Fury Gold Mines Ltd 6-K, filed May 14, 2026
Fury Gold Mines Ltd (FURY)
About this 6-K
Fury Gold Mines Ltd filed this 6-K on May 14, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN
PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2026
Commission File No. 001-38145
Fury Gold Mines
Limited
(Translation of registrant's name into English)
401
Bay Street, 16th Floor, Toronto, Ontario, Canada, M5H 2Y4
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F
Form 20-F ☐ Form 40-F ☒
| - 2 - |
SUBMITTED HEREWITH
| Exhibits | |
| 99.1 | Condensed Interim Consolidated Financial Statements |
| 99.2 | Management’s Discussion And Analysis |
| 99.3 | CEO certification of interim filings |
| 99.4 | CFO certification of interim filings |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: May 14, 2026
Fury Gold Mines Limited
| /s/ Phil van Staden |
Phil van Staden
Chief Financial Officer
Exhibit 99.1
(An exploration company)
CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
FOR THE THREE MONTHS ENDED MARCH 31, 2026
| Fury Gold Mines Limited | ||||||||||||
| Condensed Interim Consolidated Statements of Financial Position | ||||||||||||
| (Expressed in thousands of Canadian dollars - Unaudited) | ||||||||||||
| At March 31 | At December 31 | |||||||||||
| Note | 2026 | 2025 | ||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash | $ | 15,299 | $ | 21,197 | ||||||||
| Marketable securities | 3 | 54,793 | 7,783 | |||||||||
| Other investment | 12 | 2,066 | 2,031 | |||||||||
| Accounts receivable | 548 | 395 | ||||||||||
| Prepaid expenses and deposits | 781 | 591 | ||||||||||
| 73,487 | 31,997 | |||||||||||
| Non-current assets: | ||||||||||||
| Restricted cash | 144 | 144 | ||||||||||
| Property and equipment | 305 | 297 | ||||||||||
| Mineral property interests | 4 | 49,717 | 49,918 | |||||||||
| Investments in associates | 3 | 101 | 25,963 | |||||||||
| 50,267 | 76,322 | |||||||||||
| Total assets | $ | 123,754 | $ | 108,319 | ||||||||
| Liabilities and Equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable and accrued liabilities | $ | 2,119 | $ | 2,023 | ||||||||
| Deferred government grant | 5 | 22 | 22 | |||||||||
| Flow-through share premium liability | 6 | 609 | 790 | |||||||||
| 2,750 | 2,835 | |||||||||||
| Non-current liabilities: | ||||||||||||
| Provision for site reclamation and closure | 4,308 | 4,473 | ||||||||||
| Total liabilities | $ | 7,058 | $ | 7,308 | ||||||||
| Equity: | ||||||||||||
| Share capital | $ | 340,405 | $ | 339,782 | ||||||||
| Share option and warrant reserve | 8 | 24,913 | 24,911 | |||||||||
| Accumulated other comprehensive loss | (32 | ) | (31 | ) | ||||||||
| Deficit | (248,590 | ) | (263,651 | ) | ||||||||
| Total equity | $ | 116,696 | $ | 101,011 | ||||||||
| Total liabilities and equity | $ | 123,754 | $ | 108,319 | ||||||||
Commitments (notes 9, 12)
Approved on behalf of the Board of Directors:
| “Forrester A. Clark” | “Steve Cook” | |
| Chief Executive Officer | Director |
The accompanying
notes form an integral part of these condensed interim consolidated financial statements.
| Fury Gold Mines Limited | 1 |
| Fury Gold Mines Limited | ||||||||||||
| Condensed Interim Consolidated Statements of (Income) Loss and Comprehensive (Income) Loss | ||||||||||||
| (Expressed in thousands of Canadian dollars, except per share amounts - Unaudited) | ||||||||||||
| Three months ended March 31 | ||||||||||||
| Note | 2026 | 2025 | ||||||||||
| Operating expenses: | ||||||||||||
| Exploration and evaluation | 7 | $ | 4,778 | $ | 2,161 | |||||||
| Fees, salaries and other employee benefits | 844 | 549 | ||||||||||
| Insurance | 106 | 102 | ||||||||||
| Legal and professional | 192 | 182 | ||||||||||
| Marketing and investor relations | 270 | 246 | ||||||||||
| Office and administration | 58 | 65 | ||||||||||
| Regulatory and compliance | 119 | 69 | ||||||||||
| 6,367 | 3,374 | |||||||||||
| Other (income) expenses, net: | ||||||||||||
| Accretion on provision for site reclamation and closure | 36 | 40 | ||||||||||
| Amortization of flow-through share premium | 6 | (181 | ) | (773 | ) | |||||||
| Foreign exchange loss | 4 | — | ||||||||||
| Interest expense | — | 2 | ||||||||||
| Interest income | (125 | ) | (44 | ) | ||||||||
| Net loss from associates | 929 | 377 | ||||||||||
| Net gain on divestment of investments in associates | 3 | (19,241 | ) | — | ||||||||
| Net gain on other investment | (35 | ) | — | |||||||||
| Net gain on marketable securities | 3 | (2,835 | ) | (61 | ) | |||||||
| Net loss on disposal of equipment | 20 | — | ||||||||||
| Other income | (1 | ) | 76 | |||||||||
| (21,429 | ) | (383 | ) | |||||||||
| Net (income) loss for the period | (15,062 | ) | 2,991 | |||||||||
| Other comprehensive loss, net of tax | ||||||||||||
| Unrealized currency loss on translation
of foreign operations |
1 | 2 | ||||||||||
| Total comprehensive (income) loss for the period | $ | (15,061 | ) | $ | 2,993 | |||||||
| (Income) loss per share: | ||||||||||||
| Basic (income) loss per share | 11 | $ | (0.08 | ) | $ | 0.02 | ||||||
| Diluted (income) loss per share | 11 | $ | (0.08 | ) | $ | 0.02 | ||||||
The accompanying notes form an integral part of these condensed interim consolidated financial statements.
