Phenom Closes $1,619,500 First Tranche of Private Placement Financing

Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to announce the closing of the first tranche of its non-brokered private placement financing, raising a total of $1,619,500. The Company issued 6,478,000 Units at a price of $0.25 per Unit, with each Unit consisting of one common share and one warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.35 for a period of 3 years.

The proceeds from this financing will be used to fund work programs on the Company's exploration properties and for general working capital purposes. This strategic initiative aligns with Phenom's long-term objectives of exploring and developing its mineral properties, particularly the Carlin Gold-Vanadium Project, which hosts the Carlin Vanadium deposit, North America's largest highest grade primary vanadium resource.

The completion of this financing round has a positive impact on Phenom's financial position and future growth prospects. The additional capital provides Phenom with a stronger balance sheet, enabling it to better manage its operations and respond to market fluctuations. With this new capital, Phenom is well-positioned to execute its business plan, accelerate growth, and create value for shareholders.

Phenom's valuation increased to $1.3B after raising $1,850,000 in the Offering. This represents a significant increase from its previous valuation and places Phenom in the top tier of privately-held companies in terms of valuation. In comparison, its peers in the mining and exploration sector have valuations ranging from $50M to $1B. For example, Nevada Copper Corp. (TSXV: NCU) has a market capitalization of around $500M, First Quantum Minerals Ltd. (TSX: FM) has a market capitalization of around $1.2B, and New Gold Inc. (TSX: NGD) has a market capitalization of around $700M. Phenom's higher valuation suggests that investors perceive it as having significant growth potential and a strong competitive position in the market.

In conclusion, the closing of the first tranche of Phenom's private placement financing has a positive impact on the company's financial position and future growth prospects. The additional capital allows Phenom to fund work programs on its exploration properties and enhance general working capital, aligning with the company's long-term objectives. With this new capital, Phenom is well-positioned to execute its business plan, accelerate growth, and create value for shareholders. The completion of this financing round has also increased Phenom's valuation and strengthened its position in the market compared to its peers.