Ares Strategic Mining Balance Sheet

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

Millions CAD. Fiscal year is Oct - Sep.

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

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