Phenom Identifies and Reports on Advancements of High-Grade Vanadium-Nickel Opportunity
Rhea-AI Summary
Phenom Resources (TSXV: PHNM) has announced significant progress in developing a high-grade vanadium-nickel processing project. The company has filed three US patent applications for vanadium processing technologies, with a focus on extracting vanadium and nickel from petroleum coke fly ash material.
Through collaboration with SGS Canada, over 25 innovative metallurgical tests have been completed, resulting in two preliminary recovery flowsheets achieving >90% recovery of both vanadium and nickel. The company is in discussions with a multinational Fortune 100 conglomerate for long-term feed material supply, and with two large strategic firms for potential partnerships or off-take agreements.
The project aims to establish a processing plant that would contribute to the US EV and large capacity battery markets, with potential support from Department of Energy grants and US tax credits through the Inflation Reduction Law.
Positive
- Development of two successful metallurgical flowsheets achieving >90% recovery rates for both vanadium and nickel
- Secured potential long-term feed material supply from Fortune 100 company
- Multiple potential strategic partnerships and off-take agreements under negotiation
- Filed three US patent applications for unique vanadium processing technologies
Negative
- No assurance of reaching acceptable terms with potential strategic partners
- Project requires significant external funding and partnerships to proceed
- Plant location not yet determined
News Market Reaction – PHNMF
On the day this news was published, PHNMF gained 1.94%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - December 19, 2024) - Phenom Resources Corp. (TSXV: 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 Inflation 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 portfolio endeavours in Nevada.
Actions and Milestones
Through the guidance and direction of the Company's metallurgical team, over 25 innovative 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 >
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 assurances 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
ON BEHALF OF PHENOM RESOURCES CORP.
per: "Paul Cowley"
CEO & President
(604) 340-7711 pcowley@phenomresources.com 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 by Phenom, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234459
FAQ
What recovery rates has PHNMF achieved in their vanadium-nickel processing tests?
How many patent applications has PHNMF filed for vanadium processing in 2024?
What is the source of PHNMF's proposed feed material for the processing plant?
What funding sources is PHNMF pursuing for the vanadium-nickel processing project?
How many metallurgical tests has PHNMF completed at SGS Canada?
