Mr. Stephen Wallace reports

SEARCHLIGHT RESOURCES AND REFINED ENERGY ENTER INTO OPTION AGREEMENTS FOR THE BASIN AND MILNER URANIUM PROPERTIES IN SASKATCHEWAN

Searchlight Resources Inc. has entered into option agreements with Refined Energy Corp., dated Aug. 6, 2024, which grant Refined Energy the right to acquire up to a 100-per-cent interest in each of the Basin and Milner prospective uranium properties, located in the Athabasca basin region, Northern Saskatchewan, Canada.

"We are pleased to partner with Refined to advance the Basin and Milner uranium properties, and look forward to a successful venture," stated Stephen Wallace, Searchlight's chief executive officer. "Searchlight will continue to focus on the company's other critical element projects, including the Duddridge Lake uranium deposit and the Kulyk Lake uranium and high-grade-rare-earth project."

To exercise the options, Refined must make a series of cash payments and share issuances to Searchlight, and undertake certain exploration expenditures on the properties as outlined below. If the option with respect to either the Milner property or the Basin property is exercised, a 2-per-cent net smelter return (NSR) royalty on such property will be granted to Searchlight, 1 per cent of which may be repurchased by Refined for $1-million.

The option agreements and the transactions contemplated are subject to acceptance of the Canadian Securities Exchange. All the securities issuable will be subject to a four-month hold period from the date of issue.

Additional option terms

Refined will serve as operator on both projects.

The shares issued will be subject to a 12-month contractual resale restriction.

Qualified person

Stephen 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. The company's exploration model of project generation, coupled with targeted exploration, focuses on uranium, rare earths, copper, nickel and gold throughout the province.

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