Fury Gold Mines (US:FURY)2025-05-15 00:12Financial Performance - Net loss for the period was CAD 2,991,000, compared to a net loss of CAD 714,000 for the same period in 2024, indicating a significant increase in losses [4]. - The company reported a total comprehensive loss of CAD 2,993,000 for the period, compared to CAD 715,000 in the prior year, indicating a worsening financial position [4]. - Basic and diluted loss per share increased to CAD 0.02 from CAD 0.01, indicating a higher loss attributable to each share [4]. - For the three months ended March 31, 2025, the company reported a net loss of $2,991,000 compared to a net loss of $714,000 for the same period in 2024, representing an increase in loss of approximately 319% [64]. - The basic and diluted loss per share for Q1 2025 was $0.02, up from $0.01 in Q1 2024, indicating a 100% increase in loss per share [64]. Assets and Liabilities - Total assets decreased to CAD 81,832,000 as of March 31, 2025, down from CAD 85,112,000 at December 31, 2024, representing a decline of approximately 3.4% [2]. - Current liabilities increased to CAD 1,965,000, up from CAD 1,864,000, marking an increase of about 5.4% [2]. - Cash and cash equivalents at the end of the period were CAD 2,316,000, down from CAD 4,912,000, a decrease of about 53% [8]. - The company's working capital surplus was $5,555,000 as of March 31, 2025, down from $8,045,000 at the end of 2024, a decrease of about 31% [72]. - The accumulated deficit increased to $260,184,000 as of March 31, 2025, compared to $257,192,000 at the end of 2024, indicating a rise of approximately 1.2% [72]. - Total financial assets as of March 31, 2025, were $7,162,000, down from $9,578,000 at December 31, 2024, a decrease of approximately 25% [66]. - The company's total financial liabilities increased to $1,774,000 as of March 31, 2025, compared to $855,000 at the end of 2024, reflecting an increase of about 108% [66]. Exploration and Evaluation - Exploration and evaluation expenses rose to CAD 2,161,000, up from CAD 791,000 in the previous year, reflecting an increase of approximately 173% [4]. - Total exploration and evaluation costs for the three months ended March 31, 2025, amounted to $2,161, an increase from $791 in the same period of 2024 [44]. Investments - The company holds a 16.05% interest in Dolly Varden Silver Corporation and a 25% interest in Universal Mineral Services Limited, indicating ongoing strategic investments [11]. - The quoted fair market value of the Company's equity interest in Dolly Varden increased to $53,097 thousand as of March 31, 2025, compared to $45,406 thousand a year earlier [34]. - The carrying amount of investments in associates decreased to $28,903 thousand as of March 31, 2025, down from $29,355 thousand at the end of 2024 [34]. - The Company reported a revised investment in associates of $32,858 thousand as of March 31, 2024, reflecting an adjustment of $220 thousand [26]. - The Company acquired a 10.9% interest in Sirios Resources Inc. for $1,300 thousand on February 29, 2024, as part of a strategy to consolidate its Éléonore South project [27]. - The company sold 1,000,000 common shares of Dolly Varden for net proceeds of $3,626,000, reducing its interest to 14.5% [79]. Share Capital and Compensation - Share capital remained stable at CAD 312,723,000, with no changes reported during the period [6]. - Share-based compensation expense for the three months ended March 31, 2025, was $5, compared to a recovery of $4 for the same period in 2024 [40]. - The total share-based compensation expense for the three months ended March 31, 2025, was $182, down from $253 in 2024 [49]. - Key management personnel remuneration for the three months ended March 31, 2025, totaled $479, compared to $397 in 2024 [61]. - The number of share options outstanding as of March 31, 2025, was 8,266,172, with a weighted average exercise price of $1.14 [54]. - The company granted 80,000 share options to UMS employees during the three months ended March 31, 2025 [49]. Liquidity and Risk Management - The company is exposed to liquidity risk and has implemented a budgeting and cash management process to ensure sufficient liquidity for its exploration plans [71]. - The company expects to incur approximately $87 in future rental expenses related to a ten-year office lease by UMS as of March 31, 2025 [39]. - The company reported changes in non-cash working capital of $590 for the three months ended March 31, 2025, compared to $165 in 2024 [63]. Acquisitions - The company completed the acquisition of Quebec Precious Metals Corporation on April 29, 2025, by issuing 8,394,045 shares valued at $4.533 million [79].