Fancamp Exploration — Interim / Quarterly Report 2023

Dec 31, 2022

FANCAMP EXPLORATION LTD.

Condensed Interim Consolidated Financial Statements

For the six months ended October 31, 2022 and 2021

(Unaudited - Expressed in Canadian Dollars)

The accompanying unaudited condensed interim financial statements of Fancamp Exploration Ltd. for the six months ended October 31, 2022, have been prepared by management and approved by the Audit Committee and the Board of Directors of the Company. These condensed interim financial statements have not been reviewed by the Company's external auditor.

FANCAMP EXPLORATION LTD. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Expressed in Canadian Dollars

	October 31	April 30
	2022	2022
Assets
Current Assets
Cash	$2,677,294	$5,462,839
Marketable Securities (Note 5)	14,910,552	22,808,265
Other Receivable (Note 6)	50	50
Sales Taxes Refundable	196,060	136,760
Investment Tax Credits Receivable	26,878	26,878
Accrued Mining Duty Receivable	5,529	5,529
Prepaid Expenses	49,058	81,820
	17,865,421	28,522,141
Non-Current Assets
Equipment	3,625	3,624
Investments in Associates (Note 7)Exploration and Evaluation Assets (Note 9)	19,815,6947,911,434	13,151,637
Total Assets	$45,596,174	$41,677,402
Liabilities
Current Liabilities
Accounts Payable and Accrued Liabilities	$143,717	$300,598
Due to Related Parties (Note 11)	392,519	406,190
Pilot Plant Grant Obligation (Note 8)	144,187	144,187
	680,423	850,975
Non-Current Liabilities
Deferred Tax Liabilities	3,266,484	3,266,484
Deferred Quebec Mining Duties	357,693	357,693
Total Liabilities	4,304,600	4,475,152
Equity
Share Capital (Note 10)	41,600,664	41,600,664
Contributed Surplus	14,512,975	14,500,742
Deficit	(14,727,677)	(18,805,886)
Equity Attributable to Equity Holders of Parent	41,385,962	37,295,520
Non-controlling Interest	(94,388)	(93,270)
Total Equity	41,291,574	37,202,250
Total Liabilities and Equity	$45,596,174	$41,677,402

Contingencies (Note 14) Subsequent events (Note 15)

On behalf of the Board, approved on December 30, 2022:

"Rajesh Sharma"	"Mark Billings"
CEO	Director

FANCAMP EXPLORATION LTD. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Expressed in Canadian Dollars, except share amounts

	Three Months Ended	Six Months Ended	Three Months Ended	Six Months Ended
	October 31, 2022	October 31, 2022	October 31, 2021	October 31, 2021
Expenses
Accounting and Audit	54,325	74,925	17,082	81,060
Directors and Committee Fees (Note 11)	30,000	60,000	91,000	206,500
Field Administration	39,722	96,296	39,938	69,678
Insurance	7,079	14,158	14,404	23,837
Interest Expenses and Bank Charges	4,005	671	711	2,793
Investor Relations	24,000	33,000	-	-
Legal Fees	294,046	331,252	333,579	1,203,893
Management and Consulting	86,425	192,675	285,659	665,617
Marketing and Promotion	5,000	13,706	-	-
Mineral Property Sundry Expenses	471	1,079	(4,759)	(1,942)
New Project Examinations	0	0	-	254,200
Office Rent, Supplies and Services	20,914	30,583	102,701	328,726
Patent Expense (Note 8)	3,405	4,210	18,307	18,307
Share Transfer, Listing and Filing Fees	8,599	9,734	13,895	32,704
Stock Based Compensation (Note 10)	6,116	12,233	-	-
Technical Fees and Process Development	24,000	48,000	2,343	15,620
Trade Show s and Presentations	-	5,075	5,000	5,000
Travel and Accomodations	6,360	17,125	2,358	3,286
Wages, Salaries, Payroll Expenses	2,108	4,789	-	-
Total Expenses	616,575	949,511	922,218	2,909,279
Net Loss from Operations	(616,575)	(949,511)	(922,218)	(2,909,279)
Gain from Sale of Mineral Property and Royalty Interests (Note 9)	12,572,796	12,572,796	-	743,781
Impairment of Exploration and Evaluation Assets (Note 9)	(28,527)	(28,527)	(20,375)	(20,375)
Interest Income	24,086	24,086
Dividends Received on Investments (Note 5)	-	310,000	-	-
Equity Interest Gain (Loss)	(112,840)	(112,840)
(Loss) Gain on Marketable Securities (Note 5)	(750)	(750)
Unrealized (Loss) Gain on Marketable Securities (Note 5)	(1,923,243)	(7,738,163)	(8,195,559)	(7,069,741)
Net (Loss) Income before Taxes	9,914,947	4,077,091	(9,138,152)	(9,255,614)
Deferred Tax Recovery (Expense)	-	-	(1,272)	1,689
Net (Loss) Income andComprehensive (Loss) Income for the Period	9,914,947	4,077,091	(9,139,424)	(9,253,925)
Net (Loss) Income and
Comprehensive (Loss) Income Attributable to:
Equity Shareholders of the Company	9,916,055	4,078,209	(9,138,423)	(9,252,891)
Non-controlling Interests	(1,108)	(1,118)	(1,001)	(1,034)
	$9,914,947	$4,077,091	$(9,139,424) $	(9,253,925)
Net Gain (Loss) Per Share - Basic and Diliuted		$0.02		$(0.05)
Weighted Average Number of Shares Outstanding - Basic		176,518,296		170,705,693
Weighted Average Number of Shares Outstanding - Fully Diluted		176,518,296		171,611,398

FANCAMP EXPLORATION LTD. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Express in Canadian Dollars, except share amounts

						Non
	Number of	Capital	Contributed	Income		controlling	Total
	Shares	Stock	Surplus	(Deficit)	Total	Interest	equity
		$	$	$	$	$	$
Balance, April 30, 2021	166,318,296	39,716,817	13,987,587	(14,477,098)	39,227,306	(92,018)	39,135,288
Shares Issued for Exercise of Options (Note 10)	10,200,000	1,883,847	(768,847)	-	1,115,000		1,115,000
Net Income (Loss) for the Period	-	-	-	(114,468)	(114,468)	(33)	(114,501)
Balance, July 31, 2021	176,518,296	41,600,664	13,218,740	(14,591,566)	40,227,838	(92,051)	40,135,787
Net Income (Loss) for the Period	-	-	-	(9,138,423)	(9,138,423)	(1,001)	(9,139,424)
Balance, October 31, 2021	176,518,296	41,600,664	13,218,740	(23,729,988)	31,089,415	(93,052)	30,996,363
Balance, April 30, 2022	176,518,296	41,600,664	14,500,742	(18,805,886)	37,295,520	(93,270)	37,202,250
Stock Based Compensation	-	-	6,117	-	6,117	-	6,117
Net Income (Loss) for the Period	-	-	-	(5,837,846)	(5,837,846)	(10)	(5,837,856)
Balance, July 31, 2022	176,518,296	41,600,664	14,506,859	(24,643,731)	31,463,792	(93,280)	31,370,512
Stock Based Compensation	-	-	6,117	-	6,117	-	6,117
Net Income (Loss) for the Period	-	-	-	9,916,055	9,916,055	(1,108)	9,914,947
Balance, October 31, 2022	176,518,296	41,600,664	14,512,975	(14,727,677)	41,385,962	(94,388)	41,291,574

