Summary
As demand surges for both clean energy technologies and precious metals, few junior explorers are as strategically positioned as Phenom Resources (TSX-V: PHNM). With 100% ownership of North America’s largest, highest-grade primary vanadium deposit—sitting directly atop a prospective Carlin-style gold system in Nevada—Phenom offers investors exposure to two of the most compelling commodity narratives of the decade.
Led by seasoned exploration executive Paul Cowley, Phenom is advancing the Carlin Vanadium-Gold Project, located just six miles from the town of Carlin and the I-80 corridor in Elko County, Nevada. The area is part of one of the world’s most prolific gold belts, home to major past producers such as Barrick and Newmont. Phenom’s deposit, however, is unique—not only for its strategic location and infrastructure access, but for its stacked metal systems: near-surface vanadium mineralization and a deeper, drill-defined gold system.
Vanadium: A Green Energy Opportunity with Long-Term Potential
Vanadium, long used in steel alloys, is now gaining attention for its role in vanadium redox flow batteries (VRFBs)—a promising solution for long-duration grid-scale energy storage. Unlike lithium-ion batteries, vanadium batteries do not degrade over time, can last decades, and are nonflammable, making them ideal for large-scale renewable energy integration.
Phenom’s deposit stands out not just for its size and grade, but for its advanced stage. The company has already completed a Preliminary Economic Assessment (PEA), defined a resource, patented its metallurgical process, and entered into an offtake agreement with a Japanese battery manufacturer, which Phenom also owns a 5% stake in. As battery demand grows—especially outside of China—Phenom’s U.S.-based project offers a secure domestic supply option that aligns with U.S. government critical metals priorities.
Notably, Phenom has applied for a $300M Department of Energy grant to support the project’s development. If approved, this could significantly accelerate the path to production.
Exploration Upside: Gold Discoveries Guided by Proven Talent
Beneath the vanadium lies a deeper Carlin-style gold system, and Phenom is aggressively exploring it under the guidance of renowned Nevada geologist Dave Mathewson, who has been involved in over 10 gold deposit discoveries in the region. Mathewson handpicked the company’s expanding portfolio of high-impact gold projects, including:
- Crescent Valley – A bonanza-style gold vein system reminiscent of the historic Sleeper mine.
- Doby George / Dobbin Project – Identified in the 1980s by Mathewson for Newmont; never drilled due to wilderness restrictions at the time. Surface anomalies suggest strong gold potential.
- King Solomon – Acquired in May 2025, this large-scale Carlin-type target covers a 2×2-mile gold system that was historically drilled shallow and incorrectly. Deeper drilling into the carbonate host rocks is now planned.
With multiple promising drill targets and active field programs underway, Phenom’s goal is clear: to make one or more significant gold discoveries while advancing the Carlin Vanadium Project toward production.
Corporate Strength: Seasoned Team with Technical and Operational Depth
Phenom isn’t a typical junior. Its technical bench runs deep, including metallurgists with dozens of patents, engineers with major mine management experience, and exploration geologists who have worked on world-class projects.
CEO Paul Cowley emphasizes that Phenom’s strategy is not about chasing quick hits. Instead, it’s about building sustainable value by developing economically viable deposits, both in battery metals and gold. That approach has earned the backing of respected investors like Rob McEwen (5%) and newsletter writer Eric Muschinski (10%).
The company is well-capitalized, with a recent $2.2M financing nearly complete and earmarked for drilling, surface exploration, and enhanced marketing efforts throughout the summer and fall of 2025.
Looking Ahead: Value Catalysts and a Potential Spin-Out
With strong momentum in both arms of the business, Phenom is considering a corporate spin-out, separating its vanadium and gold assets into two distinct entities. This could unlock value for shareholders and attract sector-specific investors focused on either green energy or precious metals.
Meanwhile, multiple near-term catalysts are on the horizon:
- DOE grant outcome
- New drill results from gold projects
- Increased valuation of the Japanese battery partner
- Further progress on offtake and permitting for vanadium
Conclusion: Why Watch Phenom Resources Now
Phenom Resources is more than a dual-commodity explorer—it’s a team with a track record, working in the right jurisdiction, and positioned at the intersection of two major global trends: energy transition and gold market strength.
With a near-surface, development-stage vanadium project in a geopolitically stable location and multiple gold exploration shots backed by one of Nevada’s most successful geologists, Phenom offers high-conviction exposure to both near-term catalysts and long-term growth.
This is a company with people, projects, and purpose—all aligned to build shareholder value.
TSX.V: PHNM | OTCQX: PHNMF | FFSB: 1PY0
CONTACT INFO:
T: (604) 340-7711
E: pcowley@phenomresources.com
W: phenomresources.com
