MK Plus, Vanadium Solid-State Battery Company, Achieves Funding Milestone of US$50 Million

Vancouver, October 31, 2024 - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to announce that the private Japanese battery company, MK Plus Co., Ltd. (MK Plus) has achieved a milestone by securing US$50 million of funding which will position them to build their first pilot plant in Japan for their vanadium solid-state batteries and advance its revolutionary fast charging low-cost vanadium battery business world-wide.

Phenom owns a 5% equity interest in MK Plus.

Paul Cowley, President & CEO of Phenom states, "We congratulate MP Plus in securing this funding which will propel its business. Phenom shareholders will benefit from our equity interest in MK Plus as MK Plus grows and succeeds. It is exciting to have a broader position of the growing battery chain future."

The features of MK Plus's vanadium solid-state battery can be highly disruptive to the stationary battery market and potentially the EV market space. According to MK Plus's corporate presentation, their battery provides higher desired performance at a lower cost over vanadium redox flow batteries (VRFB) in the large capacity battery market, claiming their battery:

1. Rapidly charges in minutes (C-rate of between 100 and 300 versus C-rate of 20 in VRFB), achieving massive charging speeds 100 times faster.
2. Uses one tenth of the amount of vanadium that VRFB use for an equivalent charge.
3. Has +100,000 deep cycle life without heat dissipation (no fire risk) or degradation (resulting long life).
4. Has been tested at ambient operating temperatures between 100^oC and -40^oC without loss of performance.

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.

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operations and activities of Phenom, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Phenom, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Phenom does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228440