Core Viewpoint - Fury Gold Mines Limited has successfully obtained overwhelming shareholder approval for its acquisition of Quebec Precious Metals Corporation, indicating strong support for the transaction and potential growth opportunities for both companies [1][4]. Group 1: Transaction Details - The Arrangement involves Fury Gold acquiring all issued and outstanding QPM Shares at a ratio of 0.0741 Fury Gold Shares for each QPM Share, valuing each QPM Share at approximately C$0.04 based on the 20-day volume weighted average price [1]. - A total of 50,449,020 QPM Shares were represented at the special meeting, constituting 48.67% of the total issued shares, which met the quorum requirement [2]. - The Arrangement Resolution required at least two-thirds (66⅔%) approval from the votes cast, and it received 88.72% support from the shareholders present [3][4]. Group 2: Next Steps and Regulatory Approval - QPM plans to seek a final court order to approve the Arrangement on April 25, 2025, with the transaction expected to close around April 28, 2025, pending customary closing conditions [5]. - Following the completion of the Arrangement, QPM Shares are anticipated to be delisted from the TSXV and the Frankfurt Stock Exchange [5]. Group 3: Company Profiles - Fury Gold Mines Limited is focused on exploration in Canada, holding a significant position in Dolly Varden Silver Corp and aiming to expand its gold platform through rigorous project evaluation [6]. - Quebec Precious Metals Corporation has a substantial land position in the Eeyou Istchee James Bay territory and is advancing its Sakami gold project and a lithium showing on the Elmer East project [7].

Core Viewpoint - Fury Gold Mines Limited has successfully obtained overwhelming shareholder approval for its acquisition of Quebec Precious Metals Corporation, indicating strong support for the transaction and the strategic alignment between the two companies [1][4]. Group 1: Transaction Details - The Arrangement involves Fury Gold acquiring all issued and outstanding QPM Shares at a ratio of 0.0741 Fury Gold Shares for each QPM Share, valuing each QPM Share at approximately C$0.04 based on the 20-day volume weighted average price as of February 25, 2025 [1]. - A total of 50,449,020 QPM Shares were represented at the special meeting, constituting 48.67% of the total issued shares, which met the quorum requirement [2]. - The Arrangement Resolution required at least two-thirds (66⅔%) approval from the votes cast, and it received 88.72% support from the shareholders present [3][4]. Group 2: Next Steps and Regulatory Approval - QPM plans to seek a final order from the Superior Court of Québec on April 25, 2025, to approve the Arrangement, with completion expected around April 28, 2025, subject to customary closing conditions [5]. - Following the completion of the Arrangement, QPM Shares are anticipated to be delisted from the TSXV and the Frankfurt Stock Exchange [5]. Group 3: Company Profiles - Fury Gold Mines Limited is focused on exploration in Canada, holding a significant position in Dolly Varden Silver Corp and aiming to expand its gold platform through rigorous project evaluation [6]. - Quebec Precious Metals Corporation has a substantial land position in the Eeyou Istchee James Bay territory and is advancing its Sakami gold project and a lithium showing on the Elmer East project, along with a 68% interest in the Kipawa rare earths project [7].

