Phase
2 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Cautionary Statement
The following presentation may include certain “forward-looking statements” within the meaning of the United States Private Litigation
Reform Act of 1995 and applicable Canadian Securities Laws. All statements other than statements of historical fact, included in the
presentation, including without limitation, statements regarding potential mineralization and reserves, exploration results, and future
plans and objectives of Search Minerals, are forward-looking statements. Words such as “expect”, “anticipate”, “estimate”, “may”,
“will”, “should”, “intend”, “believe” and other similar expressions are forward-looking statements. Forward-looking statements are
not guarantees of future results and conditions but rather reflect our current views with respect to future events and are subject to
risks, uncertainties, assumption and other factors, and actual results and future events could differ materially from those anticipated in
such statements. There can be no assurance that such forward-looking statements will prove to be accurate. We base our forward-
looking statements on information currently available to us and we do not assume any obligation to update them, except as required
by law.
An additional Cautionary Note to Investors: In the event that we use certain terms in this presentation such as “resource”,
“measured resource”, “indicated resource” and “inferred resource,” US investors are cautioned that, while such terms are
recognized and required by Canadian Securities Laws, the United States Securities and Exchange Commission does not recognize
them. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the
mineralization could be economically and legally produced or extracted at the time the reserve determination has been made. U.S.
investors should not assume that all or any part of measured or indicated resources will ever be converted into reserves. In addition,
“inferred resources” have a greater amount of uncertainly as to their existence and as to whether they can be mined legally or
economically. Accordingly, information concerning descriptions of mineralization in the presentation may not be comparable to
information made public by companies that are subject to the SEC’s Industry Guide 7.
All of the scientific and technical information contained herein has been reviewed and/or prepared by either Dr. Randy Miller, P.Geo.
or Dr. David Dreisinger, both being a “Qualified Person” within the meaning of National Instrument 43-101-Standards of Disclosure
for Minerals Projects. For further details of the Company’s procedures and policies for data verification, the reader is referred to the
Company’s news releases and other material information available on the Company’s website at www.searchminerals.ca or on
SEDAR at www.sedar.com
3 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
About Search Minerals Inc.
▪ Focused on developing and continued exploration within the emerging Port Hope Simpson
Critical Rare Earth Element (CREE) District of SE Labrador.
▪ Primary objective: Extend the Mine life of District to greater than 14 years, with the
development of Foxtrot and Deep Fox as the initial projects
▪ In February 2017, pilot plant testing clearly demonstrated the ability to produce a high purity
mixed rare earth oxide (REO) concentrate from over three tonnes of Foxtrot material.
▪ October 2017, InCoR Holdings make strategic investment into Search and appoints 2
members to the Board. Search will continue to seek out value-added partners and to
delineate prospects that will ensure competitive low-cost production well beyond the 14-year
mine life contemplated in the PEA.
