Natural products from endolichenic fungi, isolated from different lichen species, have been attracting much attention because of their potential to produce metabolites with activities and/or new structures. The filamentous fungus M227-2 isolated from lichen in Ny-Alesund Arctic showed significant anti-microbial activity and was identified as Cochliobolus kusanoi based on 18S rDNA. Secondary metabolites of M227-2 were investigated in order to exploit them as lead compounds for new antibiotics. Chemical investigation on M227-2 led to the isolation of three phomalone derivatives (products 1–3). Their structures were elucidated on the basis of their NMR and MS spectral data. Product 2 was new, whereas products 1 and 3 were isolated for the first time from the species. The biosynthetic pathway is also proposed.