PHNM.V · 2026-05-29 12:00:00

Phenom Reports Consistent Results on Rare Earth and Critical Metals Deposit at Crescent Valley

May 29, 2026 - Vancouver, British Columbia – Phenom Resources Corp. (TSX-V: PHNM) (OTCQX®: PHNMF)

(FSE: 1PY0) (“Phenom” or the “Company”) is pleased to announce that additional drilling has returned similar

thickness and grade in its Rare Earth Element (REE) and Critical Metals deposit on its Crescent Valley Property ,

about 22 km (13 miles) southwest of Carlin, Nevada. To date, all mineralized drill intercepts in the deposit start

from surface. Principal metals of value include Rubidium, H afnium, Scandium and Neodymium with lesser

amounts of Dysprosium, Praseodymium, Cerium, Europium, Niobium, Strontium, Terbium and Yittrium, all on

the US Geological Survey critical metals list considered vital to the U.S. economy and national security that face

potential risks from disrupted supply chains.

The new deposit is an Iron Oxide Copper Gold (IOCG) deposit-type, a magnetite -tourmaline-pyrrhotite-pyrite

breccia body with appreciable REE and Critical Metals content. Drill hole CVN26-07, 143 metres (east of CVN25-

04 has returned a 102 metre (335-foot) intercept starting from surface of similar grade in REE and Critical Metals

content as previously reported. Drill holes CVN24-02 (drilling in 2024) and CVN25-04 (drilling in October 2025),

and a 75-metre-long continuous surface chip sample completed in summer 2025, all located at the north part of

the breccia body, had returned near surface similar and reproducible elevated values in these metals. The drilled

area now covers over 240 metres (780’) wide by 215 metres (700’) long (see Figure 1).

Although early in its evaluation, the deposit is presumed to have dimensions in the order of 600 metres (1970

feet) wide (east-west), at least 200 metres (650 feet) thick (vertically) and at least 1 kilometre (3280 feet) long

(north-south) based on the Company’s 2024 IP geophysical program completed by Zonge International Inc. and

guided and interpreted by Jim Wright of Wright Geoph ysics. The IP program identified a continuous high

chargeability anomaly coincide with and expressed as a near surface flat and long body which has now been

ground-truthed by the three RC drill holes and surface chip sampling. A ground magnetic survey performed by

Zonge 2012, was also used by Dave Mathewson to help guide the placement of the drill holes. The chargeability

anomaly/REE and Critical Metals deposit is open to the north and requires additional IP lines to fully determine

its length. IOCG deposits generally have a pipe configuration. Additional infill IP lines may help define the pipe

root size and configuration.

Table 1: Drill Intercept and Chip Sampling Highlights (* previously reported)

From

(m)

Lengt

h (m)

From

(ft)

Length

(ft)

Rubidium

(ppm)

Hafnium

(ppm)

Scandium

(ppm)

Neodymium

(ppm)

CVN24-02* 0 99.1 99.1 0 325 325 121.5 5.2 11.3 31.6

including 0 38.1 38.1 0 125 125 160.3 6.1 8.5 20.8

and 48.8 54.9 6.1 160 180 20 168.8 6.1 17.1 37.9

and 64.0 80.8 16.8 210 265 55 162.2 3.9 9.5 30.9

CVN25-04* 0 54.9 54.9 0 180 180 146.0 6.1 14.7 29.3

including 0 22.9 22.9 0 75 75 193.1 6.2 15.6 30.9

75m chip* 0 75.0 75.0 0 246 246 132.8 5.8 11.2 38.5

CVN26-07 0 102.1 102.1 0 335 335 109.0 7.2 18.0 41.4

Note: Intercept thicknesses of the mineralization are estimated to be true thickness.

Rubidium carbonate , currently selling for US$1 2,500 per kilogram , is used in atomic clocks key to global

positioning systems (GPS), data network syncing and research and development. H afnium metal , selling for

US$12,508 per kilogram, is used in nuclear control rods, semiconductors and aerospace. Scandium metal, selling

for US$ 3,186.6 per kilogram , is used to strengthen metal alloys, in fuel cells and in high -intensity lighting.

