Mr. Paul Cowley reports

PHENOM PROVIDES UPDATES ON RELEVANT ADDITIONAL U.S. DEPARTMENT OF ENERGY GRANT OPPORTUNITIES

Phenom Resources Corp. has become aware of two grant funding opportunities by the U.S. Department of Energy (DOE) that appear relevant to the company's vanadium resource in Nevada. The company plans to submit applications to both this fall.

Firstly, on Aug. 31, 2023, the DOE announced a notice of intent to make available $3.5-billion in funding to bolster American battery manufacturing and strengthen domestic supply chains. This notice of intent -- made possible by the President's Bipartisan Infrastructure Law -- represents the second round of funding for battery material processing and battery manufacturing grants to support the creation of new, retrofitted and expanded domestic commercial facilities for battery materials, battery components and cell manufacturing. The intent of the funding is to expand domestic manufacturing of batteries for electric vehicles and the nation's grid, as well as for battery materials and components currently imported from other countries. The funds would enhance national security by building up the domestic supply chains. This funding opportunity announcement (FOA) through the Office of Manufacturing and Energy Supply Chains (MESC) anticipates making approximately 19 to 41 awards in the form of grants. MESC plans to set the FOA timelines in or about October, 2023, at which time the company will respond promptly by preparing and submitting its vanadium project for this funding opportunity.

This sizable funding opportunity could have relevant application to the company to help fund prefeasibility and feasibility studies on its vanadium resource and build the processing plant.

Secondly, in support of President Biden's investing in America agenda, the DOE announced on Sept. 6, 2023, up to $150-million of grant funding opportunities to support U.S. critical metal projects with bench- and pilot-scale research, development and demonstration processing plants to produce and refine critical minerals and materials in the United States. The funds, provided by the Bipartisan Infrastructure Law, will help to strengthen domestic critical material supply chains and meet the growing demand for critical minerals and materials while reducing reliance on foreign sources. The company plans to submit its vanadium project to DOE for this funding opportunity well before the deadline of Nov. 10, 2023.

This funding opportunity, although smaller than the first FOA, could have relevant application to the company to help fund prefeasibility and feasibility studies on its vanadium resource.

Vanadium is on the U.S. Geological Survey list of critical metals. Over 75 per cent of the world's vanadium comes from China and Russia and over 98 per cent from BRICS (Brazil, Russia, India, China and South Africa) countries.

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. The property lies in the southern parts of the Carlin gold trend. The Carlin gold-vanadium project hosts the Carlin vanadium deposit, the largest highest-grade primary vanadium deposit in North America.

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