| Fury Gold Mines Limited | 2 |
| Fury Gold Mines Limited | ||||||||||||||||||||||||
| Condensed Interim Consolidated Statements of Equity | ||||||||||||||||||||||||
| (Expressed in thousands of Canadian dollars, except share amounts - Unaudited) | ||||||||||||||||||||||||
| Number of common shares | Share capital | Share option and warrant reserve | Accumulated other comprehensive loss | Deficit | Total | |||||||||||||||||||
| Balance at December 31, 2024 | 151,556,273 | $ | 312,723 | $ | 22,684 | $ | (12 | ) | $ | (257,192 | ) | $ | 78,203 | |||||||||||
| Total comprehensive loss | — | — | — | (2 | ) | (2,991 | ) | (2,993 | ) | |||||||||||||||
| Share-based compensation (note 8) | 382,027 | — | 182 | — | — | 182 | ||||||||||||||||||
| Balance at March 31, 2025 | 151,938,300 | $ | 312,723 | $ | 22,866 | $ | (14 | ) | $ | (260,183 | ) | $ | 75,392 | |||||||||||
| Balance at December 31, 2025 | 189,143,299 | $ | 339,782 | $ | 24,911 | $ | (31 | ) | $ | (263,651 | ) | $ | 101,011 | |||||||||||
| Total comprehensive income | — | — | — | (1 | ) | 15,062 | 15,061 | |||||||||||||||||
| Restrictive share units granted | 980,562 | 623 | (623 | ) | — | — | — | |||||||||||||||||
| Share-based compensation (note 8) | — | — | 625 | — | — | 625 | ||||||||||||||||||
| Balance at March 31, 2026 | 190,123,861 | $ | 340,405 | $ | 24,913 | $ | (32 | ) | $ | (248,589 | ) | $ | 116,697 | |||||||||||
The accompanying notes form an integral part of these condensed interim consolidated financial statements.
| Fury Gold Mines Limited | 3 |
| Fury Gold Mines Limited | ||||||||||||
| Condensed Interim Consolidated Statements of Cash Flows | ||||||||||||
| (Expressed in thousands of Canadian dollars - Unaudited) | ||||||||||||
| Three months ended March 31 | ||||||||||||
| Note | 2026 | 2025 | ||||||||||
| Operating activities: | ||||||||||||
| Income (loss) for the period | $ | 15,062 | $ | (2,991 | ) | |||||||
| Adjusted for: | ||||||||||||
| Interest income | (125 | ) | (44 | ) | ||||||||
| Net loss on disposal of equipment | 20 | — | ||||||||||
| Items not involving cash: | ||||||||||||
| Accretion of provision for site reclamation and closure | 36 | 40 | ||||||||||
| Amortization of flow-through share premium | 6 | (181 | ) | (773 | ) | |||||||
| Depreciation | 18 | 59 | ||||||||||
| Interest expense | — | 2 | ||||||||||
| Net loss from associates | 929 | 377 | ||||||||||
| Net (gain) loss on investments in associates | (19,241 | ) | 76 | |||||||||
| Net gain on other investments | (35 | ) | — | |||||||||
| Net gain on marketable securities | 3 | (2,835 | ) | (61 | ) | |||||||
| Share-based compensation | 8 | 625 | 182 | |||||||||
| Changes in non-cash working capital | 10 | (247 | ) | 590 | ||||||||
| Cash used in operating activities | (5,974 | ) | (2,543 | ) | ||||||||
| Investing activities: | ||||||||||||
| Interest income | 125 | 44 | ||||||||||
| Proceeds from disposition of equipment | 33 | — | ||||||||||
| Property and equipment additions | (81 | ) | (47 | ) | ||||||||
| Cash provided by (used in) investing activities | 77 | (3 | ) | |||||||||
| Financing activities: | ||||||||||||
| Lease payments | — | (48 | ) | |||||||||
| Cash used in financing activities | — | (48 | ) | |||||||||
| Effect of foreign exchange on cash | (1 | ) | (2 | ) | ||||||||
| Decrease in cash | (5,898 | ) | (2,596 | ) | ||||||||
| Cash, beginning of period | 21,197 | 4,912 | ||||||||||
| Cash, end of period | $ | 15,299 | $ | 2,316 | ||||||||
Supplemental cash flow information (note 10)
The accompanying notes form an integral part of these condensed interim consolidated financial statements.