FANCAMP EXPLORATION LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS

Expressed in Canada Dollars

	Six Months EndedOctober 31, 2022	Six Months EndedOctober 31, 2021
Operating Activities
Net Income (Loss) for the Period	$4,077,091	$(9,253,925)
Items Not Affecting Cash in the Period
Impairment of Exploration and Evaluation Assets	28,527	20,375
Sale of Mineral Propery and Royalty Interests	5,698,938	(743,781)
Investment in Associates	(18,315,694)
Stock Based Compensation	12,233	-
Unrealized Loss (Gain) on Investments	7,895,713	7,069,741
	(603,192)	(2,907,590)
Changes in Non-Cash Working Capital Items
Sales Tax Refundable	(59,300)	5,184
Prepaid Expenses	32,762	52,394
Accounts Payable and Accrued Liabilities	(156,881)	(322,072)
Due to Related Parties	(13,671)	(16,379)
	(800,282)	(3,188,463)
Investing Activities
Purchase of Marketable Securities	-	(1,550,000)
Investment in Associates	(1,500,000)
Exploration and Evaluation Assets	(487,263)	(102,802)
Total Investing Activities	(1,987,263)	(1,652,802)
Financing Activities
Shares issued for Cash , net of Share Issuance Costs	-	1,115,000
Sale of Marketable Securities	2,000
Sale of Mineral Property and Royalty Interests	-	1,346,772
Total Financing Activities	2,000	2,461,772
(Decrease) Increase in Cash	(2,785,545)	(2,379,493)
Cash, Beginning of the Period	5,462,839	10,357,784
Cash, End of the Period	$2,677,294	$7,978,291
Supplementary Disclosure of Non-Cash Financing and
Investing Activities
Shares Issued on the Acquisition of a Mineral Property	$-	$-

Notes to Consolidated Interim Financial Statements October 31, 2022 and 2021

Note 1 – Nature and Continuance of Operations

Fancamp Exploration Ltd. (the "Company" or "Fancamp") was incorporated under the laws of the Province of British Columbia. The Company owns interests in mineral properties in the Provinces of Ontario, Quebec and New Brunswick, Canada. Fancamp is an exploration stage enterprise in the business of mineral exploration. It is in the process of exploring its mineral properties interests and has not yet determined whether these properties contain ore reserves that are economically recoverable. The address of its head office is 7290 Gray Avenue, Burnaby, BC, V5J 3Z2 and registered office is 19th Floor, 885 West Georgia Street, Vancouver, B.C. V6C 3H4. The Company's financial year end is April 30. The Company's consolidated financial statements for the six months ended October 31, 2022 were approved by the Board of Directors on December 30, 2022.

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic. The Company has not yet experienced a material negative impact to its business, results of operations, or financial position as a result of COVID-19. The future financial effects to the Company, if any, of COVID-19 cannot be reasonably estimated at this time.

Note 2 – Basis of Presentation

Statement of Compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"). These consolidated financial statements are presented in Canadian dollars unless otherwise noted.

Basis of Consolidation

The consolidated financial statements include the accounts of the Company and its federally incorporated, 96% owned subsidiary, The Magpie Mines Inc. (the "Subsidiary" or "Magpie") and 100% owned subsidiary, FNC Technologies Inc. The functional currency of these two subsidiaries is Canadian $'s and all significant intercompany balances and transactions were eliminated on consolidation.

Basis of Measurement

These financial statements have been prepared on the historical cost basis, except for certain financial instruments which are measured at fair value, as explained in the accounting policies set out in Note 3 of the Company's annual audited financial statements for the year ended April 30, 2022.

Note 3 – Significant Accounting Policies

The preparation of consolidated financial statements in conformity with IFRS requires management to make judgment, estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of commitments and contingencies at the date of the consolidated financial statements and the reported amount of expenses during the period. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The areas involving significant estimates and judgements have been set out in Note 3 of the Company's annual audited financial statements for the year ended April 30, 2022 and detailed below.

Investment in Associates

An associate is an entity over which the Company has significant influence and which is neither a subsidiary nor a joint venture. Significant influence is the power to participate in the financial and

Note 3 – Significant Accounting Policies - Continued

operating policy decisions of the investee but is not control or joint control over those policies. Significant influence is presumed to exist when the Company holds between 20% and 50% of the voting power of another entity, but can also arise where the Company holds less than 20% if it has the power to be actively involved and influential in policy decision affecting the entity.

An investment in associate is accounted for using the equity method. Under the equity method, investments in associates are carried in the statement of financial position at cost adjusted for postacquisition changes in the Company's share of net assets of the associates, less any impairment losses. Losses in an associate in excess of the Company's interest in that associate are recognized only to the extent that the Company has incurred a legal or constructive obligation to make payments on behalf of the associate. Unrealized profits or losses on transactions between the Company and an associate are eliminated to the extent of the Company's interest therein.

At the end of each reporting period, the Company assesses whether there is any evidence that an investment in associate is impaired. This assessment is generally made with reference to the timing of exploration work, work programs proposed, exploration results achieved, and an assessment of the likely results to be achieved from performance of further exploration by the associate. When there is evidence that an investment in associate is impaired, the carrying amount of such investment is compared to its recoverable amount. If the recoverable amount of an investment in associate is less than its carrying amount, the carrying amount is reduced to its recoverable amount and an impairment loss, being the excess of carrying amount over the recoverable amount, is recognized in the period of impairment. When an impairment loss reverses in a subsequent period, the carrying amount of the investment in associate is increased to the revised estimate of recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined has an impairment loss not been previously recognized. A reversal of an impairment loss is recognized in net earnings in the period the reversal occurs.

Significant accounting policies used in the preparation of these consolidated interim financial statements are consistent with those of the previous financial year and have been consistently applied to all years presented.

Note 4 –Future Accounting Changes

Certain pronouncements were issued by the IASB or the IFRIC that are mandatory for accounting periods commencing on or after May 1, 2022. All future accounting changes are either not applicable or do not have a significant impact to the Company and have been excluded.

Note 5 – Marketable Securities

The Company holds shares and warrants in various public companies throughout the mining industry. During the six months ended October 31, 2022, these shares and warrants were fair valued and this resulted in an unrealized loss of $7,738,163 (2021 – unrealized loss of $7,069,741). During the six months ended October 31, 2022, the Company disposed of some marketable securities resulting in a loss of $750 (2021 $nil).

The shares in various public companies are classified as FVTPL and are recorded at fair value using the quoted market price as at October 31, 2022 and are therefore classified as level 1 within the fair value hierarchy.

Note 5 – Marketable Securities - Continued

The warrants in various public companies are classified as FVTPL and are recorded at fair value using a Black-Scholes option pricing model with observable inputs and are therefore classified as level 2 within the fair value hierarchy.

The shares in the private company are classified as FVTPL and are recorded at fair value using market inputs, estimates and assumptions that are, as far as possible, consistent with observable data that market participants would use in pricing the instrument as at October 31, 2022 and are therefore classified as level 3 within the fair value hierarchy.

The following table summarizes information regarding the Company's marketable securities as at October 31, 2022 and 2021:

	2022	2021
Balance at beginning of year, April 30	22,808,265	20,668,289
Additions	-	1,550,000
Disposals	(2,000)	-
Realized gain/(loss)	(750)	-
Unrealized gain/(loss)	(7,894,963)	(7,069,741)
Balance at end of perod, October 31	14,910,552	15,148,547

• i) The Company held 1,000,000 common shares of Beauce Gold Fields Inc. at October 31, 2022 (2021 -1,000,000). The common shares were valued at a per share quoted market price of $0.035 at October 31, 2022 (2021 - $0.105).
• ii) The Company held 3,100,000 common shares of Champion Iron Limited at October 31, 2022 (2021 3,100,000 common shares). These common shares were valued at a per share quoted market price of $4.03 at October 31, 2022 (2021 - $4.21). During the period ended July 31, 2022, the Company received $310,000 cash dividend from Champion Iron Limited.
• iii) The Company held 1,250 common shares of Iconic Minerals Ltd. at October 31, 2022 (2021 1,250 common shares). The common shares were valued at a per share quoted market price of $0.105 at October 31, 2022 (2021 - $0.23).
• iv) The Company held 4,514,000 common shares of KWG Resources Inc. at October 31, 2022 (2021 4,564,000 common shares). These common shares have been included in Investment in Associates and are now accounted for using the equity method.
• v) The Company held 208 common shares of RT Minerals Inc. at October 31, 2022 (2021 208 common shares). These common shares were valued at a per share quoted market price of $0.01 at October 31, 2022 (2021 - $0.085).
• vi) The Company held 450,000 common shares of St-Georges Eco-Mining Corp. at October 31, 2022 (2021 – 450,000 common shares). These common shares were valued at a per share quoted market price of $0.185 at October 31, 2022 (2021 - $0.43).
• vii) The Company held 45,650 common shares of ZeU Crypto Networks Inc. at October 31, 2022 (2021 45,650) pursuant to the spin-out from St-Georges Eco-Mining Corp. These common shares were valued at a per share quoted market price of $0.125 at October 31, 2022 (2021 – $0.45).

