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Phenom Resources Says SSR Mining Affiliate Buys 15% Interest in Dobbin Project for $4 Million

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Phenom Resources (PHNM.V) on Wednesday, said that an affiliate of SSR Mining (SSRM.TO, SSRM) exercised its right to buy a 15% interest in the Dobbin Project for $4 million and entered into a joint venture arrangement with Phenom's unit, Copper One USA.

Copper One transferred the Dobbin project claims and SSR delivered the initial contribution to the JV company, it said. The parties will make additional capital contributions to further exploration and development on the Dobbin Project pro rata in proportion to their respective interests in the JV company, subject to standard dilution provisions when the $4 million is depleted, it added.

According to the deal, Copper One will be the initial manager of the JV company and will retain operational control over the Dobbin project while it holds a majority interest in the JV company.

"Combined, SSR's investment in Phenom and the Initial Contribution have provided approximately $11 million in funding, which will support planned exploration activities through the remainder of the 2026 drilling season and when exploration activities resume in early summer 2027," said Phenom Resources Chief Executive Officer Paul Cowley.

Shares of Phenom were last seen up 1.2% at CA$0.44 on the TSX Venture Exchange. SSR Mining shares were last seen down 4% at CA$51.68 on the Toronto Stock Exchange.

Price: $0.44, Change: $+0.01, Percent Change: +1.15%

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