Mr. Paul Cowley reports

PHENOM ANNOUNCES $1.24M CLOSING OF OVER-SUBSCRIBED NON-BROKERED PRIVATE PLACEMENT FINANCING

Phenom Resources Corp. has closed its oversubscribed non-brokered private placement previously announced on June 10, 2024. The company has issued 2.75 million units at a price of $0.45/unit for gross proceeds of $1,237,500. In connection with the offering, the company paid a total of $6,300.00 as finders' fees.

Each unit comprises one common share in the capital of the company and one transferable share purchase warrant of the company, whereby each warrant entitles the holder thereof to purchase one additional share at an exercise price of 65 cents at any time before 5 p.m. (Vancouver time) on June 22, 2027, being the third anniversary of the date of issuance.

All securities issued under the offering are subject to a hold period expiring Oct. 22, 2024, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

In addition, further to its press release of May 22, 2024, the company has made its initial option payment with respect to the King Solomon gold project, which includes the issuance of 75,000 common shares to the property owner. These shares are subject to a hold period expiring Oct. 15, 2024, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

The company also wishes to correct its previous disclosure regarding the option purchase price for this property and advises that in order to fully exercise its option and acquire the property, over a four-year period, the company will issue 75,000 shares of the company and pay an aggregate of $157,500 (U.S.) (not $150,000 (U.S.) as previously disclosed). All other terms of the agreement remain as disclosed in the May 22, 2024, news release.

About Phenom Resources Corp.

Phenom holds 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. The company also has options agreements to earn 100-per-cent interest in the Dobbin, King Solomon and Crescent Valley gold projects in Nevada.

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