| Fury Gold Mines Limited | 4 |
Note 1: Nature of operations
Fury Gold Mines Limited (the “Company” or “Fury Gold”) was incorporated on June 9, 2008, under the Business Corporations Act (British Columbia) and is listed on the Toronto Stock Exchange and the NYSE-American, with its common shares trading under the symbol FURY. The Company’s registered and records office is at 1500-1055 West Georgia Street Vancouver, BC, V6E 4N7 and the mailing address is 401 Bay Street, 16th Floor, Toronto, Ontario, M5H 2Y4.
The Company’s principal business activity is the acquisition and exploration of resource projects in Canada. At March 31, 2026, the Company had four principal projects: Committee Bay in Nunavut, Eau Claire, Sakami, and Éléonore South in Quebec. Additionally, the Company held a 25% interest in Universal Mineral Services Limited (“UMS”), a private shared-services provider.
These consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to meet its obligations and continue in operation for at least the next twelve months.
The Company is an exploration and development company that currently does not generate operational revenue from its assets. As of March 31, 2026, the Company has working capital of $70,737 (December 31, 2025 – $29,162), which management believes is sufficient to meet its obligations and to continue to fund exploration expenses for at least the next twelve months. Beyond the next 12 months, the Company’s ability to continue as a going concern and to advance its projects will be dependent upon its ability to obtain the necessary financing. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company.
Note 2: Basis of presentation
Statement of compliance
These unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, applicable to the preparation of interim financial statements under International Accounting Standard 34, Interim Financial Reporting. Accordingly, these unaudited interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025. These interim financial statements were approved and authorized for issuance by the Board of Directors of the Company on May 14, 2026.
Basis of preparation
These condensed interim financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company. Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee, and when the Company has the ability to affect those returns through its power over the investee. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition up to the effective date of disposition or loss of control. The Company’s interim results are not necessarily indicative of its results for a full year.
The subsidiaries (with a beneficial interest of 100%) of the Company as at March 31, 2026, were as follows:
| Subsidiary | Place of incorporation | Functional currency |
| Eastmain Mines Inc. (“Eastmain Mines”) (a) | Canada | CAD |
| Eastmain Resources Inc. (“Eastmain”) | ON, Canada | CAD |
| Fury Gold USA Limited (“Fury Gold USA”) (b) | Delaware, U.S.A. | USD |
| North Country Gold Corp. (“North Country”) | BC, Canada | CAD |
| Quebec Precious Metals Corporation (“QPM”) (a) | Canada | CAD |
(a) The entity is incorporated federally in Canada.
(b) Fury Gold USA provided certain administrative services with respect to employee benefits for US resident personnel.
Fury Gold Mines Limited (Expressed in thousands of Canadian dollars, except where noted - Unaudited) | 5 |
All amounts are expressed in thousands of Canadian dollars unless otherwise noted. Reference to US$ are to United States dollars. All intercompany balances and transactions have been eliminated
Segmented information
The Company’s operating segments are reviewed by the CEO, who is the chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segments and to assess their performance. The Company operates two reportable segments based on geographic location: Quebec and Nunavut, each focused on the acquisition, exploration, and development of mineral resource properties within Quebec and Nunavut. The information contained in note 7 is the information used by the CODM to assess where to deploy resources and capital.
Critical accounting estimates, judgments, and policies
The preparation of financial statements in accordance with IFRS Accounting Standards as issued by the IASB requires management to select accounting policies and make estimates and judgments that may have a significant impact on consolidated financial statements. Estimates are continuously evaluated and are based on management’s experience and expectations of future events that are believed to be reasonable under the circumstances. Actual outcomes may differ from these estimates.
In preparing the Company’s condensed interim financial statements for the three months ended March 31, 2026, the Company applied the material accounting policy information and critical accounting estimates and judgments disclosed in notes 3 and 5, respectively, of its consolidated financial statements for the year ended December 31, 2025, except as explained below.
Adoption of new and revised accounting standards
Effective January 1, 2026, the Company adopted amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures, providing clarifications for, among other things, the date of recognition and derecognition of financial assets and liabilities, and updating the disclosures for equity instruments designated at fair value through other comprehensive income. These amendments did not have a material impact on the Company's condensed interim consolidated financial statements.
