Phenom Submits U.S. Federal Grant Application

Rhea-AI Summary

Phenom Resources (OTCQX: PHNMF) submitted a grant application to the U.S. Department of Energy FECM under FOA-0003583 for R&D bench and pilot scale critical metals projects.

The company requested US$19.8 million in total project funding, with DOE asked to fund 80%, structured as a 48-month program in four sequential performance periods. The FOA has up to $275 million available across applicants and a tentative DOE award date of June 15, 2026. The submission targets validation of high-grade vanadium (>6%) and nickel (>1.4%) feedstock. Company gold exploration remains the primary focus and Dobbin drill permitting is advancing.

Vancouver, British Columbia--(Newsfile Corp. - January 20, 2026) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to report that the Company has submitted a grant application to the U.S. Department of Energy (DOE) and its Office of Fossil Energy and Carbon Management (FECM) under the funding opportunity FOA-0003583 for R&D bench and pilot scale critical metals projects. Approximate total available funding under this DOE funding opportunity going to multiple projects is up to $275 million.

The Company's submission is entitled "Integrated Pilot-Scale Validation of High-Grade Vanadium and Nickel Feedstock" under this funding opportunity. In it, the Company's total project funding request is for US$19.8 million where DOE would fund 80%. The proposal is structured as a 48-month program consisting of four sequential Performance Periods.

DOE has projected the tentative award date for successful candidates for June 15, 2026.

The Company's submission was assembled by the engineering/technology team within the Company. They have been working on this High-Grade Vanadium-Nickel R&D project to firm up a metallurgical flowsheet and seek financial partnerships to advance project. The project uses feedstock material that averages over 6% vanadium and over 1.4% nickel. This potential grant opportunity could be a significant catalyst for the project, if awarded.

The Company's gold efforts continue to be the main focus of the Company's resources and exploration team within the Company. A news release will be forth coming on the low sulphidation epithermal gold drilling efforts on Crescent Valley. The Company can also report that the Dobbin drill permitting process is advancing.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/280916

FAQ

What did Phenom (PHNMF) submit to the U.S. Department of Energy on January 20, 2026?

Phenom submitted a grant application titled "Integrated Pilot-Scale Validation of High-Grade Vanadium and Nickel Feedstock" under FOA-0003583 seeking project funding.

How much funding did Phenom (PHNMF) request from the DOE and what share would DOE fund?

Phenom requested US$19.8 million in total project funds and asked the DOE to fund 80% of that amount.

What is the DOE FOA total available funding and the tentative award date for successful applicants?

The FOA allocates up to $275 million across projects, and DOE projects a tentative award date of June 15, 2026.

What are the technical feedstock grades in Phenom's (PHNMF) grant proposal?

The proposal says the feedstock averages over 6% vanadium and over 1.4% nickel.

What is the proposed program length and structure in Phenom's (PHNMF) DOE submission?

The project is structured as a 48-month program consisting of four sequential performance periods.

How does the DOE grant application affect Phenom's (PHNMF) current priorities and permitting?

The company states its gold exploration remains the main focus while Dobbin drill permitting is advancing; the grant would be a potential catalyst if awarded.