Note 5 – Marketable Securities – Continued

• viii) The Company held 2,348,485 common shares of EDM Resources Inc. at October 31, 2022 (2021- 2,348,485). These common shares were valued at a per share quoted market price of $0.50 at October 31, 2022 (2021 - $0.66).
• ix) The Company held 1,500,000 common shares of Vision Lithium Inc. pursuant to the sale of the Wells property. These common shares were valued at a per share quoted market price of $0.015 at October 31, 2022 (2021-n/a).
• x) The Company held 8,932,000 common shares of NeoTerrex Corporation, a private company, acquired through private placement. These common shares were fair valued at $0.10 at October 31, 2022 (2021-n/a).

Note 6 – Other Receivables

	October31, 2022$	October31, 2021$
Other Receivables	50	50
	50	50
Allowance fordoubtful accounts	-	-
	50	50

Note 7 – Investment in Associates

On September 1, 2022, the Company completed a transaction to transfer its rights, title and interests in the Koper Lake-McFaulds property and a one-time payment of $1,500,000 to KWG Resources Inc. ("KWG") The consideration consisted of: the issuance by KWG of a Secured Convertible Promissory Note in the principal amount of $34,500,000; the issuance by KWG of Warrants to purchase a total of 4,044,453 multiple voting shares; and the grant by KWG of a 2.0% net smelter return royalty (1/4 of which may be purchased by KWG at any time for $5,000,000 and the next 1/4 of which is subject to a right of refusal in favor of KWG) on any direct or indirect interest in the mining claims held by KWG on and after September 1, 2022.

The Secured Convertible Promissory Note has a four-year term maturing on September 1, 2026, which maturity date may on certain conditions be extended by KWG on at least six months' notice for an additional period of up to one year. The $34,500,000 principal amount of the Secured Convertible Promissory Note is currently convertible at $4.6916 per multiple voting share of KWG (each, a "MVS") into 7,353,568 MVS (increasing to 7,703,816 MVS at $4.4783 per MVS on September 1, 2023 and further increasing to 8,088,908 MVS at $4.2651 per MVS (the "Base Conversion Price") on September 1, 2024 (subject to further adjustment in certain circumstances)) and bearing interest in quarterly instalments at a rate of 6% per annum, payable at the option of KWG in cash or in MVS at the volume weighted average trading price for the five trading days prior to the interest payment date. KWG has the right to repay the principal amount in cash in whole or in part at any time on 30 days' notice (subject to the Company's right to convert into MVS at the Base Conversion Price during the notice period prior to payment in cash).

The Warrants are currently exercisable to purchase 4,044,453 MVS at $4.6916 per share (decreasing to $4.4783 per share on September 1, 2023 and to the Base Conversion Price of $4.2651 per share on September 1, 2024 and for the rest of the term, subject to adjustment in certain circumstances).

Notes to Consolidated Interim Financial Statements October 31, 2022 and 2021

Note 8 – Patent and Process Development, Pilot Plant

The Magpie Mines Inc.

The Company has been in the process of obtaining exclusive rights for licensing patent(s) for the twostage leaching process.

The Company received $1,094,187 from Sustainable Development Technology Canada ("SDTC") for the development of a pilot plant to test the "Magpie Process" ("Project"). In January 2019, SDTC was notified that the Company decided to terminate the Project. The full amount of the grant received, which is subject to repayment, has been recorded as pilot plant grant obligation on the consolidated statements of financial position as at April 30, 2019 and 2020. During the year ended April 30, 2019, the Company decided to set aside proprietary process under the patent applications and therefore fully impaired cost of $402,724 in connection with expenditures incurred for the application of these patents. On May 14, 2020 the Company received notification from SDTC, that pursuant to the suspended development of the Project, SDTC invoked its right to be reimbursed the $1,094,187 Project contribution. SDTC has requested reimbursement to be made on or before June 1, 2020. On May 29, 2020, the Company repaid $950,000 to SDTC, and the balance of $144,187 remains outstanding.

Please also refer to Note 13 on details of claims related to this patent.

FNC Technologies Inc.

In May 2020, the Company formed a wholly owned subsidiary, FNC Technologies Inc. FNC Technologies will hold a 50% interest (NSGI Non-Ferrous Metals Inc. 50%) in provisional patents in the United States of America and Internationally.

Note 9 – Exploration and Evaluation Assets

The Company's active mineral exploration properties' interests are detailed below and in Schedule I – Summary of Deferred Costs on Exploration and Evaluation Assets. Please see details of exploration cost balance for the six months ended October 31, 2022 and 2021 at Schedule II - Exploration Expenditures on Exploration Assets.

(a) 100% owned claims in the Province of New Brunswick

The Company has a 100% ownership interest in claims in the Province of New Brunswick, notably, Becagiumec Lake and Piskhegan.

(b) 100% owned claims in the Province of Quebec

The Company has a 100% ownership interest in numerous claims in the Province of Quebec, including the Abitibi Group, Beauce Main BVB, Beauce Timrod, Clinton, DiLeo Lake, Grasset Laforest, Gaspe Bay Group, Grevet, Harvey Hill, Jim Lake, Kinross, Lac Baude Baril, Lac Claire, Langevin, Lynch Lake, Magpie, Risborough, Sheen, St. Ferdinand, Stoke and Timbrell properties. Certain of the properties are subject to the following royalties or option agreements:

Lac Lamelee

On July 8, 2021, the Company entered into a royalty purchase agreement with Champion Iron Limited, whereby Champion acquired 100% ownership interest in the 32 claim Lac Lamêlée property along with the 3.0% Net Smelter Return royalty and the 1.5% Net Smelter Return royalty interest in the O'Keefe-Purdy, Harvey-Tuttle, Bellechasse, Oil Can, Fire Lake North Consolidated, Peppler Lake and Moiré Lake properties ("Fremont Properties"). Fancamp received consideration of $1.3 million in cash, plus certain

Note 9 – Exploration and Evaluation Assets - Continued

future finite production payments payable once certain iron ore production thresholds have been reached with respect to iron ore production from the Fermont Properties. The Company recorded a gain of $697,009 on the sale.

Magpie

In fiscal 2016, as part of an asset acquisition, the Company acquired a 100% interest in 70 mineral claims in the Province of Quebec. The Company currently holds 100% interest in 44 mining claims, as well as a 2% NSR attached to some of the claims. During the year ended April 30, 2019, an impairment loss of $1,947,725 was recorded and the claims continue to be maintained

Note 8 – Exploration and Evaluation Assets - Continued

Stoke Mountain

The Company has earned a 100% interest in 44 claim units located in the Eastern Townships of Quebec. The Optionor retains a 2% NSR, of which 1% may be bought back for $1,000,000.

The Company currently holds 112 claim units, including others that were acquired by staking.

(c) 100% owned claims in the Province of Ontario

The Company has a 100% ownership interest in numerous claims in the Province of Ontario, including Cunningham, Dorothy, Desolation Lake, McFaulds Lake and Mallard Heenan. Certain of the properties are subject to the following royalties or option agreements:

Cunningham

In June 2018 the Company entered into a purchase agreement to acquire 24 claim units located in the western central part of Cunningham Township, Ontario. The Company may earn a 100% interest by:

• (i) paying a total advance royalty of $25,000 to the Vendor over 5 years ($25,000 paid)
• (ii) issuing a total of 100,000 common shares (issued)

The Optionor will retain a 2% NSR, of which 1% may be bought back for $1,000,000.

In January, 2019 the Company entered into a purchase agreement to acquire 185 claim units located in the western central part of Cunningham Township, Ontario. The Company may earn a 100% interest by:

• (i) paying a total of $15,000 to the Vendor over 2 years ($15,000 paid)
• (ii) issuing a total of 200,000 common shares (issued)

The Optionor will retain a 2% NSR, of which 1% may be bought back for $1,000,000.

The Company has written down this property, including 7 additional claims acquired by staking, as exploration has been discontinued.

