Phenom Resources Corp. has completed the final cash payments and work expenditures required to exercise its option and acquire a 100% interest in the Dobbin property in central Nevada.

The company fulfilled the requirements of an option agreement originally dated September 4, 2023, by reimbursing staking costs, paying an aggregate of US$150,000 in cash, and completing US$2,000,000 in exploration expenditures on the project. In conjunction with exercising the option, Phenom granted the property owner a 3% net smelter return royalty, with a right to buy back a 1% royalty for $1,000,000 at any time.

The ownership acceleration was suggested by SSR Mining to facilitate the next phase of a planned US$4,000,000 funding and joint venture arrangement. SSR previously acquired a 9.9% strategic equity interest in Phenom through a June 2026 private placement, providing funds that contributed toward meeting the Dobbin option commitments. Under an existing framework agreement, SSR holds the right to acquire a 15% interest in the Dobbin Project for US$4,000,000, which is proposed to be completed within 10 business days of Phenom securing its 100% project interest.

Diamond drilling is currently underway at the property, testing a regional Carlin-type gold system located on the southern extension of the Independent-Eureka gold trend.

“Diamond drilling is progressing well at Dobbin, facilitated by the funds invested by SSR in late June to acquire 9.9% interest in the Company. First assay results on Dobbin are expected in September. With the acceleration of ownership of Dobbin, the Company anticipates finalizing the next strategic investment by SSR before the end of the month.”

— Paul Cowley, Company President and CEO

First assay results from the ongoing drill program at Dobbin are anticipated in September, alongside the expected finalization of SSR Mining's next strategic investment before the end of the month.

Read the full announcement: Phenom Accelerates Acquisition of 100% Interest in Dobbin Property