Mr. Rajesh Sharma reports

EARLY WARNING REPORTING - ACQUISITION OF SHARES OF NEOTERREX MINERALS INC.

On Dec. 21, 2023, in connection with the closing of the three-cornered amalgamation between Neoterrex Corp., Spitfyre Capital Inc. and 15363497 Canada Inc. (the amalgamation), Fancamp Exploration Ltd. acquired 11,799,000 common shares in the capital of NeoTerrex Minerals Inc., the entity resulting from the amalgamation. The shares acquired by Fancamp represent approximately 15 per cent of the issued and outstanding shares of NeoTerrex immediately following the closing of the amalgamation, and were issued by NeoTerrex to Fancamp in exchange of the common shares held by Fancamp in the capital of NeoTerrex Corp. Similarly, as a result of the amalgamation, Fancamp holds an aggregate of 1,433,500 share purchase warrants of NeoTerrex, each warrant entitling Fancamp to acquire one additional common share in the capital of NeoTerrex at a price of 40 cents per common share for a period of 24 months following the date of issuance (expiry Dec. 21, 2025).

Immediately prior to the closing of the amalgmation, Fancamp did not have beneficial ownership of, nor control or direction over, any common shares of NeoTerrex.

The common shares of Neoterrex are held by Fancamp for investment purposes. Depending on the evolution of NeoTerrex's business, financial condition, the market for NeoTerrex's securities, general economic conditions and other factors, Fancamp may in the future increase its ownership of common shares of NeoTerrex's from time to time, or sell some or all of the common shares it holds, in the open market, or otherwise, subject to their availability at attractive prices, market conditions, applicable securities laws and other relevant factors.

This news release is issued pursuant to National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report filed by Fancamp will be available under Fancamp's profile on SEDAR+ or by contacting Fancamp.

About Fancamp Exploration Ltd.

Fancamp is a growing Canadian mineral exploration company focused on creating value through medium-term growth and monetization opportunities with its strategic interests in high-potential mineral projects, royalty portfolio and mineral properties. The company is focused on an advanced asset play poised for growth and selective monetization with a portfolio of mineral claims across Ontario and Quebec, Canada, including copper, gold, zinc, titanium, chromium, strategic rare-earth metals and others. The company 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 company 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 company is managed by a focused leadership team with decades of mining, exploration and complementary technology experience.

We seek Safe Harbor.