Mr. Paul Cowley reports

PHENOM SUBMITS U.S. FEDERAL GRANT APPLICATION

Phenom Resources Corp. has submitted a grant application to the U.S. Department of Energy (DOE) and its Office of Fossil Energy and Carbon Management (FECM) under the funding opportunity FOA-0003583 for R&D (research and development) bench- and pilot-scale critical metals projects. The approximate total available funding under this DOE funding opportunity going to multiple projects is up to $275-million.

The company's submission is entitled "Integrated Pilot-Scale Validation of High-Grade Vanadium and Nickel Feedstock" under this funding opportunity. In it, the company's total project funding request is for $19.8-million (U.S.), where DOE would fund 80 per cent. The proposal is structured as a 48-month program consisting of four sequential performance periods.

DOE has projected the tentative award date for successful candidates for June 15, 2026.

The company's submission was assembled by the engineering/technology team within the company. The team has been working on this high-grade vanadium-nickel R&D project to firm up a metallurgical flowsheet and seek financial partnerships to advance project. The project uses feedstock material that averages over 6 per cent vanadium and over 1.4 per cent nickel. This potential grant opportunity could be a significant catalyst for the project, if awarded.

The company's gold efforts continue to be the main focus of the company's resources and exploration team within the company. A news release will be forth coming on the low-sulphidation epithermal gold drilling efforts on Crescent Valley. The company can also report that the Dobbin drill permitting process is advancing.

We seek Safe Harbor.