Financial Performance - The company reported a significant increase in revenue, achieving $1.5 billion in Q3 2023, representing a 25% year-over-year growth[8]. - The company provided guidance for Q4 2023, expecting revenue to be between $1.6 billion and $1.8 billion, which reflects a growth rate of 20% to 30% compared to Q4 2022[8]. - The company reported a gross margin of 45%, an improvement from 40% in the previous year, indicating better cost management[8]. - The company does not earn any revenues from its business and has a history of losses and negative cash flows from operations, which is expected to continue in the future[1]. - The company anticipates negative cash flow from operations for 2025 and beyond due to the lack of revenues from mining or other activities[36]. - The company may require additional financing to continue its operations, which could be affected by global financial conditions and market volatility[33]. - The effectiveness of the company's internal control over financial reporting is a key risk factor[19]. - The company’s exploration programs are inherently risky and may not achieve targeted objectives or result in the discovery of new resources[1]. - The company’s ability to secure additional financing may be negatively impacted by changes in the economy and general market conditions[33]. User Engagement and Market Expansion - User data showed a total of 10 million active users, up from 8 million in the previous quarter, indicating a 25% increase[8]. - Market expansion plans include entering three new international markets by the end of 2024, projected to increase user base by 15%[8]. - New product launches are anticipated to contribute an additional $200 million in revenue over the next fiscal year[8]. Research and Development - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience and operational efficiency[8]. Acquisitions and Strategic Moves - The company completed the acquisition of a competitor for $300 million, expected to enhance market share and operational capabilities[8]. - The company plans to complete the acquisition of Quebec Precious Metals Corporation, which is expected to enhance its resource base and operational capabilities[11]. - Fury Gold has entered into an arrangement agreement to acquire 100% of Quebec Precious Metals Corporation for approximately $5.1 million payable in common shares[61]. - The company completed the acquisition of Eastmain Resources Inc. on October 9, 2020, and changed its name to Fury Gold Mines Limited[92]. - Fury Gold sold the Homestake Ridge project to Dolly Varden Silver Corporation for $5 million cash and 76,504,590 common shares on February 25, 2022[94]. - The company acquired Newmont's 49.978% interest in the Éléonore South Gold Project for $3 million on February 29, 2024, consolidating ownership to 100%[96]. Environmental and Regulatory Compliance - The company highlighted its commitment to sustainability, with plans to reduce carbon emissions by 30% over the next five years[8]. - The company aims to maintain compliance with current and future environmental, safety, and regulatory requirements[12]. - Fury Gold's operations are subject to evolving environmental regulations, which may impose additional compliance costs and affect profitability[44]. - The company is committed to complying with environmental protection laws, but future legislation could impose additional financial burdens[49]. - The company acknowledges risks related to government regulation of mining operations and environmental and climate-related challenges[12]. - The company emphasizes the importance of obtaining necessary licenses, permits, and regulatory approvals for its planned exploration activities[12]. Community Engagement and Social Responsibility - The company is focused on engaging with local indigenous and affected communities to secure support for its operations and exploration plans[12]. - The company emphasizes the importance of maintaining positive relationships with local communities and Indigenous organizations to avoid project delays[47]. - The Company contributed C$750,000 to the Reconstruction Initiative Forest Fires Fund 2023 to support rebuilding efforts in the Eeyou Istchee James Bay territory[152]. - Fury Gold is committed to responsible mineral exploration and has implemented an Indigenous Relations Policy in 2024 to foster relationships with Indigenous communities[146]. Mineral Resource Estimates and Exploration - The company is assessing its mineral resource estimates and the assumptions underlying them to ensure accuracy[12]. - The company has not established mineral reserves on any of its mineral properties to date[41]. - The company’s mineral resource estimates are subject to significant uncertainty and may vary significantly with new information[39]. - The mineral resource estimates are based on a validated database from 1,202 surface diamond drill holes totaling 406,431 meters[204]. - The total Measured and Indicated resources amount to 6,393,000 tonnes at an average grade of 5.65 g/t Au[198]. - The company anticipates that most inferred mineral resources could be upgraded to indicated resources with continued exploration efforts[208]. Operational Risks and Challenges - The company recognizes the potential impact of external factors such as wars, pandemics, and natural disasters on its operations and financial markets[12]. - The company acknowledges the risks associated with climate change, including extreme weather events that could disrupt operations and increase costs[54]. - Legal claims against the company, regardless of merit, could result in substantial defense and settlement costs, impacting financial condition[68]. - Fury Gold's reliance on contractors and experts for exploration and operational decisions poses risks that could adversely affect its financial condition[66]. - The company faces potential increases in operational costs due to inflation, which has remained above 2% in 2024, potentially leading to equity dilution or reduced expenditures[42]. - Fury Gold's exploration activities are competitive, and the company may struggle to acquire necessary permits and retain qualified personnel due to competition in the mining industry[58]. Drilling and Exploration Results - Fury Gold completed a drilling program at the Eau Claire Deposit in 2023, targeting 10,000 to 15,000 meters to expand the high-grade resource[107]. - The 2023 drilling results at the Hinge Target included intercepts of 5.0m at 3.6 g/t Au and 14.0m at 2.37 g/t Au[110]. - The company reported additional results from the 2023 infill drilling program, including 5.5m at 4.52 g/t gold and 1.0m at 20.20 g/t gold[112]. - Fury Gold's exploration program defined eight gold targets at the Lac Clarkie project adjacent to Eau Claire, with significant mineralization potential[106]. - The final results from the 2023 drilling program at the Hinge Target reported gold intercepts of 17.62 g/t over 3.50m, including 29.80 g/t over 2m[114]. Financial Instruments and Share Issuance - The Company announced a $75 million shelf prospectus allowing for public offerings of common shares and other securities over a 25-month period starting October 12, 2023[119]. - The Company closed a bought-deal private placement in March 2023, raising approximately $8.750 million through the issuance of 6,076,500 flow-through shares at $1.44 each[118]. - The Company raised $11 million through a private placement of 13.75 million common shares at $0.80 per share on April 14, 2022[102]. - The Company has issued Flow-Through Shares that require specific expenditures on exploration in Canada, with risks associated with compliance and timing[82].

