Phenom Submits Larger U.S. Federal Grant Application

Rhea-AI Summary

Phenom Resources Corp. (PHNMF) has submitted a full application for a US$300 million grant to the Department of Energy for its Carlin Vanadium Project, following positive feedback on its Concept Paper. The grant is part of a larger funding round of approximately US$3.5 billion for battery materials processing and manufacturing grants.

Vancouver, British Columbia--(Newsfile Corp. - March 21, 2024) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to report that following its announcement on January 15, 2024, regarding the submission of a Concept Paper to the Department of Energy ("DOE") to initially qualify for a larger U.S. Federal grant application on its Carlin Vanadium Project, Phenom has received a letter from the DOE stating the Concept Paper was carefully reviewed and DOE expressed encouragement for the Company to submit a full application. In response, Phenom has submitted its full application for a US$300 million grant.

The submission to the DOE and its Office of Manufacturing and Energy Supply Chains (MESC) is in respect to grants available to new Commercial-scale Separation, Processing, and Recovery of Battery Critical Minerals (non-Lithium) projects for which the Carlin Vanadium Project Processing Plant construction may qualify. This larger funding opportunity is part of the second round of funding by the DOE of approximately US$3.5 billion to be made available for battery materials processing and battery manufacturing grants.

In separate news, on December 14, 2023, the Company announced it had submitted a separate grant application to the DOE and its Office of Fossil Energy and Carbon Management (FECM) for RD&D bench and pilot scale funding for the Carlin Vanadium Project. This specific funding opportunity pertains to an earlier stage of technical work to assist in advancing metallurgical testing for the Carlin Vanadium Project that would become part of a Prefeasibility study. The Company is awaiting the DOE's review on this second grant application.

About Phenom Resources Corp.
Phenom has 100% interest in the Carlin Gold-Vanadium Project, located in Elko County, 6 miles south from the town of Carlin, Nevada and Highway I-80 which hosts the Carlin Vanadium deposit, North America's largest highest grade primary vanadium resource. The Project lies in the Carlin Gold Trend. Approximately 9 million ounces comprised of multiple gold deposits, including past producing mines, are present near the Phenom property (5-15km).

ON BEHALF OF PHENOM RESOURCES CORP.
per: "Paul Cowley"
CEO & President
T: (604) 340-7711
E: pcowley@phenomresources.com
W: www.phenomresources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking information
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or the Company's future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-Looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/202549

FAQ

What grant has Phenom Resources Corp. (PHNMF) applied for from the Department of Energy?

Phenom has submitted a full application for a US$300 million grant for its Carlin Vanadium Project.

What was the feedback received by Phenom Resources Corp. (PHNMF) on its Concept Paper submission?

The Department of Energy expressed encouragement for the Company to submit a full application after reviewing the Concept Paper.

How much funding is available in the second round of grants by the Department of Energy for battery materials processing and manufacturing?

Approximately US$3.5 billion is available for battery materials processing and manufacturing grants in the second round of funding by the DOE.

What was the purpose of the separate grant application submitted by Phenom Resources Corp. (PHNMF) to the Department of Energy's Office of Fossil Energy and Carbon Management?

The separate grant application was for RD&D bench and pilot scale funding to advance metallurgical testing for the Carlin Vanadium Project.

What stage of technical work does the grant application to the Department of Energy's Office of Fossil Energy and Carbon Management pertain to?

The grant application pertains to an earlier stage of technical work to assist in advancing metallurgical testing for the Carlin Vanadium Project.