SSR Mining backs Phenom with C$5.4M bet on Nevada gold
What's the deal? Phenom ResourcesDealroom has a profile for this one. Try Dealroom → has closed a C$5,411,736 private placement, selling 13,529,340 shares at C$0.40 each to a single investor: an affiliate of SSR MiningDealroom has a profile for this one. Try Dealroom →.
The deal hands SSR — the third-largest gold producer in the US — roughly 9.9% of Phenom on an undiluted basis.
Proceeds will fund Phenom's earn-in to a 100% interest in the Dobbin Project in Nevada and cover general working capital.
Why now? Phenom plans to drill Dobbin in summer 2026, and the placement provides the cash to do it.
"For the third largest gold producer in America to back the Company, its geological team and Dobbin even before a single drill there, in my view is exceptional," said chief executive officer Paul Cowley.
The terms favour Phenom: no warrants attached, and SSR has agreed to a one-year restriction on selling its shares, capped at 500,000 per month.
What could go wrong? SSR holds an option to buy a 15% stake in Dobbin for a further US$4,000,000 — but only once Phenom secures full ownership of the project.
That acquisition is still pending, leaving the joint venture and SSR's deeper involvement contingent on Phenom clearing its remaining option payments.
A signed Investor Rights Agreement also lets SSR lift its stake to as much as 19.9%, with a two-year standstill in place.
The signal: SSR Mining's move is a textbook example of a major producer using its balance sheet as a corporate investor to take an early-stage position in a junior explorer, securing optionality on future supply before drilling de-risks the asset. By taking a 9.9% stake — with rights to climb to 19.9% — alongside a separate option on the Dobbin Project itself, SSR is buying cheap exposure to Nevada gold ground while keeping deeper commitment contingent on Phenom proving up the project.
Read more: Street Insider