▪ Search has strong working relationships with government partners at all levels (including
Atlantic Canada Opportunities Agency, InnovateNL, Department of Natural Resources,
NunatukaVut Community Council)
4 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
The Opportunity
▪ Control of a 70 km x 8 km Critical Rare Earth Element District
▪ Preliminary Economic Assessment on Foxtrot Deposit
▪ Low Initial Capital Cost $152M ($CDN) (including $33M contingency)
▪ After-Tax Payback Period – 4.4 years
▪ Foxtrot and Deep Fox are Two of Three Significant Discoveries in the District
▪ Deep Fox – Mineral Resource Estimate to be initiated
▪ Fox Meadow – Continue Channel sampling program to develop drilling plan
▪ Breakthrough Hydrometallurgical Process (US Patent Pending)
▪ $1.9M ($CDN) pilot plant project successfully completed in February 2017
▪ Produced a high purity (98.99%) mixed rare earth oxide concentrate for further refining
▪ the resulting dry stackable residue is environmentally friendly
▪ Upward trending spot Nd/Pr oxide prices, at 3 year highs, up 50% YTD
▪ Experienced Management, Board and Technical Teams
▪ Mining Friendly Jurisdiction – Supportive Indigenous and Local Communities
5 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Exploring for REE in Labrador since 2009Community of St. Lewis 12 km from the Foxtrot and 2 km from Deep Fox
6 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
REEs: Critical for the 21st Century
Green Energy
• Hybrid and Electric Vehicles
• Wind Energy
• Energy Efficient Lighting
Military and Defense
• Communications
• Aeronautical engineering and Jet Engines
• Guidance, Lasers, Sonar, Optics, and Electronic Counter Measures
Modern Technologies
• Cell Phones and Digital Cameras
• LCD and Plasma Televisions
• MRI machines, X-Ray, and PET Medical imaging
The Toyota Prius is estimated to contain:
1 kg Neodymium Metal15 kg Lanthanum Metal0.1 kg Dysprosium Metal
Sales exceed 1 million units per annum
Each F35 fighter aircraft requires 417 kg of REEs Each US nuclear submarine requires about 4,000 kg of REEs
7 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
About Rare Earth Elements (REEs)
Source: Adamas Intelligence
Search Minerals is
positioned to supply the
rare earth elements, Nd,
Pr,Dy,Tb for the
upwarding trending
permanent magnet
market
“China is likely to
become a net
importer of certain
rare earths by 2020” Adamas Intelligence –
November 2017 Report
8 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
REEs: Automakers committed to EV Future
▪ Volkswagen US$84 billion: goal of bringing 300 EV models to market by 2030
▪ Ford investing $4.5 billion over 5 years: on 13 new models for 2023
▪ GM to phase out ICE vehicles; 20 EV models by 2023
▪ Volvo: all new cars produced after 2019 will be electric or hybrid
▪ BMW to mass produce EVs by 2020: 12 different models available by 2025
▪ Mercedes-Benz: electrifying its entire lineup by 2022
▪ Canada’s Magna and Linamar: investments in EV supply chains
9 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
REEs: EVs Pressure on Material Supply
10 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
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Market Dynamics
▪ China produces 90% and consumes 60% of the world’s REEs.
▪ Global REE Market – Est. $ 3B-$5B
▪ China has the majority of Rare Earth Oxide refining capacity.
▪ Lynas Corporation (Australia) only significant REE producer outside of
China.
11 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Our Assets - District Scale Opportunity
▪ Search controls a 70 km x 8 km CREE District at tidewater
Key Points
Over 20 prospects so far.
Three major discoveries
• Foxtrot Deposit
• Deep Fox
• Fox Meadow (2016)
Excellent geological and
geophysical control.
April 2016 PEA is based on
the Foxtrot deposit only.
12 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Foxtrot, Deep Fox and Fox Harbour House
13 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Our Assets – Foxtrot Deposit
• Foxtrot Deposit lies within
the Fox Harbour Volcanic
belt. Delineated by over 70
drill holes, geological
mapping and geophysics
• Accessible location with high
grade zones containing
significant quantities of
CREEs
14 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
▪ Mine would have a 14-year lifespan consisting of 8 years open pit and 6 years
underground producing at 1,000 tpd.
▪ Revenue estimates are dominated by Nd (39%), Dy (29%), Pr (14%) and Tb (8%), all
elements that are projected to remain in supply deficit.
