Neoterrex signs LOI to option Reservoir from Fury Gold

Neoterrex Minerals Inc. has signed a non-binding Letter of Intent (LOI) to option the Reservoir copper-gold-silver-tungsten project from Fury Gold Mines. The project covers 6,090 hectares in the Eeyou Istchee (James Bay) region of Quebec, approximately 390 km north-northeast of Matagami.

The earn-in structure requires Neoterrex to complete staged exploration expenditures and cash payments to Fury. Upon earning 100%, Fury retains a 2% Net Smelter Return (NSR) royalty, with an option to purchase 1% of this royalty for $1 million prior to commercial production.

Historical exploration dates back to the late 1960s, with 7,500m of drilling in the 1980s/90s and 1,365m in 2013. No work has been recorded since 2013. Multiple zones (C52, Mitlin, QET, Bear Island, Cyr, Barrage) show historical high-grade gold, copper, silver, and tungsten potential, though data is unverified by a current Qualified Person.

The transaction is subject to satisfactory due diligence, execution of a definitive option agreement, and TSX Venture Exchange acceptance.

Fury Gold Mines Limited (FURY) has entered into a letter of intent for a strategic portfolio expansion into a multi-metal, historical project in Quebec. This move aligns with the company’s established land-grab strategy in the James Bay region. The transaction represents a routine corporate development step rather than a market-moving event. The project has not been drilled in over a decade, meaning significant geological risk and exploration upside remain.

The earn-in structure limits immediate capital outlay for Neoterrex, while providing Fury with potential future cash flow and a retained royalty. The news does not alter the near-term development timeline, financial guidance, or operational focus for Fury's flagship Eau Claire project. Market reaction is likely to be muted, categorized as incremental portfolio growth rather than a fundamental shift in valuation drivers.

Fury Gold Mines Limited (FURY) is a Canadian-focused exploration company advancing gold and critical mineral projects in Quebec and Nunavut. Its flagship asset is the Eau Claire Gold Project in Quebec, where the company is currently advancing development through Phase 2 drilling, metallurgical testwork, and a Pre-Feasibility Study.

A Preliminary Economic Assessment (PEA) released in September 2025 outlines an 11-year mine life producing approximately 834,000 ounces of gold. The base-case scenario projects an after-tax net present value (NPV) of $554 million and an internal rate of return (IRR) of 41%, based on a gold price of $2,400 per ounce. Initial capital expenditure (CapEx) is estimated at $217 million, with an all-in sustaining cost (AISC) of $1,140 per ounce.

In addition to Eau Claire, the company holds other assets including the Sakami project in Quebec, which contains an inferred resource of 825,000 ounces, and the Committee Bay project in Nunavut, which holds 1.24 million ounces of indicated and inferred resources. The company also identifies Elmer East in Quebec as a lithium discovery.