Mr. Paul Cowley reports

PHENOM RESUMES DRILLING AT CRESCENT VALLEY GOLD PROJECT FOR GOLD AND RARE EARTHS

Phenom Resources Corp. has resumed 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.

Dave Mathewson, company director and geological adviser, stated: "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."

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 goldfields, the famous Comstock mine, Midas, Tuscarora and Sleeper Mine. Comstock was so rich it served as an important funding contributor to the successful Union Army cause during the Civil War. Sleeper was a very high-grade gold mine discovered and mined by Amax Gold. Midas and Tuscarora are also near to, and on the flank of, the Carlin trend. I have visited and studied many of these types of deposits in Nevada. Our Crescent Valley vein system has many characteristics of this deposit type."

At Crescent Valley, the five-to-six-kilometre-plus-long large range-front margin quartz vein system is accompanied with a zone of multievent, silica-healed, hydrothermal breccias. Multiple quartz veins individually locally 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 activity within zones of ascending hydrothermal fluids occurring above the prospective depositional levels of bonanza gold. In preparation for drilling, the company conducted an extensive geophysical induced polarization survey in 2023, which identified conductivity anomalies and breaks in chargeability anomalies, suggestive of structures and quartz veining at depth. One hole is planned 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 metres of IOCG breccia was exposed and chip 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. Hafnium, rubidium and scandium were particularly elevated. 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 interpreted as the IOCG feeder and potentially where metal concentrations could be stronger. The suspected feeder will be tested in a second 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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