Mr. Joseph Lanzon, a shareholder, reports

CONCERNED SHAREHOLDERS OF SEARCH MINERALS TAKING FURTHER STEPS TO REPLACE INCUMBENT BOARD OF DIRECTORS

As previously announced on Oct. 6, 2023, concerned shareholders of Search Minerals Inc., led by Joseph Lanzon, formally requisitioned the long-overdue annual general meeting of shareholders of Search. The incumbent board of directors of Search has failed to meet its legal obligation to send notice of the meeting within 21 days of receiving the requisition of meeting. As such, the concerned shareholders now have the legal right set the meeting date and deliver the notice of meeting themselves, which they intend to do imminently. The concerned shareholders beneficially own approximately 6.38 per cent of the issued and outstanding common shares of Search.

The purpose of the meeting, which must be held on or before Feb. 2, 2024, is to replace the incumbent board of directors of Search with highly qualified nominees to be nominated by the concerned shareholders prior to the meeting. The concerned shareholders will identify their nominees in a proxy circular that will be distributed to the shareholders prior to the meeting.

The NunatuKavut Community Council (the NCC), a current shareholder, supports Mr. Lanzon and the concerned shareholders in their bid to replace the incumbent board. The NCC intends to vote its shareholdings in Search in support of the slate of directors to be nominated by the concerned shareholders.

Todd Russell, president of NunatuKavut Community Council, stated: "The NCC is pleased to support the efforts of Mr. Lanzon in making changes to the board of directors. Search Minerals is a very important development that is located in the heart of our traditional territory. It is a project that can contribute to mitigating the impacts of climate change, which is an overarching priority for NCC. We look forward to strengthening our relationship and building on the exploration agreement we signed with Search in 2012. We want to see this project advance and move forward in a way that respects the rights, values and interests of NunatuKavut Inuit and our communities."

The shareholders must now come together to prevent certain board members from retaining control of the board and continuing their systematic destruction of the company's key relationships and shareholder trust. Now is the time for Search to have a board that is aligned with shareholders and that will ensure the preservation of value for shareholders before it is too late. Now is the time for change.

Mr. Lanzon stated: "We are very pleased for the support of the NCC in the continued development of these properties. It will take time to rebuild the trust and integrity of Search Minerals with rights holders like NCC, and all of our other stakeholders, including our local communities where we work, the federal and provincial governments, the capital markets, our suppliers, and all our shareholders. We will be providing our slate of directors and our plans to ensure we deliver on transparency and corporate governance for all our stakeholders in due course."

Shareholders can contact the concerned shareholders at info@concernedforsearchminerals.com and visit the website to be added to the concerned shareholders mailing list.

The concerned shareholders are monitoring the current actions of the board for any adverse changes in the condition of the company and will post updates regarding same to the website set out above. The concerned shareholders are not soliciting proxies at this time, but want to keep fellow shareholders informed of the requisition process and other related information.