Phenom Announces Letter of Intent for a Strategic Investment Private Placement Financing and Joint Venture with SSR Mining Inc. For 15% Interest in Dobbin Project

Key Takeaways

• SSR to buy 9.9% of Phenom for CAD$5.4M (~US$3.9M)
• SSR will acquire 15% stake in Dobbin for US$4M
• Funds will fully finance Phenom’s 100% ownership of Dobbin
• SSR holds top‑up rights up to 19.9% ownership
• Deal requires TSXV approval and includes 30‑day exclusivity

Pulse Analysis

The private placement positions SSR Mining as a strategic backer of Phenom Resources, injecting roughly US$3.9 million for a near‑10% equity stake. The capital allocation is tightly earmarked: US$1.3 million will settle the balance owed to secure full control of the Dobbin Project, while US$2.5 million bolsters Phenom’s general working capital. By structuring the share purchase with a statutory hold and a voluntary one‑year lock‑up, both parties protect market stability and preserve upside potential for future top‑up rights.

Beyond the equity infusion, the LOI outlines a separate US$4 million transaction for a 15% interest in the Dobbin Project, effectively creating a joint venture to accelerate development. Dobbin, a Carlin‑type gold‑vanadium target in Nevada, complements Phenom’s existing portfolio that includes the Carlin Vanadium deposit and the Crescent Valley gold project. The infusion of funds is expected to fund drilling, permitting and infrastructure, moving the project closer to a definitive feasibility study and potentially unlocking significant value for shareholders.

The partnership reflects a broader industry trend where mid‑tier majors like SSR seek to de‑risk junior assets through strategic stakes and joint ventures. For Phenom, the deal not only resolves financing gaps but also aligns it with a seasoned operator that can provide technical expertise and market access. Investors should monitor TSX Venture Exchange approvals and the upcoming exclusivity period, as successful execution could position Phenom as a notable player in the North American gold‑vanadium space, while offering SSR a foothold in a high‑grade Nevada district.