Mr. Stephen Wallace reports

SEARCHLIGHT RESOURCES ANNOUNCES CLOSING OF CRITICAL METALS FLOW-THROUGH PRIVATE PLACEMENT

Searchlight Resources Inc. has closed a private placement of critical mineral flow-through units, as previously announced by press release of Dec. 6, 2023.

The company issued 6,833,400 units at a price of three cents per unit for aggregate proceeds of $205,002. Each unit consists of one critical mineral exploration flow-through share and one-half of one transferable common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the company at an exercise price of five cents per common share for a period of two years from the date of issue. The critical minerals exploration flow-through shares will entitle the holder to receive the tax benefits applicable to the critical mineral exploration tax credit in accordance with provisions of the Income Tax Act (Canada).

The company expects to incur cash commissions and finders' fees of $7,000 and 233,338 finder warrants, which will expire two years from the date of closing.

All the securities issued are subject to a four-month hold period from the date of closing.

Searchlight intends to use the proceeds of the private placement to finance exploration expenditures on its portfolio of critical metal mineral properties.

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 mineral and gold throughout the province, concentrating on projects with nearby infrastructure.

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