Phenom Submits U.S. Federal Grant Application

Vancouver, British Columbia--(Newsfile Corp. - December 14, 2023) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to announce that is has successfully submitted a U.S. Federal grant application to the Department of Energy (DOE) and its Office of Fossil Energy and Carbon Management (FECM) addressing priorities in the Bipartisan Infrastructure Law (BIL) regarding Critical Material Innovation, Efficiency, and Alternatives. DOE's FECM intends to fund high impact applied RD&D bench and pilot scale projects with this funding opportunity. The Company's application is directed to support prefeasibility level metallurgical studies for the Carlin Vanadium Project. DOE's expected date for selection notifications is May 2024.

The Company also reports that it will prepare a larger funding opportunity application for the Carlin Vanadium Project, as part of the second round of funding of approximately $3.5 billion to be made available for battery materials processing and battery manufacturing grants. DOE's Office of Manufacturing and Energy Supply Chains (MESC) is releasing this Funding Opportunity Announcement (FOA) entitled "Bipartisan Infrastructure Law (BIL) Battery Materials Processing and Battery Manufacturing Grants." The mission of MESC is to strengthen and secure manufacturing and energy supply chains needed to modernize the nation's energy infrastructure and support a clean and equitable energy transition. Concept Paper Submission Deadline is January 9, 2024, Full Application Submission Deadline is March 19, 2024, and Expected Date for DOE Selection Notifications is August 2024.

About Phenom Resources Corp.
Phenom has 100% interest in the Carlin Gold-Vanadium Project, located in Elko County, 6 miles south from the town of Carlin, Nevada and Highway I-80 which hosts the Carlin Vanadium deposit, North America's largest highest grade primary vanadium resource. The Project lies in the Carlin Gold Trend. Approximately 9 million ounces comprised of multiple gold deposits, including past producing mines, are present near the Phenom property (5-15km).

ON BEHALF OF PHENOM RESOURCES CORP.
per: "Paul Cowley"
CEO & President
(604) 340-7711
pcowley@phenomresources.com www.phenomresources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking information
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or the Company's future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-Looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

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