Core Viewpoint - Fury Gold Mines Limited announced the results of a preliminary economic assessment (PEA) for the high-grade Eau Claire deposit, indicating strong economic potential and significant undervaluation in the market [1][2][11]. Economic Assessment - The PEA evaluated three scenarios based on a gold price of US$2,400 per ounce, showing exceptional internal rates of return (IRR) and net present values (NPV) [2][39]. - The Base Case scenario has an after-tax NPV5 of C$554 million and an IRR of 41%, while the Hybrid Case shows an NPV5 of C$610 million and an IRR of 53%, and the Toll Milling Case has an NPV5 of C$639 million with an IRR of 84% [7][39]. Production and Resources - The PEA outlines a total production of 834,367 ounces of gold over an 11-year life of mine (LOM), with an average annual production of approximately 75,852 ounces [3][7]. - The combined resource at Eau Claire and Percival is 6.39 million tonnes at 5.64 g/t gold, containing 1.16 million ounces in the Measured and Indicated category and 723,000 ounces in the Inferred category [2][12]. Mining Methodology - The project will utilize a hybrid mining approach, combining underground mining with two small open pits, with underground operations starting with a small bulk sample in year minus 1 [3][16]. - The underground operation is expected to produce 702,000 ounces of gold at an average diluted head grade of 5.22 g/t from 4.40 million tonnes of material [3][7]. Capital and Operating Costs - Initial capital expenditures are estimated between C$117 million and C$217 million, with sustaining capital of C$66 million [12][35]. - The all-in sustaining costs (AISC) are projected at US$1,140 per ounce for the Base Case, US$1,153 per ounce for the Hybrid Case, and US$1,170 per ounce for the Toll Milling Case [7][12]. Infrastructure and Environmental Considerations - The project benefits from strong infrastructure, including access to hydro power and roads, which enhances its attractiveness [2][27]. - The Eau Claire project will undergo a provincial Environmental and Social Impact Assessment (ESIA) as part of its development process [42][43]. Indigenous Relations - The company emphasizes its commitment to building effective relationships with Indigenous communities, with approximately 25% of the project team comprising local Indigenous members [44][45]. Next Steps - Fury plans to advance the Eau Claire deposit through further environmental baseline studies, tailings management, and metallurgical testing [47][53].

[Condensed Interim Consolidated Financial Statements](index=2&type=section&id=Financial%20Statements) This section presents the company's financial position, performance, equity changes, and cash flows for the interim period, highlighting key financial trends [Condensed Interim Consolidated Statements of Financial Position](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) The Company's financial position at June 30, 2025, shows an increase in total assets and equity compared to December 31, 2024, primarily driven by higher cash balances and mineral property interests, while total liabilities decreased Condensed Interim Consolidated Statements of Financial Position (CAD thousands) | Metric | June 30, 2025 (CAD thousands) | December 31, 2024 (CAD thousands) | Change (CAD thousands) | Percentage Change | | :-------------------------------- | :------------------------------ | :-------------------------------- | :--------------------- | :------------------ | | Total Assets | 91,522 | 85,112 | 6,410 | 7.53% | | Cash | 8,566 | 4,912 | 3,654 | 74.39% | | Mineral Property Interests | 50,158 | 45,200 | 4,958 | 10.97% | | Total Liabilities | 6,388 | 6,909 | (521) | -7.54% | | Total Equity | 85,134 | 78,203 | 6,931 | 8.86% | [Condensed Interim Consolidated Statements of Loss and Comprehensive Loss](index=3&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) The Company reported a decreased net loss for the three months ended June 30, 2025, but an increased net loss for the six months ended June 30, 2025, compared to the prior year, largely influenced by a significant increase in exploration and evaluation costs Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (CAD thousands) | Metric | Three months ended June 30, 2025 (CAD thousands) | Three months ended June 30, 2024 (CAD thousands) | Six months ended June 30, 2025 (CAD thousands) | Six months ended June 30, 2024 (CAD thousands) | | :-------------------------------------- | :----------------------------------------------- | :----------------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Net Loss for the period | 1,996 | 3,496 | 4,988 | 4,208 | | Total Comprehensive Loss for the period | 1,998 | 3,497 | 4,992 | 4,210 | | Exploration and Evaluation Costs | 3,033 | 1,685 | 5,194 | 2,476 | | Basic and Diluted Loss per Share | 0.01 | 0.02 | 0.03 | 0.03 | - Exploration and evaluation costs increased significantly by **80%** for the three months and **110%** for the six months ended June 30, 2025, compared to the same