Mr. Rajesh Sharma reports

FANCAMP PROVIDES MANAGEMENT CEASE TRADE ORDER STATUS UPDATE

Fancamp Exploration Ltd. is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 (Management Cease Trade Orders).

As previously announced on Aug. 29, 2023, the corporation had been granted a management cease trade order from the B.C. Securities Commission due to a delay in filing of the audited consolidated financial statement for the year ended April 30, 2023, the annual management's discussion and analysis for the same period, and management certifications of annual filings beyond the deadline of Aug. 28, 2023, prescribed by Canadian securities laws. The MCTO was granted by the BCSC on Aug. 29, 2023. The MCTO prohibits the corporation's management from trading in the securities of the corporation until such time as the annual filings are filed. The MCTO does not affect the ability of any other shareholders of the corporation to trade securities of the corporation.

Fancamp and its auditor continue to work diligently toward completing the annual filings as soon as possible. The continuing auditor review is primarily related to the continuing consideration and review of the valuation and accounting presentation in respect of certain of the corporation's convertible debt and equity securityholdings. Upon completion of the auditor's internal review process, the annual filings will be filed on SEDAR+.

The corporation confirms that since the date of the announcement: (i) there has been no material change to the information set out in the announcement that has not been generally disclosed; (ii) the corporation is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue biweekly default status reports for so long as the delay in filing the annual filings is continuing, each of which will be issued in the form of a news release; (iii) there has not been any other specified default by the corporation under NP 12-203; (iv) the corporation is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the corporation that has not been generally disclosed.

Update on interim financials

As a result of the delay in filing the annual filings, the corporation also announces that the filing of its unaudited interim financial statements for the three months ended July 31, 2023, management's discussion and analysis for the same period, and management certifications of interim filings have been delayed beyond the filing deadline of Sept. 29, 2023. The corporation is working to complete the interim filings as soon as possible and expects the interim filings to be filed following the corporation's filing of the annual filings.

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 Troug and a rare earth element 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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