BULLETIN V2025-4001
FANCAMP EXPLORATION LTD. ("FNC")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: December 10, 2025
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the option agreement dated November 11, 2025 (the "Option Agreement"), and as amended on December 3, 2025, between Fancamp Exploration Ltd. (the "Company") and an arm's length party (the "Optionor"). Pursuant to the terms of the Option Agreement, the Company may earn up to an 80% undivided interest in the mineral claims comprising the Egan property, located in Ontario, Canada (the "Property").
Under the Option Agreement, the Company will have the option (the "First Option") to earn a 40% undivided interest in the Property over a two-year period (the "First Option Period") commencing on the date of receipt of approval of the Option Agreement by the Exchange (the "Effective Date") by: (i) incurring an aggregate of $1,500,000 of exploration expenditures on the Property during the First Option Period; and (ii) paying to the Optionor aggregate payments totaling $100,000, of which: (A) $50,000 is payable to the Optionor on the Effective Date (half of which is payable in cash and half by way of issuance of common shares of the Company ("Common Shares") at a deemed price per Common Share of $0.09); and (B) $50,000 is payable to the Optionor within five business days of the first anniversary of the Effective Date (half of which is payable in cash and half by way of issuance of Common Shares at a deemed price per Common Share equal to the volume weighted average trading price of the Common Shares on the Exchange during the 10 trading days preceding the issuance, subject to a minimum price of $0.064 per Common Share in accordance with the policies of the Exchange (the "VWAP")).
Provided the Company has complied with the aforementioned requirements to exercise the First Option, the Company will have the option (the "Second Option") to earn an additional 40% undivided interest in the Property over a four-year period (the "Second Option Period") commencing on the Effective Date by: (i) incurring an aggregate of $2,500,000 of additional exploration expenditures on the Property during the Second Option Period; and (ii) paying to the Optionor aggregate payments totaling $100,000, of which: (A) $50,000 is payable to the Optionor within five business days of the date of exercise by the Company of the Second Option pursuant to the terms of the Option Agreement (half of which is payable in cash and half by way of issuance of Common Shares at a deemed price per Common Share equal to the VWAP at the time of issuance); and (B) $50,000 is payable to the Optionor within five business days of the third anniversary of the Effective Date (half of which is payable in cash and half by way of issuance of Common Shares at a deemed price per Common Share equal to the VWAP at the time of issuance).
In the event that: (i) the Company exercises the First Option and the Second Option pursuant to the terms of the Option Agreement, the Company will become the owner of an 80% undivided interest in the Property and the Company and the Optionor shall be deemed to have formed an 80% / 20% joint venture to further explore and develop the Property; (ii) the Company exercise the First Option and confirms to the Optionor that it has elected not to fulfill the conditions to exercise the Second Option, the Company will become the owner of a 40% undivided interest in the Property and the Optionor and the Company shall be deemed to have formed an 60% / 40% joint venture to further explore and develop the Property; or (iii) the Company exercises the First Option and confirms in writing to the Optionor that it has elected to fulfill the conditions relating to the exercise of the Second Option pursuant to the terms of the Option Agreement, the Optionor may elect to convert the Second Option into a joint venture pursuant to which the Company will become the owner of a 51% undivided interest in the Property and the Company and the Optionor shall be deemed to have formed an 51% / 49% joint venture to further explore and develop the Property.
For further details, please refer to the Company's news releases dated November 12, 2025 and December 9, 2025.
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