Search Minerals Inc. has closed the second tranche of its non-brokered private placement, raising C$200,015.90 in gross proceeds to advance its Foxtrot and Deep Fox projects in Labrador.

The closing brings total funds raised under the broader financing initiative to C$815,015.90. The second tranche comprised 425,600 units priced at C$0.235 each for C$100,016.00, alongside 370,370 critical mineral flow-through units priced at C$0.27 each for C$99,999.90.

Gross proceeds from the flow-through portion are earmarked for eligible Canadian exploration expenses that qualify as flow-through mining expenditures and the Critical Mineral Exploration Tax Credit, while net proceeds from the ordinary units support working capital and general corporate purposes. Red Cloud Securities and Canaccord Genuity acted as finders, receiving a combined C$28,950 in cash fees and 107,222 non-transferable finder warrants across the initial and second tranches.

The company controls a 64-kilometre-long and 2-kilometre-wide road-accessible belt within the Port Hope Simpson to St. Lewis Critical Rare Earth Elements District of southeast Labrador. In addition to Deep Fox and Foxtrot, Search Minerals holds the Red Wine rare earth elements project classified under advanced exploration in Newfoundland and Labrador.

Following the latest closing, the unit financing portion of the raise is fully subscribed at its increased maximum of C$300,000. Search Minerals expects to close the remaining balance of the financing through further flow-through tranches, with up to approximately C$285,000 still available, subject to regulatory approvals including TSX Venture Exchange acceptance.

The TSX Venture Exchange has granted a 30-day extension for filing final documentation regarding the financing, moving the deadline from August 24, 2026, to September 23, 2026.

"We are pleased to close the Second Tranche of our non-brokered private placement, which reflects continued investor support as we advance our Foxtrot and Deep Fox projects," said Jason Macintosh, Interim CEO of Search Minerals.

Read the full announcement: Search Minerals Closes Second Tranche of Non-Brokered Private Placement Financing and Announces Extension of Financing