Search Minerals Inc. provided the following update related to its planned 2022 activities. All necessary permits and licences to commence the 2022 Deep Fox exploration program have been obtained. The company drill contractor, Springdale Forest Resources, has been mobilized on site and drilling will commence on June 1 .

Exploration and infill drilling at Deep Fox will consist of approximately 11,000m of NQ drilling; Search hopes to expand the REE resource that was recently published. In addition to the exploration drilling program, a 3,000m geotechnical drill program at Deep Fox has been planned for the 2022 season. This work will support the design of an open pit and underground mine, as well as the environmental review process.

Search has also mobilized the exploration team on site consisting of 11 geologists and 12 support staff to carry out the 2022 field program. This team led by Dr. Randy Miller, will oversee the execution of the program that will include drilling, channelling, field mapping and magnetometer surveying. Search has completed the purchase of additional property in the community of St.

Lewis. This property will be the location of a 12- person camp that will be used to support the 2022 exploration program. Permission to operate this facility has been received from the St Lewis Town Council and will be ready for occupancy on or about June 7 .

Additional environmental baseline data collection programs, including water sampling, have been designed for this season. These programs will support the initiation of the approvals process for the proposed mine and concentrator. The Company has also started construction of an additional 40' x 40' sample storage facility to enable the secure storage of drilling and exploration samples.

This storage facility is located next to Fox Harbour House, the Company's field house, office and core facility in St. Lewis. This new infrastructure is part of the overall development planning and will accommodate the rapid growth of Search's exploration and development activities.

Search has initiated its community engagement program and will be holding community information sessions in Port Hope Simpson, St. Lewis and Mary's Harbour, in early June. Search continues to work with stakeholders and the NunatuKavut Community Council department of Environment and Natural Resources to seek opportunities to collaborate on environmental baseline data collection and regional studies.

The Preliminary Economic Assessment Report ("PEA"), which combines both Deep Fox and Foxtrot resource estimates, announced on April 11, 2022 is in the final stage of technical review. A news release highlighting key findings is expected on or around June 07, 2022. As previously outlined, the key variables addressed in this PEA include: a. Increase production rate from both Deep Fox and Foxtrot; b. Higher grades of its key permanent magnet elements (Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy)) in Deep Fox deposit.

c. Primary Processing using grinding and magnetic separation to produce rare earth concentrate for its proprietary Direct Extraction Process ("DX"); d. Increased recoveries from its DX processing applied to Foxtrot mineralization; e. Significant increase in REE prices. The Company anticipates commencing a 6,000m drill program on its highly prospective Fox Meadow Project. Mapping, prospecting, trenching, channeling, and geophysical surveys confirm the current known extent of two mineralized zones at FOX MEADOW: the NW zone is up to 175m wide, and the SE zone is up to 154m wide.

Combined, known mineralization is at least 790m long, and is open to the NW and SE. The drill program will test for mineralization at depth below the current known strike length. This drill program will commence after the Deep Fox program and will require additional funding.