Search Minerals Closes Fully Subscribed Upsized $1.1 Million Financing

St. Lewis, Newfoundland and Labrador–(Newsfile Corp. – September 23, 2026) – Search Minerals Inc. (TSXV: SMY) (OTC Pink: SHCMF) (“Search Minerals” or the “Company“) is pleased to announce that it has closed the third and final tranche (the “Final Tranche“) of its previously announced upsized non-brokered private placement financing (the “Financing“), for gross proceeds of C$284,999.85. With the closing of the Final Tranche, the Financing is fully subscribed at its upsized amount of C$1,100,000, for aggregate gross proceeds of C$1,100,015.78. Red Cloud Securities Inc. (“Red Cloud“) acted as finder in connection with the Financing.

Jason Macintosh, Interim CEO 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 units of the Company (each, a “FT Unit“) at a price of C$0.27 per FT Unit, for gross proceeds of C$284,999.85 (the “FT Financing“). As previously announced, the Company’s unit financing (the “Unit Financing“) was fully subscribed at its increased maximum of C$300,000 on completion of the Second Tranche, and no units were issued under the Final Tranche. For more details, see News Release dated July 13, 2026; Initial Tranche News Release dated August 7, 2026; Second Tranche News Release dated August 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) (each, a “FT Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant entitles the holder to purchase one common share of the Company (each, a “Warrant Share“) at an exercise price of C$0.35 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 December 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 C$49,000.00 in cash finder’s fees to Red Cloud, Canaccord Genuity Corp. (“Canaccord“) and Oak Hill Asset Management Inc. (“Oak Hill“); and (ii) issued an aggregate of 181,110 non-transferable common share purchase warrants (the “Finder’s 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 C$1,100,015.78 under the Financing, comprised of C$300,016.04 under the Unit Financing and C$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 January 24, 2027, being four months and one day from the closing date of the Final Tranche, in accordance with applicable securities laws.

The securities issued pursuant to the Financing have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT SEARCH MINERALS
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 southeast Labrador. The Company controls a belt 64 km long and 2 km 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, 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 its website at www.searchminerals.ca and on SEDAR+ at www.sedarplus.ca.

Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as “anticipate”, “expect”, “plan”, “likely”, “believe”, “intend”, “forecast”, “project”, “estimate”, “potential”, “could”, “may”, “will”, “would” or “should”. Forward-Looking Information in this news release is based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Search Minerals to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include those factors discussed in Search Minerals’ public filings. Although Search Minerals has attempted to identify important factors that could affect Search Minerals and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company’s business, see the Company’s Management’s Discussion and Analysis filed with certain Canadian securities regulators, which are available at www.sedarplus.ca. Except as required by law, Search Minerals does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/315770