Marcel Robillard (MR) Mia Boiridy (MB) MR: President and CEO MB: Head of Investor Relations PUMA EXPLORATION
What are the terms of Puma Exploration’s option agreement with Kinross Gold?
MR: It is an option agreement on Puma’s Williams Brook gold project, offering up to a 65% stake through Kinross’ investment of C$16.75 million over a period of five years. Kinross also acquired a 9.9% stake in Puma, injecting C$1 million into our treasury. Moving forward, Puma and Kinross are working together to plan exploration, with Puma acting as the field work operator. Work utilizing the C$2 million commitment for the first year started in early May 2025. What are the plans for exploration at Williams Brook in 2025?
MR: From the beginning of June 2025, we will begin a program of 5,000 m of drilling at Williams Brook in accordance with Kinross’ option agreement. The first 3,500 m of that will be targeting the Lion zone, testing the high-quality 3D mineralization models Kinross’ expert geophysicists have produced. Will the McKenzie gold project see further exploration this year?
MR: In January 2025, Puma announced results from surface exploration work, with grab sample results as high as 601.33 g/t gold. With plans for an inaugural drill program in Q3 2025, we will follow the same low-cost strategy at McKenzie as we did at Williams Brook. What is Puma’s strategy for growth in today’s challenging market for juniors?
MB: In a market where gold prices are high but funding for juniors is scarce, traditional dilution-based models are no longer viable. Puma’s DEAR strategy – Discovery, Exploration, Acquisition, and Royalties – enables capital generation with minimal dilution. Our partnership with Kinross exemplifies this: they fund exploration, while we retain the upside through discoveries and increased gold inventory. We preserve value and position Puma for stronger long-term returns.
Rajesh Sharma President and CEO FANCAMP EXPLORATION
Can you introduce Fancamp Exploration?
Fancamp Exploration Ltd. (TSXV:FNC, OTC: FNCJF) is primarily focused on acquiring strategic interests in high-potential mineral projects across Canada. Our goal is to create long-term value for shareholders through a combination of exploration assets and financial instruments. We hold a portfolio of cash and marketable securities worth around CA$20 million, and often greater depending on market conditions. What are Fancamp’s key exploration assets in Québec and Atlantic Canada?
One significant project is in New Brunswick – a region that is increasingly recognized as a major gold and base metal district. Our district-scale properties in New Brunswick consist of McIntyre Brook and Riley Brook, under our Acadian Gold 50-50 joint venture with Lode Gold Resources. Fancamp is the operator, and we are currently funding the exploration work, which is ongoing through 2025. The McIntyre Brook property is adjacent to Puma Exploration’s Williams Brook property. Riley Brook, located 25 km to the south, shows promise for tungsten in addition to gold. New Brunswick is a favorable jurisdiction, and the access is excellent. We are optimistic that this year will yield strong exploration results.
We also have the Clinton property in the Eastern Townships of Québec; a copper-focused asset with historical resource estimates, which was a past-producing copper mine. Looking ahead, what are Fancamp’s top priorities and milestones over the next year or so?
Our first priority is to simplify our corporate narrative. We have fantastic assets and a strong balance sheet, and now we must communicate that more clearly. Second, we want to see progress on our strategic investment in the Ring of Fire. That is a critical area of focus for Canadian and US governments, and we would like our secured note and related positions to be monetized. Third, we expect strong results from our New Brunswick joint venture during the later half of this year.