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Canada
Search Minerals (Deep Fox and Foxtrot)
A TSX-V-listed explorer with two rare earth deposits in southeast Labrador, Deep Fox and Foxtrot, studied in a 2022 preliminary economic assessment; it expects to register an environmental assessment in 2027.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- The BC Securities Commission issued a cease trade order on 8 Apr 2024 for failure to file annual audited financial statements (trading had been halted since 19 Dec 2023); it was revoked effective 27 Mar 2025, trading was reinstated on 16 Jun 2025, and a 10:1 consolidation took effect on 17 Jun 2025.
- The company reported a working capital deficiency of C$5,282,051 at 28 Feb 2025 and has settled creditors partly through shares-for-debt and convertible notes (2025-2026).
- The 2022 PEA stated a goal of production by 2025; no production date appears in 2026 releases, and EA registration is expected H1 2027.
- The 2021 USA Rare Earth offtake MoU (500 t/yr Nd/Pr) is non-binding, and no later company statement says whether it still stands.
- The June 2025 plan targeted a ~C$12.0M placement; financings closed since then total C$843,847 (Nov 2025) and C$1.1M (Sep 2026).
At a glance
- Founded
- 2006 — Founded/incorporated 2006 per StockAnalysis profile. Explores for critical rare earth elements (CREE), zirconium and hafnium in southeastern Labrador (Port Hope Simpson - St. Lewis CREE District, a belt about 63-64 km long, plus the Red Wine district). Ran pilot plant campaigns at SGS Canada on Foxtrot material from 2016.
- Headquarters
- Vancouver, British Columbia, Canada per StockAnalysis (1100-1199 West Hastings Street); company releases in 2025-2026 are datelined St. Lewis, Newfoundland and Labrador, where it has a field office (see conflicts).
- Ownership
- Listed on TSX Venture Exchange (SMY); also quoted OTC as SHCMF. About 49.2 million shares outstanding and market cap about C$12.8 million (StockAnalysis, 29 Sep 2026, secondary). Shares were consolidated 10:1 effective 17 Jun 2025, the day after trading was reinstated. No current list of major holders was found in public sources; USA Rare Earth exercised 4.5 million warrants in 2021, before the consolidation (company release, 20 Oct 2021). Issued an unsecured convertible note to its Indigenous partner, NunatuKavut Community Council, in Oct 2024, refinanced in Apr 2026.
- Stage
- Early stage. A 2022 preliminary economic assessment only; environmental assessment registration expected in 2027, and no investment decision.
- Listing
- TSXV: SMY · OTC: SHCMF
- Revenue
- Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.
Capacity
Each date below links to the document the figure came from. A capacity figure with no source is not on this page.
| What | Figure | Status | As of |
|---|---|---|---|
| Deep Fox/Foxtrot mill throughput (input, 2022 PEA) | 2,000 t/day ore; 720,000 t/yr ore | Announced | Jun 2022 |
| Magnet rare earth output (2022 PEA) | ~1,437 t/yr magnet REO: Nd+Pr 1,291 t/yr, Dy 125 t/yr, Tb 21 t/yr (oxide basis as stated; final company product is a mixed carbonate precipitate) | Announced | Jun 2022 |
| Pilot plant, SGS Canada (Foxtrot bulk material) producing mixed rare earth carbonate intermediate and mixed REO concentrate | not stated; program cost C$1.9M | Historical | Dec 2016 |
Narrative
Search Minerals has explored the Port Hope Simpson–St. Lewis district of southeast Labrador for more than a decade. Its Deep Fox and Foxtrot deposits carry NI 43-101 resources dated December 2021, about 15 Mt Indicated and 6 Mt Inferred across the two, with grades reported element by element rather than as TREO. A 2022 preliminary economic assessment planned 2,000 t/day of ore processed by the company's patented direct extraction process to a mixed rare earth carbonate, with separation tolled elsewhere, giving about 1,437 t/yr of magnet rare earth oxides for initial capital of C$422 million, and set a goal of production in 2025. That goal has passed; in April 2026 the company launched environmental baseline work and said it expects to register an environmental assessment in the first half of 2027. A federal contribution of C$5 million toward a demonstration plant was announced in 2023, and no plant has been built. Trading in its shares was halted from December 2023, a cease trade order for late financial statements ran from April 2024 until it was revoked in March 2025, and trading resumed in June 2025 alongside a ten-to-one consolidation; it has raised about C$2 million since, and appointed a new chief executive in September 2026. A 2021 non-binding memorandum with USA Rare Earth for 500 t/yr of Nd and Pr is the only public statement of it, and no later statement says whether it still stands.
Where public sources disagree
- PEA product basis: the 7 Jun 2022 PEA release describes a 'mixed carbonate precipitate as the final purified mixed rare earth product' with separated oxides via third-party tolling, yet reports output as '1437t - Magnet Rare Earths Oxides (Nd+Pr:1291t Dy:125t Tb:21t)'. The release does not say whether these oxide tonnages are contained in the carbonate or are post-tolling separated oxide.
- Headline NPV: the 7 Jun 2022 release title gives 'C$2.23 Billion NPV(8)' (pre-tax); the 30 Apr 2026 release cites 'post-tax NPV8 of C$1.31 billion and a post-tax IRR of 41.5%'. Both figures are in the PEA; they differ by tax basis.
