Mr. Joseph Lanzon reports

SEARCH MINERALS ANNOUNCES RESULTS OF SUCCESSFUL PHASE 4 DRILL & CHANNEL PROGRAMS AT DEEP FOX CREE DEPOSIT

Search Minerals Inc. has received assay results for phase 4 (2022) drill holes and channels from its Deep Fox critical rare earth element (CREE) property in southeastern Labrador. Assays from all 63 exploration drill holes, 13 geotechnical drill holes and three channels show significant CREE values throughout the mineralized zone; mineralization is observed in all levels (surface channels, 25 metres (m), 50 m, 100 m, 150 m and 200 m). These results were not released earlier due to a lack of execution and oversight by the former board of directors. That chapter is closed. Under new leadership, Search is committed to accountability, transparency and driving this project forward without delay.

Highlights of Deep Fox exploration program:

• Deep Fox infill drill holes and channels confirm continuity of grades and widths of the mineralized zone;
• Exploration drilling and channelling have expanded the mineralized zone to the east on the surface and to the east and west at depth;
• Mineralized zone is at least 600 m in strike length and from 11 m to 38 m wide and open below 200 m depth;
• Phase 4 assay highlights (all true widths):
  • FDC-22-02 (channel): 297 parts per million (ppm) Dy (dysprosium), 2,047 ppm Nd (neodymium), 545 ppm Pr (praseodymium) and 50.0 ppm Tb (terbium) over 10.29 m;
  • FD-22-19 (drill hole): 256 ppm Dy, 1,848 ppm Nd, 496 ppm Pr and 43.5 ppm Tb over 29.92 m;
  • FD-22-18 (drill hole): 238 ppm Dy, 1,905 ppm Nd, 507 ppm Pr and 40.9 ppm Tb over 20.13 m;
  • FD-22-17 (drill hole): 282 ppm Dy, 2,050 ppm Nd, 558 ppm Pr and 47.8 ppm Tb over 11.83 m;
  • FD-22-29 (drill hole): 290 ppm Dy, 2,196 ppm Nd, 586 ppm Pr and 50.3 ppm Tb over 8.81 m;
• This program more than doubles the previous drill programs (phases 1 to 3: 61 holes totalling 11,927 m); a new resource estimate using this new database will support a feasibility study.

"These assay results validate what we've long believed: Deep Fox stands as a premier source of critical rare earth elements. With mineralization extending from surface to 200 metres and widths reaching up to 38 metres, Search remains steadfast in its commitment to developing a generational asset grounded in ESG principles and strengthened by the direct partnership of the NunatuKavut Community Council (NCC). These findings pave the way for an updated resource estimate, reinforcing the long-term feasibility of the project. Search is dedicated to unlocking the full potential of Canada's most advanced CREE district and we deeply appreciate our investor community's unwavering support in shaping this vision," stated Joseph Lanzon, chief executive officer, Search Minerals.

The exploration drill program consisted of 63 drill holes totalling 10,652 m. Most holes were collared to infill drill the previous 25 m grid; some holes were helicopter-supported drill holes on the slopes of Deep Fox Hill. Additional holes were spotted to expand the mineralized zone and resource to the east and west at depth. Infill drilling results will improve the previous resource (see Search Minerals news release dated April 11, 2022) to move indicated resource to measured and inferred resource to indicated to support a National Instrument 43-101 feasibility study. The assay results indicate that the mineralization grades and thicknesses are consistent with the previous three drill programs (see Search Minerals news releases dated March 5, 2018, Oct. 29, 2018, Dec. 5, 2018, Feb. 28, 2019, and Nov. 15, 2021). The mineralization/resource is open at depth, below the 200 m level, down the northeastern plunge.

The geotechnical drill program consisted of 13 drill holes totalling 3,362.6 m. This program was designed to obtain geotechnical samples and data to support the engineering and design of a safe and efficient open pit for the feasibility study. Eleven of the 13 drill holes intersected mineralization; assays from these holes will be incorporated into the new resource estimate.

Three new channels, totalling 102.71 m, were cut in the 2022 program. Two channels (FDC-22-01 and FDC-22-02) were infill between previous channels, chosen to improve the near-surface level resource; assay results from these channels are consistent with previous results (see Search Minerals news releases dated Jan. 27, 2015, Oct. 15, 2015, and Nov. 27, 2017). The third channel was spotted to extend the mineralization/resource to the east; assays from this channel indicate that the mineralized zone is at least 600 m long from east to west.

In addition to assay sampling, all channels and drill holes have been geologically, structurally and geotechnically logged. All sample intervals have also been measured for density, magnetic susceptibility and radioactivity.

The Deep Fox (formerly Deepwater Fox) property (see Search Minerals news releases dated Jan. 27, 2015, and Oct. 15, 2015) occurs about two kilometres (km) northeast of the port of St. Lewis on the southeastern Labrador coast and is 12 km east of the Foxtrot deposit. It can be accessed by all-weather gravel and paved roads from Goose Bay and by ocean through the port of St. Lewis (Fox Harbour).

Quality assurance/quality control (QA/QC)

Drill core is logged, split, tagged, photographed, half core sampled and bagged by company personnel. The remaining half core is stored in the company's core storage facility in St. Lewis. The samples are shipped to Activation Laboratories Ltd. (ActLabs) sample prep facility in Ancaster, Ont., where they are crushed to 80 per cent minus 10 mesh and riffled to produce a representative sample. This sample is then pulverized to 95 per cent minus 200 mesh with the pulverizing mills being cleaned between each sample with cleaning sand. A representative sample is treated by a lithium metaborate/tetraborate fusion and then analyzed by ICP (inductively coupled plasma) and ICP/MS (inductively coupled plasma mass spectrometry) techniques. Mass balance is required as an additional quality control technique and elemental totals of the oxides should be between 98 per cent and 101 per cent. For QA/QC purposes, Search requires duplicates and coarse duplicates every 25 samples, two Search reproducibility standards every 50 samples and four blind, Search inserted, standards every drill hole. ActLabs analyzes duplicates and splits approximately every 15 samples, and also analyzes 22 measured standards for QA/QC. To further enhance the QA/QC procedures, Search has a program of checking analytical results with other labs to confirm the ActLabs results. ActLabs is an ISO/IEC 17025-accredited laboratory.

Qualified person

Dr. Randy Miller, PhD, PGeo, is the company's vice-president, exploration, and qualified person (as defined by National Instrument 43-101), who has supervised the preparation of and approved the technical information reported herein. The company will endeavour to meet high standards of integrity, transparency and consistency in reporting technical content, including geological and assay (REE (rare earth element) data.

About Search Minerals Inc.

Led by a proven management team and board of directors, Search is focused on finding and developing CREE, zirconium (Zr) and hafnium (Hf) resources within the emerging Port Hope Simpson-St. Lewis CREE district of southeastern Labrador. The company controls a belt 63 km long and two km wide, and is road accessible, on tidewater, and located within three local communities. Search has completed a preliminary economic assessment report with resource estimates for Foxtrot and Deep Fox. Search is also working on three exploration prospects along the belt, which include: Fox Meadow, Silver Fox and Awesome Fox.

All material information on the company may be found on its website and on SEDAR+.

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