Mr. Paul Cowley reports

PHENOM REPORTS PROJECT AND CORPORATE PROGRESS

Phenom Resources Corp. has provided a progress report on project and corporate activities. The company has a very busy agenda.

Crescent Valley gold project

The company completed a reverse circulation drill program on Crescent Valley last week. Assays are in the laboratory, with results anticipated within four weeks. Drilling focused on the bonanza-type low-sulphidation epithermal setting.

In addition, while building trail and sump for one of the drill pads, the excavator exposed 75 metres of continuous outcrop of the brecciated IOCG (iron oxide copper/gold) system on the property. This area historically was known to contain rare earth minerals. The full 75 metres were sampled across to determine the level of gold, copper and rare earth minerals.

Dobbin gold project

Its highly experienced Nevada-based geologist with extensive familiarity with Carlin-type deposits, Brion Theriault, is continuing his mapping and sampling on Dobbin to identify key stratigraphic units, structure and alteration areas outbound from the 2.1-kilometre-long-by-200-metre-wide gold soil anomaly previously reported on Jan. 15, 2025. Selective rock chip sampling within the gold soil anomaly will be undertaken by the end of the month. A permitting application has been submitted for an extensive mechanical trenching and drilling program focused on the gold soil anomaly.

King Solomon gold project

Dr. Michael Ressel has initiated his mapping and sampling fieldwork on the King Solomon project, a massive gold system. A gold and arsenic plume covers a nine-square-kilometre area defined by historic soil sampling.

High-grade vanadium-nickel opportunity

Company metallurgists continue to make progress on advancing a unique processing flow sheet on its high-grade vanadium-nickel opportunity (identified project) reported on Dec. 19, 2024, through testing at SGS Canada. It is anticipated that the company is nearing a stage to submit a patent application on this process.

Phenom is also seeking to attract a strategic partner to finance and operate the identified project, with Phenom retaining part ownership through the utilization of its patented recovery processes. The company anticipates that the identified project would be a long-term operating processing plant that would process high-grade vanadium and nickel feed to generate high-purity product at a profit at current prices and be a mid-stream contributor to the expanding U.S. electric vehicle and large-capacity battery markets. With the heightened narrative by the Trump administration on securing critical minerals, the company is also endeavouring to attract U.S. government funds to advance and support the project.

MK Plus (Japanese solid-state vanadium battery group)

MK Plus's president has informed company president Paul Cowley that MP Plus has secured an order for 60 gigawatt-hours of MK Plus's vanadium solid-state battery from a European government. MK is acquiring a plant to commercialize its battery by next spring to fulfill this order and future orders. Phenom secured a 5-per-cent equity interest in MK Plus through an offtake agreement. More news on MK Plus will follow when milestones are met.

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 additional gold projects in Nevada: the King Solomon and Dobbin properties, which are Carlin-gold-type targets, and the Crescent Valley property, a bonanza-type high-grade gold vein target.

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