Dorothy

In June 2018 the Company entered into a purchase agreement to acquire 67 claim unites located in the NE corner of Megissi Township, Ontario. The Company may earn a 100% interest by:

• (i) paying a total advance royalty of $62,500 to the Vendor over 5 years ($50,000 paid)
• (ii) issuing a total of 250,000 common shares (issued)

Notes to Consolidated Interim Financial Statements October 31, 2022 and 2021

Note 9 – Exploration and Evaluation Assets - Continued

The Optionor will retain a 2% NSR, of which 1% may be bought back for $1,000,000.

The Company has written off its exploration costs to date but intends to maintain the property for future consideration.

Mallard Heenan

In January and February 2018, the Company entered into purchase agreements to acquire 26 claim units located in the Swayze greenstone belt, southwest of Timmins, Ontario. The Company may earn a 100% interest by:

• (i) paying a total advance royalty of $150,000 to the Vendors over 5 years ($150,000 paid)
• (ii) issuing a total of 1,250,000 common shares (issued)
• (iii) spending $225,000 on exploration and development over two years (incurred)

The Optionors of 23 claims will retain a 2% NSR, of which 1% may be bought back within 7 years for $1,000,000, and the Optionors of 2 claims will retain a 1.5% NSR, of which 1% may be bought back within 7 years for $1,000,000.

In December 2018 the Company entered into a purchase agreement to acquire 2 claim units located in the Swayze greenstone belt, southwest of Timmins, Ontario. The Company may earn a 100% interest by:

• (i) paying a total of $6,000 to the Vendors (paid)
• (ii) issuing a total of 100,000 common shares (issued)

The Optionor will retain a 0.5% NSR.

Koper Lake - McFaulds

On September 1, 2022, the Company closed the sale of all of the right, title and interests beneficially owned by Fancamp in and to the "Koper Lake-McFaulds" mineral properties, comprised of four (4) "legacy" mining claims that cover approximately four (4) square kilometers, overlying the axis of the Ring of Fire intrusion, host to all the known chromite deposits located within the "Ring of Fire" in the Province of Ontario, to KW Resources Inc.

The consideration paid by KWG to Fancamp for the purchase of the Mining Claims and the one-time payment by Fancamp to KWG of C$1,500,000 consisted of: (a) the issuance by KWG to Fancamp of a secured convertible promissory note in the principal amount of C$34.5 million; (b) the issuance by KWG to Fancamp of warrants to purchase a total of 4,044,453 multiple voting shares of KWG; and (c) the grant by KWG to Fancamp of a 2.0% net smelter return royalty (one-quarter of which may be purchased by KWG at any time for C$5 million and the next one-quarter of which is subject to a right of first refusal in favour of KWG) on any direct or indirect interest in the Mining Claims held by KWG on and after the closing date. See Note 7 – Investment in Associates

(d) Mineral property royalty interests

Beauce HPQ claims

The Company has been granted a 3.5% Gross Metal Royalty on any gold production extracted from the 32 claim block.

Note 9 – Exploration and Evaluation Assets - Continued

Fermont Properties claims

The Company acquired an additional 1.5% NSR (2015 – 1.5% NSR) in the Fermont properties claims as part of an asset acquisition. This 1.5% NSR was sold to Champion Iron Limited, a non-arm's length party, for $50,000 in cash and non-interest-bearing promissory note of $250,000. The Company holds its original 1.5% net smelter royalty on these claims.

On July 8, 2021, the Company entered into a royalty purchase agreement with Champion Iron Limited, whereby Champion acquired 100% ownership interest in the 32 claim Lac Lamêlée property along with the 3.0% Net Smelter Return royalty and the 1.5% Net Smelter Return royalty interest in the O'Keefe-Purdy, Harvey-Tuttle, Bellechasse, Oil Can, Fire Lake North Consolidated, Peppler Lake and Moiré Lake properties ("Fremont Properties"). Fancamp received consideration of $1.3 million in cash, plus certain future finite production payments payable once certain iron ore production thresholds have been reached with respect to iron ore production from the Fermont Properties.

Johan Beetz claims

The Company retains a 3.0% net smelter royalty for the first two years of commercial production, increasing to 5% thereafter.

Lac La Blache claims

The Lac La Blache claims are subject to a royalty interest of 2.0% of net smelter returns, rising to 4% two years following production. On June 7, 2021, the Company received $46,772 as liquidated settlement of advance royalties owed and this amount was included in the gain from sale of mineral property and royalty interest.

Koper Lake – McFaulds claims

The Koper-Lake McFaulds claims are subject to a 2.0% net smelter return royalty (one-quarter of which may be purchased by KWG Resources Inc. at any time for C$5 million and the next one-quarter of which is subject to a right of first refusal in favour of KWG) on any direct or indirect interest in the Mining Claims held by KWG on and after September 1, 2022. See Note 7 – Investment in Associates

Wells claims

On November 30, 2021, the Company sold its 4 claim Wells property for consideration of 1,500,000 common shares of Vision Lithium Inc. The Company has retained a 2% net smelter return royalty on all mineral production from the property. The Company recorded a gain of $317,070 on this sale.

(e) Impairment of mineral properties interests

During the six months ended October 31, 2022, the Company has written off/down a total of $28,527 (2021 - $20,375) on its exploration and evaluation assets for those properties management determined to be of no further interest.

Note 10 – Share Capital

(a) Authorized: Unlimited common shares without par value

Issued:

On December 31, 2020, the Company closed a non-brokered private placement of $1,000,000 through the sale of 6,666,667 flow-through shares. $45,000 was recorded as share issuance costs. As a result of the flow-through shares being issued at a premium to the market price in recognition of the tax benefits accruing to subscribers, a deferred flow-through premium has been recorded for $200,000. As the Company incurs eligible expenditures against this liability, the Company reduces the liability at the same premium rate and records this as a flow-through premium recovery on the statement of operations and comprehensive income (loss). The Company renounced $1,000,000 in favor of investors as at December 31, 2020 (under the "look-back rule"). During the year ended April 30, 2022, the Company has incurred $1,000,000 of the qualifying expenditures and the liability on flow-through shares as of April 30, 2022 is $Nil (2021 - $200,000).

On May 27, 2021, the Company issued 3,700,000 common shares, at a price of $0.15 per share, 2,000,000 common shares at a price of $0.10 per share and 4,500,000 common shares at a price of $0.08, pursuant to the exercise of incentive stock options.

(b) Share purchase warrants

The following table summarizes the continuity of common share purchase warrants:

	Warrants	Weighted AverageExercise Price
Outstanding April 30, 2021	302,750	$0.09
Outstanding October 31, 2021	302,750	$0.09
Expired December 30, 2021	(218,750)
Expired February 7, 2022	(84,000)
Outstanding October 31, 2022	-	$-

As at October 31, 2022, there were Nil common share purchase warrants outstanding:

(c) Management incentive options

The Company's stock option plan provides for the granting of stock options totaling in aggregate up to 10% of the Company's total number of shares issued and outstanding on a non-diluted basis. The stock option plan provides for the granting of stock options to regular employees and persons providing investor relation services or consulting services up to a limit of 5% and 2% respectively of the Company's total number of issued and outstanding shares per year. The stock options are fully vested on the date of grant, except stock options granted to consultants or employees performing investor relation activities, which vest over 12 months. The option price must be greater or equal to the discounted market price on the grant date and the option expiry date cannot exceed five years after the grant date.

A summary of the options granted under the Company's plan as at October 31, 2022 and 2021 and the changes during the year then ended is as follows:

Note 10 – Share Capital – Continued

		Weighted average
	No. of Options	exercise price ($)
Outstanding, April 30, 2021	13,350,000	0.10
Exercised	(10,200,000)	0.11
Expired	-	-
Granted	-	-
Outstanding, October 31, 2021	3,150,000	0.08
		Weighted average
	No. of Options	exercise price ($)
Outstanding, April 30, 2022	13,070,000	0.12

Outstanding, October 31, 2022	13,070,000	0.12
Granted	-	-
Expired	-	-
Exercised	-	-

The weighted average remaining contractual life for the management incentive options outstanding as at October 31, 2022 is 4.06 years (2021 – 2.35 years).

