Mr. Paul Cowley reports

PHENOM REPORTS ON DRILLING AND ITS PLANS TO RESUME AT CRESCENT VALLEY GOLD PROJECT, NEVADA

Phenom Resources Corp. has released results and plans on its drilling at the company's Crescent Valley gold project about 22 kilometres (13 miles) southwest of Carlin, Nev., strategically located along the southwest fringe of the Carlin gold trend within the prospective northern Nevada rift, Nevada.

The planned three-hole program at Crescent Valley encountered difficult ground conditions on the first hole testing the quartz vein system. In spite of its planned depth of 1,200 to 1,500 feet and driven by persistence to complete to its planned depth because of the attractive opportunity, the hole was terminated at a depth of 830 ft due to very slow penetration rates and unacceptable costs. The company felt it prudent to await assays before drilling resumes. Unfortunately, the first hole did not encounter significant gold mineralization.

Dave Mathewson, company director and geological adviser, stated: "We are not at all deterred. Crescent Valley gold project hosts two exceptional discovery opportunities for us, low-sulphidation, bonanza-vein-type gold opportunities and an iron oxide copper/gold opportunity with appreciable rare earth metals. The two opportunities at Crescent Valley are both excellent and untested. Our enthusiasm remains high. We are resuming the drill program by the end of this month."

Mr. Mathewson stated: "There are a number of low-sulphidation epithermal gold deposits in Nevada known for their very high grades in gold and silver, including the famous Comstock mine and Sleeper mine. Comstock was so rich it served as an important funding contributor to the Union Army effort during the Civil War. Sleeper, a high-grade gold mine and company maker for Amax Gold from 1986 to 1996, was considered the lowest-cost gold producer in the world in 1988 as an open pit averaging 0.48 oz/t Au. I have visited and studied many of these types of deposits in Nevada. In my opinion, Crescent Valley exhibits many features of this deposit type."

At Crescent Valley, the five- to six-kilometre-plus-long large range-front/margin quartz vein system is a zone of multievent, silica-healed, hydrothermal breccias. Multiple quartz veins reach up to 30 metres thick. At and near surface, portions of the veins display repetitive banding, coarsely bladed calcite and quartz pseudomorphs of the calcite, within larger zones of phreatic-type brecciation that both typically represent above-boiling zones of hydrothermal fluids and also above the prospective deposition levels of bonanza gold. In preparation for drilling, the company conducted an extensive geophysical IP survey in 2023, which identified conductivity anomalies and breaks in chargeability anomalies, suggestive of structures and quartz veining at depth. The second hole is planned when drilling resumes in this setting.

IOCGs can be important and highly valuable concentrations of copper, gold and uranium deposits hosted within iron oxide and sulphide-bearing dominant gangue breccia assemblages also with appreciable rare earth metals. The Crescent Valley project property covers an intriguing IOCG setting that exhibits extensive magnetite veining/brecciation and rare earth elevations. On building the drill pad for this drill test, 75 m of IOCG breccia was exposed and sampled. At least 15 of the rare earth elements were consistently elevated, including neodymium, praseodymium, terbium and dysprosium, which are considered highly valuable due to their use in magnets for electric vehicles, wind turbines and electronics. The company's IP survey identified a strong funnel-shaped-configuration chargeability anomaly to depth that coincides with an existing very strong magnetic surficial anomaly now interpreted as the IOCG feeder and potentially where metal concentrations could be stronger. The suspected feeder will be tested in a third drill hole.

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, which hosts the Carlin vanadium deposit, North America's largest highest-grade primary vanadium resource. The project lies within the prolific Carlin gold trend. Approximately nine million ounces composed of multiple gold deposits, including past-producing mines, are present near the Phenom property (five to 15 kilometres). The company has options on three gold projects in Nevada: the King Solomon and Dobbin properties which are Carlin-gold-type targets and the Crescent Valley property.

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