Mr. Jason Macintosh reports

SEARCH MINERALS CLOSES SECOND TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FINANCING AND ANNOUNCES EXTENSION OF FINANCING

Search Minerals Inc. has closed the second tranche of its previously announced non-brokered private placement financing (news release dated July 13, 2026; initial tranche news release dated Aug. 7, 2026), for aggregate gross proceeds of $200,015.90. Red Cloud Securities Inc. acted as finder in connection with the second tranche.

"We are pleased to close the second tranche of our non-brokered private placement, which reflects continued investor support as we advance our Foxtrot and Deep Fox projects," said Jason Macintosh, interim chief executive officer of Search Minerals.

The second tranche consists of: (i) 425,600 units of the company at a price of 23.5 cents per unit, for gross proceeds of $100,016.00 (the unit financing); and (ii) 370,370 critical mineral flow-through units of the company at a price of 27 cents per FT unit, for gross proceeds of $99,999.90 (the FT financing), for aggregate gross proceeds under the second tranche of $200,015.90.

Each unit will consist of one common share of the company and one common share purchase warrant. Each FT unit will consist 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) and one-half of one warrant. Each whole warrant will entitle the holder to purchase one common share of the company at an exercise price of 35 cents 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 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 and the second tranche, the company has: (i) paid an aggregate of $28,950.00 in cash finders' fees to Red Cloud and Canaccord Genuity Corp.; and (ii) issued an aggregate of 107,222 non-transferable common share purchase warrants to Red Cloud and Canaccord, collectively.

Status of the financing

The second tranche was completed in accordance with all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange. Together with the initial tranche, the company has now raised aggregate gross proceeds of $815,015.90 under the financing. Following completion of the second tranche, the unit financing is fully subscribed at its increased maximum of $300,000. The company expects to close the balance of the financing under the FT financing, of which up to approximately $285,000 remains available, in one or more further tranches. There can be no assurance that the balance of the financing will be completed, whether in whole or in part, and any subsequent tranche remains subject to the receipt of all necessary regulatory and other approvals, including the acceptance of the TSX Venture Exchange.

The unit shares, FT shares and warrant shares issued under the second tranche are subject to a hold period expiring Dec. 26, 2026, being four months and one day from the closing date of the second tranche, in accordance with applicable securities laws. The unit shares, FT shares and warrant shares issuable under any subsequent tranche will be subject to a hold period of four months and one day from the applicable closing date, in accordance with applicable securities laws.

Extension of filing deadline

The company also announces that the TSX Venture Exchange has granted a 30-day extension of the deadline for filing final documentation in respect of the financing, from Aug. 24, 2026, to Sept. 23, 2026, pursuant to Section 1.9 of Policy 4.1 of the TSX-V Corporate Finance Manual. There have been no changes to the terms of the financing, and the issue prices of 27 cents per FT unit and 23.5 cents per unit remain unchanged.

About Search Minerals Inc.

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 kilometres long and two km wide, and is road accessible, on tidewater and located near three local communities. Search has completed a preliminary economic assessment report with resource estimates for Foxtrot and Deep Fox. Search is also working on four exploration prospects along the belt which include: Fox Meadow, Silver Fox, Fox Run and Awesome Fox.

Search has continued to optimize its patented direct extraction process technology with the generous support from the Department of Energy and Mines, government of Newfoundland and Labrador, and from the Atlantic Canada Opportunity Agency. Search has completed two pilot plant operations and produced highly purified mixed rare-earth carbonate concentrate and mixed REO concentrate for separation and refining.

We seek Safe Harbor.