Phenom Announces Closing of $5.41 Million Financing, Strategic Investor and Execution of Framework Agreement Relating to the Dobbin Project
Phenom secures a major producer as a strategic backer for its Dobbin drilling program through a closed SSR deal.
Phenom Resources Corp. (PHNM) has closed the non-brokered private placement announced on June 1, 2026, issuing 13,529,340 shares at C$0.40 to an affiliate of SSR Mining Inc. for gross proceeds of C$5.41 million. SSR now holds 9.9% of Phenom’s basic shares.
Concurrently, a Framework Agreement was executed giving SSR the right to acquire a 15% interest in the Dobbin Project for US$4 million upon Phenom’s 100% earn-in. Shares are subject to a 4-month hold and a voluntary 1-year lock-up with a monthly 500,000-share sell limit. SSR received top-up rights to maintain 4.9%–19.9% ownership and a 2-year standstill.
Phenom Resources Corp. (PHNM) completed the final execution of the material letter of intent announced on June 1. The terms of the closing, including size, price, use of proceeds, and framework conditions, matched the original agreement. The market had already priced in the deal, with the stock rising from $0.43 to $0.52 on the news. The completion removes the risk of the deal falling apart and confirms SSR’s commitment as a long-term strategic investor. No new project milestones or assay results were included; the only incremental news is that the definitive agreement is now in place.
Phenom Resources Corp. (PHNM) is a Nevada-focused gold and vanadium explorer. Its flagship gold asset is the Dobbin Project, a Carlin-type target featuring a gold-in-soil anomaly measuring more than 2.1 km long and 200 m wide, with values reaching up to 2.73 g/t Au. The project was optioned in 2023 from a vendor and is currently being advanced toward a maiden drill program.
The company also holds the Crescent Valley epithermal gold/IOCG-REE project, which it owns 100%, as well as the King Solomon Carlin-type project and the South Carlin project. Additionally, Phenom Resources owns North America’s largest primary vanadium resource, known as Carlin Gold-Vanadium, based on a 2019 Preliminary Economic Assessment (PEA). The company also holds a 5% stake in MK Plus, a solid-state vanadium battery developer.