Phenom Resources Corp. (TSXV: PHNM | OTCQX: PHNMF | FSE: 1PY0) has announced that a subsidiary of SSR Mining Inc. has formally exercised its right to acquire a 15% interest in the Dobbin Project for US$4 million, triggering the formation of a Nevada LLC joint venture. The two parties — through Phenom's subsidiary Copper One USA, Inc. and SSR — will advance exploration at the Carlin-type gold target in Nevada. President and CEO Paul Cowley stated that combined with SSR's prior equity investment in Phenom, total financing of approximately US$11 million has been secured to support planned exploration through the 2026 drill season and into early summer 2027.

Key Points

  • Phenom Resources Corp. (TSXV: PHNM | OTCQX: PHNMF | FSE: 1PY0)
  • SSR Mining subsidiary acquires a 15% interest in the Dobbin Project for US$4 million, forming a Nevada LLC joint venture with Copper One USA, Inc.
  • Copper One holds an initial 85% interest and retains management control; combined SSR investment and initial contribution total approximately US$11 million
  • Investors may be watching how the US$4 million initial contribution is deployed across the 2026 and 2027 exploration programmes

Joint Venture Structure and Nevada LLC Formation

Under the terms of the joint venture operating agreement, Copper One USA transferred its Dobbin Project claims into the newly formed Nevada LLC, and SSR's subsidiary contributed the US$4 million initial contribution to that entity. The release states these funds are restricted exclusively to advancing Dobbin Project development. Once the initial contribution is exhausted, both parties will contribute additional capital pro rata to their respective interests, subject to standard dilution provisions. Should either party's interest fall below 10%, that party exits the joint venture and receives a net smelter return royalty of up to 2% on Dobbin Project production.

Copper One Retains Operational Control of Dobbin Project

The announcement confirms that Copper One USA will serve as manager of the joint venture company and retain operational control over the Dobbin Project for as long as it holds a majority interest. The release also states that each party holds a right of first refusal should the other seek to sell or transfer its interest in the joint venture entity. Phenom's CEO noted that SSR's technical expertise will provide additional support to ongoing exploration activities, reflecting what management characterised as a high-quality partnership for a high-quality project.

Combined US$11 Million Financing Supporting 2026–2027 Exploration

Cowley's statement, as reproduced in the release, indicates that SSR's broader equity investment in Phenom combined with the US$4 million initial contribution has provided aggregate financing of approximately US$11 million. The company states this funding is intended to support planned exploration activities through the end of the 2026 drill season and upon the resumption of exploration in early summer 2027. Phenom also holds interests in the Crescent Valley, Carlin Gold-Vanadium, and King Solomon properties in Nevada, though no specific updates on those assets were included in this announcement.