Q ANALYTICS Report On Fancamp Exploration Ltd., November 2015

Q: Today our guest is Mr. Peter Smith, CEO of Fancamp Exploration. We also have our Manging Director, Dr. Khandaker. Good morning.

A: Good morning.

Q: Peter, Fancamp is a very exciting company with a portfolio of assets. Explain Fancamp’s flagship assets and your strategy.

A: The company has been in existence since the late 80’s. Funds have always been limited as they frequently are with junior mining companies. I have a lot of experience. I am an exploration geologist and hold a PhD in geology from Northwestern which goes back quite a ways. Fancamp’s policy has always been to identify areas of interest and add value by doing its own work on various base metal properties and bringing in Joint Venture partners. Over the years we have had Joint Venture from Placer Dome to Noranda. Over the last two years the picture has changed radically. We began staking iron properties around 2000 and 2001 and accumulated a large portfolio of properties in the Fermont area in the southern end of the Labrador Trough. We sold a group of properties to a company called Champion and retained an underlying royalty interest. We retained about a 17% working interest, put up about $14 million CAD over the years to maintain the interest and folded into Champion with a large return in Champion in a nonrecourse underlying royalty. Champion subsequently made a deal with Mamba Minerals, headed by Michael O’Keeffe of Australia, and that is currently the situation. O’Keeffe is focusing on the Fire Lake North project which is very high grade specular hematite deposit with high concentrate. He is currently navigating the project despite the rather dire iron ore mining situation. I think there is a very good chance he will survive while Cliff Natural Resources didn’t. They built a new facility at Bloom Lake and went into bankruptcy and I think there is a good chance Champion might get their hands on that for pennies on the dollar but that is something that remains to be seen which will be clarified within the month.

Q: Let’s talk about Magpie. The magpie deposit has a unique technology platform on processing that can convert what is considered waste into sellable product. Could you explain the process and what kind of opportunity do you see for licensing this technology?

A: The Magpie project grew out of our acquisition of the Magpie deposit which is a billion ton deposit of titaniferous magnetite carrying titanium, vanadium and some minor elements. The project was owned by SOQUEM, the Quebec government mining company who acquired. It was discovered in 1957 and was worked on that shipped concentrate to Niagara Falls and they did some smelting back then which was successful but the state of the iron markets back then did not support further development. SOQUEM acquired it in 1967. They brought HATCH in to test economic possibilities of this complex deposit. HATCH did some work and then gradually through the 70’s and into the 80’s the deposit was abandoned at which we acquired it. We went back into the records HATCH had left and working with those we developed a proprietary method of separating the titanium from the titaniferous magnetite and the vanadium and chromium. This method is relatively simple. It is a leaching method with HCL, it is not used commercially anywhere but Fouad Kamaleddine who did much of the development work on this who is our VP of Research has applied for patents which are on the verge of being rewarded. There are other major players who are interested. We have traveled to China twice and Pangang Iron and Steel- Panzhihua in Sichuan province in southwest China has an ore that is similar to Magpie but much lower grade. They are interested in what this technology can do as they have been unsuccessful in their attempts to achieve a high grade TiO2 product to date.

Q: Let’s talk about the shareholder value creation. You have a mix of strategies from share shales to revenue and dividends. Could you walk us through some of the strategies for Fancamp’s value creation?

A: Our underlying philosophy is highly opportunistic. We have been able to do a rather lot with very little. In bringing in other companies our policy is to acquire large share positions in these companies which we use to augment Fancamp’s cash flow. Historically we raised funds by selling shares and making share placements but as the prices have come down dilution is unacceptable. Fancamp for example currently holds 10.7 million shares of Champion. We hold about 50 or 60 million shares of KWG. We hold 1.2 million shares of ARGEX, which is a junior working on a high grade titanium producing technology which is quite different from the magpie process. That is the way we are moving forward here. As we bring in other partners we have property payments and lately we have been taking our own bulk samples of high grade gold showings. This is our mix of income producing efforts failing actual share placements no one wishes to make at 4 cents a share.

Q: Makes sense. As we sum up our discussion today, Peter could you briefly talk about yourself and the management?

A: I man the regional office in Montreal. Our Chief Financial Officer is in Burnaby, British Columbia. The company is a British Columbia company. I have two professional geologists who live in the eastern townships in Quebec which brings them closer to our exploration properties in Gaspe and New Brunswick. We have a field office in Quebec where we store core. We use contractors on a regular basis. In fact the company has no employees. I am on a contractual relationship with the company as is Debra Chapman in Burnaby, British Columbia. The company has been run by Debra and myself over the last 25 years. It works. We have had some hostile elements take runs at us in past years claiming we should use large auditing and legal firms which is a way of running out of money much more quickly. The company is agile and we make decisions quickly. It has enabled us to survive to this point and build up an impressive array of assets.

Q: Thank you for discussing Fancamp Exploration.

A: Thank you.