Mr. Rajesh Sharma reports

FANCAMP ANNOUNCES DELAY IN FILING ANNUAL FINANCIAL RESULTS AND ISSUANCE OF MANAGEMENT CEASE TRADE ORDER

Fancamp Exploration Ltd. has delayed the filing of its audited annual financial statements and management discussion and analysis for the financial year ended April 30, 2023, and the chief executive officer and chief financial officer certificates, all as required by National Instrument 51-102 -- Continuous Disclosure Obligations and National Instrument 52-109 -- Certification of Disclosure in Issuers' Annual and Interim Filings.

The delay in filing the documents is due to the company's auditors requiring additional time to complete their audit of the annual financial statements for the financial year ended April 30, 2023, due to, among other things, continuing consideration and review of the accounting presentation in respect of certain of the company's equity securityholdings, and the fair value assessment of certain convertible promissory notes and warrants held by the company.

Accordingly, the company has informed the British Columbia Securities Commission (the BCSC) of its delay in filing the documents, and has applied for and been granted a management cease trade order (MCTO) from the BCSC pursuant to National Policy 12-203 -- Management Cease Trade Orders (NP 12-203), pending the filing of the documents, which MCTO prohibits the company's management from trading in the securities of the company until such time as the documents are filed. The MCTO does not affect the ability of any other shareholders of the company to trade securities of the company.

During the period of default and until the filing of the documents, the company intends to satisfy the provisions of the alternative information guidelines as set out in NP 12-203, including the requirement to file biweekly status reports in the form of news releases containing prescribed updating information. The company intends to work diligently and expeditiously with its auditors, and expects to file the documents on or around Sept. 11, 2023.

Until the company has filed the documents, the company's management is subject to an insider trading blackout. The company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing of the company's latest interim financial report. The company is not currently subject to any insolvency proceedings.

About Fancamp Exploration Ltd.

Fancamp is a growing Canadian mineral exploration corporation dedicated to its value-added strategy of progressing priority mineral properties through exploration and innovative development. The corporation is focused on an advanced asset play poised for growth and selective monetization with a portfolio of mineral claims encompassing over 147,000 hectares across Ontario, Quebec and New Brunswick, Canada, including copper, gold, zinc, titanium, chromium, strategic rare-earth metals and others. The corporation continues to identify near-term cash-flow-generating opportunities and, in parallel, aims to advance its investments in strategic mineral properties. Fancamp has investments in an existing iron ore operation in the Quebec-Labrador Trough, a rare earth elements company, NeoTerrex Corp., in addition to an investment in a zinc mine planned to be restarted in Nova Scotia. The corporation has future monetization opportunities from its Koper Lake transaction in the highly sought-after Ring of Fire in Northern Ontario. Fancamp is developing an energy reduction and titanium waste recycling technology with its advanced titanium extraction strategy. The corporation is managed by a focused leadership team with decades of mining, exploration and complementary technology experience.

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