Fury Gold Mines (FURY) - 2025 Q3 - Quarterly Report

Financial Performance - Net loss for the nine months ended September 30, 2025, was CAD 9,687,000, compared to CAD 6,881,000 for the same period in 2024, representing a 40.5% increase in losses[4] - For the three months ended September 30, 2025, Fury Gold reported a net loss of CAD 4,699,000, compared to a net loss of CAD 2,673,000 for the same period in 2024, representing an increase in loss of 75.5%[8] - The total comprehensive loss for the period was CAD 9,693,000, compared to CAD 6,883,000 in the prior year, indicating a 40.5% increase[4] - The company reported a basic and diluted loss per share of CAD 0.06 for the nine months ended September 30, 2025, compared to CAD 0.05 in 2024[4] - For the nine months ended September 30, 2025, the company's share of net loss of associates was $3,634, with Dolly Varden contributing $3,632 and UMS contributing $2[38] - The company incurred a comprehensive loss of $9,693,000 for the nine months ended September 30, 2025, compared to $6,883,000 for the same period in 2024, reflecting a 41% increase[85] Assets and Equity - Total assets increased to CAD 86,629,000 as of September 30, 2025, compared to CAD 85,112,000 at December 31, 2024, reflecting a growth of 1.8%[2] - Total equity rose to CAD 80,638,000 from CAD 78,203,000, reflecting a growth of 3.1%[2] - Mineral property interests increased to CAD 50,176,000 as of September 30, 2025, from CAD 45,200,000 at December 31, 2024, indicating an increase of 6.5%[2] - Accounts receivable increased significantly to CAD 314,000 from CAD 54,000, a rise of 481.5%[2] - The company's principal resource properties had a carrying amount of C$50,176 as of September 30, 2025, after accounting for impairments and additions[31] Cash Flow and Reserves - Cash reserves rose to CAD 6,127,000 from CAD 4,912,000, marking a 24.7% increase[2] - As of September 30, 2025, Fury Gold's cash balance was CAD 6,127,000, an increase from CAD 3,336,000 at the end of the same period in 2024[8] - Cash used in operating activities for the three months ended September 30, 2025, was CAD 5,503,000, compared to CAD 3,348,000 in the same period of 2024, reflecting a 64.2% increase[8] - The company's total cash used in operating activities for the nine months ended September 30, 2025, was CAD 12,567,000, compared to CAD 6,507,000 in 2024, marking a 93.2% increase[8] - The working capital surplus as of September 30, 2025, was $10,205,000, compared to $8,045,000 at December 31, 2024, indicating a 26.9% increase[85] Share Capital and Transactions - The company issued 8,394,045 shares in connection with the QPM Acquisition, contributing CAD 4,503,000 to share capital[6] - The total consideration for the QPM acquisition was C$5,482, which included C$750 in cash, C$4,533 in common shares, and C$199 in transaction costs[29] - The company closed a non-brokered private equity placement for gross proceeds of $4,306,000, consisting of 6,728,000 units at C$0.64 per unit[57] - The company raised $3,080 through the issuance of flow-through shares on June 19, 2025, to be used for mineral exploration activities[45] - The company issued 440,000 common shares at C$0.67 per share, generating gross proceeds of $295,000 as part of the June 2025 Offering[55] Investments and Interests - Fury Gold holds a 12.92% common share interest in Dolly Varden Silver Corporation and a 25% interest in Universal Mineral Services Limited[11] - The company recognized a net gain on investments of CAD 1,854,000 for the three months ended September 30, 2025, compared to a net gain of CAD 1,780,000 in the same period of 2024[8] - The fair market value of the Company's equity interest in Dolly Varden was C$78,733 as of September 30, 2025, up from C$58,920 a year earlier[36] - The carrying amount of the Company's investments in associates decreased from C$36,248 at December 31, 2023, to C$24,514 at September 30, 2025, primarily due to losses and disposals[36] Expenses and Costs - Operating expenses for the three months ended September 30, 2025, were CAD 5,524,000, up 69% from CAD 3,264,000 in the same period of 2024[4] - The company recognized total share-based compensation expense of $164,000 for the three months ended September 30, 2025, compared to $179,000 for the same period in 2024[58] - The total remuneration for key management personnel for the nine months ended September 30, 2025, was $1,421,000, a decrease of 3% from $1,469,000 in 2024[73] - The company recognized share-based compensation expense of $535,000 for the nine months ended September 30, 2025, down from $831,000 in the same period of 2024[58] Exploration and Evaluation - The company's exploration and evaluation costs for the three months ended September 30, 2025, totaled $4,295, with $1,824 in Quebec and $2,471 in Nunavut[48] - The company's exploration and evaluation costs for the nine months ended September 30, 2025, totaled $9,489, with $5,518 in Quebec and $3,971 in Nunavut[49] - The company has unspent funding of $47 related to a government grant for geometallurgical studies, requiring $94 in qualifying expenses to be incurred before March 31, 2026[42] - The company recognized a government grant income of $126 for the three months ended September 30, 2025, and $144 for the nine months ended September 30, 2025[50]