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Equity Research firm, eResearch Corp., recently published a 72-page Initiation Report on Search Minerals Inc. (TSXV:SMY | OTC:SHCMF) that is available to download for free at www.eresearch.com.

Search Minerals is exploring and developing a Rare Earth Elements (REE) project in southeast Labrador and a REE Processing Plant in Newfoundland, Canada. The company control two advanced REE resources, Deep Fox and Foxtrot, along with regional prospects, including Fox Meadow, Silver Fox, and the Red Wine District.

As it “Sprints to Production”, Search Minerals released an updated Preliminary Economic Assessment (PEA) report for the Deep Fox/Foxtrot project this summer and is now working towards the start of a Feasibility Study, additional project exploration and drilling, with mining production targeted for 2025.

Greg Andrews, President and CEO, recently commented, “We continue to work toward a feasibility study for the end of 2023, and the Deep Fox drill program should provide a measured resource category as well as expanded indicated and inferred resource for an updated mineral resource calculation expected in 2023.”

Search Minerals’ business plan is to supply a rare earth oxide (REO) mixed rare earth carbonate concentrate and/or a pure mixed REO concentrate to third-party REE separation facilities and refiners in North America to meet the increasing demand.

The company was valued by eResearch using an equal weighting of a Relative Valuation based on peers and Discounted Cash Flow (DCF) built on the project’s economics from data in the company’s recent PEA. Search Minerals currently trades at a discount to its peers, including Ionic Rare Earths (ASX:IXR), Rainbow Rare Earths (LSE:RBW), and Texas Mineral Resources (OTC:TMRC). A detailed company valuation can be viewed in eResearch’s Initiation Report.

In eResearch’s report, there is a 15-page section that provides a solid overview of REEs and other companies in the sector. REEs are part of what governments, industry, and media are calling critical or technology metals. Critical metals are aptly named because they are irreplaceable in technology applications owing to their unique properties and cannot be substituted with any other element to obtain the required properties.

REEs are used in the manufacture of many things we use every day, including cellular phones, defense systems, electronics, electric vehicles, medical devices, telecommunications equipment, and wind turbines. The REE neodymium is the strongest known magnetic substance and is used in applications that require strong, compact permanent magnets, such as cellular phones and electric motors.

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Search Minerals controls a district-scale project with exploration potential in an emerging REE region in Canada. The project encompasses two projects with NI 43-101 resources (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.

The company is supported by an experienced management team with diverse commercial, market, and technical expertise, and management has long-standing experience and geological knowledge of Labrador, so it is well-positioned to take advantage of the regional exploration opportunities.

Dr. Randy Miller, Vice President - Exploration, has also served as the Rare Earth Metal Specialist for 12 years with the Newfoundland and Labrador Geological Survey and Dr. David Dreisinger, Vice President - Metallurgy, has extensive experience working as a process consultant for metallurgical companies and plays a key role in the development of Search Minerals' Direct Extraction Process. The recent hiring of Todd Burlingame as Chief Operating Officer shows the company's commitment to advance the Deep Fox and Foxtrot projects into production.

Chris Thompson, Director of Equity Research of eResearch wrote, “With investor and government support, Search Minerals has the potential for becoming a leading producer in the North American REE industry for Electric Vehicles and other high-tech industries.”

Search Minerals is currently trading around C$0.10 with a market cap of less than C$42 million, but due its recent PEA, near-term production focus, and the resource growth opportunities from its regional land package, the company has the potential for value creation.

For more information about eResearch's 72-page Initiation Report on Search Minerals, please visit eResearch's website (www.eresearch.com).

Disclaimer / No representations, express or implied, are made by eResearch as to the accuracy, completeness or correctness of its research. Opinions and estimates expressed in its research represent eResearch’s judgment as of the date of its reports, are subject to change without notice, and are provided in good faith and without legal responsibility. Its research is not an offer to sell or a solicitation to buy any securities. The securities discussed may not be eligible for sale in all jurisdictions. Neither eResearch, nor any person employed by eResearch, accepts any liability whatsoever for any direct or indirect loss resulting from any use of its research or the information it contains. eResearch reports may not be reproduced, distributed, or published without the express permission of eResearch. eResearch accepts advertising and other fees from companies, financial institutions, other third parties, and Institutional and Retail Investors. The purpose of this policy is to defray the cost of researching small and medium capitalization stocks which otherwise receive little or no research coverage. To ensure complete independence and editorial control over its research reports, eResearch follows the CFA Institute’s “Best Practice Guidelines Governing Analyst/Corporate Issuer Relations”.

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