You are welcome, and something else I just stumbled upon on the Ares LinkedIn page:
I was not aware of the 12.2 Million warrants at US $.40 and suppose it will be the next barrier to get through once this "hopefully" pivot bottoms and reverses course back to the upside. See the comments from a LinkedIn post that James Walker responded to in regard to the warrants:
👷 A thoughtful Reddit post on hashtag#ARSMF has caught our eye, and our CEO James Walker agrees with the analysis on warrant overhang, IDIQ realities, OTC liquidity constraints, and the classic junior mining 'show me' phase.
We’ve banged the drum hard about the DoD contract news and growing stockpile of fluorspar at the Lost Sheep Mine. Our Lumps plant construction is complete and is now going through rigorous electrical fitting and testing. But here's a clearer market picture that we’re not afraid to be transparent about:
The 12.2 million warrants at ~US$0.40 create a well-documented supply wall: every time the price approaches that level, holders are incentivized to exercise and sell to lock in gains. This is a real mechanical ceiling, and it’s fair for investors to ask about dilution.
Here’s why it’s not a major long-term concern:
These warrants stem from a one-time past financing (not new or recurring issuance). Once exercised, that specific overhang disappears - it’s finite, not endless.
Upon exercise, the company receives cash inflow at $0.40 per share (roughly $4.9 million in total), which directly funds plant commissioning and operations, strengthening the balance sheet without needing to raise more equity at lower prices.
Relative to our current ~260 million shares outstanding, 12.2 million new shares represent only about 4.7% dilution if all are exercised. In the context of a junior miner moving into production and first revenue, this is modest and already largely priced into the current valuation.
As broader selling pressure eases (with reduced war-premium volatility) and we deliver tangible production milestones + initial sales, natural buying interest should absorb this supply relatively quickly, turning the “wall” into a short-term speed bump rather than a permanent barrier.
In short: this is a known, limited technical overhang from capital raises. The real value unlock comes from the plant coming online, first wet runs, and cash flow from acidspar sales, which will hopefully drive sustainable price appreciation well beyond the $0.40 level. We're heads-down, working hard on executing on plant ramp-up and first deliveries.
Market Data 
Markets 
