Search Minerals Magnetic Separation of Bulk Samples Commences at SGS Canada

Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company "), is pleased to announce that two bulk samples of mineralization from Deep Fox and Foxtrot have been received and are being processed in our PHASE 1 magnetic separation program at SGS Canada (Lakefield) (" SGS "). The Deep Fox sample comprises 52.9 metric tonnes recovered from the exposed surface of the deposit. Similarly, the Foxtrot sample comprises 19.8 tonnes of surface material.

The SGS program involves crushing and grinding the bulk samples and feeding a series of magnetic separation devices to produce:

(1) a magnetic concentrate by Low Intensity Magnetic Separation (LIMS) containing predominantly magnetite (an iron oxide mineral),

(2) a magnetic concentrate by Wet High Intensity Magnetic Separation (WHIMS) containing the majority of the rare earth element values in the original sample and

(3) a final non-magnetic material fraction containing non-magnetic material, including the zircon mineral containing zirconium and hafnium.

The testing will be carried out at a scale of over 500 kg per hour of material treatment for the next few weeks. The results of the testing will be used as part of our "scale up" to a full commercial magnetic separation plant. The LIMS concentrate will be evaluated for sale as a potential iron ore concentrate. The WHIMS concentrate will comprise 18-20 tonnes of material from the two bulk samples. This concentrate will be used as material for our PHASE 2 program to further study and scale up the Direct Extraction Process for rare earth recovery. Finally, the non-magnetic concentrate will be studied for zirconium and hafnium recovery by flotation.

Dr. David Dreisinger, Director/Vice-President of Metallurgy states; "The benefit of producing a concentrate, using the grinding and magnetic circuit, prior to our proprietary Direct Extraction Process, is the reduction in size of equipment and reduced chemical and energy use to obtain similar overall recoveries of saleable rare earth elements."

Greg Andrews, President/CEO states; "We continue with our "Sprint to Production" and this is a very important step to scale up and produce more material for further separation into individual oxides of the permanent magnet material, Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy) and Terbium (Tb). These are the key elements which create the value in the rare earth element supply chain. Upon producing the oxides, Search will demonstrate the transformation of the permanent magnet oxides into metal."

Qualified Person:

Dr. David Dreisinger, Ph.D., P.Eng, is the Company's Vice President, Metallurgy, and Qualified Person (as defined by National Instrument 43-101) who has supervised the preparation of and approved the technical information reported herein. The company will endeavour to meet high standards of integrity, transparency, and consistency in reporting technical content, including geological and assay (e.g., REE) data.

About Search Minerals Inc.

Led by a proven management team and board of directors, Search 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. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report for FOXTROT , and a resource estimate for DEEP FOX . Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX .

Search has continued to optimize our patented Direct Extraction Process technology with the support from the Department of Industry, Energy ad Technology, Government of Newfoundland and Labrador, and from the Atlantic Canada Opportunity Agency. We have completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed REO concentrate for separation and refining. We also recognize the continued support by the Government of Newfoundland and Labrador for its Junior Exploration Program.

For further information, please contact:

Greg Andrews
President and CEO
Tel: 604-998-3432
E-mail: info@searchminerals.ca

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.


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Search Minerals Completes Initial 2,000m Fox Meadow Phase 1 Drill Program

Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company ") is pleased to announce that the planned 2,000 m of the FOX MEADOW Phase 1 drill program have been completed. FOX MEADOW our third major REE mineralized zone, is located in the Port Hope Simpson St. Lewis Critical Rare Earth Elements (CREE) District in SE Labrador. The drill program consisted of a total of 14 drill holes and 2000 m drilled. All drill holes have intersected visual REE mineralization similar to that observed on the surface. Our geology team will have all holes logged and sampled, with all samples sent for assay, in the next 10 days.

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Search Minerals Completes Magnetic Separation of Bulk Samples at SGS Canada

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Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company "), is pleased to announce that two bulk samples of mineralization from Deep Fox and Foxtrot have been processed in our PHASE 1 magnetic separation program at SGS Canada (Lakefield) (" SGS "). The Deep Fox sample comprises 53 metric tonnes recovered from the exposed surface of the deposit. Similarly, the Foxtrot sample comprises 20 tonnes of surface material.

The SGS program involved bench scale work to test the amenability of the two samples to magnetic separation and then the execution of a continuous pilot plant operating at ~550 kg per hour of feed material over 15 separate pilot plant periods to produce a pre-concentrate of iron by Low Intensity Magnetic Separation (LIMS) and a rare earth concentrate by Wet High Intensity Magnetic Separation (WHIMS) and a final tailing material for environmental testing.

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"With extensive subsidies and non-market practices leading to substantial risks of overcapacity, China's exports of EVs grew by 70% from 2022 to 2023-jeopardizing productive investments elsewhere. A 100% tariff rate on EVs will protect American manufacturers from China's unfair trade practices."

Simultaneously, the US Trade Representative issued a statement on Section 301 tariffs recommending a series of steps to eliminate the PRC's unfair trade practices, which include:

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Mike Schrider, P.E., Vice President and Chief Operating Officer of Ucore, stated: "As US tariffs are implemented to level the commercial playing field by the US, our strategic ability to supply and support OEM EV manufacturers by processing heavy and light feedstock from a multitude of different Western sources essential to permanent magnet manufacturing, gives us the flexibility to grow and prosper at our Louisiana SMC. We expect this to be of significant benefit as we increase production from 2,000 tonnes per annum to our planned total nameplate production of 7,500 tonnes per annum[2] over our first few years of production and subsequently expand our footprint across North America."

# # #

 

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term establishment of a heavy and light rare-earth processing facility in the U.S. State of Louisiana, subsequent Strategic Metal Complexes in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA.

Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

For further information, please visit www.ucore.com.

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

Regarding any disclosure in the press release above about the US Department of Defense or the Government of Canada Programs and the expected successful progress and resulting milestone payments from these Programs, the Company has assumed that the Programs (including each of their milestones) will be completed satisfactorily. For additional risks and uncertainties regarding the Company, the CDF, the Demo Plant and ongoing Programs (generally), see the risk disclosure in the Company's MD&A for Q3-2023 (filed on SEDAR on November 20, 2023) (www.sedarplus.ca) as well as the risks described below.

Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future Strategic Metals Complexes ("SMCs"). Ucore has also assumed that sufficient external funding will be found to complete the Demo Plant demonstration schedule and also later prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Element project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

CONTACTS

Mr. Michael Schrider, P.E., Ucore Vice President and Chief Operating Officer, is responsible for the content of this news release and may be contacted at 1.902.482.5214.

For additional information, please contact:

Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
1.902.482.5214
mark@ucore.com

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