Search Minerals Inc. and USA Rare Earth, LLC announced that Search Minerals Inc. and USA Rare Earth, LLC have signed a non-binding Memorandum of Understanding ("MOU") for an offtake of 500 tonnes/year of Neodymium (Nd) /Praseodymium (Pr) from future production at the Deep Fox or Foxtrot deposits. The parties will continue to conduct customary, commercially reasonable due diligence in advance of entering into any definitive agreements. In addition, USA Rare Earth exercised 4,500,000 warrants as part of the Accelerated Warrant program as announced in the Company's press release dated August 18, 2021. Each warrant was exercisable into one common share at a price of $0.10, and as announced in the Company's press release dated August 18, 2021, the Company had accelerated the expiry date of the warrants to September 30, 2021. This MOU is part of Search's and USA Rare Earth's development plans to expand the collaboration to include discussions regarding separation, marketing and offtake of a portion of the future production at Deep Fox and Foxtrot. These discussions are in line with Search's ambition to be an important contributor to the development of a North American Critical Material supply chain and USA Rare Earth's strategy of Mine-to-Magnet processing and the development of a complete and sustainable North American rare earth supply chain. On November 10, 2020 Search and USA Rare Earth jointly announced a Technical Collaboration Framework Agreement whereby the two companies would work on several initiatives. Growth in rare earth markets is being driven by rare earth (neo) magnets used in electric motors for vehicles and generators in wind turbines. Neo magnets used in these high-temperature applications use alloys including neodymium, praseodymium, dysprosium, and terbium. Search has significant resources of these elements at Deep Fox and Foxtrot, which will be complementary to the USA Rare Earth Round Top Mountain critical minerals and heavy rare earth project, which has a high concentration of dysprosium and terbium as well as neodymium and praseodymium.