Core Viewpoint - Fury Gold Mines Limited has successfully closed a brokered private placement, raising total gross proceeds of C$18,000,150 through the sale of flow-through units and shares, aimed at funding eligible Canadian exploration expenses [1][3]. Group 1: Offering Details - The Offering consisted of 9,915,000 Charity FT Units sold at C$1.21 each and 6,003,000 FT Shares sold at C$1.00 each [1]. - Each Charity FT Unit includes one flow-through share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of one non-flow-through common share at a price of C$1.20 for 24 months [1]. - The Offering was conducted by a syndicate of agents led by Haywood Securities Inc. and included several other financial institutions [2]. Group 2: Use of Proceeds - The gross proceeds will be utilized for Canadian exploration expenses related to the Company's projects in Québec and Nunavut, specifically for the Eau Claire and Committee Bay projects [3]. - All qualifying expenditures will be renounced in favor of the purchasers by December 31, 2025 [3]. Group 3: Regulatory and Insider Participation - The Charity FT Units and FT Shares were sold under the listed issuer financing exemption, meaning they are not subject to resale restrictions under Canadian securities laws [4]. - An insider purchased 10,000 FT Shares, which is classified as a related party transaction, and the Company is relying on exemptions from formal valuation and minority shareholder approval requirements [5]. Group 4: Company Overview - Fury Gold Mines Limited is a Canadian-focused exploration company with a strong financial position and a significant shareholding in Dolly Varden Silver Corp [7]. - The management team has a proven track record in financing and advancing exploration assets, with a commitment to high standards in corporate governance and sustainable mining practices [7].

Group 1: Company Performance - American Lithium Corp. (AMLIF) has outperformed its peers in the Basic Materials sector with a year-to-date performance of approximately 43.2%, compared to the sector average gain of 21.7% [4] - The Zacks Rank for American Lithium Corp. is currently 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] - Over the past 90 days, the consensus estimate for AMLIF's full-year earnings has increased by 75%, reflecting improved analyst sentiment [3] Group 2: Industry Context - American Lithium Corp. is part of the Mining - Miscellaneous industry, which includes 63 companies and currently ranks 154 in the Zacks Industry Rank [5] - The average gain for the Mining - Miscellaneous industry so far this year is 27.2%, indicating that AMLIF is performing better than the industry average [5] - In contrast, another stock in the Basic Materials sector, Fury Gold Mines Limited, has a year-to-date return of 71% and belongs to the Mining - Gold industry, which has gained 113.8% since the beginning of the year [4][6]

Core Viewpoint - Fury Gold Mines Limited has announced an increase in the size of its private placement financing, aiming to raise up to C$18,000,150 through the sale of Charity FT Units and Traditional FT Shares [1][5]. Group 1: Offering Details - The Offering includes up to 9,915,000 Charity FT Units priced at C$1.21 each and up to 6,003,000 Traditional FT Shares priced at C$1.00 each [1]. - Each Charity FT Unit consists of one Charity FT Share and one-half of a common share purchase warrant, with the whole warrant allowing the purchase of one Share at an exercise price of C$1.20 for 24 months [2]. - The Offering is scheduled to close on or about October 10, 2025, subject to customary closing conditions and necessary approvals [6]. Group 2: Use of Proceeds - The gross proceeds from the Offering will be utilized for Canadian exploration expenses that qualify as flow-through mining expenditures, specifically for the exploration of the Eau Claire and Committee Bay projects [5]. Group 3: Regulatory and Compliance Information - The Charity FT Units and Traditional FT Shares will be offered under the listed issuer financing exemption, which means they will not be subject to resale restrictions in most provinces of Canada [3]. - The securities offered have not been registered under U.S. securities laws and cannot be sold in the United States without proper registration or exemption [7]. Group 4: Company Overview - Fury Gold Mines Limited is a Canadian-focused exploration company with a strong financial position and a commitment to high industry standards in governance, environmental stewardship, and sustainable mining practices [8].

Core Viewpoint - Fury Gold Mines Limited has announced an agreement with Haywood Securities Inc. to sell Charity FT Units and Traditional FT Shares, aiming to raise up to C$12,000,000 for exploration expenses [1][6]. Group 1: Offering Details - The Offering includes Charity FT Units priced at C$1.21 and Traditional FT Shares priced at C$1.00 [1]. - Each Charity FT Unit consists of one Charity FT Share and one-half of a Warrant, with the Warrant allowing the purchase of one Share at C$1.20 for 24 months [2]. - An over-allotment option allows the Agents to sell an additional 15% of the total units and shares issued in the Offering [3]. Group 2: Regulatory and Financial Information - The Offering will utilize the LIFE Exemption under Canadian securities laws, allowing for no resale restrictions [4]. - Proceeds will be allocated to "Canadian exploration expenses" qualifying as "flow-through mining expenditures" by December 31, 2026 [6]. - The Offering is expected to close around October 10, 2025, pending necessary approvals [7]. Group 3: Company Overview - Fury Gold Mines Limited is a Canadian-focused exploration company with a significant shareholding in Dolly Varden Silver Corp [9]. - The company aims to expand its gold platform through rigorous project evaluation and exploration [9].

Company Overview - Fury Gold Mines Limited (FURY) is part of the Basic Materials sector, which includes 236 individual stocks and ranks 14 in the Zacks Sector Rank [2] - The company currently holds a Zacks Rank of 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] Performance Analysis - Year-to-date, Fury Gold Mines Limited has increased by approximately 88%, significantly outperforming the average gain of 18.2% for Basic Materials stocks [4] - In comparison to its industry, the Mining - Gold sector, which consists of 39 companies, has seen an average gain of 96.1% this year, indicating that FURY is slightly underperforming within its specific industry [5] Earnings Outlook - The Zacks Consensus Estimate for Fury Gold Mines Limited's full-year earnings has risen by 16.7% over the past quarter, reflecting improved analyst sentiment and a stronger earnings outlook [3] - Investors may also consider Hawkins (HWKN), another outperforming stock in the Basic Materials sector, which has increased by 40.2% year-to-date [4][6]

Core Viewpoint - Fury Gold Mines Limited has announced promising results from its inaugural drill campaign at the Sakami gold project, indicating strong growth and discovery potential in the region [1][3]. Drilling Results - A total of 3,685 meters of drilling was completed in seven holes, targeting extensions of historical gold mineralization and exploring the Juliette geophysical anomaly [1][7]. - Drill hole 25SK-002 reported 49.5 meters of 0.6 g/t gold and 22.7 meters at 1.47 g/t gold, while drill hole 25SK-003 intercepted 59 meters of 1.59 g/t gold and 9.1 meters of 0.92 g/t gold [2][4]. - High-grade cores of gold mineralization were identified, including 27.7 meters of 2.02 g/t gold and 3.0 meters of 9.32 g/t gold from drill hole 25SK-003 [3][5]. Mineralization Characteristics - Gold mineralization remains open to the west, with significant intercepts indicating a robust mineralizing system characterized by intense silicification [5][6]. - The project covers approximately 14,250 hectares and is located along a 23 km long gold mineralized structure, with historical drilling showing gold mineralization over a distance of more than 23 km [6][7]. Future Prospects - The company anticipates receiving results from the remaining four drill holes in the coming weeks, which may further enhance the understanding of the mineralization at Sakami [3][8]. - The Juliette target, which has a similar geophysical signature to La Pointe, represents an opportunity for discovering additional gold mineralization [8][13]. 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 sustainable mining practices [18].

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]