The fair value of the options was estimated at the dates of grant using the Black-Scholes option pricing model with the following assumptions:

	2022	2021
Volatility rate	-	-
Risk-free interest rate	-	-
Dividend yield rate	-	-
Weighted average life	-	-

Volatility is based on the historic price changes over a term comparable to the remaining life of the option. These grants vest immediately, with the exception of options granted to investors relations personnel which vest over a one-year period. Stock based compensation related to the options granted/vested is $12,233 (2021 - $Nil).

A summary of stock options outstanding and exercisable is as follows:

Exercise price		Number of options
per share		outstanding and exercisable
$	Expiry date	2022	2021
0.08	November 5, 2023	-	1,900,000
0.08	August 27, 2024	-	950,000
0.08	November 7, 2024	-	300,000
0.12	November 9, 2026	11,750,000	-
0.12	February 21, 2027	1,320,000	-
		13,070,000	3,150,000

Note 11 – Related Party Transactions and Balances

In accordance with IAS 24, key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly, including any directors (executive and non-executive) of the Company.

Transactions for the period ended October 31:			2022	2021
Management Fees			146,968	219,500
Current and Former Director, Committee Fees			60,000	132,125
Consulting Fees			15,775	2,500
Stock Based Compensation			-	-
Balancewith relatedparties as ofOctober31	2022	2021
	$	$
Amounts due to directors and officers	396,719	417,160
Includes $375,142.60 recorded in The Magpie Mines Inc. See Note 13

Transactions with related parties are measured at the exchange amount of consideration established and agreed to by the related parties.

Note 12 – Financial Instruments and Financial Risk Management

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

• Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities;
• Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
• Level 3 Inputs that are not based on observable market data.

The Company's financial instruments consist of cash, marketable securities, other receivables, accounts payable and accrued liabilities, due to related parties and pilot plant grant obligation. The carrying value of cash, trade and other receivables, accounts payable and accrued liabilities, pilot plant grant obligation and due to related party approximate their fair values due to their immediate or short-term maturity. Marketable securities consisting of common shares are recorded at fair value based on the quoted market process in active markets at the recording date, which is consistent with Level 1 of the fair value hierarchy. Marketable securities consisting of warrants are recorded at fair value based on a Black-Scholes pricing model consistent with Level 2 of the fair value hierarchy. Marketable securities consisting of common shares in private companies are recorded at fair value based on inputs for the asset or liability that are not based on observable market data, which is consistent with Level 3 of the fair value hierarchy.

The Company is exposed to a variety of financial risks by virtue of its activities, including credit risk, interest rate risk, liquidity risk, foreign currency risk and equity market risk. The Company's objective with respect to risk management is to minimize potential adverse effects on the Company's financial performance. The Board of Directors provides direction and guidance to management with respect to risk management. Management is responsible for establishing controls and procedures to ensure that financial risks are mitigated to acceptable levels.

Note 12 – Financial Instruments and Financial Risk Management – Continued

The following table sets forth the Company's financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as follows:

	October31,2022	October31, 2021
	Marketable Securities	Marketable Securities
	$	$
Level 1	14,151,752	15,148,548
Level 2	-	-
Level 3	893,200	-

There have been no changes between levels during the period.

Credit risk

Credit risk is the risk of loss associated with a counter party's inability to fulfill its payment obligations. The Company's credit risk is primarily attributable to its cash. The Company manages its credit risk on bank deposits by holding deposits in high credit quality banking institutions in Canada.

Liquidity risk

The Company's approach to managing liquidity risk is to ensure that it will have sufficient capital to meet liabilities when due after taking into account the Company's holdings of cash that might be raised from equity financings. As at October 31, 2022, the Company had current assets of $17,865,421 (2021 - $23.346,509) and current liabilities of $680,423 (2021 - $960,463). All of the Company's accounts payable and accrued liabilities have contractual maturities of less than 60 days and are subject to normal trade terms. The Company believes that these sources will be sufficient to cover the expected short and long term cash requirements.

Market risk

Market risk consists of interest rate risk, foreign currency risk and commodity price risk. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while maximizing returns. The Company's marketable securities are subject to market risk.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Financial assets and liabilities with variable interest rates expose the Company to interest rate risk with respect to its cash flow. It is management's opinion that the Company is not exposed to significant interest rate risk.

Foreign currency risk

The Company is not exposed to foreign currency risk on fluctuations considering that its assets and liabilities are stated in Canadian dollars.

Commodity Price Risk

Commodity price risk is the risk that the fair value of future cash flows will fluctuate as a result of changes in commodity prices. Commodity prices for minerals are impacted by world economic events that dictate the levels of supply and demand as well as the relationship between the Canadian and United States

Notes to Consolidated Interim Financial Statements October 31, 2022 and 2021

Note 12 – Financial Instruments and Financial Risk Management - Continued

dollar, as outlined above. As the Company has not yet developed commercial mineral interests, it is not exposed to commodity price risk at this time.

Note 13 – Capital Management

The Company's objective when managing capital is to maintain investor and market confidence and a flexible capital structure which will allow it to execute on its capital expenditure program, which includes expenditures primarily in the exploration and evaluation assets, which may or may not be successful. Therefore, the Company monitors the level of risk incurred in its capital expenditures to balance the equity in its capital structure.

The Company manages its common shares as capital. As the Company is in the exploration stage, its principal source of funds is from the issuance of common shares. It is the Company's objective to safeguard its ability to continue as a going concern, so that it can continue to explore and develop its projects for the benefit of its stakeholders. No changes were made in the objectives, policies and processes for managing capital during the year. The Company is not subject to any externally imposed capital requirement.

The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to support the exploration and development of its mineral properties. The Board of Directors has not established quantitative capital structure criteria for management, but will review on a regular basis the capital structure of the Company to ensure its appropriateness to the stage of development of the business.

The properties in which the Company currently has interest are in the exploration stage and the Company is dependent on external financing to fund its activities. In order to carry out planned exploration and development and pay for administrative costs, the Company will spend its existing working capital and raise additional amounts as needed.

Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.

In order to facilitate the management of capital and maintenance and development of future mining sites, the Company may issue new equity, incur additional debt, option its properties for cash and/or expenditure commitments from optionees, enter into joint venture arrangements, or dispose of certain assets. The Company's investment policy is to hold cash in interest bearing accounts at high credit quality financial institutions to maximize liquidity. In order to maximize ongoing development efforts, the Company does not pay dividends. The Company expects to continue to raise funds, from time to time, to continue meeting its capital management objectives.

Note 14 – Contingencies

The Magpie Mines Inc.

In April 2019, the Company and Magpie ("Defendants") received a statement of claim relating to liquidated damages for termination of the agreement dated January 1, 2018 whereby a former director (the "Former Officer") acted as consultant to Fancamp to assist Magpie with mineral engineering research and development activities (the "Agreement"), for alleged unpaid services and for alleged moral and punitive damages, in the aggregate amount of approximately $933,500 (the "Damages"). The Company has recorded $375,142.60 in the Due to Related Parties for services rendered. Management has not recognized provision for remaining claimed amount given the conditions to recognize provision were not met.

Note 14 – Contingencies - Continued

In June 2019, the Defendants filed a statement of defense in the Ontario Superior Court of Justice whereby they alleged that Former Officer breached his obligations towards the Defendants by misappropriating part of the intellectual property of Magpie through the named company controlled by the Former Officer, and misusing the funds of Magpie, including a grant from Sustainable Development Technology Canada. These actions led to the termination of the Agreement in November 2018.

Based on the facts of the case, Fancamp believes that the litigation instituted by the Plaintiffs is without merit and believes that the Plaintiffs are not entitled to any of the Damages. As such, the Defendants intend to vigorously defend themselves against the Plaintiffs.

Concurrently with the proceedings described above, on July 11, 2019, Fancamp and Magpie filed an Originating Application to Institute Proceedings (the "Originating Application") against the Former Officer and two named companies controlled by him for damages and declaratory judgment in the Superior Court of Quebec, notably to declare Fancamp/Magpie owner of the intellectual property in dispute and to claim monetary damages they are entitled to. The monetary damages notably cover costs that have been incurred for professional services rendered for the development of the intellectual property with regards to the process for the recovery of high-grade synthetic rutile from low-grade titanium bearing ores of Magpie, costs incurred for the patent applications, costs of third parties that were not authorized and misuse of funds, amounts received as a result of misappropriation of the intellectual property, and loss of profits associated to the commercialization of the intellectual property, in the aggregate amount of approximately $930,000. On October 19, 2019, this application was dismissed on jurisdictional grounds. This decision does not affect the Company's ability to pursue their claims by way of a counterclaim in the Ontario action.