Our Assets Foxtrot NI 43-101 - Preliminary Economic Assessment
CLASSIFICATIONCut-off$NSR
TONNAGE (TONNES)
Dy (ppm)
Dy2O3
(ppm)Nd
(ppm)Nd2O3
(ppm)Pr
(ppm)Pr6O11
(ppm)LREE
% LREO
%HREE
%HREO
%TREE
%TRE0
%
OPEN PIT
INDICATED $165 4,129,000 177 203 1,393 1,625 372 449 0.69 0.83 0.17 0.2 0.86 1.03
*INFERRED $165 228,000 179 206 1,378 1,607 368 445 0.68 0.82 0.17 0.2 0.85 1.02
UNDERGROUND
INDICATED $260 3,263,000 209 240 1,602 1,868 429 518 0.78 0.94 0.19 0.23 0.97 1.17
*INFERRED $260 1,730,000 201 231 1,602 1,868 430 520 0.8 0.96 0.19 0.23 0.99 1.19
TOTAL INDICATED
7,392,000 191 219 1,485 1,732 397 480 0.73 0.88 0.18 0.21 0.91 1.09
*TOTAL INFERRED
1,958,000 199 228 1,576 1,838 423 511 0.79 0.94 0.18 0.22 0.97 1.17
RPA, 2016: Search Minerals Inc. Technical report on the Foxtrot Project in Labrador, Newfoundland and Labrador Canada. NI 43-101 Report prepared by Masun,
K.M., Weir, I.C. and Goode, J.R. April 1, 2016 (filed on SEDAR May 2, 2016).
*Cautionary Note: The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative
geologically to have the economic considerations applied to them to enable them to be categorized as mineral reserves and there is no certainty that
the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have a demonstrated economic viability.
15 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Our Assets
Foxtrot Deposit
FOXTROT PEA FINANCIALS ($CDN)
Plant Capacity 1,000 tpd production rate / 4.9 Mt over 14 years
Pre-Tax NPV10% and IRR $93 million and 22%
After-Tax NPV10% and IRR $48 million and 16.7%
Payback Period Pre-tax 3.5 years , After- tax 4.4 years
Gross Revenue LOM $1.7 billion
Facility Operating Cost $238 per tonne
CAPEX $152 million for startup with a $33M contingency
$ 57 million for underground - funded from operations
$ 23 million for mine closure - funded from operations
Cautionary Note: The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative
geologically to have the economic considerations applied to them to enable them to be categorized as mineral reserves and there is no certainty that
the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have a demonstrated economic viability.
16 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Our Assets - Deep Fox Discovery
Drill Program Phase 1 and Phase 2 completed
➢ Surface channels and Phase 1(Dec 2017/Summer 2018):
15 drill holes (2500m)
➢ 10 holes to 50m intervals, 5 holes to 100m intervals
➢ First 8 holes of 15 - assays confirm true width 11m to
32m and grades of Nd, Pr, Dy, Tb over 15% greater
than Foxtrot
➢ Phase 2 (Fall 2018): 8 drill holes (2500m)
➢ 3 holes on the 100m level, 2 holes on the 150m level
and 3 holes on the 200m level);
➢ Assay grades of Nd, Pr, Dy, Tb over 15% greater than
Foxtrot
Excellent location:
➢ 12 km from Foxtrot
➢ 2 km from St. Lewis deep water port and road network
17 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Our Assets – Deep Fox Assay Results
➢ DEEP FOX has higher grade mineralization and higher true widths than FOXTROT;
➢ Mineralization open below 200m depth ;
➢ Mineralized zone is 350m in strike length, from 11m to 32m wide (true widths):
➢ Phase 1 assay highlights (all true widths):
o FD-18-01 (50m level): 306 ppm Dy, 2264 ppm Nd, 608 ppm Pr, 2542 ppm La over 8.4m;
o FD-18-02 (100m level): 267 ppm Dy, 2067 ppm Nd, 576 ppm Pr, 2522 ppm La over 12.6m;
o FD-18-04: (100m level): 274 ppm Dy, 1961 ppm Nd, 531 ppm Pr, 2128 ppm La over 18.8m;
➢ Phase 2 assay highlights (all true widths):
o FD-18-15 (100m level): 251 ppm Dy, 1784 ppm Nd, 478 ppm Pr, 1978 ppm La over 21.49m;
o FD-18-17 (150m level): 238 ppm Dy, 1694 ppm Nd, 433 ppm Pr, 1797 ppm La over 7.30m;
o FD-18-20: (200m level): 212 ppm Dy, 1528 ppm Nd, 415 ppm Pr, 1770 ppm La over 10.14m
18 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Deep Fox Discovery – Drill hole locations
19 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Our Assets - Fox Meadows Discovery
▪ 11 km west of Port Hope Simpson
▪ Similar surface strike lengths as Foxtrot
▪ At least 30m wide and 500 m long
▪ Exists in a treed and till covered area; more
difficult to establish width.
