Phenom Resources Corp. — Regulatory Filings 2021

Jul 19, 2021

Form 51-102F3 Material Change Report

Item 1: Name and Address of Company

Phenom Resources Corp. (formerly First Vanadium Corp.) 880- 580 Hornby Street Vancouver, BC V6C 3B6

Item 2: Date of Material Change

July 19, 2021

Item 3: News Release

News Release dated July 19, 2021 disseminated via Newsfile Corp.

Item 4: Summary of Material Change

On July 19, 2021, the Company announced results from two Induced Polarization (IP) lines completed across the newly acquired Section 22 property (announced July 12, 2021) located one mile north of the Company’s Carlin Gold-Vanadium Property on the Carlin Gold Trend of Nevada. The Company has identified a chargeability anomaly on Section 22 similar to that found on the Company’s Carlin Gold-Vanadium Property. The north-south trending structural corridor and accompanying chargeability setting that is present within and passing through the Carlin Gold-Vanadium Property, evidently continues onto and through Section 22. The Company controls 3 of 4 square miles of the favourable structural trend, with the one intervening square mile controlled by Nevada Gold Mines, the Barrick/Newmont Joint Venture.

Item 5: Full Description of Material Change

On July 19, 2021, the Company announced results from two Induced Polarization (IP) lines completed across the newly acquired Section 22 property (announced July 12, 2021) located one mile north of the Company’s Carlin Gold-Vanadium Property on the Carlin Gold Trend of Nevada. The Company has identified a chargeability anomaly on Section 22 similar to that found on the Company’s Carlin Gold-Vanadium Property. The north-south trending structural corridor and accompanying chargeability setting that is present within and passing through the Carlin Gold-Vanadium Property, evidently continues onto and through Section 22. The Company controls 3 of 4 square miles of the favourable structural trend, with the one intervening square mile controlled by Nevada Gold Mines, the Barrick/Newmont Joint Venture.

Two preliminary east-west IP lines running 800 metres apart on Section 22 both identified a large-scale chargeability anomaly at least 650 metres wide, mimicking results from IP results on its Carlin Gold-Vanadium Property. The figure below shows the large untested chargeability anomaly on the western half of Section 22. Limited historic drilling in 1999-2002 had only drill-tested the eastern half of Section 22.

==> picture [498 x 379] intentionally omitted <==

Figure: IP Chargeabilty Inverted Section across Section 22

Dave Mathewson stated, "The preliminary IP results on Section 22 are similar to that displayed on our main Carlin Gold-Vanadium property to the south, which suggests that we control an even larger system. We are interpretating from IP and drilling, a well-established multi-kilometre long north-south trending graben-bounding master fault with favourable adjacent lithologies and high sulfide domains on the horst (upthrown) western side. There are many analogies to this setting within the Carlin Gold Trend.”

Drilling continues on the Carlin Gold-Vanadium Project targeting the root system identified by IP under the guidance of Dave Mathewson. The Company’s detailed 15-line IP survey on the Carlin Gold Vanadium Property (reported July 6, 2021) identified a clear large north-trending root system (high chargeability) having a strike length of at least 3.2 kilometres (2 miles) long (north-south) and 300 metres (980 ft) to 1.3 kilometres (0.8 miles) wide (east-west).

Additional IP lines on Section 22 will be conducted to further detail the chargeability anomaly before drilling Section 22.

Item 6: Reliance on subsection 7.1(2) or (3) of National Instrument 51-102

N/A

Item 7: Omitted Information

N/A

Item 8: Executive Officer

Paul S. Cowley President, CEO and Director Tel: (604) 340-7711

Item 9: Date of Report

July 19, 2021

“Paul Cowley”

Paul Cowley, President & CEO