Fury Announces Results of Preliminary Economic Assessment for the Eau Claire Gold Deposit with a Base Case After-Tax NPV (5%) of $554M and After-Tax IRR of 41%
Executive Summary
- Fury Gold Mines released a PEA for the Eau Claire deposit showing strong economics across three scenarios, with after‑tax NPV₅ ranging from C$554 M to C$639 M and IRR from 41% to 84% at a gold price of US$2,400/oz.
- The Base Case projects average annual production of ~76 k oz Au over an 11‑year life with AISC ≈ US$1,140/oz; capital requirements are modest (C$117–217 M) and payback periods are short (1.1–2.5 years).
- The PEA underpins a roadmap to a prefeasibility study, highlights 76% of ounces already in Measured & Indicated resources, and outlines next steps for resource expansion, permitting, metallurgical work, and infrastructure development.
Key Details
- Scenarios evaluated:
- Base Case (stand‑alone processing): After‑tax NPV₅ = C$554 M; IRR = 41%; Initial CapEx = C$217 M; AISC = US$1,140/oz.
- Hybrid Case (2 yr toll milling → on‑site processing): NPV₅ = C$610 M; IRR = 53%; Initial CapEx = C$216 M; AISC = US$1,153/oz.
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Toll Milling Case (full off‑site processing): NPV₅ = C$639 M; IRR = 84%; Initial CapEx = C$117 M; AISC = US$1,170/oz.
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Production & Grade:
- Total recovered gold: 834 koz Au at a diluted head grade of 4.46 g/t.
- Underground contribution: 702 koz Au @ 5.22 g/t (4.40 Mt).
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Open‑pit contribution: 132 koz Au @ 2.50 g/t (1.73 Mt).
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Cost Summary:
- Total capital (incl. sustaining): Base C$283 M; Hybrid C$282 M; Toll C$184 M.
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Operating costs (LOM): Base US$1,019 M; Hybrid US$1,036 M; Toll US$1,153 M.
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Sensitivity to Gold Price: At US$1,440/oz NPV₅ falls to $70–96 M; at US$3,360/oz rises to $1.0–1.15 B across scenarios.
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Resource Base (May 2024 estimate):
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Combined Eau Claire & Percival: 6.39 Mt @ 5.65 g/t Au = 1.16 Moz Measured‑Indicated; plus 5.45 Mt @ 4.13 g/t Au = 723 koz Inferred.
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Metallurgy: Gravity + CIL flowsheet; global recovery assumed 95% (lab tests 96–98%).
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Infrastructure Highlights:
- Power demand ~9.3 MW from Hydro‑Québec (120 kV supply, 18 km line).
- Existing 40‑person camp; planned expansion and relocation.
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Tailings Storage Facility capacity 880,000 m³ with potential for underground backfill (25–75%).
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Environmental & Permitting: Subject to Quebec ESIA under the James Bay Agreement; Indigenous participation through COMEV/COMEX committees; likely exempt from federal Impact Assessment (<5,000 tpd).
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Next Steps: Continue resource expansion, vein geometry work, environmental baseline studies, metallurgical and geotechnical testing, and advance toward a prefeasibility study.
Notable Quotes
“The Eau Claire PEA scenarios each demonstrate an exceptional internal rate of return and net present value,” – Tim Clark, CEO, Fury Gold Mines.
“Our Indigenous‑focused team now makes up ~25 % of the project staff, reinforcing our commitment to community partnership.” – Bryan Atkinson, SVP Exploration, Fury Gold Mines.