We have applied the exception to the requirement to derecognize a financial liability on the settlement date. This exception permits the Company to deem a financial liability (or a part of a financial liability), that will be settled with cash using an electronic payment system, to be discharged before the settlement date if, and only if, we have initiated the payment instruction and:
| § | We have no practical ability to withdraw, stop or cancel the payment instruction; |
| § | We have no practical ability to access the cash to be used for settlement as a result of the payment instruction; and |
| § | The settlement risk associated with the electronic payment system is insignificant. |
New and amended standards not yet effective
On April 9, 2024, the IASB issued a new standard, called IFRS 18 Presentation and Disclosure in Financial Statements, which applies to an annual reporting period beginning on or after January 1, 2027, with earlier application permitted. IFRS 18 includes requirements for all entities applying IFRS Accounting Standards as issued by the IASB for the presentation and disclosure of information in financial statements. The Company is currently evaluating the impact of the new standard on its financial statements.
Fury Gold Mines Limited (Expressed in thousands of Canadian dollars, except where noted - Unaudited) | 6 |
Note 3: Marketable securities
The marketable securities held by the Company were as follows:
| Total | ||||
| Balance at December 31, 2024 | $ | 2,358 | ||
| Additions | 250 | |||
| Sale of marketable securities | (670 | ) | ||
| Realized gain on disposition | 58 | |||
| Unrealized net gain | 5,787 | |||
| Balance at December 31, 2025 | $ | 7,783 | ||
| Additions | 44,175 | |||
| Unrealized net gain | 2,835 | |||
| Balance at March 31, 2026 | $ | 54,793 |
In March 2026, following Dolly Varden Silver Corporation’s (“Dolly Varden”) merger with Contango Ore, Inc., the Company’s investment in Dolly Varden was converted into Contango Silver and Gold Inc. (“Contango”) shares. Prior to the transaction, the Company exercised significant influence over Dolly Varden and accounted for the investment using the equity method. Following the exchange, the Company does not have significant influence over Contango, and accounts for the investment as a financial asset in accordance with IFRS 9.
As a result of the transaction, the Company derecognized its investment in Dolly Varden and recognized its investment in Contango at fair value ($44,175), resulting in the recognition of a gain of $19,241 in profit or loss.
Note 4: Mineral property interests
The Company’s principal resource properties are located in Canada. A summary of the carrying amounts is as follows:
| Quebec | Nunavut | Total | ||||||||||
| Balance at December 31, 2024 | $ | 37,100 | $ | 8,100 | $ | 45,200 | ||||||
| Additions | 5,436 | — | 5,436 | |||||||||
| Change in estimate of provision for site reclamation and closure | (597 | ) | (121 | ) | (718 | ) | ||||||
| Balance at December 31, 2025 | $ | 41,939 | $ | 7,979 | $ | 49,918 | ||||||
| Change in estimate of provision for site reclamation and closure | (229 | ) | 28 | (201 | ) | |||||||
|
Balance at March 31, 2026 |
$ | 41,710 | $ | 8,007 | $ | 49,717 |
Note 5: Deferred government grant
The Company inherited a grant entitlement from the Government of Quebec’s Minister of Natural Resources and Forestry (the “Minister”) for expenditures to be made by the Company for geometallurgical studies on the Elmer East property (the “Program”). As at March 31, 2026, the Company has unspent funding of $22 relating to the progress payment, which will require the Company to incur $44 in qualifying expenses under the Program before May 31, 2026. The Company is obligated to reimburse the Minister, upon expiry of the Program, for any unapplied grant funding plus interest thereon.
Note 6: Flow-through share premium liability
Flow-through shares are issued at a premium, calculated as the difference between the price of a flow-through share and the price of a common share at that date. Tax deductions generated by eligible expenditures are passed through to the shareholders of the flow-through shares once the eligible expenditures are incurred and renounced.
On October 14, 2025, the Company completed two offerings and raised $18,000 through the issuance of (i) 9,915,000 flow-through units and (ii) 6,003,000 common shares designated as flow-through shares. The flow-through proceeds will be used for the Company’s mineral exploration activities. The Company is committed to incur the full exploration expenditures of $18,000 before December 31, 2026.
Fury Gold Mines Limited (Expressed in thousands of Canadian dollars, except where noted - Unaudited) | 7 |
On June 19, 2025, the Company completed an offering and raised $3,080 through the issuance of 3,999,701 common shares designated as flow-through shares. The flow-through proceeds will be used for the Company’s mineral exploration activities. The Company is committed to incur the full exploration expenditures of $3,080 before December 31, 2026.