▪ Mineralized channel sample assays are
on par with Deep Fox
A breakthrough in SIMPLICITY, LOW COST AND EFFICIENCY!
21 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Pilot Plant Testing a Great Success
▪ Processed over 3.0 tonnes of material
representative of the Foxtrot Deposit.
▪ Clearly demonstrated the ability to produce a
high purity mixed Rare Earth Oxide (REO)
concentrate.
▪ Average extractions of 85% neodymium (Nd),
86% praseodymium (Pr), 68% dysprosium (Dy),
71% terbium (b) and 86% lanthanum (La)
▪ Successfully demonstrated the ability to bring
uranium, thorium, zinc, and iron levels below
levels expected by regulatory agencies and
refineries.
22 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
The Direct Extraction Process
▪ Material is crushed and treated
with relatively small amounts of sulphuric
acid at 180C (low temperature)
to render the REEs water soluble.
▪ After water leaching, the rare earth solution
is purified by neutralizing the remaining acid.
The REEs are then precipitated into a
concentrate using sodium carbonate.
▪ The rare earth carbonate is re-dissolved in
sulphuric acid to reject remaining impurities
and then REEs are precipitated again.
▪ The rare earth precipitate is calcined (heated) to
produce a high grade mixed rare earth oxide.
Slurry of mixed rare earth carbonate for
sulphuric acid re-leaching
Acid/material mixture for feeding to heater
23 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
The Direct Extraction ProcessCost and Competitive Advantages
Water Leach Circuits
REPS Solids before/after calcination
24 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Foxtrot Material at Different Processing Stages
Vial #1 - Finely crushed material at start of metallurgical process
Vial #2 - Orangey stained “dry stackable” residue containing an iron precipitate
Vial #3 - 35% mixed rare earth carbonate precipitate after uranium ion exchange
Vial #4 - 60% zinc sulfide precipitate after removal of thorium, iron, aluminum and silica
Vial #5 - High purity rare earth oxalate
Vial #6 - Reddish final rare earth oxide made by heating the high purity oxalate
25 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Next Steps - Processing
Pilot plant optimization (commenced January 2019, completion date August 2019)
➢ Enhanced process integration
➢ Equipment testing
➢ Streamlined impurity removal
Demonstration plant
➢ Design and build at ~1/100th of full scale (10 tonnes of ore per day)
➢ Produce up to 9 t of 99% high purity mixed REO concentrate
Separation and magnet manufacture
➢ Working with a number of separation companies to produce individual high purity
rare earth products
➢ High purity rare earth products can be used to test magnet fabrication
26 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Business Strategy
Through Joint Ventures and Strategic
Partnerships, Search will bring additional
expertise to maximize production, sales cycles
and return to shareholders.
▪ Search Minerals – will continue to develop the District and manage processing
facility and mine operations when construction decision is made.
▪ Strategic Partner / Joint Venture Partner – Funding the Bankable Feasibility Study
needed to support a decision to build a Mine and Processing Facility.
▪ Off-Take Partner – Supports financing by providing a purchase agreement for the
individual Rare Earth Oxides .
