File: Attachment 20240216 - Open Letter to shareholders (FINAL).pdf

JOSEPH LANZON B.P.A, M.P.A 58 Sparks Street.

Box 279 staon B. Otawa, Ontario, K1A 6C4. Joseph.Lanzon@Outlook.com

www.concernedforsearchminerals.com

February 16, 2024

JOCELYN BENNETT AND GEORGE MOLYVIATIS MUST RESIGN FROM THE SEARCH MINERALS INC. BOARD NOW

Open leter to the Search Minerals Shareholders,

I am once again wring to you on my own behalf and on behalf of other interested stakeholders of Search Minerals Inc. (TSXV-SMY) (the "Company" or "Search") to express the need for fundamental change at the Company. Please connue to visit www.concernedforsearchminerals.com to obtain current informaon regarding the requision process, as we have been seeking change since August 2023.

Directors Jocelyn Bennet and George Molyvias are facing serious allegaons of fraudulent misrepresentaon in Brish Columbia and are subject to a criminal invesgaon in Switzerland on charges of misappropriaon of investors' funds, criminal mismanagement, and fraud. Faced with these types of serious allegaons, which undermine investor confidence and harm the interests of the Company, these directors should resign. WE DESERVE BETTER.

Recently, the Supreme Court posted the following decisions in the fraudulent misrepresentaon acon in Brish Columbia:

dot November 11, 2023 - htps://www.bccourts.ca/jdb-txt/sc/23/20/2023BCSC2021.htm

dot December 22, 2023 - htps://www.bccourts.ca/jdb-txt/sc/23/22/2023BCSC2279.htm

In a Ruling by the Supreme Court of the Commonwealth of the Bahamas in August 2022, the Supreme Court described the criminal allegaons against Molyvias and Bennet in Switzerland. This decision can be found here:

dot htps://www.courts.bs/wp-content/uploads/2022/09/AG-v-Jocelyn-Bennet-0509-

2022.pdf

We appreciate the thousands of site visits by our shareholders and their overwhelming support for this necessary change. This Board has not provided the shareholders with any strategic vision nor displayed any competence; they don't even have a website for shareholders to visit.

The Concerned Shareholders of Search Minerals ("Concerned Group") connue to raise substanve issues respecng Search Minerals' current Board and the dysfunconal management of the Company. This current Board's acons have seriously damaged the Company and the interests of shareholders by having the shares halted for compliance review since December 19, 2023. This Board has not issued any substanve corporate update since November 2, 2022. An Annual General Meeng ("AGM") should have been called by the directors before February 2, 2024. They did not call a meeng; another failure by this Board at the expense of Search shareholders.

The Concerned Group will now take the appropriate steps under B.C. law to call the AGM ourselves. We regret having to take this step due to the inacon of the current Board. The funds necessary to undertake this process could have been beter used to advance the rare earth project.

Search Mineral's shareholders deserve a professional, ethical, and responsible leadership team to engage with the community, guide development, and build long term value through sustainable investment in our world-class rare-earth element mining project in South-East Labrador. We need to proceed with our bankable feasibility study and establish a revised project sancon date.

We have a strategic vision including funding, to advance Search Minerals, but it cannot be done with the current board of directors. We are building a very strong and capable Advisory Board to turn this Company around and to start moving in the right direcon.

The Time for change is now. As such, we demand the immediate resignaons of Molyvias and Bennet and we will replace them with Mr. Lanzon and a representave from our Indigenous Partner, NunatuKavut Community Council ("NCC"), along with another independent board member.

Mr. Lanzon is an experienced execuve level advocate with a proven track record of promong shareholder's interests at the highest levels of government and TSXV. Mr. Lanzon is well posioned to secure financing for Company and to strengthen board governance and accountability.

"Joseph Lanzon"

cc. Registered office - Dumoulin Black LLP email

CFO Mathew Anderson email

Mao & Ying - Linda Zhu Auditor email

TSX Venture Exchange Atn: Mani Sanghera, Manager Compliance and Enforcement.- email

BC Securies Commission inquiries@bcsc.bc.ca