Mr. Joseph Lanzon reports

SEARCH MINERALS COMPLETES CONVERTIBLE LOAN TRANSACTION

Search Minerals Inc. has closed its previously announced convertible loan transaction with Petra Holdings Company Inc., an arm's-length third party, and has entered into a definitive convertible loan agreement with Petra, pursuant to which Petra has provided an unsecured convertible revolving loan to the company in the aggregate principal amount of $3-million. The company has made an initial drawdown of $750,000 under the loan. The remaining $2.25-million will be available for subsequent drawdowns over the term of the loan, subject to prior acceptance by the TSX Venture Exchange.

The proceeds from the loan will be used for the development of the company's Foxtrot and Deep Fox mining project, including acquisition of equipment, site operations, infrastructure, technical assessments and environmental regulatory compliance, as well as for general working capital and corporate purposes and reduction of other indebtedness.

The outstanding principal amount of the loan will be payable on Nov. 12, 2028. The principal amount of the loan outstanding from time to time will bear interest at the rate of 15 per cent per annum, payable quarterly in arrears.

The principal amount of the loan will be convertible into common shares of the company at the option of Petra at any time prior to the close of business on the maturity date, provided that any future drawdowns and conversion rights of the loan other than in respect of the initial drawdown shall be subject to prior acceptance by the TSX-V. The conversion price for any such conversion shall be: (a) a price of 50 cents per common share for the period from the closing date to the first anniversary of the closing date; and (b) after the first anniversary of the closing date, a price equal to the average of the closing price for the common shares on the TSX-V for the 10 days ending on the last trading day prior to Petra's notice of conversion to the company, provided that such price is no less than the greater of 50 cents and the market price (as defined in the policies of the TSX-V) on the date of conversion. Any common shares issuable on conversion of the loan will be subject to a hold period ending on March 13, 2026, in accordance with applicable securities laws.

For so long as there is at least $500,000 principal amount outstanding under the loan or Petra owns at least 5 per cent of the outstanding common shares of the company, Petra will be entitled to nominate Michael Pearson for appointment and election as a director of the company, subject to compliance with the policies of the TSX-V. As previously announced, Mr. Pearson was appointed as a director of the company on Sept. 19, 2025, subsequent to the company and Petra entering into their preliminary agreement in respect of the loan.

In addition, for so long as there is any principal amount of the loan outstanding, the company will provide Petra with copies of all continuous disclosure documents filed by the company on SEDAR+ concurrently with the filing of such documents, and Petra will have such additional information rights as will be set out in the definitive loan agreement between the company and Petra governing the loan.

About Search Minerals Inc.

Search Minerals is focused on exploring for and developing critical rare earths elements (CREEs) as well as transition metals zirconium and hafnium within the emerging Port Hope Simpson-St. Lewis CREE district of southeastern Labrador. The company controls two deposits (Foxtrot and Deep Fox), two drill-ready prospects (Fox Meadow and Silver Fox) and numerous other CREE prospects, including Fox Valley, Foxy Lady and Awesome Fox, along a 64-kilometre-long belt forming a CREE district in Labrador.

Search Minerals also controls additional CREE assets in the Red Wine CREE district of central Labrador. These include the drill-ready Two Tom Lake CREE-beryllium-niobium deposit, the Mann No. 1 CREE-Nb-Be prospect and the Merlot CREE Prospect.

We seek Safe Harbor.