The flow-through share funding and expenditures along with the corresponding impact on the flow-through share premium liability were as follows:
| Flow-through funding (expenditures) | Flow-through premium liability | |||||||
| Balance at December 31, 2024 | $ | 2,335 | $ | 944 | ||||
| Flow-through eligible expenditures | (2,335 | ) | (944 | ) | ||||
| Flow-through funds raised | 21,080 | 1,246 | ||||||
| Flow-through eligible expenditures | (4,259 | ) | (456 | ) | ||||
| Balance at December 31, 2025 | $ | 16,821 | $ | 790 | ||||
| Flow-through eligible expenditures | (3,859 | ) | (181 | ) | ||||
| Balance at March 31, 2026 | $ | 12,962 | $ | 609 |
Note 7: Segmented information - Exploration and evaluation costs
For the three months ended March 31, 2026, the Company’s exploration and evaluation costs were as follows:
| Quebec | Nunavut | Total | ||||||||||
| Assaying | $ | 738 | $ | 101 | $ | 839 | ||||||
| Exploration drilling | 1,147 | 176 | 1,323 | |||||||||
| Camp cost, equipment and field supplies | 390 | 30 | 420 | |||||||||
| Geological consulting services | 419 | 73 | 492 | |||||||||
| Permitting, environmental and community costs | 109 | 107 | 216 | |||||||||
| Expediting and mobilization | 1 | 168 | 169 | |||||||||
| Salaries and wages | 583 | 68 | 651 | |||||||||
| Fuel and consumables | 300 | — | 300 | |||||||||
| Aircraft and travel | 97 | 50 | 147 | |||||||||
| Consultancy and development studies | 82 | — | 82 | |||||||||
| Share-based compensation | 114 | 25 | 139 | |||||||||
| Total for the three months ended March 31, 2026 | $ | 3,980 | $ | 798 | $ | 4,778 |
For the three months ended March 31, 2025, the Company’s exploration and evaluation costs were as follows:
| Quebec | Nunavut | Total | ||||||||||
| Assaying | $ | 80 | $ | 11 | $ | 91 | ||||||
| Exploration drilling | 466 | — | 466 | |||||||||
| Camp cost, equipment and field supplies | 255 | 39 | 294 | |||||||||
| Geological consulting services | — | 3 | 3 | |||||||||
| Permitting, environmental and community costs | 51 | 44 | 95 | |||||||||
| Salaries and wages | 370 | 16 | 386 | |||||||||
| Fuel and consumables | 275 | — | 275 | |||||||||
| Aircraft and travel | 504 | 2 | 506 | |||||||||
| Share-based compensation | 40 | 5 | 45 | |||||||||
| Total for the three months ended March 31, 2025 | $ | 2,041 | $ | 120 | $ | 2,161 |
Fury Gold Mines Limited (Expressed in thousands of Canadian dollars, except where noted - Unaudited) | 8 |
Note 8: Share-based compensation and warrant reserve
| (a) | Share-based compensation expense |
The Company uses the fair value method of accounting for all share-based payments to directors, officers, employees, and other service providers. During the three months ended March 31, 2026 and 2025, the Company recognized share-based compensation expense as follows:
| Three months ended March 31 | ||||||||
| 2026 | 2025 | |||||||
| Recognized in net loss and included in: | ||||||||
| Exploration and evaluation costs | $ | 139 | $ | 45 | ||||
| Fees, salaries and other employee benefits | 486 | 137 | ||||||
| Total share-based compensation expense | $ | 625 | $ | 182 | ||||
A summary of share-based compensation expense by categories for the period is as follows:
| Three months ended March 31 | ||||||||
| 2026 | 2025 | |||||||
| Share options | $ | 22 | $ | 17 | ||||
| Restricted share units | 382 | 129 | ||||||
| Deferred share units | 221 | 36 | ||||||
| Total share-based compensation expense | $ | 625 | $ | 182 | ||||
During the three months ended March 31, 2026, the Company granted 110,000 share options, (March 31, 2025 – 80,000), to certain employees and consultants who provide defined on-going services to the Company, representative of employee service.
The weighted average fair value per option of these share options was calculated as C$0.43 (March 31, 2025 – C$0.35) using the Black-Scholes option valuation model at the grant date with the following weighted average assumptions:
| Three months ended March 31 | ||||||||
| 2026 | 2025 | |||||||
| Risk-free interest rate | 2.92 | % | 3.04 | % | ||||
| Expected dividend yield | Nil | Nil | ||||||
| Share price volatility | 60 | % | 78 | % | ||||
| Expected life in years | 5.0 | 5.0 | ||||||
The risk-free interest rate assumption is based on the Government of Canada benchmark bond yields and treasury bills with a remaining term that approximates the expected life of the share-based options. The expected volatility assumption is based on the historical and implied volatility of the Company’s common shares.
