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Diamond & Specialty Minerals Summary for Sept. 18, 2025

2025-09-18 17:30 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was an upbeat 87-67-156 as the TSX Venture Exchange rose four points to 879. Joseph Lanzon's Search Minerals Inc. (SMY), up one-half cent to 22.5 cents on 7,000 shares, has arranged a $3-million unsecured convertible revolving loan to aid advancement of its Foxtrot and Deep Fox rare earth projects in southeastern Labrador. The lender, Petra Holdings Co. Ltd., gets to appoint a director -- Michael Pearson -- to Search's board. (That provision expires once Search owes less than $500,000 on the loan or Petra holds less than 5 per cent of Search's stock.)

Search has also arranged to convert a $404,000 debt it owes to LeadFX Inc. into an unsecured convertible loan. That indebtedness arose from Search's darker days, back in late 2023 and early 2024, when it was unable to pay its bills and LeadFX stepped in to help. The new LeadFX loan, like the one arranged with Petra, pays interest at 15 per cent per year.

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