periods in 2024[6](index=6&type=chunk) [Condensed Interim Consolidated Statements of Equity](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Equity) The Company's total equity increased from December 31, 2024, to June 30, 2025, primarily due to significant increases in share capital from new issuances related to the QPM acquisition, private placements, and flow-through share offerings, despite an increase in the accumulated deficit Condensed Interim Consolidated Statements of Equity (CAD thousands) | Equity Component | June 30, 2025 (CAD thousands) | December 31, 2024 (CAD thousands) | Change (CAD thousands) | | :--------------------------- | :---------------------------- | :-------------------------------- | :--------------------- | | Share Capital | 323,382 | 312,723 | 10,659 | | Share Option and Warrant Reserve | 23,948 | 22,684 | 1,264 | | Accumulated Other Comprehensive Loss | (16) | (12) | (4) | | Deficit | (262,180) | (257,192) | (4,988) | | Total Equity | 85,134 | 78,203 | 6,931 | - Share capital increased by **$10,659 thousands**, driven by shares issued for the QPM Acquisition (**$4,503 thousands**), private placement (**$3,571 thousands**), and flow-through share offering (**$2,457 thousands**)[8](index=8&type=chunk) [Condensed Interim Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) The Company experienced a significant increase in cash from financing activities for the six months ended June 30, 2025, which offset increased cash usage in operating activities and contributed to a substantial overall increase in cash Condensed Interim Consolidated Statements of Cash Flows (CAD thousands) | Cash Flow Activity | Six months ended June 30, 2025 (CAD thousands) | Six months ended June 30, 2024 (CAD thousands) | | :----------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Cash used in operating activities | (7,061) | (3,158) | | Cash provided by (used in) investing activities | 3,362 | (101) | | Cash provided by financing activities | 7,357 | 4,471 | | Increase (decrease) in cash | 3,654 | 1,210 | | Cash, end of period | 8,566 | 8,523 | - Cash provided by financing activities increased by **$2,886 thousands (64.5%)** for the six months ended June 30, 2025, primarily from proceeds from financing and flow-through shares[10](index=10&type=chunk) - Investing activities shifted from a cash usage of **$101 thousands** in 2024 to a cash provision of **$3,362 thousands** in 2025, largely due to proceeds from the disposition of investment in associate[10](index=10&type=chunk) [Notes to the Q2 2025 Condensed Interim Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Q2%202025%20Condensed%20Interim%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed interim consolidated financial statements, covering operations, accounting policies, acquisitions, investments, and financial risks [Note 1: Nature of operations](index=6&type=section&id=Note%201%3A%20Nature%20of%20operations) Fury Gold Mines Limited is a Canadian exploration company focused on acquiring and exploring resource projects in Canada, with key projects in Nunavut and Quebec, recently consolidating its ownership of the Éléonore South project and holding strategic investments in other mining entities - The Company's principal business activity is the acquisition and exploration of resource projects in Canada[13](index=13&type=chunk) - At June 30, 2025, Fury Gold had three principal projects: Committee Bay (Nunavut), and Eau Claire and Éléonore South (Quebec), with **100% ownership** of the latter two after acquiring Newmont Corporation's interest in February 2024[13](index=13&type=chunk) - The Company holds a **13.51%** common share interest in Dolly Varden Silver Corporation and a **25%** interest in Universal Mineral Services Limited (UMS)[13](index=13&type=chunk) [Note 2: Basis of presentation](index=6&type=section&id=Note%202%3A%20Basis%20of%20presentation) These interim financial statements adhere to IAS 34 and consolidate the Company's 100% owned subsidiaries, including Quebec Precious Metals Corporation (QPM) from its acquisition date, operating in two segments: mineral resource properties and administrative/corporate, with a new accounting policy for government grants adopted in Q2 2025, and evaluation of new IFRS standards underway - The unaudited condensed interim consolidated financial statements are prepared in accordance with IAS 34 Interim Financial Reporting[14](index=14&type=chunk) - The Company consolidates its **100% owned subsidiaries**, including Quebec Precious Metals Corporation (QPM) from its acquisition date of April 28, 2025[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) - A new accounting policy for government grants was adopted in Q2 2025, recognizing grants when compliance with conditions and receipt are reasonably assured[23](index=23&type=chunk) - The Company is currently evaluating the impact of new accounting standards, IFRS 18 (effective January 1, 2027) and amendments to IFRS 9 and IFRS 7 (effective January 1, 2026), on its financial