Phenom Resources Corp (PHNMF)

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Excerpt from NI 43-101 Technical Report on the Carlin Vanadium Projec

Interpretation and Conclusions

25.1 Property Description and Ownership The Project consists of 182 unpatented mining claims totaling 3096 acres (excluding overlaps and portions of claims outside section limits) and approximately 80 acres of fee simple land through a Mineral Lease Agreement covering a total of 3,177 acres. The Project was explored and drilled byUnion Carbide Corporation (UCC) in the late 1960’s resulting in a defined vanadium historic resource. The claim group is located in north-central Nevada in Elko County, seven air miles south of Carlin. The vanadium deposit is centered about geographical coordinates 40°36’29”N, 116°07’17”W. Elko, with a population of about 20,000, is the largest town in the area.The core 72 claims (BK and Pot claims) are owned by Golden Predator U.S. Holding Corp., a corporation with an address in Idaho. Americas Gold Exploration Inc. (AGEI), a private Nevada corporation acquired a 5-year option June 15, 2017 to acquire 100% of the Carlin Vanadium Project from Golden Predator U.S. Holding Corp. which was assigned to First Vanadium through anAssignment Agreement dated September 22, 2017 and approved by the TSX Venture exchange November 9, 2017. Both Option and Assignment Agreements are in good standing at the time of the report with First Vanadium fulfilling its obligations (payments, work commitments and share issuances) in a timely fashion. First Vanadium can exercise the option and earn 100% interest in these claims by making remaining payments to Golden Predator of US$50,000 by June 2019 and US$1.91 million by June 15, 2022, subject to a 2% NSR in favor of Golden Predator, which could be bought out at the time of option exercise for US$4 million. First Vanadium has fulfilled all of its obligations to AGEI under the Assignment Agreement except requiring to produce a Preliminary Economic Assessment (PEA) on the project by November 9, 2021. First Vanadium recently added 80 acres of mineral rights through a Mineral Lease Agreement from third parties subject to a 5% NRS royalty. First Vanadium has recently added 110 unpatented lode claims adjacent and proximal to the originalproperty in the name of its wholly owned subsidiary Copper One USA, Inc.

https://firstvanadium.com/images/Presentation/2019/abr/Carlin_NI43-101_Tech_Report_20190409.pdf