Phenom Identifies and Reports on Advancements of High-Grade Vanadium-Nickel Opportunity
Phenom Identifies and Reports on Advancements of High-Grade Vanadium-Nickel Opportunity
December 19, 2024 - Vancouver, British Columbia – Phenom Resources Corp. (TSX-V: PHNM) (OTCQX®:
PHNMF) (FSE: 1PY0) (“Phenom” or the “Company”) is pleased to announce that internal Company research,
development initiatives, and organic market interest have driven Phenom to create milestone progress on a
potential high-grade vanadium-nickel processing project in 2024.
The Company’s technical team of metallurgists has been working on metallurgical breakthroughs focused
specifically on high vanadium recoveries of various feed material. The Company has filed three US patent
applications regarding unique and potentially substantial vanadium processing opportunities. This update is
focused on developments mainly pertaining to the Company’s May 17, 2024 announcement that it had filed
a patent application in the USA on a process to uniquely extract vanadium and nickel from petroleum coke fly
ash material.
With the Company’s expertise and technological successes in developing metallurgical flowsheets with high
vanadium recoveries, it has sought out new vanadium opportunities to deploy its expertise on projects that
specifically have potential viability at current vanadium prices. The Company has identified and is pursuing
one such high -grade vanadium-nickel project (the “Identified Project”) which is for a proposed processing
plant that would be built to treat a continuous long-term available waste product.
Phenom is seeking to attract a strategic partner to fund and operate the Identified Project , with Phenom
retaining part ownership through the utilization of its patented recovery processes. The Company anticipates
that the Identified Project would be a long-term-operating processing plant that would process high -grade
vanadium and nickel feed to generate high purity product at a profit at current prices and be a midstream
contributor to the expanding US EV and large capacity battery markets.
Over the past year, SGS Canada, Inc. was engaged by Phenom to provide independent metallurgical testwork
and has completed in excess of 25 different innovative and progressive tests on material from the Identified
Project (described in more detail below). Prior to beginning these testing initiatives, Phenom identified and
engaged in dialogue with a multinational Fortune 100 conglomerate that has the product and availability to
supply our proposed future plant with decades of feed material at high grades and potentially low costs.
Paul Cowley, President & CEO of Phenom states, “The Company is very excited regarding the potential in what
it sees as a high reward opportunity and is weighing its various options to proceed and unlock value for
Phenom shareholders.”
Paramount to proceeding down this path will be to minimize Phenom’s capital risk by bringing in strategic
partners, obtaining Department of Energy grant applications, negotiating Off -take Agreement cash
components and receiving US tax credits through the I nflation Reduction Law or similar-type legislation that
may be in effect at the time of production, to name a few sources. To date, the Company’s efforts have been
progressing at minimal costs so as not to distract from the Company’s focus on its gold port folio endeavours
in Nevada.
Actions and Milestones
Through the guidance and direction of the Company’s metallurgical team, over 25 in novative metallurgical
tests at SGS Canada, Inc. in Lakefield, Ontario over the last year on sample source product have unlocked two
potential preliminary metallurgical recovery flowsheets that have produced >90% recovery of both vanadium
and nickel from a high value product. One of these recovery flowsheets is the subject of a US provisional patent
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in Phenom’s name pertaining to that described in the Company’s May 17, 2024 announcement. The Company
intends to submit a second provisional US patent application for a second recovery flowsheet method shortly.
In addition to talks with the Fortune 100 company, the Company has also been in discussions with two large
strategic firms evaluating the potential for their involvement as a strategic partner, joint venture partner or
for Off-take Agreements. The Company is working towards an agreement with one or both parties but at this
point, the Company cannot provide assu rances that it will be able to come to acceptable terms with either .
Site selection studies have identified numerous plant site locations to be considered in the US. Although
several locations have been shortlisted, no decision as to location has been made at this time. Phenom will
provide updates on the status of the above-noted transactions as material information becomes available.
About Phenom Resources Corp.
Phenom has 100% interest in the Carlin Gold-Vanadium Project, located six miles south from the town of
Carlin, Nevada, and Highway I-80 in Elko County, 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 (5-15km) the Phenom property. 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, a
Bonanza high grade gold vein-type target.
ON BEHALF OF PHENOM RESOURCES CORP.
per: "Paul Cowley"
CEO & President
(604) 340-7711 [email protected] www.phenomresources.com
Technical disclosure in this news release has been reviewed and approved by Dave Mathewson, Director and
Geological Consultant of the Company and a Qualified Person as defined by National Instrument 43-101.
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.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within
the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements
relating to the future operations and activities of Phenom, are forward-looking statements. Forward-looking statements are frequently, but not always,
identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements
that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward -looking statements in this news release relate to,
among other things, the Company’s exploration plans, including ongoing mapping and sampling, future assay results and the impact thereof. There can
be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in
such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a
number of assumptions and estimates that, while considered reasonable b y Phenom, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual r esults, performance or
achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking
statements and the parties have made assumptions and estimates based on or related to many of these factors. Readers should not place undue reliance
on the forward-looking statements and information contained in this news release concerning these items. Phenom does not assume any obligation to
update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities
laws.