Neoterrex Minerals firms up Reservoir option with Fury
Fury options its non-core Reservoir asset to Neoterrex while retaining a 2% net smelter return interest in the project.
Neoterrex Minerals Inc. has executed a definitive option agreement to acquire up to a 100% interest in the Reservoir copper-gold-silver-tungsten project in Quebec from Eastmain Resources Inc., a wholly owned subsidiary of Fury Gold Mines Ltd. The transaction follows a non-binding letter of intent announced on August 18, 2026, and marks the formal closing of the deal.
Under the earn-in structure, Neoterrex must pay $500,000 in cash and incur $3,000,000 in exploration expenditures by December 31, 2030. Upon earning 100% interest, Fury retains a 2% Net Smelter Return (NSR) royalty, with an option to repurchase 1% of the NSR for $1,000,000 prior to commercial production.
The project covers 6,090 hectares in the James Bay region. Historical work conducted between 1985 and 2013 reported high-grade intersections, including:
- 1.79 g/t Au over 21.0m at C52
- 8.15% Cu, 13.17 g/t Au, and 45.9 g/t Ag over 1.0m at Mitlin
No modern exploration has been conducted since 2013.
Fury Gold Mines Limited (FURY) has executed a definitive option agreement, a routine follow-up to a previously announced letter of intent that formalizes the monetization of a non-core, historical-only asset. The transaction carries minimal financial impact, providing $500,000 in immediate cash alongside a $3,000,000 work commitment spread over four years, which does not materially alter the company’s balance sheet or valuation.
Strategically, the move is neutral-to-slightly positive as it removes administrative overhead from Fury’s portfolio, allowing management to concentrate capital and drilling efforts on the flagship Eau Claire project and its upcoming Pre-Feasibility Study (PFS). While the retained 2% net smelter return (NSR) offers small, long-term upside if the property is ever developed, near-term value creation is considered negligible given the lack of modern work and historical data limitations. The news does not change the core investment thesis, which remains heavily dependent on Eau Claire's PFS results and Phase 2 drilling execution.
Fury Gold Mines Limited (FURY) is a Canadian-focused gold explorer with a portfolio spanning Quebec and Nunavut. Its flagship asset, the Eau Claire Gold Project in Quebec, has advanced to the preliminary economic assessment (PEA) stage. The PEA reports a base-case after-tax net present value (NPV) of $554 million and an internal rate of return (IRR) of 41% at a gold price of $2,400 per ounce. The project outlines an 11-year mine life, targeting 834,000 ounces of recovered gold with an all-in sustaining cost (AISC) of $1,140 per ounce.
The company’s other assets include the Committee Bay project in Nunavut, which holds 1.24 million ounces of indicated and inferred resources at high grades, and the Sakami project in Quebec, which recently published an 825,000-ounce inferred resource. Additionally, the Kipawa project in Quebec is a heavy rare-earth development that requires community engagement. Management is prioritizing the advancement of Eau Claire from exploration through to a pre-feasibility study (PFS) and feasibility study, supported by ongoing metallurgical testwork and environmental baseline studies.