Fury Gold reviews 2025, looks ahead to 2026

Executive Summary

• Fury Gold Mines Ltd. reviewed its 2025 achievements and outlined 2026 exploration priorities, highlighting significant technical, financial, and strategic milestones.
• The company completed the acquisition of Quebec Precious Metals (QPM), expanding its Quebec portfolio to over 157,000 hectares, and published an initial Inferred Mineral Resource Estimate for the Sakami project.
• The Eau Claire gold project demonstrated strong economic metrics in its Preliminary Economic Assessment (PEA), with a base-case after-tax NPV of $554 million and an IRR of 41% at $2,400/oz gold.

Key Details

• Eau Claire PEA Results:
  • Base-case after-tax NPV (5% discount rate): $554 million.
  • After-tax IRR: 41%.
  • Gold Price Assumption: $2,400/ounce.
  • Mine Life: 11 years.
  • Total Gold Recovered: 834,000 ounces.
  • Life-of-Mine All-In Sustaining Cost (AISC): $1,140/ounce.
  • Initial Capital Expenditure (Capex): $217 million.
• Sakami Mineral Resource Estimate (MRE):
  • Published in December 2025 following an inaugural drill campaign (2,778 metres drilled in 2025).
  • Initial Inferred Resource: 23.9 million tonnes grading 1.07 g/t gold for 825,000 ounces.
  • All ounces projected to be in-pit within 400 metres of surface.
• Portfolio Expansion (M&A):
  • Acquired 100% of Quebec Precious Metals (QPM) in April 2025.
  • Added prospective gold and critical minerals assets including Sakami, Elmer East, and Kipawa.
  • Total Quebec exploration portfolio now exceeds 157,000 hectares.
  • Fury is the largest gold-focused explorer in the Eeyou Istchee Territory (James Bay region, Northern Quebec).
• Drilling Activity:
  • 2025 Total Drilling: Over 18,000 metres across the entire portfolio (approx. 15,200 metres in Quebec).
  • 2026 Eau Claire Outlook: Winter drilling program announced in October 2025 for 10,000 metres.
  • Eau Claire Progress: Approximately 6,600 metres drilled to date; completion anticipated between 12,000 and 13,000 metres by end of February 2026.
  • Focus: Expanding resources along high-grade shoots, connecting resources outside the PEA mineable portion, and identifying growth opportunities.
• Financing and Capital Structure:
  • Closed an $18.0-million upsized brokered flow-through financing to advance exploration/development at Committee Bay and Eau Claire.
  • Secured a $4.3-million private placement equity investment from Agnico Eagle Mines Ltd.
  • Company holds 11.3 million shares in Dolly Varden Silver Corp. (12.9% of issued shares), significantly enhancing capital resources.
• 2026 Committee Bay Outlook:
  • Planning finalized for an up to 5,000 metre drill program.
  • Focus: Testing high-grade mineralization at the Three Bluffs deposit and drilling advanced regional targets.

Notable Quotes

• "We are excited to begin 2026 after completing a strong base of technical work at Committee Bay, Eau Claire and Sakami. This critical work will support us as we advance drilling at Eau Claire, with a goal of derisking the project and moving towards development stage," commented Tim Clark, chief executive officer of Fury Gold Mines.