SSR Mining Acquires 15% Interest in Dobbin Project and Enters into Joint Venture Arrangement with Phenom's Subsidiary, Copper One USA, Inc.
SSR Mining’s US$4 million Dobbin JV entry and prior investment give Phenom about US$11 million to fund exploration into 2027.
Rhea-AI Summary
Phenom Resources (PHNMF) reports that an affiliate of SSR Mining has exercised its right to acquire a 15% interest in the Dobbin Project for US$4 million and entered a joint venture with Phenom subsidiary Copper One USA.
The parties have formed a Nevada LLC (the JV Company) to hold and advance the Dobbin Project, with Copper One owning 85% and SSR 15% initially. Copper One has transferred the Dobbin claims into the JV Company, and SSR’s US$4 million Initial Contribution has been funded into the JV Company to be used solely for project advancement. Once these funds are depleted, further exploration and development will be financed through additional pro rata capital contributions, subject to dilution provisions.
If a party’s interest falls below 10%, it will exit the JV Company and receive up to a 2% NSR royalty on Dobbin production. Copper One will manage the JV and retain operational control while it holds a majority interest. Combined with SSR’s prior investment in Phenom, the company cites approximately US$11 million in total funding for planned exploration into 2027.
Positive
- SSR acquires 15% Dobbin interest via US$4 million Initial Contribution
- JV structure gives Copper One 85% and operational control while majority owner
- Combined SSR funding of approximately US$11 million supports exploration through 2026–2027
Negative
- None.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - September 23, 2026) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") announces that further to its news releases of June 29, 2026, and August 18, 2026, an affiliate of SSR Mining Inc. ("SSR") has now exercised its right to acquire a
In furtherance of the acquisition and resulting joint venture, the Company's subsidiary, Copper One USA, Inc. ("Copper One") and SSR have incorporated a Nevada LLC (the "JV Company") under which they will carry out their joint venture of the Dobbin Project, with Copper One owning an initial
Paul Cowley, Company President and CEO, states, "We are very pleased to have SSR as our largest shareholder and now as our partner in advancing the Dobbin project, both of which reflect the high calibre of the Company and the project. Combined, SSR's investment in Phenom and the Initial Contribution have provided approximately
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 Paul Cowley, a Qualified Person as defined by National Instrument 43-101, President, CEO and director 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 and include, but is not limited to, statements regarding the parties' interests in the JV Company, the intended use of funds with respect to the Initial Contribution, potential future dilution and consequences thereof, the parties' right of first refusal in the event one of them wishes to sell its interest in the JV Company, the duration of time and conditions under which Copper One will be manager of the JV Company, and other statements that are not historical facts. 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. Readers should not place undue reliance on 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/315618
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How is the Dobbin Project joint venture between Copper One and SSR Mining structured?
The Dobbin Project is held in a newly formed Nevada LLC (the JV Company). Copper One owns an initial 85% interest and SSR an initial 15% interest. Copper One has contributed the Dobbin Project claims, and SSR has contributed US$4 million in cash, with both parties to fund future exploration and development through additional capital contributions pro rata to their JV interests, subject to dilution provisions.
What happens if a party’s ownership in the JV Company drops below 10%?
If either Copper One’s or SSR’s interest is reduced to less than 10%, that party ceases to be a member of the JV Company and will receive up to a 2% net smelter return (NSR) royalty on production from the Dobbin Project.
Are there any restrictions on selling a JV interest in the Dobbin Project?
If either party wishes to sell or transfer its interest in the JV Company, the other party has a right of first refusal to acquire that interest.
Who manages the Dobbin Project under the new joint venture?
Copper One is the initial manager of the JV Company and retains operational control over the Dobbin Project while it holds a majority interest in the JV Company.
How does Phenom describe the use of combined funding from SSR?
Phenom states that SSR’s investment in the company, together with the US$4 million Initial Contribution to the JV Company, provides approximately US$11 million in funding to support planned exploration activities through the remainder of the 2026 drilling season and when exploration resumes in early summer 2027.