As of October 31, 2022, all litigations are still in process.

Termination of Mr. Smith

On April 1, 2021 the consulting agreement between the Company and Peter H. Smith was terminated with cause. On May 31, 2021, Peter H. Smith filed, by way of a counterclaim, a demand for payout of $500,000 and an additional $27,000 for amounts owing. $27,000 has been accrued as of April 30, 2021 in Due to Related Parties. Management has not recognized provision for remaining claimed amount given the conditions to recognize provision were not met. Fancamp believes that any claim that may be instituted by Peter H. Smith is without merit and that he is not entitled to any damages. The Company intends to vigorously defend its actions.

Formal Forensic Investigation into Mr. Smith

On May 12, 2021, Fancamp's Special Committee of Directors (the "Special Committee"), who are disinterested in the ScoZinc Transaction and independent from Mr. Smith, formally launched a forensic investigation into misconduct by Mr. Smith. The Special Committee retained KPMG International Limited to review and report.

Civil Law suit Against Mr. Smith

On May 14, 2021, Fancamp filed a civil claim in the British Columbia Supreme Court seeking over $3,000,000 in damages from Mr. Smith on behalf of our shareholders. The claim was filed to remedy Mr. Smith's long history of wrongdoings detailed in the Company's Information Circular dated June 2, 2021. As the forensic investigation advances, Fancamp may amend the claim to address any further wrongdoings.

Note 14 – Contingencies - Continued

Application for Safeguard Order Against Mr. Smith

On May 25, 2021, Fancamp filed an Application for a Safeguard Order with the Quebec Superior Court to obtain critical technical and financial information belonging to the Company from Mr. Smith. Despite multiple demands, Mr. Smith, to the detriment of all Fancamp shareholders, has provided few relevant documents and has ignored requests to preserve all the information in his hands and has refused to return:

• Technical and financial information, including reports on Fancamp's mining properties;
• Banking information related to Fancamp or any of its subsidiaries;
• Any correspondence and/or emails between Fancamp and its partners, third parties and shareholders; and
• Documents regarding contractual obligations and other agreements such as option agreements, access agreements, drilling or other exploration contracts and waivers.

These critical items are needed for Fancamp to properly operate its business. Mr. Smith's refusal is illegal and shows a complete disregard for the interests of Fancamp and its shareholders – the exact opposite of what one would expect from a director exercising their fiduciary duties.

On August 6, 2021, the safeguard order was dismissed by the Court and the documents will then have to be recovered through the next procedural steps.

On August 20, 2021 the Company received from Mr. Smith an Application to dismiss and stay of proceedings. On January 24, 2022, the parties agreed to a discontinuance of these Quebec proceedings. This undertaking does not constitute a release by Fancamp of any claims it may have against Mr. Smith in relation to the facts alleged in either the BC Proceedings or the Quebec Proceedings.

Other

On April 14, 2022, a statement of claim was filed in the Ontario Superior Court of Justice against the Company for alleged breach of contract in relation to a mineral property purchase and sale agreement. The plaintiff is seeking compensatory damages of $1,500,000, special damages of $50,000 and punitive damages of $500,000. The Company has filed a Statement of Defence.

Note 15 – Subsequent Events

There are no subsequent events.

Schedule I - Summary of Deferred Costs on Exploration and Evaluation Assets

The following is a summary of exploration and evaluation costs deferred during the three months ended October 31, 2022:

						Exploration and Evaluation Expenditures Incurred
		As At July 31, 2022				During the three months ended October 31, 2022	As At October 31, 2022
	DeferredAcquisitionCosts	DeferredExplorationExpenditures	Total	AcquisitionCostsIncurred		Optionand OtherPayments(Received)		ExplorationExpendituresNet of ExplorationTax Credits	(Write Dow ns)(Write Offs)Income/Sales		DeferredAcquisitionCosts		DeferredExplorationExpenditures		Total
Projects
Clinton, PQ	$45,954	$1,378,800	$1,424,754	$-	$	-	$	43,945	$-	$	45,954	$	1,422,745	$	1,468,699
Gaspe Bay Group, PQ **	14,436	914,811	929,247	-		-		-	-		14,436		914,811		929,247
Harvey Hill, PQ	-	710,482	710,482	-		-		28,369	-		-		738,851		738,851
KoperLake - McFaulds, ON	1,290	5,697,648	5,698,938	-		-		-	(5,698,938)		-		-		-
Risborough, PQ	239	22,103	22,342	-		-		-	-		239		22,103		22,342
Stoke, PQ	76,470	2,812,080	2,888,550	-		-		28,125	-		76,470		2,840,205		2,916,675
Prospects-Quebec
Abitibi Group *	70,808	11,664	82,472	-		-		1,265	-		70,808		12,929		83,737
Beauce Main BVB	4,962	86,856	91,817	-		-		-	-		4,962		86,856		91,818
Beauce Timrod	1	17,860	17,860	-		-		-	-		1		17,860		17,860
DiLeo Lake	1	36,117	36,118	-		-		7,205	-		1		43,322		43,323
Grasset Laforest	40,882	281,296	322,177	-		-		3,466	-		40,882		284,762		325,643
Grevet	512	22,886	23,398	-		-		987	-		512		23,873		24,385
Jim Lake	663	-	663	-		-		-	-		663		-		663
Kinross	512	19,278	19,790	-		-		1,539	-		512		20,817		21,329
Lac Baude Baril	2,327	85,795	88,122	-		-		-	-		2,327		85,795		88,122
Lac Claire	1,109	1,313	2,422	-		-		-	-		1,109		1,313		2,422
Langevin	1,867	3,530	5,397	-		-		-	-		1,867		3,530		5,397
Lynch Lake	596	-	596	-		-		-	-		596		-		596
Magpie	12,926	-	12,926	-		-		-	-		12,926		-		12,926
Sheen	1,193	-	1,193	-		-		-	-		1,193		-		1,193
St. Ferdinand	392	-	392	-		-		-	-		392		-		392
Timbrell	522	360	882	-		-		-	-		522		360		882
Prospects-New Brunswick			-
Becagiumec Lake	1,930	74,814	76,744	-		-		190	(28,527)		1,930		46,477		48,407
Piskhegan	2,560	-	2,560	-		-		-	-		2,560		-		2,560
Prospects-Ontario
Cunningham	1	-	1	-		-		-	-		1		-		1
Dorothy	63,951	-	63,951	-		-		-	-		63,951		-		63,951
Mallard Heenan	336,800	660,606	997,406	-		-		-	-		336,800		660,606		997,406
Nominal Value Properties	11	2,595	2,606	-		-		-	-		11		2,595		2,606
	$682,915	$12,840,894	$13,523,806	-		-		115,093	(5,727,465)		681,625		7,229,811		7,911,434

* Abitibi Group includes such properties as 62/63, 706, 836, Bearn, La Sarre, SW Abitibi, Languedoc, Berry, Chicobi, Macamic, Privat, Roquemaur, Whiskey Jack and Pamarolle

** Gaspe Bay Group includes such properties as Amqui, Angers, Boibusisson, Madeline, Robidoux, Robinson and St. Margeurite

Schedule I - Summary of Deferred Costs on Exploration and Evaluation Assets

The following is a summary of exploration and evaluation costs deferred during the six months ended October 31, 2022:

