Mr. Paul Cowley reports

PHENOM SUBMITS CONCEPT PAPER FOR LARGER U.S. FEDERAL GRANT APPLICATION

Phenom Resources Corp. has submitted a concept paper to initially qualify for a larger United States federal grant application on its Carlin vanadium project. The new submission to the Department of Energy (DOE) and its Office of Manufacturing and Energy Supply Chains (MESC) applies for 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 for. The company plans to make a full application submission by the deadline of March 19, 2024, for a $300-million grant. This larger funding opportunity is part of the second round of funding by the DOE of approximately $3.5-billion to be made available for battery materials processing and battery manufacturing grants.

This announcement is subsequent to the company's earlier Dec. 14, 2023, news release announcing its grant application submission to the Department of Energy and its Office of Fossil Energy and Carbon Management (FECM) for RD&D (research, development and demonstration) bench- and pilot-scale funding for the Carlin vanadium project. This specific funding opportunity pertains to an earlier stage of technical work to assist advancing metallurgical testing for the Carlin vanadium project that would become part of a prefeasibility study.

Companies can apply for multiple U.S. federal grant applications solicited from different government departments on topics the departments are interested in investing, and advanced for different project sizes, stages and targeting criteria. The Carlin vanadium project has features that span multiple topical interests that the Department of Energy and Department of Defence have expressed for projects in green energy growth, battery storage system growth, domestic critical metals security, supply chain development and homeland security. As such, the company will monitor and apply for any U.S. federal funding opportunity that looks to fit aspects of the Carlin vanadium project.

About Phenom Resources Corp.

Phenom has 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 in the Carlin gold trend. Approximately nine million ounces comprised multiple gold deposits, including past-producing mines, are present near the Phenom property (five kilometres to 15 kilometres).

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