statements[25](index=25&type=chunk)[26](index=26&type=chunk) [Note 3: Revision of prior period financial statements](index=8&type=section&id=Note%203%3A%20Revision%20of%20prior%20period%20financial%20statements) The Company revised its previously issued unaudited interim financial statements for periods ended March 31, 2024, and September 30, 2024, to correct errors related to gain/loss on investments and investments in associates, specifically an understatement of dilution gains and investment in Dolly Varden - Errors were identified in previously issued unaudited condensed interim consolidated financial statements for periods ended March 31, 2024, and September 30, 2024[27](index=27&type=chunk) - The errors resulted in a misstatement of gain/loss on investments and investments in associates relating to the Company's investment in Dolly Varden, specifically an understatement of dilution gains and investment in associate[27](index=27&type=chunk) Revision of Prior Period Financial Statements (CAD thousands) | Metric (CAD thousands) | As reported (June 30, 2024) | Adjustment | Revised (June 30, 2024) | | :--------------------- | :-------------------------- | :--------- | :---------------------- | | Gain on investments | (537) | (220) | (757) | | Net loss | 4,428 | (220) | 4,208 | | Total comprehensive loss | 4,430 | (220) | 4,210 | [Note 4: Acquisition of Quebec Precious Metals Corporation](index=9&type=section&id=Note%204%3A%20Acquisition%20of%20Quebec%20Precious%20Metals%20Corporation) On April 28, 2025, Fury Gold acquired all common shares of Quebec Precious Metals Corporation (QPM) for a total consideration of **$5,482 thousands**, accounted for as an asset acquisition, bringing a significant land package in Quebec, including gold, lithium, and rare earths projects, to Fury Gold's portfolio - The Company acquired all issued and outstanding common shares of Quebec Precious Metals Corporation (QPM) on April 28, 2025[28](index=28&type=chunk) Purchase Price Component (CAD thousands) | Purchase Price Component (CAD thousands) | Amount | | :--------------------------------------- | :----- | | Cash consideration | 750 | | Fair value of common shares issued | 4,533 | | Transaction costs | 199 | | **Total Purchase Price** | **5,482**| - The QPM Acquisition was accounted for as an asset acquisition, not a business combination[31](index=31&type=chunk) - QPM holds a land package in Quebec, including the Sakami gold project, Ninaaskuwin lithium showing, and a **68% interest** in the Kipawa rare earths project[31](index=31&type=chunk) [Note 5: Marketable securities](index=10&type=section&id=Note%205%3A%20Marketable%20securities) The Company's marketable securities decreased to **$2,093 thousands** at June 30, 2025, from **$2,358 thousands** at December 31, 2024, primarily due to the sale of Sirios Resources Inc. common shares, partially offset by a net unrealized gain Marketable Securities (CAD thousands) | Metric (CAD thousands) | June 30, 2025 | December 31, 2024 | | :---------------------------- | :------------ | :---------------- | | Balance of Marketable Securities | 2,093 | 2,358 | - During the period from December 31, 2024, to June 30, 2025, the Company sold marketable securities for **$613 thousands**, recognized a realized gain of **$47 thousands**, and an unrealized net gain of **$301 thousands**[33](index=33&type=chunk) - The Company acquired a **10.9% ownership** in Sirios Resources Inc. for **$1,300 thousands** in February 2024, but subsequently lowered its holdings to less than **9.9%** by June 30, 2025, through sales[33](index=33&type=chunk)[34](index=34&type=chunk) [Note 6: Other investments](index=10&type=section&id=Note%206%3A%20Other%20investments) The Company holds a **$2,063 thousands** investment in Series C Preferred Shares of Alsym Energy Inc., acquired in August 2024, which is classified as Level 3 in the fair value hierarchy and is revalued at fair value through profit and loss at each reporting date - The Company purchased **764,993 Series C Preferred Shares** of Alsym Energy Inc. for **$2,063 thousands** on August 13, 2024[35](index=35&type=chunk) - This investment is classified as **Level 3** in the fair value hierarchy and is accounted for at fair value, revalued through profit and loss at each reporting date[35](index=35&type=chunk) [Note 7: Mineral property interests](index=10&type=section&id=Note%207%3A%20Mineral%20property%20interests) The carrying amount of the Company's mineral property interests increased to **$50,158 thousands** at June 30, 2025, primarily due to additions from the QPM acquisition, following the acquisition of **100% control** of the Éléonore South project and a significant impairment charge in 2024 to align with market capitalization Mineral Property Interests (CAD thousands) | Metric (CAD thousands) | June 30, 2025 | December 31, 2024 | | :---------------------------- | :------------ | :---------------- | | Balance of Mineral Property Interests | 50,158 | 45,200 | - Additions of **$5,436 thousands** to