Mr. Paul Cowley reports

PHENOM RESUMES DRILLING AT CRESCENT VALLEY

Following Phenom Resources Corp.'s Jan. 22, 2026, announcement of further validating its Bonanza-type low sulphidation epithermal gold model and target with the fall 2025 drilling at the company's Crescent Valley gold project, and with the benefit of unseasonably warm and dry winter conditions, the company has been able to mobilize a follow-up drilling campaign at Crescent Valley. This also follows the company's announcement Jan. 12, 2026, of the discovery of a rare-earth and critical metals deposit at Crescent Valley and the expansion of the property size. The Crescent Valley project is 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.

To advance the Bonanza-type low-sulphidation epithermal gold target in this drilling campaign, the company plans to build onto the encouragements of hole CVN25-03 with three additional RC (reverse circulation) holes with 100-metre (328-foot) stepouts. The first angle hole, CVN26-05, below CVN25-03, was just completed to a depth of 506 metres (1,660 ft) with all samples delivered to the lab for assaying. A large quartz flooded zone was encountered from 275 m to 411 m (900 to 1,350 ft). Details with be provided when assays are available.

As previously reported, CVN25-03 saw a dramatic increase in gold presence with over half of the hole reporting elevated gold values, a dramatic increase in volume of quartz veining, and evidence of boiling starting at a depth of 700 feet.

To advance the IOCG rare-earth and critical metals deposit evaluation in this drilling campaign, the company plans for a 100-metre stepout from CVN25-04 with one hole, in efforts to target a feeder pipe suggested from the 2024 IP survey.

Characteristics of the vein system on Crescent Valley

The five- to six-kilometre-plus-long range-front-margin quartz vein system is accompanied with zone of multievent, silica-healed, hydrothermal breccias. Multiple quartz veins individually, locally reach up to 30 metres (100 ft) 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 gold.

Low-sulphidation deposits in Nevada

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.

About Phenom Resources Corp.

Phenom has 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 comprised 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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