Ares Strategic Mining Balance Sheet

Financials in millions CAD. Fiscal year is October - September.

Millions CAD. Fiscal year is Oct - Sep.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Sep '25 Sep 30, 2025	Sep '24 Sep 30, 2024	Sep '23 Sep 30, 2023	Sep '22 Sep 30, 2022	Sep '21 Sep 30, 2021
Cash & Equivalents	9.93	6.58	0.09	0.47	0.04	1.05
Short-Term Investments	-	-	-	0.17	0.39	-
Cash & Short-Term Investments	9.93	6.58	0.09	0.64	0.43	1.05
Cash Growth	35974.52%	6941.29%	-85.35%	48.32%	-59.08%	378.30%
Other Receivables	2.99	1.48	0.51	0.02	0.49	0.04
Receivables	2.99	1.48	0.51	0.02	0.49	0.04
Prepaid Expenses	1.47	1.4	0.65	0.29	0.25	0.23
Restricted Cash	1.35	1.37	2.12	1.2	0.09	0.09
Total Current Assets	15.73	10.83	3.37	2.15	1.26	1.42
Property, Plant & Equipment	48.44	42.6	24.3	15.23	14	8.34
Other Long-Term Assets	0.46	0.44	8.78	0.1	0.87	3.65
Total Assets	64.63	53.87	36.46	17.48	16.13	13.41
Accounts Payable	2.96	0.9	3.13	0.41	0.56	0.4
Accrued Expenses	1.01	1.12	0.67	0.25	0.2	0.05
Short-Term Debt	0.71	1.08	1.83	1.1	0.3	2.2
Current Portion of Long-Term Debt	8.31	8.54	7.2	0.82	-	-
Total Current Liabilities	12.99	11.66	12.82	2.58	1.06	2.65
Long-Term Debt	24.66	26.17	11.06	4.68	-	-
Total Liabilities	37.65	37.83	23.88	7.26	1.06	2.65
Common Stock	61.3	51.54	44.48	39.59	39.33	31.43
Additional Paid-In Capital	4.68	3.9	3.84	3.46	4.05	4.35
Retained Earnings	-37.94	-38.32	-34.67	-31.75	-27.16	-23.76
Comprehensive Income & Other	0.16	0.15	0.16	0.14	0.08	-0.04
Total Common Equity	28.2	17.26	13.8	11.44	16.3	11.98
Minority Interest	-1.22	-1.22	-1.22	-1.22	-1.23	-1.22
Shareholders' Equity	26.97	16.05	12.58	10.22	15.08	10.76
Total Liabilities & Equity	64.63	53.87	36.46	17.48	16.13	13.41
Total Debt	33.69	35.8	20.09	6.6	0.3	2.2
Net Cash (Debt)	-23.76	-29.22	-19.99	-5.96	0.13	-1.15
Net Cash Per Share	-0.12	-0.15	-0.13	-0.04	0.00	-0.01
Filing Date Shares Outstanding	237.82	211.55	179.66	139	137.84	122.79
Total Common Shares Outstanding	237.82	211.55	173.42	139	137.77	106.79
Working Capital	2.74	-0.83	-9.45	-0.43	0.2	-1.23
Book Value Per Share	0.12	0.08	0.08	0.08	0.12	0.11
Tangible Book Value	28.2	17.26	13.8	11.44	16.3	11.98
Tangible Book Value Per Share	0.12	0.08	0.08	0.08	0.12	0.11
Land	-	2.88	2.79	2.81	0.08	0.08
Machinery	-	0.64	0.23	0.23	0.23	0.2
Construction In Progress	30.92	25.72	9.76	4.35	4.29	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.