Financial Performance and Risks - Fury Gold anticipates negative cash flow from operations for 2024 and beyond due to lack of revenues from mining activities[36] - The company has no history of operating earnings and limited financial resources, raising concerns about its ability to generate revenues and operate profitably[73] - The company may require additional financing to continue operations, which could lead to shareholder equity dilution[34] - Inflation in 2023 has raised concerns about increased costs for Fury Gold's expenditure programs, potentially impacting financial viability[42] - The company has not paid any dividends to date, and future dividend payments will depend on various factors including operating results and financial conditions[75] Exploration and Development Risks - The company has not established mineral reserves on any of its mineral properties, indicating ongoing exploration risks[41] - Fury Gold faces significant risks related to exploration activities, including the potential for substantial expenditures without successful outcomes[24] - Commodity price fluctuations, particularly in gold, can adversely affect investor interest and capital availability for exploration[32] - Fury Gold's operations are subject to increased costs and delays due to compliance with applicable laws and regulations, which may impact future exploration and development activities[69] - The company faces competition for mineral permits and resources, which may hinder its ability to acquire or retain prospective development projects[59] Environmental and Regulatory Compliance - Fury Gold's operations are subject to evolving environmental regulations, which may increase compliance costs and operational risks[44] - The company acknowledges that failure to obtain necessary environmental permits could materially adversely affect its business and operations[51] - The company has implemented safety and environmental measures to comply with government regulations, but risks remain regarding future compliance[27] - Fury Gold has invested significant financial and managerial resources to comply with environmental protection laws and regulations across all jurisdictions where it operates[49] - The company recognizes climate change as a concern that may disrupt operations and increase compliance costs due to stricter regulations[54] Community and Social Relations - Relationships with local communities and Indigenous organizations are critical, as negative perceptions could delay project permits[47] - The company is committed to responsible mineral exploration and has engaged with local and Indigenous communities to ensure culturally sensitive operations[145] - The Company’s reputation may be adversely affected by social media risks, impacting community relations and investor confidence[81] Operational Structure and Management - Fury Gold relies on third-party contractors for critical operations, which poses risks related to errors or negligence that could adversely affect its financial condition[66] - The Company documented and tested its internal controls over financial reporting to comply with Section 404 of the Sarbanes-Oxley Act, but cannot assure that independent auditors would not find material weaknesses[77] - The Company may face challenges in maintaining effective internal controls over financial reporting, which could impact investor confidence and trading price of its common shares[78] - As of December 31, 2023, the Company had approximately 10 equivalent full-time employees, relying on consultants and contractors for exploration activities[140] Project Developments and Acquisitions - The Company completed the sale of the Homestake Ridge project to Dolly Varden for a $5 million cash payment and 76,504,590 common shares[93] - The company completed the acquisition of Newmont's 49.978% interest in the Eleonore South Gold Project for $3,000,000, consolidating ownership to 100%[97] - The company acquired a 25% interest in Universal Mineral Services Ltd for nominal consideration, allowing for a more efficient corporate overhead structure[94] - The company acquired a 10.98% portfolio investment in Sirios Resources Inc. in 2024, in addition to a 25% interest in UMS[150] Exploration Results and Mineral Resources - The Eau Claire Project has estimated Mineral Resources of approximately 0.9 Mt of Measured Mineral Resources grading 6.63 g/t Au containing 193,000 ounces of gold, Indicated Mineral Resources of 3.39 Mt grading 6.06 g/t Au containing 660,000 ounces of gold, and 2.38 Mt of Inferred Mineral Resources at an average grade of 6.53 g/t Au containing 500,000 ounces of gold[167] - The company has defined eight gold targets at the Lac Clarkie project through a soil sampling program, with plans to prioritize these for follow-up in 2023[117] - The company reported multiple gold mineralization intercepts at the Hinge Target, including 5.0m of 3.6 g/t Au and 14.0m of 2.37 g/t Au[120] - The company commenced a drilling program at the Eau Claire Deposit in April 2023, targeting 10,000 to 15,000 meters to expand the high-grade resource[118] - The final results from the 2023 drilling program included 17.62 g/t gold over 3.50m from drill hole 23EC-079, with significant intercepts open to surface[124] Financial Transactions and Fundraising - The Company issued 6,076,500 Flow-Through Shares for gross proceeds of $8.75 million on March 23, 2023, and is required to deploy the remaining $0.6 million of Canadian exploration expenditures (CEE) by December 31, 2024[84] - The Company raised gross proceeds of CAD$11,000,000 through a private placement of 13.75 million common shares at $0.80 per share in April 2022[112] - The Company completed a non-brokered private placement raising CAD$5,596,088 in October 2021, with each unit consisting of one common share and one warrant[104] - The Company closed a bought-deal private placement in March 2023, raising approximately $8.750 million from the sale of 6,076,500 flow-through shares at C$1.44 each[128] - The Company filed a base shelf prospectus allowing it to publicly offer up to $75 million of common shares and other securities over a 25-month period[129]

