Mr. Paul Cowley reports

PHENOM REPORTS ON MK PLUS PROGRESS TO COMMERCIALIZATION, THE SOLID-STATE VANADIUM BATTERY COMPANY

Phenom Resources Corp. has updated shareholders on progress made by MK Plus Co. Ltd., the private Japanese battery company, toward its commercialization of its revolutionary fast-charging low-cost vanadium solid-state batteries. Phenom owns a 5-per-cent equity interest in MK Plus resulting from an offtake agreement signed July 24, 2023.

Until now, the company reporting on MK Plus has been brief as MK Plus was on its earlier stages of corporate development, technical testing and European marketing. Its business is now on the verge of a significant breakout this summer. MK Plus has secured a battery manufacturing plant in Sweden with a Swedish work force, has secured orders for the commercialization of its battery, and is developing a growing list of interested customers in Europe and the Middle East.

In the first quarter of 2022, the prototype passed performance testing conducted in Germany, obtaining international certification. By the fourth quarter of the same year, a pilot production facility in Japan had begun operations, further solidifying the path toward implementation. Global expansion accelerated in the first quarter of 2023 with the establishment of EM Plus in Austria, creating a strategic base for European operations. Through participation in the Burgenland state (Austria) acceleration program and the Austrian government's COMET program, research and industrial collaboration in Europe have progressed steadily.

On Jan. 29, 2025, an event was held in Vienna, Austria, where MK Plus confirmed the stable operation of its 500-watt-hour battery module. Following the event, MK Plus' Austrian subsidiary -- Ewig Macht Plus GmbH (EM Plus) -- received a certificate of availability from the European Union and an official order for 2.5-gigawatt-hours of energy storage batteries from the Austrian state government of Burgenland. This project will be promoted with appropriate support from both the Austrian federal government and the European Union. Once MK Plus delivers on the initial order with Burgenland, it is expected to lead to additional large-scale orders (two-billion-euro scale) and further industrial collaboration within the EU.

In the EU, there is growing skepticism toward the construction of large-scale energy storage facilities based on conventional lithium-ion rechargeable batteries, due to the risk of fires. As a result, expectations are rising for non-lithium-ion battery technologies, including lithium all-solid-state batteries and sodium-ion batteries. At present, no other emerging battery technology has succeeded in developing a kilowatt-hour-class module, and both MK Plus and EM Plus have received numerous inquiries, particularly from renewable energy companies across Europe.

As global electrification accelerates and renewable energy continues to expand, the battery energy storage market is experiencing rapid growth. Standing at the forefront of this transformation, MK Plus is committed to realizing a sustainable energy society through its next-generation vanadium solid-state battery technology. This technology can be applied across a wide range of sectors -- including utilities, commercial facilities, real estate, transportation infrastructure and aerospace -- providing the flexibility needed to adapt to an evolving market landscape. MK Plus's VSB offers significant advantages over conventional energy storage systems, including exceptionally fast charging (100 times faster than lithium batteries), superior safety, cost savings (storage system costs reduced by 75 per cent, and cooling costs reduced by 90 per cent), 100 per cent recyclable and an extended lifespan (150 times more charge cycles than lithium batteries).

Phenom will be reporting on new developments regarding MK Plus in the coming weeks and months with its imminent commercialization stage.

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 other gold projects in Nevada: the King Solomon and Dobbin properties which are Carlin-gold-type gold targets and the epithermal gold Crescent Valley property.

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