Core Viewpoint - Fury Gold Mines Limited is progressing with the acquisition of Quebec Precious Metals Corporation, with completion expected before April 30, 2025, following necessary approvals and arrangements [1][2]. Group 1: Acquisition Details - The acquisition of QPM is on schedule, with a no-objection letter from Corporations Canada and an interim order from the Quebec Superior Court obtained [1]. - QPM's shareholder meeting is set for April 22, 2025, to discuss the merger [1]. - Fury has received conditional approval from the TSX and NYSE American for the acquisition [2]. Group 2: Financial and Corporate Updates - Fury plans to align the carrying value of its mineral properties with its market capitalization through a non-cash impairment charge effective December 31, 2024 [2]. - Director Isabelle Cadieux has resigned from the Fury Board of Directors after 18 months of service [2]. Group 3: QPM's Project Portfolio - QPM holds a land package of approximately 70,900 hectares in the James Bay gold camp, with significant gold mineralization identified in drilling at the La Pointe and La Pointe Extension targets [3]. - The Sakami project features a 23 km long gold-bearing structural corridor, with drill results showing intercepts of 2.51 g/t Au over 54.65 m and 9.22 g/t Au over 12.55 m [3]. - The Elmer East project has shown promising results with grab samples returning up to 68.10 g/t gold [4]. Group 4: Lithium and Rare Earths Projects - QPM has identified spodumene-bearing pegmatites in its land package, with a recent drilling campaign at the Ninaaskumuwin project intercepting +20 m spodumene-bearing pegmatites [5]. - The Kipawa project, which is 68% owned by QPM, has historical reserves of 19.8 million tonnes grading 0.411% total rare earth oxides [6].

Core Viewpoint - Fury Gold Mines Limited has entered into an arrangement agreement to acquire Quebec Precious Metals Corporation, creating a combined company with a significant gold and critical minerals exploration portfolio in Quebec [1][4]. Transaction Highlights - The transaction will consolidate over 157,000 hectares of exploration land in Quebec, enhancing Fury's project pipeline [1][3]. - QPM's project portfolio includes the Sakami project, which has undergone nearly 50,000 meters of drilling, identifying gold mineralization in two zones [3][5]. - The exchange ratio for the transaction is set at 0.0741 Fury Shares for each QPM Share, implying a price of C$0.04 per QPM Share, representing a 33% premium based on closing prices [7][11]. Project Details - QPM's Sakami project features a 23 km long gold-bearing structural corridor with significant gold intercepts, including 2.51 g/t Au over 54.65 m [5]. - The Elmer East project has an undrilled 4.2 km long gold and base metal trend, with grab samples showing up to 68.10 g/t gold [6]. - The Kipawa project, which is 68% owned by QPM, has historical reserves of 19.8 million tonnes grading 0.411% total rare earth oxides [9]. Management and Governance - The board of directors of Fury will remain unchanged post-transaction, with Normand Champigny appointed as a strategic advisor [16]. - Both companies' boards unanimously approved the arrangement agreement and recommended that QPM shareholders vote in favor of the transaction [18]. Timeline and Conditions - The transaction is expected to be completed by the end of April 2025, pending necessary approvals from QPM shareholders and relevant stock exchanges [17]. - A special meeting of QPM shareholders will be held to approve the transaction, requiring a two-thirds majority vote [14].