Search Minerals
Strategic JV Partner Off-take Partner
27 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Business Strategy – Timeline to Production
2018RESOURCE
✓ Completed 5000m in Phase 1
and Phase 2 drill program
ENVIRONMENTAL/PERMITTING
✓ Commence Environmental
Assessment reports for
Province and CEAA
PROCESSING AND REFINING
✓ Continue pilot plant work with
assisted government program
➢ Secure funding for
demonstration plant build and
operation in St. Lewis
STRATEGIC PARTNERS
✓ Secure funding for Corporate
overheads/environmental work
2019RESOURCE
➢ Resource for Deep Fox
➢ Update PEA for the District
➢ Deep Fox - Phase 3 drill
program
ENVIRONMENTAL/PERMITTING
➢ Complete Environmental
Impact Statement
PROCESSING AND REFINING
✓ Continue pilot plant work with
assisted government program
➢ Build/operate demonstration
plant in St. Lewis
STRATEGIC PARTNERS
➢ Secure funding for bankable
feasibility studies
2020 2021RESOURCE
Bankable feasibility Study
➢ Infill drilling – Foxtrot
➢ Infill drilling – Deep Fox
➢ Permitting
ENVIRONMENTAL/PERMITTING
➢ Continued stakeholder
engagement
➢ Initiate Permitting process
PROCESSING AND REFINING
➢ Demonstration plant operating
in St. Lewis
➢ Engineering plans
STRATEGIC PARTNERS
➢ Continued funding for bankable
feasibility studies
RESOURCE
➢ Measured Resources for
Foxtrot and Deep Fox
➢ Development permits approved
ENVIRONMENTAL/PERMITTING
➢ Continued stakeholder
engagement
➢ Permits to build
PROCESSING AND REFINING
➢ Engineering complete – Ready
to build
STRATEGIC PARTNERS
➢ Secure funding – Decision to
build
Cautionary Note: The Company has not prepared a feasibility study in relaton to this project and therefore, the time line to
production decision is subject to increased risk and uncertainty
28 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Corporate Summary
As at February 15, 2019
Listing TSX-V: SMY
Head Office Vancouver, British Columbia
Shares Outstanding 182,140,678
Warrants 28,136,809
Options 12,500,000
Fully Diluted 222,777,487
52 wk - Share Price Range $0.03 - $0.09
29 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Management
Greg Andrews, President, and Chief Executive Officer, Director
B. Commerce, Finance - University of Calgary. Extensive experience in strategic planning,budgeting, implementation and administration.
Dr. Randy Miller, Vice President Exploration
Ph.D. Geology - University of Toronto. REE Specialist; 5 years work on the IOC Strange LakeProperty in Labrador and 12 years as REE specialist with NL Geological Survey Dr. Miller hasbeen in charge of the REE exploration program in Labrador since 2009.
Dr. David Dreisinger, Vice President Metallurgy, Director
Professor and Industrial Research Chair in Hydrometallurgy – University of British Columbia; Over 300 journal and conference publications and 21 issued US patents; internationally respected process consultant with global metallurgy companies; a Director of PolyMet Mining Corp., LeadFX Inc. and Euro Manganese and an officer of Camrova Resources.
Matthew Anderson, Chief Financial OfficerB. Commerce - McGill University; obtained his CA designation in 2008; current CFO of i-Minerals Inc.
30 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
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Directors
Greg Andrews, Director, President and CEO – See Management
Dr. David Dreisinger, Director, V.P. Metallurgy - See Management
George Molyviatis, Director
Mr. Molyviatis is a Greek/Swiss National and entrepreneur with an extensive financialbackground. He is founder of InCoR Holdings and has been involved in the mining sector forover 25 years.
Jocelyn Bennett, Director
Ms. Bennett resides in Geneva, Switzerland. She has a strong financial background andextensive accounting and corporate experience. She is a senior partner and director of InCoRHoldings Ms. Bennett owns a fiduciary services company in Geneva, Switzerland
Leo Power, Director
Graduate of the Kellogg-Schulich Joint MBA program at York University, Toronto andNorthwestern University, Evanston, Illinois. Masters in Oil and Gas Studies from MemorialUniversity of NL. Exec. Chairman - Barite Mud Services Inc.; CEO and Director- PtarmiganEnergy Inc.; Director - Canada Fluorspar Inc.; Director: Minfocus Exploration Corp. (MFX.V)Board Member - Institute of Corporate Directors, NL Chapter; Board Member - AtlanticCabinet, Nature Conservancy of Canada; NL Vice-Chair - Atlantic Institute of Market Studies.
31 | Corporate Presentation | SMY: TSX-V | searchminerals.ca | March 2019
SMY: TSX-V
Thank you!
Thank You!