Mr. Paul Cowley reports

PHENOM VALIDATES THE LOW SULPHIDATION EPITHERMAL GOLD TARGET AT CRESCENT VALLEY

Phenom Resources Corp.'s drill results further validate its bonanza-type low-sulphidation epithermal gold model and target at the company's Crescent Valley gold project, about 22 km (13 miles) southwest of Carlin, Nev., strategically located along the southwest fringe of the Carlin gold trend within the prospective Northern Nevada Rift, Nevada. This follows the company's announcement on Jan. 12, 2026, of the discovery of a rare earth and critical metal deposit on CVN and the expansion of the property size.

Dave Mathewson stated: "The bonanza-type low-sulphidation epithermal gold model and target on Crescent Valley are in play and have been further validated and advanced with the recent drilling of hole CVN25-03. There is a dramatic increase in gold presence with over half of the hole reporting elevated gold values, a dramatic increase in volume of quartz veining and evidence of boiling starting at a depth of 700 feet."

Mr. Mathewson continued: "It was very important to establish depths of boiling in this five- to six-kiometre-long quartz vein system, which was accomplished in CVN25-03. This allows better lateral stepout planning of future holes along the lengthy trend. We are encouraged and considering next steps in a subsequent drill program on this target. With this target taking shape and the discovery of the rare earth and critical metals deposit, Crescent Valley has two excellent opportunities to advance."

The drilling program was field supervised by Paul Cowley and Mr. Mathewson, both qualified persons for the company. The reverse circulation drilling was done by Envirotech Drilling LLC. Typically, five-foot-long sample lengths of chip samples collected varied from three to seven kilograms. Drill cuttings samples were delivered and analyzed by ALS Global of Elko, Nev. Samples were analyzed for gold with 30-gram FA-AA finish. A multielement package of 34 elements used four-acid ICP-AES. Company quality assuracenq/quality control sample inserts were included.

Characteristics of the vein system on Crescent Valley

The five- to six-kilometre-plus-long range-front-margin quartz vein system is accompanied with a zone of multievent, silica-healed, hydrothermal breccias. Multiple quartz veins individually locally reach up to 30 metres (100 feet) thick. At and near surface, portions of the veins display repetitive banding, coarsely bladed calcite and quartz pseudomorphs of the calcite, within larger zones of phreatic-type brecciation that both typically represent above-boiling activity within zones of ascending hydrothermal fluids occurring above the prospective depositional levels of gold.

Low-sulphidation deposits in Nevada

There are a number of low-sulphidation epithermal gold deposits in Nevada known for their very high grades in gold and silver, including Goldfields, the famous Comstock mine, Midas, Tuscarora and Sleeper mine. Comstock was so rich it served as an important financing contributor to the successful Union Army cause during the Civil War. Sleeper was a very high-grade gold mine discovered and mined by Amax Gold. Midas and Tuscarora are also near to, and on the flank of, the Carlin trend.

About Phenom Resources Corp.

Phenom has a 100-per-cent interest in the Carlin gold-vanadium project, located in Elko county, six miles south from the town of Carlin, Nev., and Highway I-80, which hosts the Carlin vanadium deposit, North America's largest highest-grade primary vanadium resource. The project lies within the prolific Carlin gold trend. Approximately nine million ounces composed of multiple gold deposits, including past-producing mines, are present near the Phenom property (five to 15 kilometres). The company has options on three gold projects in Nevada: the King Solomon and Dobbin properties, which are Carlin gold-type targets and the Crescent Valley property.

Technical disclosure in this news release has been reviewed and approved by Dave Mathewson, a qualified person as defined by National Instrument 43-101, director, geological consultant of the company.

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