) to supply acid-grade fluorspar into the domestic manufacturing industry and strategic minerals stockpile.
The contract, booked through the Defense Logistics Agency, will run for five years on an indefinite delivery-indefinite quantity basis, with a ceiling of up to US$250 million, positioning the US to drastically reduce its 100-per-cent dependency on imports to meet fluorspar demand.
Fluorspar, designated as a critical mineral in the US, plays essential and diversified roles across industries, including defense, technology and clean energy, thanks to its applications to produce everything from semiconductors, to aluminum, to missile systems, to insulating foams and refrigerants.
Ares is on track to become the only US producer of acid-grade fluorspar, with the contract establishing the company as the government’s sole supplier from its flagship Lost Sheep mine in Utah, where high-grade mineralization spans the project’s 5,982-acre land package and benefits from a pair of nearby processing facilities to prepare the mineral for market.
According to a December 5th news release, industrial-scale mining is just around the corner, with permits in place and finishing touches to physical infrastructure rapidly being finalized.
Management commentary
“This is the kind of contract that transforms companies and secures the future of US industry,” James Walker, chief executive officer of Ares Strategic Mining, said in Tuesday’s news release. “We’re not just producing fluorspar, we’re helping build a more resilient and secure domestic supply chain for critical minerals.”
“This award reflects the US government’s commitment to revitalizing a long-neglected critical mineral supply chain,” Walker added. “We are proud to support the US government’s strategic material reserves by supplying domestically sourced, high-grade acidspar. This contract confirms our leadership in rebuilding US critical mineral capability and ensures our products directly contribute to national resilience, industrial strength and long-term security. We are now a partner in America’s strategic future.”
About Ares Strategic Mining
Ares Strategic Mining develops fluorspar projects in the United States with eyes on becoming a top supplier for North American technology and infrastructure.
Ares Strategic Mining stock (CSE:ARS) last traded for C$0.65 and has added 282.35 per cent year-over-year.
Join the discussion: Find out what investors are saying about this critical mineral stock on the Ares Strategic Mining Inc. Bullboard and make sure to explore the rest of Stockhouse’s stock forums and message boards.
Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein.
For full disclaimer information, please click here.