Searchlight Resources Announces Amendment to Milner and Basin Agreements

Rhea-AI Summary

Searchlight Resources (OTC:SCLTF) has amended its option agreements with Refined Metals Inc. regarding the Milner and Basin Properties. The key modifications include extending cash payment deadlines of $55,000 (Basin) and $35,000 (Milner) to September 30, 2026, and pushing exploration expenditure deadlines of $200,000 (Basin) and $150,000 (Milner) to August 6, 2027.

As compensation, Searchlight will receive 27,500 common shares of Refined Metals. The company maintains a 2% net smelter return royalty on both properties, with 1% being repurchasable for CA$1,000,000. Searchlight continues to hold a diverse portfolio of gold, uranium, copper, and rare earth exploration projects in Saskatchewan, including Bootleg Lake with 4 past-producing gold mines and Robinson Creek with a gold exploration target of 77,000-154,000 ounces.

Positive

• Receipt of 27,500 common shares of Refined Metals as compensation
• Retention of 2% net smelter return royalty on both properties
• Portfolio diversification across multiple commodities and exploration stages
• Potential gold resource of 77,000-154,000 ounces at Robinson Creek

Negative

• Delayed cash payments of $90,000 total until September 2026
• Extended timeline for required exploration expenditures of $350,000 until August 2027

Vancouver, British Columbia--(Newsfile Corp. - September 9, 2025) - Searchlight Resources Inc. (TSXV: SCLT) (OTC Pink: SCLTF) ("Searchlight" or the "Company") announces that it has signed an amendment with Refined Metals Inc. ("Refined") on September 5, 2025 (the "Amended Agreement"), to amend the option agreements dated August 6, 2024 (the "Agreement"), under which Refined has the right to acquire an undivided one hundred percent (100%) interest in the Milner and Basin Properties (the "Properties").

Under the terms of the Amended Agreement, Searchlight and Refined agree to extend the due dates of the following:

1. the additional cash payments of $55,000 and $35,000, for the Basin and Milner properties, respectively, from September 30, 2025, to September 30, 2026.

2. the exploration expenditures of $200,000 and $150,000, for the Basin and Milner properties, respectively, from twenty-four months to thirty-six months, to August 6, 2027.

Searchlight will be issued 27,500 common shares in the capital of Refined (the "Shares"), in consideration of the Amended Agreement. The Shares shall be issued within ten (10) business days of receipt of the Canadian Securities Exchange ("CSE") approval of this Amended Agreement.

Searchlight also holds a 2% net smelter return royalty on each of the properties, 1% of which may be repurchased by Refined for CA$1,000,000.

"We are pleased to continue our partnership with Refined to advance the Basin and Milner uranium properties, and look forward to successful exploration on both projects," stated Stephen Wallace, Searchlight's CEO. "Searchlight will continue to focus on the Company's other exploration projects, including Bootleg Lake, which includes 4 past-producing gold mines, and Robinson Creek, with an Initial Exploration Target of between 77,000 and 154,000 ounces of gold."

Searchlight holds a wide portfolio of 100%-owned Gold, Uranium, Copper and Rare Earth exploration projects in Saskatchewan. The projects range in exploration stage from grassroots, through to advanced exploration, past-producing mines, and properties with NI43-101 resources.

Searchlight Resources Projects Available for Option in Saskatchewan

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About Searchlight Resources – Where the Critical Elements Supply Chain Begins

Searchlight Resources Inc. (TSXV: SCLT) (OTC Pink: SCLTF) is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which has been ranked as the top location for mining investment in Canada by the Fraser Institute. Searchlight is a hybrid exploration company, combining skilled project-generation with modern exploration, focusing on battery minerals and gold throughout the province.

Qualified Person

Stephen Wallace, P.Geo., is Searchlight's Qualified Person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.

On behalf of the Board of Directors,
"Stephen Wallace" 

Stephen Wallace, President, CEO and Director
SEARCHLIGHT RESOURCES INC.

For further information, visit the Company's website at www.searchlightresources.com or contact:

Searchlight Resources Inc.
Alf Stewart, Chairman
(604) 331-9326
info@searchlightresources.com

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/265632

FAQ

What are the new terms of Searchlight Resources (SCLTF) option agreement amendment with Refined Metals?

The amendment extends cash payment deadlines ($55,000 for Basin, $35,000 for Milner) to September 30, 2026, and exploration expenditure deadlines ($200,000 for Basin, $150,000 for Milner) to August 6, 2027. Searchlight will receive 27,500 common shares as compensation.

What royalty does Searchlight Resources maintain on the Basin and Milner properties?

Searchlight maintains a 2% net smelter return royalty on both properties, with Refined having the option to repurchase 1% for CA$1,000,000.

What is the gold exploration target at Searchlight Resources' Robinson Creek project?

Robinson Creek has an Initial Exploration Target of between 77,000 and 154,000 ounces of gold.

What types of mining projects does Searchlight Resources hold in Saskatchewan?

Searchlight holds a diverse portfolio of 100%-owned Gold, Uranium, Copper and Rare Earth exploration projects in Saskatchewan, ranging from grassroots to advanced exploration, including past-producing mines and properties with NI43-101 resources.