Financial Performance - The company reported a net loss of CAD 6,650,000 for the three months ended September 30, 2023, compared to a net loss of CAD 12,280,000 for the same period in 2022, indicating a 46.5% improvement[5]. - The total comprehensive loss for the nine months ended September 30, 2023, was CAD 12,609,000, compared to a comprehensive income of CAD 27,777,000 for the same period in 2022[5]. - The basic loss per share for the three months ended September 30, 2023, was CAD 0.05, compared to CAD 0.09 for the same period in 2022[5]. - For the three months ended September 30, 2023, Fury Gold Mines reported a net loss of CAD 6,650,000 compared to a net loss of CAD 12,280,000 for the same period in 2022, indicating a 46.5% improvement in losses year-over-year[67]. - The weighted average number of shares outstanding for the three months ended September 30, 2023, was 145,547,450, resulting in a basic loss per share of CAD 0.05, compared to CAD 0.09 for the same period in 2022[67]. Assets and Liabilities - As of September 30, 2023, total assets decreased to CAD 195,536,000 from CAD 200,599,000 at December 31, 2022, representing a decline of approximately 2.1%[3]. - The company’s total liabilities increased to CAD 8,286,000 as of September 30, 2023, compared to CAD 5,806,000 at December 31, 2022, marking an increase of approximately 42.7%[3]. - Cash and cash equivalents at the end of the period were CAD 10,088,000, a decrease from CAD 14,030,000 at the beginning of the period, representing a decline of 28.0%[10]. - Fury Gold's total financial liabilities as of September 30, 2023, were CAD 2,651,000, compared to CAD 1,616,000 at December 31, 2022, representing a significant increase of 63.9%[69]. - Fury Gold's working capital surplus as of September 30, 2023, was CAD 9,212,000, a decrease from CAD 10,554,000 at December 31, 2022, representing a decline of 12.7%[75]. Exploration and Evaluation - Exploration and evaluation expenses for the nine months ended September 30, 2023, totaled CAD 6,528,000, down from CAD 7,871,000 in the same period of 2022, reflecting a decrease of approximately 17.0%[5]. - Total exploration and evaluation costs for Q3 2023 amounted to CAD 3,839,000, compared to CAD 3,785,000 for Q3 2022, reflecting an increase in exploration activities[47]. - Fury Gold has committed to a minimum 6,000 metre drilling program for its 2023 exploration, with 13,262 metres already drilled as of September 30, 2023[79]. Share Capital and Compensation - Share capital increased to CAD 310,277,000 as of September 30, 2023, from CAD 306,328,000 at December 31, 2022, reflecting a growth of about 0.6%[3]. - Share-based compensation expense for share options issued to UMS employees was CAD 45,000 for Q3 2023 and CAD 293,000 for the nine months ended September 30, 2023, compared to CAD 100,000 and CAD 408,000 for the same periods in 2022, respectively[42]. - The company recognized total share-based compensation expense of CAD 1,117,000 for the nine months ended September 30, 2023, down from CAD 1,455,000 for the same period in 2022[54]. Investments - The company holds a 50.022% interest in the Eleonore South Joint Venture and a 23.36% interest in Dolly Varden Silver Corporation as of September 30, 2023[13]. - The fair market value of the Company's investment in Dolly Varden as of September 30, 2023, was CAD 38,083,000 based on a closing share price of CAD 0.64[35]. - The marketable securities held by the Company increased to CAD 1,673,000 as of September 30, 2023, from CAD 582,000 at the end of 2022, after accounting for additions of CAD 1,138,000 and disposals of CAD 79,000[28]. - The total carrying amount of the Company's mineral interests was CAD 144,140,000 as of September 30, 2023, a slight decrease from CAD 145,190,000 at the end of 2022[29]. - The total balance of the Company's mineral interests in Quebec was CAD 124,826,000 as of September 30, 2023, reflecting a decrease due to option payments received and changes in estimates[29]. Cash Flow and Management - The company reported a cash used in operating activities of CAD 4,281,000 for the three months ended September 30, 2023, compared to CAD 5,132,000 for the same period in 2022, indicating a reduction of approximately 16.6%[10]. - The company recognized a total of CAD 1,599,000 in remuneration for key management personnel for the nine months ended September 30, 2023, down from CAD 2,091,000 for the same period in 2022, a reduction of 23.5%[63]. - The company incurred a change in non-cash working capital of CAD 558,000 for the three months ended September 30, 2023, compared to a negative change of CAD 705,000 for the same period in 2022[64].