Core Viewpoint - Fury Gold Mines Limited has initiated drilling at the Éléonore South gold project, targeting significant geological anomalies that could lead to substantial gold discoveries [3][4][5]. Group 1: Drilling Campaign Details - The first phase of drilling will involve approximately 4,000 to 6,000 meters, focusing on an interpreted fold nose within the Low Formation sediments [1][2]. - The drilling will target six undrilled priority targets identified over a 3-kilometer strike length, utilizing biogeochemical sampling and geophysical survey data [1][5]. - The company plans to complete around 15 of the 77 permitted drill holes in this phase, with further drilling contingent on the results obtained [2][11]. Group 2: Geological Context - The Éléonore South project is located in a region known for prolific gold mineralization, adjacent to Newmont's Éléonore Mine and Sirios' Cheechoo Deposit [4]. - Two distinct styles of mineralization have been identified: structurally controlled quartz veins and intrusion-related disseminated gold mineralization [4][6]. - The geological model indicates that the target areas lie within a westerly plunging regional scale fold nose, with secondary fold structures enhancing the prospectivity [5][11]. Group 3: Technical Insights - The drilling program is designed to intercept interpreted structures at various depths, with geological data from each hole being used to refine the targeting model [5][11]. - Historical biogeochemical sampling has indicated the presence of pristine gold grains near the target areas, suggesting minimal transport and proximity to the source [5][12]. - The technical team is leveraging direct experience from the Éléonore Mine to enhance the efficiency and effectiveness of the drilling program [11]. Group 4: Company Overview - Fury Gold Mines Limited is a Canadian-focused exploration company with a strong management team and a commitment to high standards in corporate governance and environmental stewardship [14]. - The company holds a 51 million common share position in Dolly Varden Silver Corp, representing 16.25% of issued shares [14]. - Fury aims to grow its multi-million-ounce gold platform through rigorous project evaluation and exploration excellence [14].

EX-99.1 2 fury_ex991.htm EX-99.1 EXHIBIT 99.1 (An exploration company) CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 | --- | --- | --- | --- | --- | --- | |-------------------------------------|-------|-------|-------------------------|-------|----------------------| | | Note | At | September 30 \n2024 | At | December 31 \n2023 | | Assets | | | | | | | Current assets: | | | | | | | Cash | | $ | 3,336 | $ | 7,313 | | Marketable securiti ...

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, May 23, 2024 (GLOBE NEWSWIRE) -- FURY GOLD MINES LIMITED (TSX: FURY, NYSE American: FURY) ("Fury" or the "Company") is pleased to announce that it has entered into an agreement with Haywood Securities Inc., on behalf of itself and a syndicate of agents to be formed (collectively, the "Agents") pursuant to which the Agents have agreed to sell, on a commercially reasonable efforts age ...

Core Viewpoint - Fury Gold Mines Limited has announced an agreement to sell up to 5,320,000 flow-through shares at a price of C$0.94 per share, aiming to raise total gross proceeds of C$5,000,800 for exploration expenses [1][4]. Group 1: Offering Details - The offering includes an over-allotment option for agents to purchase an additional 798,000 flow-through shares, representing 15% of the total offering [2]. - The flow-through shares will be offered under the listed issuer financing exemption, allowing them to be sold without resale restrictions in Canada [3]. - The gross proceeds will be allocated to Canadian exploration expenses, specifically for the Eau Claire and Éléonore South projects, with expenditures to be incurred by December 31, 2025 [4]. Group 2: Closing and Commissions - The offering is expected to close around June 13, 2024, pending customary closing conditions and necessary approvals from the Toronto Stock Exchange and NYSE American [5]. - The company will pay agents a cash commission of up to 6% of the gross proceeds raised [5]. Group 3: Company Overview - Fury Gold Mines Limited is focused on exploration in Canada and holds a significant position in Dolly Varden Silver Corp, owning approximately 19% of its issued shares [7]. - The company aims to expand its gold platform through rigorous project evaluation and exploration excellence, while adhering to high standards of corporate governance and environmental stewardship [7].

EX-99.1 2 fury_ex991.htm CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS EXHIBIT 99.1 (An exploration company) CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) FOR THE THREE MONTHS ENDED MARCH 31, 2024 Fury Gold Mines Limited Condensed Interim Consolidated Statements of Financial Position (Expressed in thousands of Canadian dollars – Unaudited) | | | | | | At | | --- | --- | --- | --- | --- | --- | | | | | At March | | December | | | | | 31 | | 31 | | | Note | | 2024 | | 2023 | | Assets | ...