mineral property interests during the six months ended June 30, 2025, were primarily due to the QPM acquisition[36](index=36&type=chunk) - On February 29, 2024, the Company acquired **100% control** of the Éléonore South project from Newmont for **$3,000 thousands**[36](index=36&type=chunk) - An impairment charge of **$100,873 thousands** was recognized in 2024 to align the carrying value of mineral properties with the Company's market capitalization[36](index=36&type=chunk)[38](index=38&type=chunk) [Note 8: Investments in associates](index=11&type=section&id=Note%208%3A%20Investments%20in%20associates) The Company's investments in associates, Dolly Varden and UMS, decreased in carrying amount to **$27,421 thousands** at June 30, 2025, mainly due to the Company's share of net losses and dispositions, partially offset by dilution gains, as the Company continues to sell shares in Dolly Varden and utilizes UMS for shared services Investments in Associates (CAD thousands) | Metric (CAD thousands) | June 30, 2025 | December 31, 2024 | | :---------------------------- | :------------ | :---------------- | | Carrying amount of Investments in Associates | 27,421 | 29,456 | - For the six months ended June 30, 2025, the Company's share of net loss from associates was **$(1,787) thousands**, dispositions were **$(2,216) thousands**, and dilution gains were **$1,968 thousands**[40](index=40&type=chunk) - The quoted fair market value of the Company's equity interest in Dolly Varden at June 30, 2025, was **$53,642 thousands**[40](index=40&type=chunk) - On May 8, 2025, the Company sold **1,000,000 common shares** of Dolly Varden for gross proceeds of **$3,625 thousands**[42](index=42&type=chunk) - The Company incurred **$205 thousands** in transactions with UMS for exploration and evaluation costs and general and administration for the six months ended June 30, 2025[45](index=45&type=chunk) [Note 9: Deferred government grant](index=13&type=section&id=Note%209%3A%20Deferred%20government%20grant) The Company received a **$50 thousands** grant from the Government of Quebec via the QPM acquisition and an additional **$83 thousands** payment in May 2025, designated for geometallurgical studies on the Elmer East property, while the Government of Nunavut approved a **$250 thousands** contribution for exploration activities, which has not yet been received or recognized - The Company inherited a **$50 thousands** grant from the Government of Quebec as part of the QPM acquisition and received a second payment of **$83 thousands** on May 30, 2025[48](index=48&type=chunk) - The Quebec grant funds up to **50%** of exploration expenses for geometallurgical studies on the Elmer East property, with a maximum grant of **$333 thousands**[48](index=48&type=chunk) - As of June 30, 2025, the Company incurred **$172 thousands** in eligible exploration expenses under the Quebec grant, with **$47 thousands** in funding remaining[48](index=48&type=chunk) - The Government of Nunavut approved a contribution of up to **$250 thousands** for exploration activities in the Three Bluffs Gold deposit and Raven Gold Prospect, but no initial payment has been received or recognized as of June 30, 2025[50](index=50&type=chunk) [Note 10: Flow-through share premium liability](index=14&type=section&id=Note%2010%3A%20Flow-through%20share%20premium%20liability) The Company issued **3,999,701 flow-through shares** in June 2025, raising **$3,080 thousands** for mineral exploration, with expenditures committed by December 31, 2026, and the flow-through share premium liability decreased to **$400 thousands** at June 30, 2025, reflecting the amortization of the premium as eligible expenditures were incurred - On June 19, 2025, the Company issued **3,999,701 flow-through shares**, raising **$3,080 thousands** for mineral exploration activities, with a commitment to incur these expenditures by December 31, 2026[52](index=52&type=chunk) - The flow-through share premium liability decreased from **$944 thousands** at December 31, 2024, to **$400 thousands** at June 30, 2025, due to the amortization of the premium as eligible expenditures were incurred[53](index=53&type=chunk) - The **$5,001 thousands** in flow-through proceeds raised in June 2024 were fully incurred as of April 30, 2025[53](index=53&type=chunk) [Note 11: Segmented information - Exploration and evaluation costs](index=14&type=section&id=Note%2011%3A%20Segmented%20information%20-%20Exploration%20and%20evaluation%20costs) Total exploration and evaluation costs significantly increased for both the three and six months ended June 30, 2025, compared to the prior year, primarily driven by higher costs in Nunavut, particularly for fuel and consumables, and aircraft and travel, alongside increases in Quebec for assaying and exploration drilling Exploration and Evaluation Costs (CAD thousands) | Cost Category (CAD thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :---------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total Exploration and