Mr. Paul Cowley reports

PHENOM REPORTS COMMERCIALIZATION PROGRESS AT MK PLUS'S NEW SWEDISH BASE

Phenom Resources Corp. has provided shareholders with a further update on the commercialization progress of MK Plus Co. Ltd., the private Japanese battery company developing next-generation vanadium solid-state battery technology, in which Phenom holds a 5-per-cent equity interest.

As previously reported on April 20, 2026, MK Plus had secured a modern battery manufacturing plant in Sweden, a Swedish work force and orders for the commercialization of its battery. Since then, MK Plus has added more than 10 interested customers in Europe and the Middle East by targeting utilities, renewable energy developers, industrial customers and infrastructure partners seeking safer and more sustainable alternatives to conventional battery systems. MK Plus believes increasing demand for grid-scale energy storage, combined with growing concerns regarding battery safety, continues to strengthen the commercial opportunity for its vanadium solid-state battery platform.

In addition, a significant milestone was recently achieved through the announcement that MK Plus Sweden AB has been awarded nearly 120 million Swedish kronor ($12-million (U.S.)) by the Swedish Energy Agency to jointly finance the continued industrialization of advanced battery manufacturing in Sweden. The funds support the continued development, scale-up and industrial implementation of its vanadium solid-state battery technologies and further strengthen MK Plus's manufacturing platform established through the 2025 acquisition of an advanced battery manufacturing facility in Sweden. The Swedish project is being carried out in collaboration with Rise Research Institutes of Sweden and Swedish equipment suppliers, supporting further development of a domestic battery ecosystem while strengthening Sweden's and Europe's industrial battery value chain.

Other financings have been secured recently that will allow for the retooling of the Swedish plant for the MK Plus battery commercial line. The plant retooling is at an advanced stage, and, once completed, this will pave the way to deliver the first round of batteries this fall to the Austria state government of Burgenland, Agelus/Aramco, Saudia Arabia, and other European customers.

Today, MK Plus is evolving beyond a battery technology developer into an international battery manufacturing and commercialization company. Operating under the Vanadis Energy brand, MK Plus is establishing its European industrial base in Sweden while expanding its commercial footprint across Europe, North America and the Middle East. Through strategic manufacturing, research and commercial partnerships, Vanadis Energy is positioning itself to address the rapidly growing global demand for safe, long-life stationary energy storage solutions.

Phenom will continue to provide shareholders with updates as MK Plus progresses through the next stages of commercial production, customer deployment and international expansion.

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 earned a 100-per-cent interest in the Crescent Valley property, which has a bonanza high-grade-gold-vein-type and a critical metal iron-oxide-copper-gold-type target. The company has options on two other gold projects in Nevada: the Dobbin and King Solomon properties, which are Carlin gold-type targets.

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