Mr. Paul Cowley reports

PHENOM REPORTS ON UP-AND-COMING RELEVANT GRANT OPPORTUNITIES THROUGH U.S. DEPARTMENT OF ENERGY

As per an announcement on Aug. 13, 2025, for which Phenom Resources Corp. may be a recipient, the U.S. Department of Energy intends to issue notices of grant funding opportunities totalling nearly $1-billion to advance and scale mining, processing and manufacturing technologies across key stages of the critical mineral and material supply chains. Proposed funding will accelerate the growth of the U.S. critical mineral and material sector. Three of the five areas mentioned in the announcement appear relevant to the company's two vanadium projects: the high-grade vanadium-nickel processing project and the Carlin vanadium project. The company plans to submit applications once timing from the DOE is revealed. These three areas are listed below.

Critical mineral and material accelerator

The Advanced Materials and Manufacturing Technologies Office expects to release a notice of funding opportunity of up to $50-million early this fall through the critical mineral and material accelerator program. The CMM accelerator promotes technology maturation that can unlock capital investments and facilitate domestic commercialization.

Mine and metal capacity expansion -- piloting byproduct critical mineral and material recovery at domestic industrial facilities

The Office of Fossil Energy and Carbon Management is announcing its intent to issue an NOFO to support approximately $250-million of financial assistance for American industrial facilities that have the potential to produce valuable mineral byproducts from existing industrial processes.

Battery material processing, battery manufacturing and recycling grant program

The Office of Manufacturing and Energy Supply Chains is announcing its intent to issue an NOFO of up to $500-million to expand U.S. critical mineral and material processing and derivative battery manufacturing and recycling. The proposed financing opportunity supports demonstration and/or commercial facility processing, recycling or utilizing for manufacturing critical materials which may include traditional battery minerals such as lithium, graphite, nickel, copper and aluminum, as well as other minerals that are contained within commercially available batteries, such as rare earth elements.

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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