The number of share options issued and outstanding and the weighted average exercise price were as follows:
Fury Gold Mines Limited (Expressed in thousands of Canadian dollars, except where noted - Unaudited) | 9 |
|
|
Number of share options |
|
Weighted average exercise price (C$/option) |
|||||
| Outstanding, December 31, 2024 | 8,221,178 | $ | 1.14 | |||||
| Granted | 140,000 | 0.65 | ||||||
| Granted as part of QPM acquisition | 282,470 | 1.92 | ||||||
| Exercised | (231,000 | ) | 0.55 | |||||
| Expired | (1,838,144 | ) | 2.00 | |||||
| Forfeited | (235,000 | ) | 1.12 | |||||
| Outstanding, December 31, 2025 | 6,339,504 | $ | 0.94 | |||||
| Granted | 110,000 | 0.83 | ||||||
| Expired | (22,230 | ) | 3.91 | |||||
| Outstanding, March 31, 2026 | 6,427,274 | $ | 0.93 |
As at March 31, 2026, the number of share options outstanding was as follows:
| Options outstanding | Options exercisable | |||||||||||||||||||||||
| Exercise price ($/option) |
Number of shares | Weighted average exercise price (C$/option) | Weighted average remaining life (years) | Number of shares | Weighted average exercise price (C$/option) | Weighted average remaining life (years) | ||||||||||||||||||
| C$0.53 – C$1.00 | 3,799,500 | 0.83 | 1.63 | 3,674,500 | 0.83 | 1.53 | ||||||||||||||||||
| C$1.00 – C$1.85 | 2,616,659 | 1.06 | 0.90 | 2,616,659 | 1.06 | 0.90 | ||||||||||||||||||
| C$2.05 – C$3.91 | 11,115 | 2.29 | 0.96 | 11,115 | 2.29 | 0.96 | ||||||||||||||||||
| 6,427,274 | 0.93 | 1.33 | 6,302,274 | 0.93 | 1.27 | |||||||||||||||||||
| (b) | Long-term incentive plan |
On June 29, 2023, the Company adopted a Long-Term Incentive Plan (“LTI Plan”) which strives to accelerate and encourage additional share ownership by its employees, officers and directors. The LTI plan provides for the awarding of share options, performance share units, restricted share units and deferred share units. The LTI Plan limits the number of shares reserved for issuance under the LTI Plan, together with all other security-based compensation arrangements of the Company, to a maximum of 10% of the Common Shares issued and outstanding.
On January 23, 2026, the Company issued 100,000 DSU’s to a director. The DSU’s were issued in accordance with the Company’s LTI plan, with a grant-date fair value of C$1.08 per unit, one third vesting annually on anniversary with the first trench vested immediately.
On January 9, 2026, the Company issued 430,000 DSU’s to directors and 885,000 RSU’s to officers and employees. The DSU’s and RSU’s were issued in accordance with the Company’s LTI plan, with a grant-date fair value of C$0.81 per unit, one third vesting annually on anniversary with the first trench vested immediately.
On January 9, 2025, the Company issued 590,000 DSU’s to directors and 1,142,500 RSU’s to officers and employees. The DSU’s and RSU’s were issued in accordance with the Company’s LTI plan, with a grant-date fair value of C$0.55 per unit, one third vesting annually on anniversary.
The number of RSU’s and DSU’s issued and outstanding and the weighted average grant date fair value were as follows:
Fury Gold Mines Limited (Expressed in thousands of Canadian dollars, except where noted - Unaudited) | 10 |
| Number of RSU’s |
|
Number of DSU’s (1) |
|
Weighted Average grant date fair value ($/ share) |
|||||||||
| Outstanding, December 31, 2024 | 1,146,080 | — | $ | 0.57 | |||||||||
| Granted | 1,142,500 | 590,000 | 0.55 | ||||||||||
| Settled | (382,027 | ) | — | 0.53 | |||||||||
| Forfeited | (179,597 | ) | (110,000 | ) | 0.56 | ||||||||
| Outstanding, December 31, 2025 | 1,726,956 | 480,000 | $ | 0.56 | |||||||||
| Granted | 885,000 | 530,000 | 0.83 | ||||||||||
| Settled | (980,562 | ) | — | 0.63 | |||||||||
| Outstanding, March 31, 2026 | 1,631,394 | 1,010,000 | $ | 0.67 | |||||||||
| (1) | During the three months ended March 31, 2026, 336,667 DSU’s have vested. |
| (c) | Share purchase warrants |
In connection with the Quebec Precious Metals Corporation (“QPM”) acquisition in 2025, all warrants of QPM became exercisable to acquire common shares of the Company, in amounts and at exercise prices adjusted in accordance with the Exchange Ratio. As a result, 596,808 warrants, each exercisable into one Fury Gold share, were granted at an exercise price of C$1.35 per share. The total fair value of the warrants issued was $30, calculated using the Black-Scholes valuation model with the following inputs: (i) expected life – 2.12 years; (ii) expected volatility – 57%; (iii) expected dividend yield – 0%; (iv) risk-free interest rate – 2.56%; (v) share price – C$0.54.
In connection with a non-brokered private equity placement, the Company issued 6,728,000 warrants exercisable into one common share of the Company at a price of C$0.80 for a period of three years. The warrants were classified as equity instruments under IAS 32 and measured at a fair value of $949, calculated using the Black-Scholes valuation model with the following inputs: (i) expected life – 3 years; (ii) expected volatility – 58%; (iii) expected dividend yield – 0%; (iv) risk-free interest rate – 2.7%; (v) share price – C$0.51.
In connection with a non-brokered private equity placement, the Company issued 747,127 warrants exercisable into one common share of the Company at a price of C$1.20 for a period of two years. The warrants were classified as equity instruments under IAS 32 and measured at a fair value of $125, calculated using the Black-Scholes valuation model with the following inputs: (i) expected life – 2 years; (ii) expected volatility – 63%; (iii) expected dividend yield – 0%; (iv) risk-free interest rate – 2.5%; (v) share price – C$0.77.
