Fury Gold Mines (FURY) - 2024 Q1 - Quarterly Report

Financial Performance - Net loss for the three months ended March 31, 2024, was CAD 934 thousand, a reduction of 64.9% compared to a net loss of CAD 2,661 thousand for the same period in 2023[4] - The company reported a total comprehensive loss of CAD 935 thousand for Q1 2024, compared to CAD 2,662 thousand in Q1 2023, indicating a significant improvement[4] - The net loss for the three months ended March 31, 2024, was $935,000, compared to a net loss of $2,662,000 for the same period in 2023, representing a 64.9% reduction in losses[57] Operating Expenses - Operating expenses totaled CAD 1,855 thousand for Q1 2024, down 20.3% from CAD 2,328 thousand in Q1 2023[4] - For the three months ended March 31, 2024, total exploration and evaluation costs amounted to $791,000, a decrease of 8.1% from $861,000 in the same period of 2023[36] - Share-based compensation expense for Q1 2024 was $253,000, down 63.1% from $686,000 in Q1 2023[40] Assets and Liabilities - Total assets decreased to CAD 188,023 thousand as of March 31, 2024, down from CAD 189,175 thousand at December 31, 2023, representing a decline of 0.6%[2] - Current liabilities decreased to CAD 867 thousand, down 50% from CAD 1,732 thousand at December 31, 2023[2] - The company's total financial assets amounted to $8,560,000 as of March 31, 2024, compared to $8,953,000 as of December 31, 2023[65] - The company's total financial liabilities were $696,000 as of March 31, 2024, down from $1,034,000 at the end of 2023[65] Cash and Cash Equivalents - Cash and cash equivalents at the end of the period were CAD 5,731 thousand, a decrease of 21.6% from CAD 7,313 thousand at the beginning of the period[6] - As of March 31, 2024, the company had unrestricted cash of $5,731,000, down from $7,313,000 as of December 31, 2023[65] - The company reported a working capital surplus of $8,114,000 as of March 31, 2024, compared to $7,713,000 at the end of 2023[65] Investments and Acquisitions - The company acquired mineral interests totaling CAD 3,022 thousand during the three months ended March 31, 2024[6] - The carrying amount of the company's investments in associates was $32,638,000 as of March 31, 2024, reflecting a net loss of $327,000 during the period[28] - The company recognized a gain of $537,000 from the sale of 5,450,000 common shares of Dolly Varden, decreasing its holdings to 18.99%[26] Share Capital and Options - The weighted average number of common shares outstanding increased to 145,941,943 in Q1 2024 from 140,011,083 in Q1 2023, reflecting a 4.2% increase[57] - The company granted 145,000 share options in Q1 2024, a significant decrease from 2,893,800 options granted in Q1 2023[40] - As of March 31, 2024, the total number of share options outstanding was 9,887,790, with a weighted average exercise price of $1.20[47] Marketable Securities - As of March 31, 2024, the total marketable securities balance was $2,620,000, with additions of $1,300,000 and unrealized net gains of $412,000[23] - The company holds marketable securities valued at $2,620,000 as of March 31, 2024, compared to $1,166,000 as of December 31, 2023[65] Future Commitments and Plans - The company has committed to a drilling program of approximately 2,500 meters to be completed in April 2024[67] - The company raised $8,750,000 through the issuance of flow-through shares for mineral exploration in Quebec, with a commitment to incur full exploration expenditures by December 31, 2024[35] Risk Management - The company’s liquidity risk is managed through a budgeting and cash management process to ensure sufficient liquidity for exploration plans[64] - A 10% change in the US dollar to Canadian dollar exchange rate would not have a material impact on the company's net loss[70]