SSR Mining paid US$4 million for 15% of Phenom's Dobbin project. That prices the whole project at about US$26.7 million
SSR is now Phenom's largest shareholder and its joint venture partner in Nevada. Phenom stays in control, for now.
September 23, 2026 at 6:00 p.m. EDT · 2 min read
An affiliate of SSR Mining has exercised its right to buy 15% of the Dobbin gold project in Nevada from Phenom Resources (TSXV: PHNM) for US$4,000,000. Phenom announced the closing on September 23.
The arithmetic
US$4 million for 15% puts an implied value of about US$26.7 million on 100% of Dobbin, on the terms SSR agreed to. That is one of the few hard, arm's-length data points investors get on an exploration-stage project.
How the joint venture works
Phenom's subsidiary, Copper One USA, moved the Dobbin claims into a new Nevada company owned 85% by Copper One and 15% by SSR. SSR's US$4 million goes into that company and can only be spent on Dobbin.
Once it is spent, both partners fund further work in proportion to their stakes. A partner that does not keep up is diluted. If either falls below 10%, it leaves the joint venture and receives up to a 2% net smelter royalty. Each partner has a right of first refusal if the other wants to sell.
Copper One manages the project for as long as it holds a majority.
Who pays next
Phenom says SSR's investment in the company plus this contribution provide about $11 million of funding, enough for drilling through the rest of the 2026 season and into early summer 2027. After that, keeping 85% means Phenom funds 85% of every future budget. Juniors often find that harder than majors do.
Why it matters
A major buying in at the project level is a vote of confidence in the ground. It also gives SSR a seat at the table, a right of first refusal, and the balance sheet to outlast a partner if drilling gets expensive.
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