Fancamp Exploration Ltd. announced that the Board of Directors (the “Board”) has terminated the consulting agreement between Fancamp and Mr. Peter H. Smith for cause effective immediately. The Board has also requested that Mr. Smith resign from his role as director promptly. The Board has provided Mr. Smith with multiple opportunities to act in a proper manner and adhere to appropriate governance practices, but he has refused. Notably, the Board has repeatedly tried to engage with Mr. Smith over the last few months to address the issues that led to his termination. Mr. Smith has not cooperated with these efforts, and instead, continued to hide and withhold information from the Board and management, in addition to numerous other grave issues. The Board has also made multiple attempts to reason with Mr. Smith and work with him in a cooperative manner. Instead, Mr. Smith has continued to be disruptive and go against the best of interests of the Corporation in order to regain his former position with Fancamp. The Corporation cannot justify spending shareholders’ money to pay an individual who not only is refusing to do any work for the Corporation, but instead, is actively working against shareholders’ interests. The Board has carefully considered the situation and the context, and has determined that it is justified to terminate the consulting agreement and that, as such, Mr. Smith is not entitled to any payouts.