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Found Industries and ARES Strategic Mining Sign MOU to Advance Domestic Gallium, Germanium and Fluorspar Recovery from Utah's Lost Sheep Mine

ARES Teams Up with Found Industries to Turn Waste into Critical Minerals, But High-Stakes Pentagon Contract Execution Remains the Main Event

By The Northwire Desk — AI Analysis May 11, 2026 · 08:30 ARS · 0.38 Ares Strategic Mining Inc.
Executive Summary
  • Most recent: ARES Strategic Mining signed a non-binding MOU with Found Industries (Found Metals division) to evaluate recovery of gallium, germanium, and other critical materials from Lost Sheep Mine feedstocks.
  • The collaboration uses Found’s proprietary resin-free electrochemical Direct Feedstock Extraction technology; Phase 1 focuses on technical evaluation, process integration, and preliminary analysis for future piloting and commercialization.
  • This follows earlier identification of gallium in hundreds of ppm at Lost Sheep (noted in January 2026) and builds on the mine’s status as the only permitted fluorspar mine in the U.S.
  • The MOU does not involve any immediate financial commitment or guaranteed development; it is an exploratory step.
Material Impact
  • Category: Routine – Positive. The MOU is an incremental follow-up to previously disclosed gallium and germanium potential. It does not contain genuinely new, unexpected, or market-moving information.
  • The initiative could eventually add a by-product revenue stream, but it is at the earliest evaluation stage with no economic parameters, timeline, or funding commitment.
  • The market already priced in the strategic importance of Lost Sheep following the $168.9 million Pentagon IDIQ contract (January 2026) and the commencement of mining (February 2026). This MOU does not alter the near-term production or revenue outlook.
  • The news may modestly reinforce the asset’s long-term optionality, but is unlikely to shift the stock’s current downtrend or break through technical resistance.
ARS · Price
Company Overview
  • Company: ARES Strategic Mining Inc., listed on CSE (ARS), OTC (ARSMF), FRA (N8I1).
  • Flagship: Lost Sheep Fluorspar Mine, Juab County, Utah – 353 unpatented claims covering ~5,982 acres.
  • Status: The only fully permitted fluorspar mine in the United States. Fluorspar is a U.S. critical mineral essential for steel, aluminum, fluorochemicals, lithium-ion batteries, and defense applications.
  • Mine development: Underground mine access via spiral decline, secondary ventilation (30,000 CFM fan) completed Nov 2025. Ore extraction and stockpiling commenced February 2026.
  • Processing: Flotation plant under construction; foundations and mechanical installation advanced; first processing runs targeted later 2026.
  • Offtake: Sole-source supplier to U.S. DoD under a five-year IDIQ contract with an initial task-order value of $168.9 million and a ceiling of $250 million.
  • By-product potential: Gallium and germanium identified; partnership with Iowa State University/Ames Lab noted; now MOU with Found Industries to test electrochemical recovery.
Read the original news release →

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