								Exploration and Evaluation Expenditures Incurred
		As At April 30, 2022				During the six months ended October 31, 2022		As At October 31, 2022
	DeferredAcquisitionCosts	DeferredExplorationExpenditures	Total	AcquisitionCostsIncurred		Optionand OtherPayments(Received)		ExplorationExpendituresNet of ExplorationTax Credits	(Write Dow ns)(Write Offs)Income/Sales	DeferredAcquisitionCosts	DeferredExplorationExpenditures	Total
Projects
Clinton, PQ	$45,954	$1,353,659	$1,399,613	$-	$	-	$	69,087	$-	$45,954	$1,422,746	$1,468,700
Gaspe Bay Group, PQ **	14,436	913,124	927,560	-		-		1,687	-	14,436	914,811	929,247
Harvey Hill, PQ	-	693,656	693,656	-		-		45,195	-	-	738,851	738,851
KoperLake - McFaulds, ON	1,290	5,697,648	5,698,938	-		-		-	(5,698,938)	-	-	-
Risborough, PQ	239	22,103	22,342	-		-		-	-	239	22,103	22,342
Stoke, PQ	76,470	2,495,674	2,572,144	-		-		344,532	-	76,470	2,840,206	2,916,676
Prospects-Quebec
Abitibi Group *	69,633	11,664	81,297	1,175		-		1,265	-	70,808	12,929	83,738
Beauce Main BVB	4,962	86,856	91,818	-		-		-	-	4,962	86,856	91,818
Beauce Timrod	1	17,791	17,792	-		-		69	-	1	17,860	17,860
DiLeo Lake	1	26,877	26,878	-		-		16,445	-	1	43,322	43,323
Grasset Laforest	39,916	280,911	320,827	966		-		3,851	-	40,882	284,762	325,643
Grevet	512	22,886	23,398	-		-		987	-	512	23,873	24,385
Jim Lake	663	-	663	-		-		-	-	663	-	663
Kinross	512	19,278	19,790	-		-		1,539	-	512	20,817	21,329
Lac Baude Baril	2,327	85,520	87,847	-		-		275	-	2,327	85,795	88,122
Lac Claire	1,109	1,313	2,422	-		-		-	-	1,109	1,313	2,422
Langevin	1,867	3,530	5,397	-		-		-	-	1,867	3,530	5,397
Lynch Lake	596	-	596	-		-		-	-	596	-	596
Magpie	12,926	-	12,926	-		-		-	-	12,926	-	12,926
Sheen	1,193	-	1,193	-		-		-	-	1,193	-	1,193
St. Ferdinand	392	-	392	-		-		-	-	392	-	392
Timbrell	522	360	882	-		-		-	-	522	360	882
Prospects-New Brunswick			-
Becagiumec Lake	1,930	74,814	76,744	-		-		190	(28,527)	1,930	46,477	48,407
Piskhegan	2,560	-	2,560	-		-		-	-	2,560	-	2,560
Prospects-Ontario
Cunningham	1	-	1	-		-		-	-	1	-	1
Dorothy	63,951	-	63,951	-		-		-	-	63,951	-	63,951
Mallard Heenan	336,800	660,606	997,406	-		-		-	-	336,800	660,606	997,406
Nominal Value Properties	11	2,595	2,606	-		-		-	-	11	2,595	2,606
	$680,774	$12,470,865	$13,151,639	2,141		-		485,122	(5,727,465)	681,625	7,229,811	7,911,434

* Abitibi Group includes such properties as 62/63, 706, 836, Bearn, La Sarre, SW Abitibi, Languedoc, Berry, Chicobi, Macamic, Privat, Roquemaur, Whiskey Jack and Pamarolle

** Gaspe Bay Group includes such properties as Amqui, Angers, Boibusisson, Madeline, Robidoux, Robinson and St. Margeurite

Schedule I - Summary of Deferred Costs on Exploration and Evaluation Assets

The following is a summary of exploration and evaluation costs deferred during the three months ended October 31, 2021:

					Exploration and Evaluation Expenditures Incurred
			As At July 31, 2021				During the three months ended October 31, 2021		As At October 31, 2021
							Option		Exploration
	Deferred	Acquisition	Deferred	Exploration		Acquisition	and Other		Expenditures	(Write Dow ns)	Deferred	Deferred
	Acquisition	Costs	Exploration	Costs		Costs	Payments		Net of Exploration	(Write Offs)	Acquisition	Exploration
	Costs	Reallocated	Expenditures	Reallocated	Total	Incurred	(Received)		Tax Credits	Income/Sales	Costs	Expenditures	Total
Projects
Clinton, PQ	$45,954 $	-	$866,103	$	912,057 $	-	$-	$	29,844 $	-	$45,954 $	895,947 $	941,901
Gaspe Bay Group, PQ **	22,199	-	1,398,143		1,420,343	-	-		2,406	-	22,199	1,400,550	1,422,749
McFaulds Lake Black Horse	1,290	-	5,697,648		5,698,938	-	-		-	-	1,290	5,697,648	5,698,938
Risborough, PQ		239-	22,103		22,342	-	-		-	-	239	22,103	22,342
Stoke, PQ	76,470	-	2,455,067		2,531,537	-	-		10,829	-	76,470	2,465,896	2,542,366
Prospects-Quebec
Abitibi Group *	73,639	(4,403)	11,664		80,899	-	-		-	-	69,235	11,664	80,899
Beauce Main BVB	11,472	(2,451)	155,293		164,314	-	-		1,541	-	9,021	156,834	165,855
Beauce Timrod	1	-	17,724	-	17,725	-	-		67	-	1	17,791	17,792
Beaudion		769-	470	-	1,239	-	-		-	(1,239)	-	-	-
Chapleau		298-	25,352	-	25,651	-	-		-	-	298	25,352	25,651
Coaticook		320-	360	-	680	-	-		-	(680)	-	-	-
DiLeo Lake	-	1	26,877		26,878	-	-		-	-	1	26,877	26,878
Grasset Laforest	28,288	11,628	5,368		45,284	-	-		-	-	39,916	5,368	45,284
Grevet	-	512	-	22,886	23,398	-	-		-	-	512	22,886	23,398
Grosses Roches Moise	3,936	-	4,857		8,793	-	-		-	(8,793)	-	-	-
Jim Lake		265398	-		663	-	-		-	-	663	-	663
Kinross	1,025	(512)	41,922	(22,886)	19,549	-	-		-	-	512	19,036	19,549
Lac Baude Baril	2,327	-	84,180		86,507	-	-		-	-	2,327	84,180	86,507
Lac Claire	1,109	-	1,313	-	2,422	-	-		-	-	1,109	1,313	2,422
Langevin	1,867	-596	3,262	-	5,129596	-	-		-	-	1,867596	3,262	5,129596
Lynch Lake		-	-			-	-		-	-		-
Magpie	12,926	-	-		12,926	-	-		-	-	12,926	-	12,926
Portage Lake		203-	69,797		70,000	-	-		-	-	203	69,797	70,000
Restigouche		256-	451	-	708	-	-		-	(708)	-	-	-
Royal Rousillon	4,770	(4,770)	-		-	-	-		-	-	-	-	-
Sheen	1,590	(398)	-	-	1,193	-	-		-	-	1,193	-	1,193
St. Ferdinand		392-	-	-	392	-	-		-	-	392	-	392
Timber Lake		888-	2,325		3,213	-	-		-	(3,213)	-	-	-
Timbrell		522-	360	-	882	-	-		-	-	522	360	882
Vachon	1,218	-	4,524	-	5,742	-	-		-	(5,742)	-	-	-
Wells		199-	12,732		12,931	-	-		-	-	199	12,732	12,931
Prospects-New Brunswick					-
Becagiumec Lake	1,930	-	74,364		76,294	-	-		450	-	1,930	74,814	76,744
Piskhegan	2,560	-	-		2,560	-	-		-	-	2,560	-	2,560
Prospects-Ontario
Cunningham	55,950	-	155,316	-	211,266	-	5,000		-	-	60,950	155,316	216,266
Dorothy	63,950	-	188,913	-	252,863	-	-		-	-	63,950	188,913	252,863
Mallard Heenan	306,800	-	660,606	-	967,406	-	-		-	-	306,800	660,606	967,406
Nominal Value Properties		66	-		12	-	-		-	-	12	-	12
	$726,225		$11,987,094	$	12,713,329	-	5,000		45,138	(20,375)	723,847	12,019,245	12,743,092

* Abitibi Group includes such properties as 62/63, 706, 836, Bearn, La Sarre, SW Abitibi, Languedoc, Berry, Chicobi, Mavamic, Privat, Roquemaur, Whiskey Jack and Pamarolle

