Mr. Jason Macintosh reports

SEARCH MINERALS CLOSES FULLY SUBSCRIBED UPSIZED $1.1 MILLION FINANCING

Search Minerals Inc. has closed the third and final tranche of its previously announced upsized non-brokered private placement financing, for gross proceeds of $284,999.85. With the closing of the final tranche, the financing is fully subscribed at its upsized amount of $1.1-million, for aggregate gross proceeds of $1,100,015.78. Red Cloud Securities Inc. acted as finder in connection with the financing.

Jason Macintosh, interim chief executive officer of Search Minerals, commented:

"We are very pleased to have closed our financing fully subscribed at its upsized amount, and we thank our new and existing shareholders for their support. These funds position the company to advance its Foxtrot and Deep Fox projects as we work to supply the emerging North American rare earth supply chain."

The final tranche consists of 1,055,555 critical mineral flow-through (FT) units of the company at a price of 27 cents per FT unit, for gross proceeds of $284,999.85. As previously announced, the company's unit financing was fully subscribed at its increased maximum of $300,000 on completion of the second tranche and no units were issued under the final tranche. For more details, see the news release dated July 13, 2026, the initial tranche news release dated Aug. 7, 2026, and the second tranche news release dated Aug. 26, 2026.

Each FT unit consists of one common share of the company to be issued as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at an exercise price of 35 cents per warrant share for a period of 36 months following the date of issuance.

The gross proceeds from the FT financing will be used by the company to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures as both terms are defined in the Income Tax Act (Canada), related to the company's Foxtrot and Deep Fox projects in Labrador. The company also intends that such expenses will be eligible for the critical mineral exploration tax credit. The company will renounce such Canadian exploration expenses to subscribers with an effective date no later than Dec. 31, 2026. The net proceeds from the unit financing will be used by the company for working capital and general corporate purposes.

In connection with the initial tranche, the second tranche and the final tranche, the company has: (i) paid an aggregate of $49,000 in cash finders' fees to Red Cloud, Canaccord Genuity Corp. and Oak Hill Asset Management Inc.; and (ii) issued an aggregate of 181,110 non-transferable common share purchase warrants to Red Cloud, Canaccord and Oak Hill, collectively.

Completion of the financing

Together with the initial tranche and the second tranche, the company has raised aggregate gross proceeds of $1,100,015.78 under the financing, comprising $300,016.04 under the unit financing and $799,999.74 under the FT financing. The financing remains subject to the final acceptance of the TSX Venture Exchange.

The FT shares and warrant shares issued under the final tranche are subject to a hold period expiring Jan. 24, 2027, being four months and one day from the closing date of the final tranche, in accordance with applicable securities laws.

About Search Minerals Inc.

Led by a proven management team and board of directors, Search is focused on finding and developing critical rare earth elements (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 64 kilometres long and two kilometres wide that is road accessible, on tidewater and located near three local communities. The company has completed a preliminary economic assessment report with resource estimates for Foxtrot and Deep Fox. It is also working on four exploration prospects along the belt: Fox Meadow, Silver Fox, Fox Run and Awesome Fox.

Search has continued to optimize its patented direct extraction process technology with generous support from the Department of Energy and Mines, the government of Newfoundland and Labrador, and the Atlantic Canada Opportunity Agency. The company has completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed REO concentrate for separation and refining.

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

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