Evaluation Costs | 3,033 | 1,685 | 5,194 | 2,476 | | Quebec Costs | 1,653 | 1,577 | 3,694 | 2,260 | | Nunavut Costs | 1,380 | 108 | 1,500 | 217 | - Nunavut's exploration and evaluation costs increased dramatically from **$108 thousands** to **$1,380 thousands** for the three months, and from **$217 thousands** to **$1,500 thousands** for the six months, primarily due to fuel and consumables, and aircraft and travel[54](index=54&type=chunk)[55](index=55&type=chunk) - For the six months ended June 30, 2025, key cost drivers included fuel and consumables (**$1,267 thousands**), aircraft and travel (**$984 thousands**), and exploration drilling (**$799 thousands**)[55](index=55&type=chunk) [Note 12: Other income](index=16&type=section&id=Note%2012%3A%20Other%20income) Other income for the three and six months ended June 30, 2025, was **$18 thousands**, solely from government grant income, representing a significant decrease compared to the prior year, which included **$566 thousands** from excess fuel resold Other Income (CAD thousands) | Income Source (CAD thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :---------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Government grant income | 18 | - | 18 | - | | Excess fuel resold | - | 566 | - | 566 | | **Total Other Income** | **18** | **566** | **18** | **566** | - The decrease in other income is primarily due to the absence of income from excess fuel resold in 2025, which contributed **$566 thousands** in 2024[56](index=56&type=chunk) [Note 13: Share capital](index=16&type=section&id=Note%2013%3A%20Share%20capital) The Company's share capital significantly increased during the six months ended June 30, 2025, driven by the issuance of common shares for the QPM acquisition, a non-brokered private equity placement, and a flow-through share offering, alongside shares issued from option exercises - The Company's authorized share capital consists of unlimited common shares without par value and unlimited preferred shares (nil issued)[57](index=57&type=chunk)[58](index=58&type=chunk) - During the six months ended June 30, 2025, key share issuances included: **8,394,045 common shares** for the QPM acquisition (**$4,533 thousands** fair value), **6,728,000 units** (common shares and warrants) from a private equity placement (**$4,306 thousands** gross proceeds), and **3,999,701 flow-through shares** (**$3,080 thousands** gross proceeds)[60](index=60&type=chunk)[61](index=61&type=chunk) - **156,000 shares** were issued from the exercise of share options, generating gross proceeds of **$85 thousands**[61](index=61&type=chunk) [Note 14: Share-based compensation and warrant reserve](index=17&type=section&id=Note%2014%3A%20Share-based%20compensation%20and%20warrant%20reserve) Share-based compensation expense decreased for both the three and six months ended June 30, 2025, as the Company granted new share options, RSUs, and DSUs, and issued share purchase warrants in connection with the QPM acquisition and a private placement, significantly increasing the number of outstanding warrants Share-based Compensation Expense (CAD thousands) | Metric (CAD thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total Share-based Compensation Expense | 189 | 399 | 371 | 652 | - The Company granted **140,000 share options** to UMS employees and consultants for the six months ended June 30, 2025, and **282,470 replacement share options** in connection with the QPM Acquisition[63](index=63&type=chunk)[65](index=65&type=chunk) - As at June 30, 2025, **8,351,970 share options** were outstanding with a weighted average exercise price of **C$1.17**[66](index=66&type=chunk) - The Company issued **590,000 DSUs** and **1,142,500 RSUs** on January 9, 2025, with **2,283,103 RSUs and DSUs** outstanding at June 30, 2025[71](index=71&type=chunk)[73](index=73&type=chunk) - **7,324,808 share purchase warrants** were outstanding at June 30, 2025, with a weighted average exercise price of **C$0.84**, including **596,808** from the QPM acquisition and **6,728,000** from a private placement[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) [Note 15: Key management personnel](index=20&type=section&id=Note%2015%3A%20Key%20management%20personnel) Total remuneration for key management personnel, including directors and executive officers, for the six months ended June 30, 2025, was **$949 thousands**, a slight decrease from the prior year, with share-based payments continuing to be a significant component of their compensation Key Management Personnel Remuneration (CAD thousands) | Remuneration Component (CAD thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Short-term benefits provided to executives | 261 | 217 | 527 | 433 | | Directors' fees paid to non-executive directors | 60 | 42 | 130 | 84 | | Share-based payments | 150 | 289 | 292 | 435 | | **Total** | **471** | **548** | **949** | **952** | - Key management personnel include Fury Gold's board of directors and certain executive officers (CEO, CFO, Senior