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Rajesh Sharma, Pres. & CEO of Fancamp Exploration Ltd. | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media May 22, 2026

Summary

Fancamp's market cap sits far below the realizable value of its cash, securities and royalties, leaving its exploration portfolio effectively free.

The company will spin its gold exploration assets into Gold Era Exploration, a separately listed explorer, by July 2026 at a $10 million valuation.

Fancamp's $40 million production payment (fixed revenue rights from future mine output) is with Champion Iron; a new iron ore royalty cash flows in 2026.

Two Canadian Shield gold projects in New Brunswick and near Timmins should see about 6,000 meters of combined drilling, driving continuous news flow.

Management and the board own over 25% of shares, with ex-Newmont and ex-RCF figures recently added to strengthen the team.

Key points on Kinross Gold

  • Sharma says Kinross has put a lot of money into the district around Fancamp's New Brunswick ground over the past couple of years and is getting good results.

Rick Rule's takeaways

  • Top takeaway Argues Fancamp sells at a substantial discount to liquidation value, with financial assets he pegs at $40-50 million realizable inside a roughly $30 million market cap, and the royalty package, titanium asset and 20-year spin-out portfolio effectively thrown in for free.
  • Discloses on the record that he is a Fancamp shareholder and frames that stake as alignment with his audience rather than a conflict of interest.
  • Groups Dundee Corp, Altius, EMX Royalty and Palisades Gold as 'mining merchant banks' and says that business style has made him personally a lot of money with less risk than the broad market.
  • Promotes the July 6-10, 2026 Natural Resources Investment Symposium in Boca Raton or via livestream, stressing that sponsors must own shares in every exhibiting company and backing attendance with an unconditional money-back guarantee.

Rajesh Sharma's takeaways

  • Top takeaway Puts Fancamp's financial assets at roughly $50-60 million against a market cap near $30 million, guesses around $100 million of total value including royalties, and confirms Rule's summary that the stock trades below liquidation value as of the May 2026 interview.
  • Lays out the spin-out of the exploration assets into a separately listed Gold Era Exploration by July 2026 at a modest $10 million valuation, with a new name to come for the remaining royalty-and-deals company.
  • Expects a series of catalysts: the newly acquired near-term-producing iron ore royalty cash-flowing in 2026, monetization of the 10% EDM Resources stake, and value realization on the Canada Chrome note within 12-14 months.
  • Points to about 6,000 meters of combined drilling on the Egan and Acadian properties under Gold Era CEO-designate Charles Tarnokai as a key rerating driver, with continuous news flow anticipated.
  • Draws on a Tata Group background in acquisitions and joint ventures, and cites a strengthened board, over 25% ownership by board and management, and lead investor Ashwat Mehra as underpinning the plan.