Shareholder Meeting Outcomes - A total of 48,123,149 common shares were present or represented by proxy at the Annual General Meeting, representing 32.97% of the outstanding common shares[3]. - Forrester A. Clark received 99.51% of votes for his election as a director, with 47,755,658 votes in favor[4]. - Deloitte LLP was appointed as the Company's auditor with 99.59% of votes in favor, totaling 47,924,179 votes[5]. - The proposed Long-Term Incentive Plan was approved with 96.87% of votes for, amounting to 46,618,720 votes[6]. Ownership Information - Fury Gold Mines holds a 59.5 million common share position in Dolly Varden Silver Corp, representing 23.4% ownership[7].

EX-99.1 2 fury_ex991.htm FINANCIAL STATEMENTS EXHIBIT 99.1 (An exploration company) CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) FOR THE THREE MONTHS ENDED MARCH 31, 2023 Fury Gold Mines Limited Condensed Interim Consolidated Statements of Financial Position (Expressed in thousands of Canadian dollars – Unaudited) | | | | | | At December | | --- | --- | --- | --- | --- | --- | | | | | At March 31 | | 31 | | | Note | | 2023 | | 2022 | | Assets | | | | | | | Current assets: | | | | | | | Ca ...

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 AND NINE MONTHS ENDED SEPTEMBER 30, 2022 Fury Gold Mines Limited Condensed Interim Consolidated Statements of Financial Position (Expressed in thousands of Canadian dollars – Unaudited) | | | | At | | At | | --- | --- | --- | --- | --- | --- | | | | | September | | December | | | | | 30 | | 31 | | | Note | | 2022 | | ...

EXHIBIT 99.1 (An exploration company) Condensed Interim Consolidated Statements of Financial Position (Expressed in thousands of Canadian dollars – Unaudited) CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 Fury Gold Mines Limited | | | | | | At | | --- | --- | --- | --- | --- | --- | | | | | At June 30 | | December 31 | | | Note | | 2022 | | 2021 | | Assets | | | | | | | Current assets: | | | | | | | Cash | | $ | 12,361 | $ | 3,259 | | Market ...

EX-99.1 2 fury_ex991.htm FINANCIALS EXHIBIT 99.1 (An exploration company) CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) FOR THE THREE MONTHS ENDED MARCH 31, 2022 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 | | 2022 | | 2021 | | Assets | | | | | | | Current assets: | | | | | | ...