Mr. Stephen Wallace reports

SEARCHLIGHT IDENTIFIES ADDITIONAL STRATEGIC METALS AND MINERALS AT KULYK RARE EARTH / URANIUM PROJECT

Searchlight Resources Inc. has released results of a petrographic study of samples from the Hot Ridge occurrence and Yellow Brick Road occurrence at the company's Kulyk Lake rare earth/uranium project, located approximately 165 kilometres north of La Ronge, Sask., and 65 km south of the Key Lake uranium mill.

In 2022, Searchlight discovered a new rare earth element (REE) occurrence at Hot Ridge, with prospecting samples of up to 0.95 per cent TREO (total rare earth oxides). To follow up and better understand this new occurrence, the company sent samples to Vancouver Petrographic for microscopic analysis. In addition, samples from the area of the known Yellow Brick Road REE (rare earth element)/uranium (U) occurrence were also studied.

The studies showed monazite in four of the five thin sections, with petrographic observations indicating up to 2 per cent monazite in a thin section from the newly discovered Hot Ridge occurrence. This confirms that rare earth mineralization on the Kulyk Lake claims is more extensive than previously known. Monazite is one of the primary REE ore minerals of economic importance worldwide and is compatible with the rare earths processing facility being built in Saskatoon by the Saskatchewan Research Council.

The results from the two samples from the Yellow Brick Road area contained anomalous uranium values, and one sample had anomalous hafnium (Hf) values (see the table entitled "Rare earth assays for thin section samples"). These results will be followed up in future exploration programs.

"The verification of monazite in the thin sections from both the newly discovered Hot Ridge zone and Yellow Brick Road areas is extremely encouraging for Kulyk Lake project. The results of the study highlight the potential for the property to host multiple areas to follow up for drill targets," stated Stephen Wallace, Searchlight's chief executive officer.

In the fall of 2023, a geological team completed follow-up prospecting and mobile metal ion (MMI) sampling, and has submitted the samples to laboratories for analysis. Additionally, airborne radiometric and magnetic surveys are currently being completed on the southern portion of the Kulyk Lake property, in the Daly Lake area. The Daly Lake area has multiple occurrences with over 1 per cent total rare earth elements (TREE), including sample 99766 with 30,769 ppm (3.08 per cent) TREE and sample 99812 with 29,466 ppm (2.95 per cent) TREE (data from Saskatchewan Mineral Deposit Index file No. 5184).

Exploration at Kulyk Lake has identified a large area of pegmatites with the potential of hosting additional rare earth and critical metal targets, to be followed up. Rare earth pegmatites represent an emerging target for a host of valuable metals, including neodymium, praseodymium and dysprosium, terbium and hafnium (see the table entitled "Rare earth assays for thin section samples").

A table entitled "Spot prices of selected commodities, Nov. 1, 2023" is presented to better inform stakeholders and shareholders of the current spot prices for magnet rare earths, dysprosium, neodymium, praseodymium and terbium, along with uranium and hafnium.

Note on TREO: TREO equals Ce2O3 (cesium oxide) plus Dy2O3 (dysprosium oxide) plus Er2O3 (erbium oxide) plus Eu2O3 (europium oxide) plus Gd2O3 (gadolinium oxide) plus Ho2O3 (holmium oxide) plus La2O3 (lanthanum oxide) plus Nd2O3 (neodymium oxide) plus Pr6O11 (praseodymium oxide) plus Sm2O3 (samarium oxide) plus Tb4O7 (terbium oxide) plus Yb2O3 (ytterbium oxide).

Qualified person

Mr. Wallace, PGeo, is Searchlight's qualified person within the meaning of National Instrument 43-101, and has reviewed and approved the technical information contained in this news release.

About Searchlight Resources Inc.

Searchlight Resources is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which has been ranked as the top location for mining investment in Canada by the Fraser Institute. Exploration focus is on battery minerals and gold throughout the province, concentrating on projects with nearby infrastructure.

We seek Safe Harbor.