PHENOM RESOURCES CORP - PHNMF STOCK NEWS

Phenom Resources Corp. plans to commence drilling on its Carlin Gold-Vanadium Project in Nevada on October 1, 2023.

Phenom Resources Corp. increases Dobbin Gold Property size by over 60% with staking of 19 new claims.

Phenom Resources Corp. plans to submit applications for two grant funding opportunities from the U.S. Department of Energy (DOE) that could benefit its vanadium resource in Nevada. The first opportunity offers $3.5 billion in funding for battery materials processing and manufacturing grants, aiming to expand domestic battery manufacturing and strengthen supply chains. The second opportunity provides up to $150 million for critical metals projects, supporting research and development of processing plants for critical minerals. Vanadium, listed as a critical metal, is predominantly sourced from China and Russia.

Phenom Resources Corp strengthens its gold exploration portfolio in Nevada by signing an Option Agreement for the Dobbin Gold Project, a Carlin-type gold-deposit opportunity. The project is located in central Nevada and has significant elevated gold values in soils ranging between 1g/t and 3g/t Au at surface. The Company will pay an aggregate of US$150,000 and incur US$2,000,000 in exploration expenses over a six-year period to acquire the property. The vendors will retain a 3% net smelter return royalty. Phenom has the right to purchase up to a 1% NSR for US$1.0 million prior to commencing commercial production.

Phenom Resources Corp. provides an update on their field planning and preparation for the summer/fall exploration program in Nevada focused on gold efforts. An access road and drill pad have been constructed for hole RC23-17, a 2000+/- foot hole planned to test the gold system. The site is located where near-surface gold of up to 1.4g/t Au in outcrop is considered high-level geochemical 'leakage' above the deeper target zone. The Company has narrowed down to two drill contractors to conduct the drilling. Geologists also met to design next steps of exploration on the Crecent Valley gold project, including conducting an Induced Polarization geophysical survey along the vein system.

Phenom Resources Corp. has signed a Definitive Offtake Agreement with MK Plus Co., Ltd., a Japanese battery company. Phenom now owns a 5% equity interest in MK Plus, valued at $4.23 million. MK Plus aims to be the leading provider of high-performance, low-cost utility-scale batteries made in North America. Their vanadium solid-state battery offers rapid charging, uses less vanadium, has a long cycle life, and performs well at extreme temperatures. Phenom will provide 20% of its future Carlin Vanadium Project production concentrates to MK Plus in exchange for shares.

Phenom Resources Corp. provides a corporate update, including a 5% equity interest in MK Plus, a Japanese solid state vanadium battery company. The company has also received positive trial test results for MK Plus's battery. Additionally, the remaining 26 cent warrants from a previous private placement are in the money, and the company is encouraged by the US Department of Energy's recognition of non-lithium battery technology.