- Head office: StockAnalysis lists 1100-1199 West Hastings Street, Vancouver, BC; every company release in 2025-2026 is datelined St. Lewis, Newfoundland and Labrador.
- Belt length: the 23 Apr 2026 SGS release says 'a belt 63 km long and 2 km wide'; the 23 Sep 2026 CEO release says a 64 km belt; the 30 Apr 2026 release also says 64 km.
Latest reports
| Period | Published | Report |
|---|---|---|
| FY ended 30 Nov 2025 | 2026-03-30 | Audited annual financial statements (republished copy) |
| FY ended 30 Nov 2023 | 2024-11-22 | Search Minerals Files Fiscal 2023 Audited Financial Statements, MD&A and Provides Management Update (republished copy) |
| n/a | 2022-07-18 | Technical Report on the Deep Fox and Foxtrot Project, Newfoundland and Labrador, Canada (NI 43-101 PEA) - effective 31 May 2022, filed on SEDAR 18 Jul 2022 (republished copy) |
Across these reports
| Measure | What the reports show |
|---|---|
| study | Only study is the Jun 2022 PEA (post-tax NPV8 C$1.31B); the 30 Apr 2026 release still cites it. A new SGS scoping-level metallurgical program began Apr 2026. |
| resource | Resources unchanged since the 11 Apr 2022 update (effective 31 Dec 2021); 2026 channel program aims to upgrade Foxtrot open-pit resource to Measured. |
| cash | Working capital deficiency of C$5,282,051 at 28 Feb 2025; June 2025 plan targeted ~C$12.0M placement; closed financings found: C$843,847 (Nov 2025) and C$1.1M (Sep 2026). |
| capacity | No capacity built; PEA plan 2,000 t/day ore and ~1,437 t/yr magnet REO. |
Stated dates
| Target | First stated | Now | Status |
|---|---|---|---|
| First production | 'Our goal is to be in production by 2025' (PEA release, 7 Jun 2022) | No production date stated in 2026 releases; project at EA baseline stage | moved later |
| Environmental assessment registration (Deep Fox/Foxtrot) | Expected H1 2027 (30 Apr 2026 release); no earlier target found | H1 2027 | not yet due |
| Demonstration plant (federal C$5M contribution) | Announced 7 Mar 2023 | May 2026 release describes demonstration plant development and a 15 t Foxtrot bulk sample for demonstration plant testing; no plant construction reported | not yet due |
| Lift of cease trade order | 'early in Q1 of 2025' (22 Nov 2024) | Revoked 28 Mar 2025; TSXV trading reinstated on or about 17 Jun 2025 | met |
Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.
Sources
- Search Minerals Announces Positive Preliminary Economic Assessment for the Deep Fox and Foxtrot Rare Earth Element Project With $2.23 Billion NPV(8) — Search Minerals via GlobeNewswire (2022-06-07)
- Search Minerals Announces Increased DEEP FOX and FOXTROT Mineral Resource Estimates — Search Minerals via GlobeNewswire (2022-04-11)
- Search Minerals Files NI 43-101 Technical Report for the Deep Fox and Foxtrot Project — Search Minerals via Yahoo Finance (2022-07-22)
- Search Minerals Launches 2026 Environmental Baseline Program to Advance Deep Fox and Foxtrot Project Toward Environmental Assessment Registration — Search Minerals via Newsfile (2026-04-30)
- Search Minerals Commissions SGS Canada for Comprehensive Scoping Study and Adds Dr. David Dreisinger as Technical Advisor — Search Minerals via Newsfile (2026-04-23)
- Search Minerals Announces 2026 Critical Rare Earth Element Exploration Program in Labrador (Newsfile release 298964) — StockTitan (reprint) (2026-05-27)
- Search Minerals and USA Rare Earth Enter Non-Binding Memorandum of Understanding for an Offtake Agreement — Search Minerals via GlobeNewswire (2021-10-20)
- Search Minerals to Receive $5 Million in funding from the Government of Canada under the Critical Minerals Research Development & Demonstration Program — Search Minerals via GlobeNewswire (2023-03-07)
- Search Minerals Announces Junior Exploration Assistance Grant from Government of Newfoundland and Labrador — Search Minerals via Newsfile (2026-04-17)
- Search Minerals Inc. Provides Pilot Plant Program Update — Search Minerals via Yahoo Finance (2016-12-20)
- Search Minerals Closes Fully Subscribed Upsized $1.1 Million Financing — Search Minerals via FinancialContent (Newsfile) (2026-09-23)
- Search Minerals Appoints Jonathan Beigle as Chief Executive Officer and Director — Search Minerals via Newsfile (2026-09-23)
- Search Minerals Announces Corporate Update Including TSX Venture Exchange Reinstatement to Trading, Financing, Share Consolidation and AGM — Search Minerals via Newsfile (2025-06-12)
- Search Minerals Closes Non-Brokered Private Placement Financings — Search Minerals via Newsfile (2025-11-07)
- Search Minerals Files Fiscal 2023 Audited Financial Statements, Management's Discussion and Analysis and Provides Management Update — StockTitan (reprint) (2024-11-22)
- Search Minerals Inc. (SMY) financial filings — financialfilings.com (2026-03-30)
- Search Minerals (TSXV:SMY) company profile — StockAnalysis (2026-09)
- Search Minerals news list — Search Minerals (2026-09-29)
- Search Minerals convertible note, NunatuKavut Community Council — Search Minerals (Newsfile) (2026-04)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
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