** Gaspe Bay Group includes such properties as Amqui, Angers, Boibusisson, Harvey Hill, Madeline, Robidoux, Robinson and St. Margeurite

Schedule I - Summary of Deferred Costs on Exploration and Evaluation Assets

The following is a summary of exploration and evaluation costs deferred during the six months ended October 31, 2021:

						Exploration and Evaluation Expenditures Incurred
				As At April 30, 2021					During the six months ended October 31, 2021		As At October 31, 2021
									Option		Exploration
	Deferred		Acquisition	Deferred	Exploration			Acquisition	and Other		Expenditures	(Write Dow ns)		Deferred	Deferred
	Acquisition		Costs	Exploration	Costs			Costs	Payments		Net of Exploration	(Write Offs)		Acquisition	Exploration
	Costs		Reallocated	Expenditures	Reallocated	Total		Incurred	(Received)		Tax Credits	Income/Sales		Costs	Expenditures		Total
Projects
Clinton, PQ	$	45,954 $	-	$861,203		$907,157 $		-	$-	$	34,744 $	-	$	45,954 $	895,947 $		941,901
Gaspe Bay Group, PQ **	21,802		-	1,398,143		1,419,945		-	-		2,406	-		21,802	1,400,550		1,422,352
Lac Lamelee,PQ	495,539			105,676		601,215		-	-		1,775	(601,215)		-	-		-
McFaulds Lake Black Horse,ON		1,290	-	5,697,648		5,698,938		-	-		-	-		1,290	5,697,648		5,698,938
Risborough, PQ		239	-	22,103			22,342	-	-		-	-		239	22,103		22,342
Stoke, PQ	76,470		-	2,418,086		2,494,556		-	-		47,809	-		76,470	2,465,895		2,542,366
Prospects-Quebec
Abitibi Group *	74,037		(4,403)	11,664			81,297	-	-		-	-		69,633	11,664		81,297
Beauce Main BVB	11,472		(2,451)	155,293		164,314		-	-		1,541	-		9,021	156,834		165,855
Beauce Timrod		1	-	17,724	-		17,725	-	-			67-		1	17,791		17,792
Beaudion		769	-	470	-		1,239	-	-		-	(1,239)		-	-		-
Chapleau		298	-	25,352	-	25,651		-	-		-	-		298	25,352		25,651
Coaticook		320	-	360	-		680	-	-		-	(680)		-	-		-
DiLeo Lake	-		1	26,877			26,878	-	-		-	-		1	26,877		26,878
Grasset Laforest	28,288		11,628	5,368			45,284	-	-		-	-		39,916	5,368		45,284
Grevet	-		512	-	22,886		23,398	-	-		-	-		512	22,886		23,398
Grosses Roches Moise
		3,936	-	4,857			8,793	-	-		-	(8,793)		-	-		-
Jim Lake		265	398	-			663	-	-		-	-		663	-		663
Kinross		1,025	(512)	41,922	(22,886)		19,549	-	-		-	-		512	19,036		19,549
Lac Baude Baril		2,327	-	84,180			86,507	-	-		-	-		2,327	84,180		86,507
Lac Claire		1,109	-	1,313	-		2,422	-	-		-	-		1,109	1,313		2,422
Langevin		1,867	-	3,262	-		5,129	-	-		-	-		1,867	3,262		5,129
Lynch Lake		596	-	-			596	-	-		-	-		596	-		596
Magpie	12,926		-	-			12,926	-	-		-	-		12,926	-		12,926
Portage Lake		203	-	69,797			70,000	-	-		-	-		203	69,797		70,000
Restigouche		256	-	451	-		708	-	-		-	(708)		-	-		-
Royal Rousillon		4,770	(4,770)	-		-		-	-		-	-		-	-		-
Sheen		1,590	(398)	-	-		1,193	-	-		-	-		1,193	-		1,193
St. Ferdinand		392	-	-	-		392	-	-		-	-		392	-		392
Timber Lake		888	-	2,325			3,213	-	-		-	(3,213)		-	-		-
Timbrell		522	-	360	-		882	-	-		-	-		522	360		882
Vachon		1,218	-	4,524	-		5,742	-	-		-	(5,742)		-	-		-
Wells		199	-	12,732		12,931		-	-		-	-		199	12,732		12,931
Prospects-New Brunswick						-
Becagiumec Lake		1,930	-	74,364			76,294	-	-			450-		1,930	74,814		76,744
Piskhegan		2,560	-	-			2,560	-	-		-	-		2,560	-		2,560
Prospects-Ontario
Cunningham	55,950		-	155,316	-	211,266		-		5,000	-	-		60,950	155,316		216,266
Dorothy	63,950		-	188,913	-	252,863		-	-		-	-		63,950	188,913		252,863
Mallard Heenan	306,800		-	651,606	-	958,406		-	-		9,000	-		306,800	660,606		967,406
Nominal Value Properties		6	6	-			12	-	-		-	-		12	-		12
	$ 1,221,765			$12,041,889		$13,263,663		-		5,000	97,793	(621,590)		723,847	12,019,244		12,743,092

* Abitibi Group includes such properties as 62/63, 706, 836, Bearn, La Sarre, SW Abitibi, Languedoc, Berry, Chicobi, Mavamic, Privat, Roquemaur, Whiskey Jack and Pamarolle

** Gaspe Bay Group includes such properties as Amqui, Angers, Boibusisson, Harvey Hill, Madeline, Robidoux, Robinson and St. Margeurite

Fancamp Exploration Ltd. Schedule II - Exploration Expenditures on Exploration and Evaluation Assets October 31, 2022 and 2021

Incurred in the six months ended ended October 31, 2022: Incurred in the six months ended October 31, 2021:

	CampDrillingAssays	Engineering,Consulting,and Sundry	Prospecting,Ground, AirSurveys	ExplorationTaxCredits	Total2022		CampDrillingAssays	Engineering,Consulting,and Sundry	Prospecting,Ground, AirSurveys	ExplorationTaxCredits	Total2021
Baude Lake Baril	$-	$275	$-	$-	$275	Beauce Timrod	$-	$67	$-	$-	$67
Beauce Timrod	-	69	-	-	69	Beauce Main BVB	-	1,541	-	-	1,541
Becagiumec Lake	-	190	-	-	190	Becagiumec Lake	-	450	-	-	450
Clinton	1,688	39,642	27,757	-	69,087	Clinton	-	34,744	-	-	34,744
DiLeo Lake	6,546	275	9,625	-	16,445	Gaspe Bay Group	-	2,406	-	-	2,406
Gaspe Bay Group		1,687	-	-	1,687	Lac lamelee	-	1,775	-	-	1,775
Harvey Hill	8,847	32,767	3,581	-	45,195	Stoke	-	47,810	-	-	47,810
Grasset La Forest	-	381	3,469	-	3,851	Mallard Heenan	-	9,000	-	-	9,000
Grevet	-	-	987	-	987		$-	$97,793	$-	$-	$97,793
Kinross	87	-	1,452	-	1,539
Stoke	295,952	24,715	23,864	-	344,531
SW Abitibi	-	-	1,265	-	1,265
	$313,120	$100,001	$72,000	$-	$485,122

CampDrillingAssays	Engineering,Consulting,and Sundry	Prospecting,Ground, AirSurveys	ExplorationTaxCredits	Total2022		CampDrillingAssays	Engineering,Consulting,and Sundry	Prospecting,Ground, AirSurveys	ExplorationTaxCredits	Total2021
-	$275	$-	$-	$275	Beauce Timrod	$-	$67	$-	$-	$67
-	69	-	-	69	Beauce Main BVB	-	1,541	-	-	1,541
-	190	-	-	190	Becagiumec Lake	-	450	-	-	450
1,688	39,642	27,757	-	69,087	Clinton	-	34,744	-	-	34,744
6,546	275	9,625	-	16,445	Gaspe Bay Group	-	2,406	-	-	2,406
	1,687	-	-	1,687	Lac lamelee	-	1,775	-	-	1,775
8,847	32,767	3,581	-	45,195	Stoke	-	47,810	-	-	47,810
-	381	3,469	-	3,851	Mallard Heenan	-	9,000	-	-	9,000
-	-	987	-	987		$-	$97,793	$-	$-	$97,793