Searchlight Resources Announces Amendment to Milner and Basin Agreements

Executive Summary

• Searchlight Resources Inc. entered into an amended option agreement with Refined Metals Inc., extending cash‑payment and exploration‑expenditure deadlines for the Milner and Basin uranium properties.
• As consideration, Searchlight will receive 27,500 common shares of Refined once CSE approval is obtained.
• The amendment also provides a mechanism for Refined to repurchase 1 % of Searchlight’s 2 % net smelter return royalty for CA$1,000,000.

Key Details

• Amended Agreement Date: September 5 2025 (effective upon CSE approval).
• Extended Cash Payments:
• Basin property – $55,000 now due September 30 2026 (previously Sept 30 2025).
• Milner property – $35,000 now due September 30 2026 (previously Sept 30 2025).
• Extended Exploration Expenditures:
• Basin – $200,000 increased to a 36‑month period ending August 6 2027 (previously 24 months).
• Milner – $150,000 increased to a 36‑month period ending August 6 2027 (previously 24 months).
• Share Issuance Consideration: Searchlight will be issued 27,500 common shares of Refined within ten business days after CSE approval of the amendment.
• Royalty Repurchase Option: Refined may repurchase 1 % of Searchlight’s 2 % net smelter return royalty for CA$1,000,000.
• CEO Quote: Stephen Wallace (CEO) expressed satisfaction with the continued partnership and highlighted ongoing focus on other projects such as Bootleg Lake (gold) and Robinson Creek (gold target 77‑154 koz).

Notable Quotes

“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,” – Stephen Wallace, CEO, Searchlight Resources.