The number of share purchase warrants outstanding at March 31, 2026 was as follows:
| Warrants outstanding |
Weighted average
exercise price (C$/share) |
|||||||
| Outstanding, December 31, 2024 | — | — | ||||||
| Issued | 13,029,435 | 1.00 | ||||||
| Outstanding, December 31, 2025 and March 31, 2026 | 13,029,435 | $ | 1.00 |
The following table reflects the share purchase warrants issued and outstanding as at March 31, 2026:
| Expiry date | Warrants outstanding |
Exercise price
(C$/share) |
||||||
| May 31, 2027 | 274,170 | $ | 1.35 | |||||
| June 21, 2027 | 322,638 | 1.35 | ||||||
| October 14, 2027 | 4,957,500 | 1.20 | ||||||
| November 12, 2027 | 747,127 | 1.20 | ||||||
| May 26, 2028 | 6,728,000 | 0.80 | ||||||
| Total | 13,029,435 | $ | 1.00 |
Fury Gold Mines Limited (Expressed in thousands of Canadian dollars, except where noted - Unaudited) | 11 |
Note 9: Related-parties transactions
On April 1, 2022, the Company purchased a 25% share interest in UMS, a private shared services provider, for nominal consideration. The Company funded, in addition to its nominal investment in UMS, a cash deposit of $150 which is held by UMS for the purposes of general working capital, and which will be returned to the Company upon termination of the UMS Canada arrangement, net of any residual unfulfilled obligations. UMS is the private company through which its shareholders, including Fury Gold, share geological, financial, and transactional advisory services as well as administrative services on a full, cost recovery basis.
As part of the UMS arrangement, the Company is contractually obliged to pay certain rental expenses in respect of a ten-year office lease entered into by UMS on July 1, 2021. As at March 31, 2026, the Company expects to incur approximately $76 in respect of its share of future rental expense of UMS.
A summary of the Company’s transactions with UMS was as follows:
| Three months ended March 31 | ||||||||
| 2026 | 2025 | |||||||
| Exploration and evaluation costs | $ | 67 | $ | 37 | ||||
| General and administration | 47 | 46 | ||||||
| Total transactions for the period | $ | 114 | $ | 83 | ||||
Key management personnel include Fury Gold’s board of directors and certain executive officers of the Company, including the CEO, Chief Financial Officer (“CFO”), Senior Vice President, and Vice President.
The remuneration of the Company’s key management personnel was as follows:
| Three months ended March 31 | ||||||||
| 2026 | 2025 | |||||||
| Short-term benefits provided to executives (a) | $ | 289 | $ | 267 | ||||
| Directors’ fees paid to non-executive directors | 70 | 70 | ||||||
| Share-based payments | 530 | 142 | ||||||
| Total | $ | 889 | $ | 479 | ||||
(a) Short-term employee benefits include salaries, bonus, and other employee benefits.
Note 10: Supplemental cash flow information
The impact of changes in non-cash working capital was as follows:
| Three months ended March 31 | ||||||||
| 2026 | 2025 | |||||||
| Accounts receivable | $ | (153 | ) | $ | (116 | ) | ||
| Prepaid expenses and deposits | (190 | ) | (212 | ) | ||||
| Accounts payable and accrued liabilities | 96 | 918 | ||||||
| Changes in non-cash working capital | $ | (247 | ) | $ | 590 | |||
Note 11: (Income) loss per share
For the three months ended March 31, 2026 and 2025, the weighted average number of shares outstanding and loss per share were as follows:
Fury Gold Mines Limited (Expressed in thousands of Canadian dollars, except where noted - Unaudited) | 12 |
| Three months ended March 31 | ||||||||
| 2026 | 2025 | |||||||
| Net (income) loss | $ | (15,062 | ) | $ | 2,991 | |||
| Weighted average basic number of shares outstanding | 190,025,805 | 151,900,097 | ||||||
| Basic (income) loss per share | $ | (0.08 | ) | $ | 0.02 | |||
| Weighted average diluted number of shares outstanding | 193,795,792 | 151,900,097 | ||||||
| Diluted (income) loss per share | $ | (0.08 | ) | $ | 0.02 | |||
Diluted earnings per share were calculated by adjusting the weighted average number of shares to 193,795,792 shares to reflect the assumed exercise of dilutive share options and the vesting of unvested restricted share units outstanding during the period; profit for the year was not adjusted as no interest or dividends would have been avoided on conversion. The share options were included using the treasury stock method based on an average market price of C$0.94 per share, while the restricted share units were treated as contingently issuable shares. Share purchase warrants were not included in the calculation as they are anti-dilutive.
