Mr. Paul Cowley reports

PHENOM ANNOUNCES CLOSING OF $5.41 MILLION FINANCING, STRATEGIC INVESTOR AND EXECUTION OF FRAMEWORK AGREEMENT RELATING TO THE DOBBIN PROJECT

Phenom Resources Corp., further to its news release of June 1, 2026, has now closed a non-brokered private placement, issuing 13,529,340 common shares at a price of 40 cents per share for gross proceeds of $5,411,736. Of the proceeds from the private placement, $1.3-million (U.S.) will be used to fulfill the remaining payment and work commitments owed by the company to fully earn a 100-per-cent interest in the Dobbin project, located in Nevada, U.S., while $2.5-million (U.S.) will be available for unallocated general working capital of the company, with the balance of the subscription price being used for general working capital purposes relating to the Dobbin project.

The sole investor in the private placement was an affiliate of SSR Mining Inc. SSR now holds approximately 9.9 per cent of Phenom's outstanding shares on an undiluted basis, positioning SSR as a significant shareholder.

Paul Cowley, Phenom's chief executive officer and president, stated: "The company is very pleased to welcome SSR as a new strategic investor. For the third-largest gold producer in America to back the company, its geological team and Dobbin even before a single drill there in my view is exceptional and reinforces the opportunity at Dobbin. Furthermore, the terms (price and no warrants) and magnitude of the private placement are significantly beneficial for our share structure and provides substantial funds for drilling Dobbin this summer."

The shares are subject to a hold period expiring Oct. 26, 2026, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. In addition, SSR has agreed to voluntarily restrict the disposition of the shares for a period of one year from the closing date, provided that SSR may sell up to an aggregate of 500,000 shares in any calendar month during the restricted period, upon prior written notice to Phenom. This limit is fixed for each month and any undisposed shares for a particular month will not be added to the next or any succeeding month's limit.

Concurrent with the closing of the private placement, the company and SSR have entered into an investor rights agreement pursuant to which, among other things, for so long as SSR holds a 4.9-per-cent-or-greater ownership interest in Phenom, SSR will have the right, in its sole discretion, to maintain that level of ownership interest or to increase its ownership percentage up to a maximum of 19.9 per cent of the outstanding Phenom shares, through participation and top-up rights. The investor rights agreement also provides a binding two-year standstill provision.

The company, its subsidiary, Copper One USA, Inc., and SSR have also entered into a framework agreement pursuant to which the company granted to SSR the right to acquire, in SSR's sole discretion, a 15-per-cent interest in the Dobbin project for a further $4-million (U.S.), which acquisition is proposed to be completed within 10 business days (or such later date as agreed to by the parties) of the company having completed its property option payments and acquired a 100-per-cent interest in the Dobbin project. All funds paid by SSR to purchase its 15-per-cent interest will be used to advance the Dobbin project. The framework agreement also sets out the general terms of the resulting joint venture arrangement to be carried on by a wholly owned subsidiary of Phenom and SSR in respect of the Dobbin project upon completion of such acquisition, and includes a mutual right of first refusal to purchase the other party's interest in the Dobbin project.

About SSR Mining Inc.

SSR Mining is a $6.5-billion (U.S.) Denver-based gold and silver mining company and the third-largest gold producer in the United States. SSR Mining has a portfolio of operating, development and exploration assets across the Americas, including locations in the U.S., Canada and Argentina.

The company's core operating assets include:

• Marigold mine: an open-pit gold mine in Nevada, U.S.;
• Cripple Creek and Victor (CC&V) mine: an open-pit gold mine in Colorado, U.S.;
• Seabee mine: an underground gold mine in Saskatchewan, Canada;
• Puna operations: located in the Jujuy province, Puna is the largest silver mine in Argentina.

About Phenom Resources Corp.

Phenom has a 100-per-cent interest in the Carlin gold-vanadium project, located six miles south from the town of Carlin in Nevada and Highway I-80 in Elko county, which hosts the Carlin vanadium deposit, North America's largest highest-grade primary vanadium resource, and the Crescent Valley property, a Bonanza high-grade gold vein-type and IOCG (iron oxide, copper and gold) target. The company has options to earn a 100-per-cent interest in the Dobbin and King Solomon properties, which are Carlin gold-type targets in Nevada.

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