Search Minerals Provides Update on Two Tom Lake Option Agreement

Vancouver, August 23, 2024 - Search Minerals Inc. (TSXV: SMY) ("Search" or the "Company"), is pleased to announce that pursuant to the agreement announced June 17, 2021, (the "Agreement") with United Gold, Aubrey Budgell and Donna Lewis (collectively, the "Vendors") for the option (the "Option") to acquire an undivided 100% interest in the Two Tom Property, in Labrador, Canada, (the "Property"), the Company and Vendors have agreed to amend and reschedule the third anniversary cash payment of $60,000 and the provision of 400,000 shares (the "Schedule").

The Company agrees to pay the Vendors $60,000 at the earliest opportunity available to complete the transaction. The Company and the Vendors have further agreed to postpone the issuance of 400,000 shares until the British Columbia Securities Commission's cease trade order of April 8, 2024 is lifted. This agreement is valid for one year and can be exercised until August 16, 2025. An anti-dilution provision will be applied to the transaction, covering the period until the shares are issued.

Mr. Joseph Lanzon, Interim CEO, commented "Search Minerals values the Vendors' cooperation during this transition period as we fulfill all requirements to resume trading, thereby enabling shareholders to benefit from the option agreement for the Two Tom Property."

The new Search Minerals Board is diligently working to meet all material reporting requirements and reverse this unnecessarily incurred cease trade order, which, of course, was a direct result of the substandard management and leadership practices of the recently deposed former Board. Search Minerals shareholders decisively voted to reject the former Board's mismanagement and dereliction of fiduciary duty at the Annual General Meeting held June 21, 2024.

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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."

Forward-Looking Information

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, next steps and courses of action. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect" "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". Forward-Looking Information in this news release are based on certain material assumptions and involve, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Search Minerals to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, those factors discussed in Search Minerals' public filings and its Canadian disclosure record. Although Search Minerals has attempted to identify important factors that could affect Search Minerals and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business, see the "Risk Factors" and "Management's Discussion and Analysis" with the Canadian securities regulators, which are available at www.sedarplus.ca. Except as required by law, Search Minerals does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the contents of this press release and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.

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