Neodymium metal, selling for US$244.9 per kilogram, is used in permanent magnets, in medical and industrial

lasers, and in the production of rubber. Lesser amounts of Dysprosium (used in permanent magnets, data storage

devices, and lasers), and Praseodymium (used in permanent magnets, batteries, aerospace metal alloys,

ceramics, and colorants) are also present, as well as other important and strategic REE elements.

The relative value p roportions of the principal metals in the CVN26-07 intercept are in the order of 55% from

Rubidium, 1 9% from Hafnium, 23% from Scandium , 2% from Neodymium and 1% from Dysprosium. The

Company will be doing a mineralogical evaluation at SGS Canada Inc. to determine the mineral species for these

elevated elements leading to how they may be concentrated for metallurgical purposes.

Figure 1: Drillhole Locations for IOCG and Low Sulfidation Epithermal Target Testing

The following Figure 2 shows the chargeability anomaly in plan view on the left and cross-sections of the

northmost 3 lines of chargeability on the right to help visualize the size, shape and near surface nature of the

body. It also demonstrates the opportunity to extend the strike length of the chargeability/ REE and Critical

Metals body to the north with additional IP lines. Note the RC drill hole traces are superimposed on three of the

cross-sections to show their penetration into the breccia body.

Figure 2: Plan View and Cross-sections of Chargeability Anomaly/REE and Critical Metals Deposit

Table 2: Drill Hole Information for IOCG Target

Easting (m) Northing (m) Azimuth Dip Length

(m)

Length

(ft)

Hole CVN26-07 563838 4485931 090 -60 304.8 1000

Low Sulfidation Epithermal Target Testing

The Crescent Valley Property also hosts a 5-6-kilometre-plus-long (3-3.7 mile) range-front-margin low sulfidation

epithermal gold opportunity which the Company tested further with drill holes CVN26-05, CVN26-06 and CVN26-

08 as steps out from previously reported CVN25 -03. CVN25-03 reported a 144.8 metre thick ( 475 feet) quartz

breccia with continuous weakly anomalous gold values over a length of 274.3 metres (900 feet). CVN26-06 and

CVN26-08 stepped out 100 metres (328 feet) and 200 metres (656 feet) to the north of CVN25 -03. CVN26-05

tested 100 metres (328 feet) downdip from CVN25-03 (see Figure 1 and Table 3).

Much like CVN25-03, all three holes encountered the thick quartz veined and brecciated zone having thicknesses

between 91.4-121.9 metres (300-400 feet). Gold values remained similarly weakly anomalous over thicknesses

between 30.5 metres (100 feet) and 126.5 metres (415 feet). This program tested a small portion of the lengthy

range-front-margin low sulfidation epithermal gold opportunity.

Table 3: Drill Hole Information for Low Sulfidation Epithermal Target (* previously reported)

Easting (m) Northing (m) Azimuth Dip Length

(m)

Length

(ft)

Hole CVN25-03* 563103 4484245 090 -60 426.72 1400

Hole CVN26-05 563100 4484245 090 -78 505.97 1660

Hole CVN26-06 563139 4484345 090 -78 519.68 1705

Hole CVN26-08 563139 4484446 090 -78 399.29 1310

The drilling programs were field supervised by Paul Cowley and Dave Mathewson, both QPs for the Company.

Drilling was done by Envirotech Drilling LLC with 5-foot-long sample lengths. Rock and drill cuttings samples were

analyzed by ALS Global for its gold and rare earth packages. Company QAQC sample inserts were included.

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 within the prolific Carlin Gold Trend. Approximately 9

million ounces comprised of multiple gold deposits, including past producing mines, are present in proximity to

the Phenom property (5-15km). The Company has 100% interest in Crescent Valley in Eureka County and has

options on two gold projects in Nevada, the Dobbin and King Solomon Properties which are Carlin Gold-type

targets in the Monitor Range within Lander and Nye Counties, respectively.

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, a Qualified Person

as defined by National Instrument 43-101, director and Geological Consultant of the Company.

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, a nd they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could di ffer

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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