VP, Exploration)[77](index=77&type=chunk) [Note 16: Supplemental cash flow information](index=21&type=section&id=Note%2016%3A%20Supplemental%20cash%20flow%20information) Changes in non-cash working capital resulted in a cash outflow of **$(339) thousands** for the three months ended June 30, 2025, a reversal from an inflow in the prior year, and for the six months, it was an inflow of **$251 thousands**, a decrease from **$457 thousands** in 2024, primarily influenced by changes in accounts payable and receivables Changes in Non-Cash Working Capital (CAD thousands) | Component (CAD thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Accounts receivable | (50) | (141) | (166) | 196 | | Prepaid expenses and deposits | 219 | 225 | 7 | 226 | | Accounts payable and accrued liabilities | (472) | 210 | 446 | 35 | | Deferred government grant | (36) | - | (36) | - | | **Changes in non-cash working capital** | **(339)** | **294** | **251** | **457** | - The shift to a cash outflow from non-cash working capital for the three months ended June 30, 2025, was largely due to a decrease in accounts payable and accrued liabilities[80](index=80&type=chunk) [Note 17: Loss per share](index=21&type=section&id=Note%2017%3A%20Loss%20per%20share) Basic and diluted loss per share for the three months ended June 30, 2025, improved to **$0.01** from **$0.02** in the prior year, while remaining at **$0.03** for the six-month period, with all outstanding share options and warrants being anti-dilutive due to the Company's net loss position Loss per Share (CAD thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net loss (CAD thousands) | 1,996 | 3,496 | 4,988 | 4,208 | | Weighted average basic number of shares outstanding | 160,905,042 | 146,514,842 | 156,427,445 | 146,514,842 | | Basic loss per share | 0.01 | 0.02 | 0.03 | 0.03 | | Diluted loss per share | 0.01 | 0.02 | 0.03 | 0.03 | - All outstanding share options and share purchase warrants were anti-dilutive for the periods ended June 30, 2025, and 2024, as the Company was in a loss position[81](index=81&type=chunk) [Note 18: Financial instruments](index=21&type=section&id=Note%2018%3A%20Financial%20instruments) The Company's financial instruments include cash, marketable securities (Level 1 fair value), and other investments (Level 3 fair value), exposing it to liquidity, credit, and market risks (currency, interest rate, and price risk), with liquidity managed but future operating losses anticipated, and market risks not expected to have a material impact on net loss - The Company's financial instruments include cash, marketable securities, accounts receivable, other investments, deposits, and accounts payable and accrued liabilities[82](index=82&type=chunk) - Marketable securities are classified as **Level 1** in the fair value hierarchy, while other investments are classified as **Level 3**[86](index=86&type=chunk) - The Company is exposed to liquidity risk, credit risk, and market risks (currency risk, interest rate risk, and price risk)[87](index=87&type=chunk) - At June 30, 2025, the Company had unrestricted cash of **$8,566 thousands** and a working capital surplus of **$11,677 thousands**, but expects to incur future operating losses with no source of operating cash flow[88](index=88&type=chunk) - A **10%** increase or decrease in the US dollar to Canadian dollar exchange rate or in marketable securities share prices would not have a material impact on the Company's net loss[92](index=92&type=chunk)[93](index=93&type=chunk)

Core Viewpoint - Fury Gold Mines Limited has announced initial results from its first drill campaign at the Sakami gold project, indicating significant gold mineralization across multiple zones [1][3][6]. Drilling Results - The first drill hole, 25SK-001, intercepted five distinct zones of gold mineralization over a drilled length of 140 meters, with notable intercepts including 4.7 meters of 2.72 g/t gold and 0.5 meters of 10.2 g/t gold [1][3][7]. - The company has completed a total of 3,160 meters of drilling across six holes, including one at the previously undrilled Juliette target, with more results expected soon [2][6][8]. Project Overview - The Sakami project spans approximately 14,250 hectares and is located 30 km east of the Billy Diamond Highway, straddling a structural corridor where gold mineralization has been identified over 23 km [5][12]. - Gold mineralization is found at the base of a sulphide-rich horizon within a zone of intense silicification, indicating a strong mineralization system [5][6]. Future Exploration - The company plans to conduct up to 5,000 meters of drilling in 2025 as part of its ongoing exploration efforts [10]. - Results from an additional six completed drill holes are pending, which may further confirm the continuity of mineralization at the La Pointe Extension prospect [6][7]. Management Commentary - The CEO of Fury expressed enthusiasm about the initial drill results, highlighting the goal of expanding upon historical drilling and targeting resource grade [3][12].

