Vancouver, British Columbia--(Newsfile Corp. - January 10, 2023) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") wishes to announce that it is evaluating the merits of a potential transaction to transfer its gold assets into a new Canadian subsidiary ("SpinCo") that would then be spun out to the Phenom shareholders. The intent of the transaction is twofold: (i) to return Phenom to being a dedicated vanadium investment vehicle; and (ii) to position SpinCo to operate as an independent company that would seek a separate public listing and would focus on advancing the gold assets currently owned by Phenom.

Phenom makes no assurance that a spinout will occur as it would be subject to many conditions that include SpinCo satisfying stock exchange listing requirements, the assessment of legal and tax consequences, determining the specific details of such a transaction, receipt of Phenom shareholder approval, receipt of all regulatory and other required approvals, the availability of financing for SpinCo and market conditions. In the coming weeks, Phenom will provide further details when they become available.

Paul Cowley, President and CEO of Phenom, states: "Phenom Resources is moving toward a pure vanadium play with a proposed spinout of its gold assets. The Company intends to focus on resource expansion, engineering and metallurgical studies on our flagship Carlin Vanadium Project in Nevada, as well as other vanadium related opportunities. The Carlin Vanadium project hosts the largest highest grade primary vanadium resource in North America and has a PEA dated May 2020.

"The vanadium demand landscape is changing with its demonstrated superior attributes over lithium in the expanding stationary battery market and by the significant growth and commitment by China to vanadium redox flow battery implementation in its electric grid over the last five years. The world is following. Vanadium prices have been on the rise for the last 3 months, now at US$8.90 per pound V2O5. The Company has significant vanadium related plans to carry out in 2023. The Company also has significant plans in 2023 for its gold assets, which by spinning out could be funded and advanced independent of the Company's vanadium activities.

"While Phenom Resources is still working out the details, structure and timing to effect the proposed spin out, we feel it's important at this time to communicate the Company's intended future direction."

ON BEHALF OF PHENOM RESOURCES CORP.
per: "Paul Cowley" CEO & President
(604) 340-7711 This email address is being protected from spambots. You need JavaScript enabled to view it. 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. 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.

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