Mr. Paul Cowley reports

PHENOM ACCELERATES ACQUISITION OF 100% INTEREST IN DOBBIN PROPERTY

Phenom Resources Corp. has completed the final payments and work expenditures required to exercise the option to acquire a 100-per-cent interest in the Dobbin property. The Dobbin project located in central Nevada lies on the southern extension of the Independent-Eureka gold trend and displays all of the ingrediencies of a regional Carlin-type gold system which the company is currently drilling. The ownership acceleration was at the suggestion of SSR Mining Inc. to promptly facilitate the next step of its planned $4-million (U.S.) financing and joint venturing of Dobbin.

Paul Cowley, company president and chief executive officer, stated: "Diamond drilling is progressing well at Dobbin, facilitated by the funds invested by SSR in late June to acquire 9.9-per-cent interest in the company. First assay results on Dobbin are expected in September. With the acceleration of ownership of Dobbin, the company anticipates finalizing the next strategic investment by SSR before the end of the month."

As previously announced, the company and an affiliate of SSR Mining 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. Refer to the company's news release of June 29, 2026, for further details on the framework agreement.

The company acquired a 100-per-cent interest in the Dobbin project pursuant to an option agreement dated Sept. 4, 2023, as amended by an assignment and assumption of interest in property option agreement dated Jan. 11, 2024. Pursuant to the option agreement, the company reimbursed the owner (as such term is defined in the option agreement) for staking costs, paid the owner an aggregate $150,000 (U.S.) in cash and expended an aggregate of $2-million (U.S.) in exploration expenditures on the Dobbin project. In conjunction with the full exercise of the option, the company granted the owner a 3-per-cent net smelter return royalty and has the right to buy a 1-per-cent NSR royalty at any time by making a payment of $1-million to the owner.

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 earned a 100-per-cent interest in the Dobbin gold property, a Carlin gold type target, and the Crescent Valley property, which has a bonanza high-grade gold vein type and a critical metal iron oxide copper/gold type target. In addition, the company has an option on another gold project in Nevada, the King Solomon property, which is a Carlin gold type target.

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