Phenom Resources Corp. (TSXV: PHNM | OTCQX: PHNMF | FSE: 1PY0) has announced that an affiliate of SSR Mining Inc. has exercised its right to acquire a 15% interest in the Dobbin Project for US$4,000,000, formally launching a joint venture structure through a newly incorporated Nevada LLC. The JV company, operated by Phenom's subsidiary Copper One USA, Inc., will apply the full US$4,000,000 exclusively to advancing the Dobbin Project. Combined with SSR's prior equity investment in Phenom, the arrangement has delivered approximately $11 million in total funding to the company, according to the release.

Key Points

  • Phenom Resources Corp. (TSXV: PHNM | OTCQX: PHNMF | FSE: 1PY0) announced the formalisation of a joint venture with an SSR Mining affiliate on the Dobbin Project in Nevada.
  • SSR has paid US$4,000,000 to acquire an initial 15% interest in the Nevada LLC joint venture company, with Copper One USA retaining an initial 85% interest.
  • Combined SSR investment in Phenom equity and the initial contribution totals approximately $11 million, intended to fund exploration through the 2026 drilling season and into early summer 2027.
  • Investors may be watching how the US$4,000,000 is deployed across planned exploration activities and whether additional capital contributions follow as the initial funds are depleted.

Nevada LLC Structure and Copper One's Operational Control of Dobbin

Under the joint venture's operating agreement, Phenom's subsidiary Copper One USA, Inc. has transferred the Dobbin Project claims to the newly incorporated Nevada LLC and will serve as the initial manager, retaining operational control for as long as it holds a majority interest. SSR's US$4,000,000 initial contribution has been delivered to the JV company and is restricted solely to financing Dobbin Project advancement. Once those funds are fully deployed, both parties will contribute additional capital on a pro-rata basis relative to their respective ownership interests, subject to standard dilution provisions outlined in the agreement.

Dilution Thresholds, Royalty Provisions, and Right of First Refusal

The operating agreement includes provisions that protect both parties' positions over time. If either party's interest is diluted below 10%, that party exits the JV company and receives up to a 2% net smelter return royalty on Dobbin Project production. Additionally, should either party wish to sell or transfer its JV interest, the other party holds a right of first refusal to acquire that interest. These terms provide structural safeguards designed to preserve alignment between the two joint venture partners throughout exploration and any future development phases.

CEO Highlights SSR's Role as Both Shareholder and Technical Partner

In the announcement, President and CEO Paul Cowley noted that SSR's dual role — as Phenom's largest shareholder and now as a project-level joint venture partner — reflects confidence in both the company and the Dobbin Project. Cowley stated that the combined approximately $11 million in funding supports planned exploration through the remainder of the 2026 drilling season and when activities resume in early summer 2027, and that the company anticipates benefiting from SSR's technical expertise as the project advances. The immediate share price impact was not clear from available public information.