Core Insights - Fury Gold Mines Limited announced preliminary metallurgical test results for its Ninaaskumuwin lithium discovery in Northern Quebec, indicating that the mineralization is suitable for conventional lithium extraction techniques with a recovery rate of 62.2% lithium and a concentrate grade of 5.59% Li2O from a single composite sample [1][7][10] Metallurgical Test Results - The metallurgical tests were conducted on 27 samples from spodumene-bearing pegmatite, revealing that samples contained up to 42% spodumene and that spodumene is the sole lithium-bearing mineral identified [4][5] - The pegmatite is free of impurities, suggesting the potential to produce lithium concentrates suitable for battery-grade lithium carbonate and lithium hydroxide [4][5] - The average density of the samples was measured at 2.70 g/m, and the grades of the 85 samples analyzed ranged from 0.02% to 3.71% Li2O [5] Mineralogical Analysis - A mineralogical study of 58 samples indicated a high percentage of spodumene (up to 42%) and an abundance of other minerals such as albite (up to 70%) and quartz (up to 99%) [5] - Impure lithium-bearing minerals were not identified, enhancing the potential for high-quality lithium production [5] Drilling Results - Recent drilling results included 32.35 meters of 1.16% Li2O from drill hole EE24-003 and 22.48 meters of 1.19% Li2O from drill hole EE24-002, with the mineralized spodumene-bearing pegmatite remaining open at depth and along strike [9] Project Location and Accessibility - The Ninaaskumuwin lithium prospect is part of Fury's 100% owned Elmer East project, covering approximately 45,735 hectares and is easily accessible from the paved Billy Diamond highway [8] Future Work and Potential - The company expressed optimism regarding the metallurgical results and indicated that further exploration and follow-up work are warranted to realize the project's full potential [3][10]

Core Viewpoint - Fury Gold Mines Limited has commenced its 2025 exploration drilling program at the Committee Bay project in Nunavut, Canada, focusing on expanding known gold resources and testing new targets [1][2]. Group 1: Exploration Program Details - The 2025 drilling program will consist of 7 to 10 diamond drill holes totaling approximately 5,000 meters, targeting the Three Bluffs Shear Zone, regional shear zones along the Raven shear zone, and Burro West [1]. - Initial results from the drilling program are anticipated in September 2025 [2]. Group 2: Three Bluffs Shear Zone - The Three Bluffs Gold deposit contains an estimated 524,000 ounces of gold in 2.1 million tonnes at a grade of 7.85 g/t in the indicated resource category and 720,000 ounces in 2.9 million tonnes at 7.64 g/t in the inferred resource category [2]. - Previous drilling in 2021 at Three Bluffs intercepted high-grade mineralization, including 13.93 g/t gold over 10 meters, 18.67 g/t gold over 3 meters, and 23.2 g/t gold over 1 meter [2]. Group 3: Raven Prospect - The Raven prospect, located approximately 50 km west of the Three Bluffs deposit, will be targeted with 2 to 3 drill holes for about 1,000 meters, focusing on a previously undrilled gold-bearing outcrop with an average grade of 16.12 g/t gold from seven samples [4]. Group 4: Burro West - The Burro West target has identified a significant gold in till anomaly of approximately 300 x 300 meters, associated with a sheared contact between mafic volcanics and ultramafic lithologies [7]. - The 2025 drilling at Burro West will consist of 1 to 2 drill holes totaling approximately 500 meters [7]. Group 5: Company Overview - Fury Gold Mines Limited is a Canadian-focused exploration company with a well-financed position and a management team experienced in advancing exploration assets [11]. - The company holds an 11.8 million common share position in Dolly Varden Silver Corp, representing approximately 13.5% of issued shares [11].

Core Viewpoint - Fury Gold Mines Limited announced positive drill results from its maiden drill program at the Ninaaskumuwin lithium discovery, indicating significant lithium mineralization and potential for further exploration [1][2]. Group 1: Drill Results - The maiden drill program totaled 825 meters in 5 holes, targeting a spodumene-bearing pegmatite outcrop with surface samples showing up to 3.92% Li2O [1]. - Highlights include 32.35 meters of 1.16% Li2O from hole EE24-003 and 22.48 meters of 1.19% Li2O from hole EE24-002 [1][3]. - The lithium mineralized spodumene-bearing pegmatite remains open at depth and along strike, suggesting the need for additional drilling [1][4]. Group 2: Project Location and Infrastructure - The Ninaaskumuwin lithium discovery is located on Fury's 100% owned Elmer East project, covering approximately 45,735 hectares [2]. - The project is easily accessible from the paved Billy Diamond highway, about 60 kilometers north of a rest stop with necessary amenities [2]. - It is situated approximately 50 kilometers north of Rio Tinto's Galaxy Lithium project, which is currently under construction [2]. Group 3: Geological Characteristics - Thick spodumene-bearing pegmatite was intersected in three holes, confirming vertical continuity of lithium mineralization to 150 meters below the surface [4]. - The pegmatite is composed of quartz, plagioclase, potassic feldspar, and spodumene, with spodumene observed as large elongated crystals [6]. - Geophysical and geological mapping indicates a potential strike length of up to 3.8 kilometers for the spodumene-bearing pegmatite [5]. Group 4: Management Commentary - The CEO of Fury expressed satisfaction with the drill results, highlighting the value created through the acquisition of Quebec Precious Metals and the potential for further exploration in the James Bay region [2]. - The Senior Vice President of Exploration noted the encouraging initial results and the strategic location of the discovery near established infrastructure [10].

