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Search Minerals Inc. (TSXV: SMY) (OTC: SHCMF) ("Search Minerals" or the "Company") is pleased to announce the commencement of its 2026 environmental baseline studies for the Company's DEEP FOX & FOXTROT Rare Earth Elements properties in southeastern Labrador (the "Project"). The program represents a major de-risking milestone as Search Minerals advances the Project toward Environmental Assessment Registration ("EAR"), which is expected in H1 2027.
ACCELERATING DEEP FOX & FOXTROT'S PATH TOWARD DEVELOPMENT
The 2026 baseline program is structured to deliver the environmental, hydrological, ecological, and atmospheric datasets required to support Search Minerals' EAR submission and to support ongoing optimization initiatives as the Project advances toward development.
The program reflects the Project's updated configuration, including water management infrastructure, dry-stack tailings, and potential port development. The environmental baseline program complements the Company's ongoing metallurgical optimization and scoping study initiatives as Search Minerals advances DEEP FOX and FOXTROT toward development. Following completion of the 2026 baseline program, the Company expects to advance detailed engineering, optimization studies, and EAR preparation through 2027.
Strategic Objectives of the 2026 Baseline Program
Advance the Project toward EAR submission in H1 2027, a critical regulatory milestone for project financing and development.
Strengthen Search Minerals' competitive position as an advanced-stage rare earth element projects development company in North America with a project featuring road access, tidewater proximity, and a district-scale resource base.
Support project optimization, including mine design, water management, and infrastructure planning.
Demonstrate responsible project development through environmental stewardship and continued regulatory engagement, a key requirement for government funding, permitting, and downstream partnerships.
KEY TECHNICAL COMPONENTS OF THE 2026 PROGRAM
Hydrology & Surface Water Studies Three seasonal campaigns, including spring freshet monitoring, flow measurements, and installation of level loggers. The objective is to characterize the existing climate characteristics, hydrological conditions, and surface water flow and quality.
Updated Avian Surveys Targeted assessments for Short-eared Owl, Common Nighthawk, and other species of conservation concern.
Passive Ultrasonic Bat Monitoring Acoustic monitoring for Little Brown Myotis and Northern Myotis.
Fish & Fish Habitat Assessments Watercourse verification, habitat mapping, and multi-method sampling.
Ecological Land Classification & Rare Plant Surveys Vegetation community mapping and targeted rare vascular plant assessments.
Wildlife & Species at Risk Surveys Including amphibian surveys for Spring Peeper and other SAR/SOCC species.
Atmospheric & Noise Baseline Studies Establishing initial datasets for air quality, climate normals, and noise-sensitive receptors.
Regulatory Engagement Meetings with provincial and federal departments to confirm methodology and identify data gaps.
MANAGEMENT COMMENTARY
Jason Macintosh, Interim CEO of Search Minerals, stated:
"The 2026 baseline program represents an important milestone for Search Minerals. It advances the Project along the regulatory path toward development and strengthens our position in the emerging Canadian rare earth supply chain. GEMTEC's long-standing involvement at DEEP FOX & FOXTROT ensures continuity, technical rigor, and supports our targeted H1 2027 EAR submission timeline. This work supports our broader strategy to build a scalable, district-wide rare earth element supply chain in southeastern Labrador."
Stewart Gibson, Ecological and Permitting Services Lead at GEMTEC, added:
"We are pleased to continue supporting Search Minerals as the DEEP FOX & FOXTROT Project advances through the EAR process. The 2026 baseline program is designed to provide high-quality, defensible data across all key environmental components, ensuring the Project is well positioned for regulatory review."
About Search Minerals
Search Minerals is focused on finding and developing Critical Rare Earth Elements (CREE) resources that include neodymium (Nd); praseodymium (Pr); dysprosium (Dy); and terbium (Tb), within the emerging Port Hope Simpson – St. Lewis CREE District of southeastern Labrador. The Company controls a district-scale land package spanning approximately 64 km long and 2 km wide which is road accessible, on tidewater, and located near three local communities.
Search Minerals has completed a positive Preliminary Economic Assessment for its FOXTROT and DEEP FOX deposits, demonstrating robust economics including a post-tax NPV8 of C$1.31 billion and a post-tax IRR of 41.5%. In addition, Search Minerals holds four priority exploration prospects currently under evaluation: FOX MEADOW, SILVER FOX, FOX RUN and AWESOME FOX, within a broader portfolio of 24 identified prospects, two of which are considered "drill ready."
Search Minerals 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 Opportunities Agency. The Company has completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed REO concentrate for separation and refining.
All material information on the Company may be found on its website at www.searchminerals.ca and on SEDAR+ at www.sedarplus.ca.
Jason Macintosh
Interim CEO
Telephone: 416-320-9296
Email: jason.macintosh@searchminerals.ca
Forward-Looking Statements
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. 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. 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 Company's Management's Discussion and Analysis filed with certain 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) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295038
