Search Minerals closes second tranche non-brokered placement

St. Lewis, Newfoundland and Labrador--(Newsfile Corp. - August 26, 2026) - Search Minerals Inc. (TSXV: SMY) (OTC Pink: SHCMF) (" Search Minerals " or the " Company ") is pleased to announce that it has closed the second tranche (the " Second Tranche ") of its previously announced non-brokered private placement financing (the " Financing ") ( News Release dated July 13, 2026 ; Initial Tranche News Release dated August 7, 2026 ), for aggregate gross proceeds of C$200,015.90. Red Cloud Securities Inc. (" Red Cloud ") 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 CEO of Search Minerals.

The Second Tranche consists of: (i) 425,600 units of the Company (each, a " Unit ") at a price of C$0.235 per Unit, for gross proceeds of C$100,016.00 (the " Unit Financing "); and (ii) 370,370 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$99,999.90 (the " FT Financing "), for aggregate gross proceeds under the Second Tranche of C$200,015.90.

Each Unit will consist of one common share of the Company (each, a " Unit Share ") and one common share purchase warrant (each, a " 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) (each, a " FT Share ") and one-half of one Warrant. Each whole Warrant will entitle 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 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 C$28,950.00 in cash finder's fees to Red Cloud and Canaccord Genuity Corp. (" Canaccord "); and (ii) issued an aggregate of 107,222 non-transferable common share purchase warrants (the " Finder's 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 C$815,015.90 under the Financing. Following completion of the Second Tranche, the Unit Financing is fully subscribed at its increased maximum of C$300,000. The Company expects to close the balance of the Financing under the FT Financing, of which up to approximately C$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.