Search Minerals Inc. (TSX-V: SMY)  is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered non-transferable unsecured convertible note financing in the amount of $700,000, resulting in total gross proceeds from the Convertible Note financing reaching the maximum $1Million. The closing of the first tranche of the Convertible Notes in the amount of $300,000 was announced by the Company on October 7, 2024. The proceeds of the Convertible Notes will be used by the Company to maintain its properties in good standing and to complete all disclosure requirements, including audited and interim financial statements, in order to have the cease trade order on the Company’s common shares lifted as soon as possible.

The Convertible Notes have a maturity date of one year from the date of issuance and bear interest at 15% per annum. Following the full revocation of the CTO and prior to the Maturity Date, the principal and accrued interest of the Convertible Notes may be converted into Shares at the option of the Convertible Note holder. The conversion price of the principal will be $0.05 per Share and the conversion price of the accrued interest into Shares will be as permitted by the policies of the TSX Venture Exchange at the time of conversion.

About Search Minerals Inc.:

Search Minerals is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of South East Labrador. Search controls two deposits (Foxtrot and Deep Fox), two drill ready prospects (Fox Meadow and Silver Fox) and numerous other REE prospects, including Fox Valley, Foxy Lady and Awesome Fox, along a 64 km long belt forming a REE District in Labrador.

Search also controls additional CREE assets in the Red Wine CREE District of central Labrador. These include: the drill ready Two Tom Lake CREE-Be-Nb deposit, the Mann #1 CREE-Nb-Be prospect and Merlot CREE Prospect.