Phenom Resources Corp. reported that the Company has submitted a Concept Paper to initially qualify for a larger U.S. Federal grant application on its Carlin Vanadium Project. The new submission to the Department of Energy (DOE) and its Office of Manufacturing and Energy Supply Chains (MESC) applies for new Commercial-scale Separation, Processing, and Recovery of Battery Critical Minerals (non-Lithium) projects for which the Carlin Vanadium Project Processing Plant construction may qualify for.

The Company plans to make a Full Application Submission by the deadline of March 19, 2024, for a $300 million grant. This larger funding opportunity is part of the second round of funding by the DOE of approximately $3.5 billion to be made available for battery materials processing and battery manufacturing grants. This announcement is subsequent to the Company's earlier December 14, 2023 News Release announcing its grant application submission to the Department of Energy (DOE) and its Office of Fossil Energy and Carbon Management (FECM) for RD&D bench and pilot scale funding for the Carlin Vanadium Project.

This specific funding opportunity pertains to an earlier stage of technical work to assist advancing metallurgical testing for the Carlin Vanadium Project that would become part of a Prefeasibility study.