Mr. Paul Cowley reports

PHENOM PROVIDES LINK TO RELEVANT SENATE ENERGY AND NATURAL RESOURCES COMMITTEE HEARING WITH DEPARTMENT OF ENERGY

Phenom Resources Corp. is discussing the hearing held last week by the Senate Energy and Natural Resources Committee with the Department of Energy (DOE), examining DOE's grant implementation of the Infrastructure Investments and Job Act.

Paul Cowley, company president and chief executive officer, states: "There was a lot of talk on batteries and the nation's urgency to secure diverse battery supply chains in America during the two-hour recorded hearing. One series of questions we thought interesting was when Senator Cortez Masto (D-NV) asked about additional funding for battery initiatives. DOE's response included that DOE, in the next round of funding, which it looks to roll out as quickly as possible, will look beyond lithium. The question after that was also relevant, as Senator Cortez Masto asked about critical minerals and stated that Nevada is a key partner in supplying critical minerals. DOE responded that critical metals and their diversification to the full battery supply chain is key. Additionally, Senator Angus King (I-ME) raised going beyond lithium when funding battery work, and stated that the three essential priorities to getting to a clean energy future are 'storage, storage and storage.'"

Vanadium prices are responding to increased demands in steel and in large capacity batteries. Since early October, 2022, vanadium prices have been on the rise again, moving from $7.20 (U.S.)/pound to $9.60 (U.S.)/lb V2O5 (vanadium oxide), an increase of over 30 per cent. Vanadium batteries have the superior performance, safety, recycling and longer-life benefits over lithium batteries in the large-capacity battery market. Large-capacity battery storage finds its application in solar/wind projects, microgrids and backup power to main power grids.

In other news, the company continues to evaluate the merits of a potential transaction which it announced Jan. 10, 2023, to transfer its gold assets into a new Canadian subsidiary (SpinCo) that would then be spun out to the Phenom shareholders and thereby return Phenom to being a dedicated vanadium investment vehicle.

About Phenom Resources Corp.

Phenom has earned 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. The property lies in the southern parts of Carlin gold trend. The Carlin gold-vanadium project hosts the Carlin vanadium deposit. As the company has the largest, highest-grade primary vanadium deposit in North America, located in Nevada, these are favourable developments for the project.

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