Search Minerals Inc. (SHCMF)

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Chico. Thanks for posting! High points of the video.

SHCMF had successful financing, have $7 million cash. Hiring 13 new workers to support this years 14,000 Ft drilling program. Grinding/Extraction has begun on 80 tons of REE material. They have made improvements and want to Get the PEA and move on to the Environmental Review process.

Discussion of EV expansion and see Search as being well positioned to respond to this expansion. Prices of magnetic REEs have tripled since 2020. Not many operating deposits outside of China.


Last pea was 2016 and was based only on Foxtrot. 5 points on the The 2022 updated PEA.

1) It will include Deep Fox, which has higher REE grades than Foxtrot.

2) By mining Deep Fox they expect to increase production from 1000 to 2000 tons per day.

3) They expect the open pit mine life to increase from 15 to 20 years.

4) Their magnetic recovery bench test and scale up technology has increased REE recovery from 79% to 90%. Deep fox has a 15% higher REE Grade than Fox Trot

5) They are updating their flowsheets and make the NPD and make the bottom more robust.


They want to Get the PEA and move to Permitting Review. (Environmental Review process. No firm date mentioned.)

He makes the point that the 2022 PEA will show that they are economic at current REE prices which they could not say with the 2016 PEA, which will make it easier to decide to invest.

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Not mentioned: I did not hear any reference to USA Rare Earth LLC or their proposed SPAC. This involved speculation that it might result in purchase of the company but there has been no further information about this.

I think that SHCMF will proceed as though a USA Rare Earths SPAC and any assistance will not happen. My thought is that they will seek their own funding sources to allow them to start operations as soon as possible (Not I think this year). So far they appear to be successful at raising capital. If a SPAC outside the company does happen they can always revisit this issue. (They still have the agreement regarding the REE supply chain to the NC Magnet plant as far as I know.)

Everything from the line on down is my speculation. This is not based on any company information.