Mr. Paul Cowley reports

PHENOM CLOSES $1.25 MILLION PRIVATE PLACEMENT FINANCING

Phenom Resources Corp. has closed its previously announced non-brokered private placement financing and issued an aggregate of five million units at a price of 25 cents per unit, for total gross proceeds of $1.25-million.

Each unit is composed of one common share of the company and one common share purchase warrant with each warrant entitling the holder thereof to acquire one additional share at an exercise price of 35 cents per share for a period of four years from the date of issuance.

The net proceeds from the offering are expected to be used for work programs on the company's exploration properties and for general working capital.

No insiders of the company participated in the offering. No finders' fees were paid in connection with the offering.

The offering was well supported by several existing shareholders who increased their ownership positions.

Following completion of the offering:

• Rob McEwen through Evanachan Ltd. will own 5,388,236 common shares, representing approximately 4.4 per cent of the company's issued and outstanding common shares.
• Bob Kopple through KF Business Ventures LP will own 7,752,000 common shares, representing approximately 6.3 per cent.
• Eric Muschinski through Phenom Ventures LLC will own 8.7 million common shares, representing approximately 7.1 per cent.

The company has been advised that Evanachan, KF Business Ventures and Phenom Ventures are not acting jointly or in concert.

All securities issued under the offering are subject to a statutory hold period expiring June 27, 2026, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The offering remains subject to final approval of the TSX-V.

In addition, the company announces that it has granted an aggregate of 1.65 million stock options to certain directors, officers and consultants of the company pursuant to its omnibus equity incentive plan. Each option is exercisable to acquire one common share of the company at an exercise price of 27.5 cents per option share for a period of five years from the date of grant, being Feb. 25, 2026. The options vest in full on the date of grant.

The options were granted in accordance with the terms of the company's omnibus equity incentive plan and the policies of the TSX-V. Any option shares issued upon exercise of the options will be subject to a four-month hold period from the date of grant in accordance with the policies of the TSX-V and applicable securities laws. The grant of the options remains subject to acceptance by the TSX-V.

About Phenom Resources Corp.

Phenom has a 100-per-cent interest in the Carlin gold-vanadium project, located six miles south from the town of Carlin, Nev., and Highway I-80 in Elko county, which hosts the Carlin vanadium deposit, North America's largest highest-grade primary vanadium resource. The company has options on three gold projects in Nevada: the Dobbin and King Solomon properties, which are Carlin-gold-type targets, and the Crescent Valley property, a bonanza high-grade gold vein-type target.

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