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by Mike Caswell

Fancamp Exploration Ltd. has filed a case in the Supreme Court of British Columbia seeking to wrest control of the Magpie deposit in Quebec from the company's former president, Peter Smith. Fancamp says that Mr. Smith, who left the company amidst misconduct concerns in 2021, has refused to hand over the records and assets of the entity that holds Magpie. The company is seeking a court order that would direct him to relinquish control.

The allegations are contained in a petition that Fancamp filed at the Vancouver courthouse on Thursday, Nov. 6. The case arises from the ownership of Magpie Mines Inc., a private entity that holds the Magpie deposit (touted by Fancamp as "one of the world's largest undeveloped hard rock iron-titanium historic deposits"). Fancamp claims that it holds a controlling interest in Magpie, but Mr. Smith does not acknowledge that control and continues to hold Magpie's bank account and other assets.

Fancamp says that it has been attempting to take control of Magpie for years, with its most recent effort coming at a July, 2025, annual general meeting. Ahead of that meeting, Fancamp wrote to Mr. Smith, advising him that it held a controlling interest in Magpie, with 96 per cent of its common shares and 66.6 per cent of a class of special shares, the petition states. Fancamp proposed replacing Magpie's board, which included Mr. Smith.

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