Mr. Jason Macintosh reports

SEARCH MINERALS CLOSES SHARES FOR DEBT TRANSACTION

Further to the news releases of Feb. 20, 2026, and May 6, 2026, Search Minerals Inc. has completed its previously announced shares-for-debt transaction pursuant to TSX Venture Exchange Policy 4.3 (Shares for Debt).

Pursuant to the transaction, the company has issued an aggregate of 370,000 common shares at a deemed price of 50 cents per share in settlement of $185,000 of outstanding indebtedness.

The debt was settled in accordance with Policy 4.3 and applicable provisions of Policy 4.4 of the TSX Venture Exchange. Upon issuance of the shares, the debt has been fully satisfied and extinguished in its entirety, and no further amounts remain owing in respect of such obligations. No new consideration was paid by the creditors in connection with the issuance of the shares.

To the extent that any of the creditors are insiders or non-arm's-length parties of the company, the transaction constituted a related-party transaction under applicable securities laws and TSX-V policies. Any such participation was completed in accordance with the requirements of the policies of the TSX-V and applicable corporate and securities law requirements, including any required disinterested approval, if applicable.

The shares issued pursuant to the transaction are subject to a statutory hold period expiring four months and one day from the date of issuance in accordance with applicable securities laws and TSX-V policies. The transaction remains subject to final acceptance by the TSX-V.

About Search Minerals Inc.

Search Minerals is focused on finding and developing critical rare earth element resources that include neodymium, praseodymium, dysprosium and terbium within the emerging Port Hope Simpson-St. Lewis CREE district of southeastern Labrador. The company controls a district-scale land package spanning approximately 64 kilometres long and two kilometres wide, which is road accessible, on tidewater and located near three local communities.

Search Minerals has completed a positive preliminary economic assessment for its Foxtrot and Deep Fox deposits, demonstrating robust economics including a posttax net present value discounted at 8 per cent of $1.31-billion and a posttax internal rate of return of 41.5 per cent. In addition, Search Minerals holds four priority exploration prospects currently under evaluation: Fox Meadow, Silver Fox, Fox Run and Awesome Fox, within a broader portfolio of 24 identified prospects, two of which are considered drill ready.

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

We seek Safe Harbor.