Core Points - Fury Gold Mines Limited held its Annual General Meeting on June 26, 2025, where all director nominees were elected to serve until the next annual general meeting [1] - A total of 61,696,271 common shares were represented at the meeting, accounting for 38.48% of the outstanding shares [2] Group 1: Election of Directors - All nominees for election as directors were successfully elected, with the following vote results: - Forrester A. Clark received 37,627,890 votes (82.34% for, 17.66% withheld) - Brian Christie received 36,303,467 votes (79.34% for, 20.66% withheld) - Steve Cook received 44,548,623 votes (97.45% for, 2.55% withheld) - Michael Hoffman received 36,343,467 votes (79.50% for, 20.50% withheld) - Alison Sagateh (Saga) Williams received 36,292,404 votes (79.39% for, 20.61% withheld) [3] Group 2: Appointment of Auditor - Deloitte LLP was appointed as the Company's auditor, with 58,860,985 votes in favor (95.40% for, 4.60% withheld) [4] Group 3: Company Overview - Fury Gold Mines Limited is a Canadian-focused exploration company with a strong financial position, operating in two prolific mining regions and holding an 11.8 million common share position in Dolly Varden Silver Corp, representing approximately 13.9% of issued shares [5] - The company aims to grow its multi-million-ounce gold platform through rigorous project evaluation and exploration excellence, while maintaining high standards in corporate governance, environmental stewardship, community engagement, and sustainable mining [5]

Core Viewpoint - Fury Gold Mines Limited has successfully closed a private placement and offering, raising a total of C$3,374,600 to advance its exploration programs in Quebec and Nunavut [1][2][3] Group 1: Offering Details - The company closed a private placement of 3,999,701 flow-through shares at C$0.77 per share, generating gross proceeds of C$3,079,800 [1] - Agnico Eagle Mines Limited acquired 440,000 common shares at C$0.67 per share, contributing an additional C$294,800 to the total proceeds [2] - The combined gross proceeds from both the offering and private placement amount to C$3,374,600 [2] Group 2: Use of Proceeds - Proceeds from the financing will be utilized to advance the Committee Bay exploration program and other exploration opportunities [2][3] - The company aims to drive potential discoveries across its mineral exploration portfolio with the raised funds [3] Group 3: Company Overview - Fury Gold Mines Limited is a Canadian-focused exploration company with a significant position in Dolly Varden Silver Corp, holding approximately 14.5% of issued shares [5] - The company is led by a management team with a proven track record in financing and advancing exploration assets [5] - Fury is committed to high standards in corporate governance, environmental stewardship, community engagement, and sustainable mining practices [5]

TORONTO, June 16, 2025 (GLOBE NEWSWIRE) -- Fury Gold Mines Limited (TSX and NYSE American: FURY) ("Fury" or the "Company") is pleased to announce that is has finalized a number of drill targets at the Sakami gold project located in the Eeyou Istchee Territory in the James Bay region of Northern Quebec (Figure 1). The first phase drilling campaign will commence in late June 2025 and will be comprised of approximately 3,000 – 5,000 metres (m), with three priorities; Historical drilling at Sakami has intercept ...

Group 1 - Fury Gold Mines Limited has increased its proposed private placement offering from C$2,500,000 to C$3,080,000, intending to place 4,000,000 flow-through common shares at a price of C$0.77 per share [1] - The offering is expected to close on or about June 19, 2025, subject to customary closing conditions and necessary approvals from the Toronto Stock Exchange and NYSE American [2] - The offering may increase by approximately 15.4% if a strategic investor exercises its pre-emptive participation rights [1] Group 2 - Fury Gold Mines Limited is a Canadian-focused exploration company with a significant position in Dolly Varden Silver Corp, holding approximately 14.5% of issued shares [4] - The company aims to grow its multi-million-ounce gold platform through rigorous project evaluation and exploration excellence, led by a management team with proven success [4] - Fury is committed to high standards in corporate governance, environmental stewardship, community engagement, and sustainable mining practices [4]