Fury Gold Mines Ltd.

Fury Gold Mines Ltd. is a junior gold exploration company headquartered in Toronto, Canada, operating primarily in Canada. The company's portfolio consists of 3 advanced exploration projects. Key assets include Eau Claire and Committee Bay. The business model is centered on mineral exploration, with operations funded through equity and other financings rather than revenue-generating activities. The organization relies on a combination of in-house specialized skills in geology and engineering and external contractors and experts for project execution. Operational activities are subject to seasonal variations due to weather conditions, which can affect access and work schedules. To mitigate environmental impact and enhance efficiency, the enterprise utilizes innovative technologies, including specialized drilling techniques that reduce water usage and drone imagery for targeted ground-based follow-up. The company maintains liability and property insurance where reasonably available to manage operational risks. A key aspect of its operational structure involves a shared services arrangement with affiliated entities, allowing for a cost-effective corporate overhead by sharing technical, financial, and administrative services on a full cost-recovery basis. This approach provides access to specialized expertise without the full burden of maintaining a large internal team, enabling a more flexible and efficient allocation of resources toward core exploration objectives.

Strategic focus is on advancing a portfolio of exploration-stage assets with the objective of discovering new areas of mineralization and expanding existing resources. The enterprise evaluates opportunities to acquire additional assets and businesses to augment its growth profile, as demonstrated by a 2025 arrangement agreement to acquire another exploration entity. A core component of the strategy involves consolidating ownership in key assets, such as the 2024 acquisition of a joint venture partner's remaining interest to gain 100% control. The organization's financial strategy is dependent on securing additional capital through equity or debt instruments to fund ongoing exploration and development plans. Capital resources are managed through a formal budgeting and cash management process to align spending with strategic priorities. Long-term objectives include the potential development of properties into commercial operations, which would involve significant capital expenditure for the construction of mining and processing facilities. Exploration programs are designed to be systematic, moving from regional analysis and prospect identification to targeted drilling aimed at defining and expanding mineralized zones.

Executive leadership is headed by a CEO with 23 years of experience in global capital markets at institutions including Barclays Capital and BMO Capital Markets, specializing in corporate strategy and financial analysis for the materials sector. The board of directors is composed of 6 members, with 5 classified as independent. Governance is structured through 4 primary committees: Audit; Nominating, Compensation and Governance; Indigenous and Community Relations; and Technical, Safety and Risk Management. The Audit Committee consists of 3 independent members, and its chair is designated as an audit committee financial expert. The Nominating, Compensation and Governance Committee, also comprising 3 independent members, is responsible for assessing board effectiveness, overseeing corporate governance policies, and reviewing executive compensation. The company has adopted a formal Code of Business Conduct and Ethics, an Insider Trading Policy, and a Whistleblower Policy, with the Audit Committee chair overseeing the latter. This framework ensures structured oversight of financial reporting, risk management, and ethical conduct across the organization.

The organization's sustainability framework is supported by specific policies, including an Indigenous Relations Policy implemented in 2024 and a formal Indigenous and Community Relations Committee. The company demonstrates community commitment through initiatives such as contributing to a fund for rebuilding local infrastructure after natural disasters and entering into service agreements with Indigenous-owned businesses for exploration activities. Environmental stewardship is addressed through the use of EcoLogo certified contractors and innovative exploration techniques designed to minimize footprint, such as specialized drilling methods that reduce water consumption. The enterprise has undertaken third-party environmental, social, and governance assessments, receiving a corporate score of A in a 2024 evaluation, indicating strong performance for an exploration-stage entity. Employee and board development includes mandatory cultural awareness training focused on the Indigenous communities relevant to its operations, with sessions completed in 2021 and 2024. The company also maintains a provision for site reclamation and closure, reflecting the estimated present value of future restoration costs.

In 2020, the company acquired Eastmain Resources Inc. and divested its South American assets through a spin-out transaction to focus its portfolio. A significant structural change occurred in 2022 with the sale of its Homestake Resource Corporation subsidiary to Dolly Varden Silver Corporation, for which it received cash and a significant equity stake, which stood at 16.11% as of December 31, 2024. The company has actively consolidated asset ownership, notably through the 2024 acquisition of Newmont Corporation's 49.978% interest in the Éléonore South Joint Venture, resulting in 100% ownership and the dissolution of the JV. As part of that 2024 transaction, the company also acquired an initial 10.98% interest in Sirios Resources Inc. from Newmont. In February 2025, the company entered into an arrangement agreement to acquire 100% of Quebec Precious Metals Corporation. The organization holds a 25% ownership interest in Universal Mineral Services Ltd., a private entity that provides shared geological, financial, and administrative services on a cost-recovery basis to the company and 3 other affiliated junior resource issuers. As of March 2025, Fidelity Investments was a major shareholder, holding approximately 7.11% of the company's common shares.