Note 12: Financial instruments
The Company’s financial instruments as at March 31, 2026, consisted of cash, marketable securities, accounts receivable, other investment, deposits, and accounts payable and accrued liabilities. The fair values of these financial instruments approximate their carrying values, unless otherwise noted.
| (a) | Financial assets and liabilities by categories |
| At March 31, 2026 | At December 31, 2025 | |||||||||||||||||||||||
| Amortized Cost | FVTPL | Total | Amortized Cost | FVTPL | Total | |||||||||||||||||||
| Cash | $ | 15,299 | $ | — | $ | 15,299 | $ | 21,197 | $ | — | $ | 21,197 | ||||||||||||
| Marketable securities | — | 54,793 | 54,793 | — | 7,783 | 7,783 | ||||||||||||||||||
| Other investment | — | 2,066 | 2,066 | — | 2,031 | 2,031 | ||||||||||||||||||
| Deposits | 46 | — | 46 | 66 | — | 66 | ||||||||||||||||||
| Accounts receivable | 548 | — | 548 | 395 | — | 395 | ||||||||||||||||||
| Total financial assets | $ | 15,893 | $ | 56,859 | $ | 72,752 | $ | 21,658 | $ | 9,814 | $ | 31,472 | ||||||||||||
| Accounts payable and accrued liabilities | (2,119 | ) | — | (2,119 | ) | (2,023 | ) | — | (2,023 | ) | ||||||||||||||
| Deferred government grant | (22 | ) | — | (22 | ) | (22 | ) | — | (22 | ) | ||||||||||||||
| Total financial liabilities | $ | (2,141 | ) | $ | — | $ | (2,141 | ) | $ | (2,045 | ) | $ | — | $ | (2,045 | ) | ||||||||
| (b) | Financial assets and liabilities measured at fair value |
The categories of the fair value hierarchy that reflect the significance of inputs used in making fair value measurements are as follows:
Level 1 – fair values based on unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 – fair values based on inputs that are observable for the asset or liability, either directly or indirectly; and
Level 3 – fair values based on inputs for the asset or liability that are not based on observable market data.
The Company’s policy to determine when a transfer occurs between levels is to assess the impact at the date of the event or the change in circumstances that could result in a transfer. No transfers occurred between the levels during the year.
As at March 31, 2026, the Company’s financial instruments measured at fair value on a recurring basis were the Company’s marketable securities which were classified as Level 1, and other investment which were classified as Level 3. There were no financial assets or financial liabilities measured and recognized in the consolidated statements of financial position at fair value that would be categorized as level 2 in the fair value hierarchy.
Fury Gold Mines Limited (Expressed in thousands of Canadian dollars, except where noted - Unaudited) | 13 |
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Marketable securities | 54,793 | — | — | 54,793 | ||||||||||||
| Other investment | — | — | 2,066 | 2,066 | ||||||||||||
| Total | 54,793 | — | 2,066 | 56,859 |
The Company’s level 3 unquoted equity was valued using the adjusted market multiple method. Key input included market-based proxy valuation from comparable listed peers, adjusted for differences in growth stages of 0.4, revenue maturity of 0.5, and market conditions of 0.75. Currency translation as at reporting date was also included in the calculation. Changes in these adjustments would affect the resulting fair value of the instrument. As an example, a 10% increase in revenue maturity would increase fair value by $406. Fair value measurement and changes in fair value from period to period are reviewed for reasonability by management each reporting period.
The reconciliation of the Company’s level 3 financial instrument is as follows:
| Total | ||||
| Balance at December 31, 2024 | $ | 2,063 | ||
| Revaluation loss recognized in net loss for the year | (32 | ) | ||
| Balance at December 31, 2025 | $ | 2,031 | ||
| Revaluation gain recognized in net loss for the period | 34 | |||
| Balance at March 31, 2026 | $ | 2,066 |
| (c) | Financial instruments and related risks |
The Company’s financial instruments are exposed to liquidity risk, credit risk and market risks, which include currency risk, interest rate risk and price risk. As at March 31, 2026, the primary risks were as follows:
Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. The Company proactively manages its capital resources and has in place a budgeting and cash management process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its current exploration plans and achieve its growth objectives. The Company ensures that there is sufficient liquidity available to meet its short-term business requirements, taking into account its anticipated cash outflows from exploration activities, and its holdings of cash and marketable securities. The Company monitors and adjusts, when required, these exploration programs as well as corporate administrative costs to ensure that adequate levels of working capital are maintained.
As at March 31, 2026, the Company had unrestricted cash of $15,299 (December 31, 2025 – $21,197), working capital surplus of $70,737 (December 31, 2025 – $29,162), which the Company defines as current assets less current liabilities, and an accumulated deficit of $248,590 (December 31, 2025 – $263,651). During the three months ended March 31, 2026, Fury Gold had a comprehensive income of $15,061 (three months ended March 31, 2025 – a comprehensive loss of $2,993). Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. However, the Company has $54,793 (December 31, 2025 – $7,783) in free trading marketable securities to fund operations for at least the next twelve months.
Fury Gold Mines Limited (Expressed in thousands of Canadian dollars, except where noted - Unaudited) | 14 |
The Company’s contractual obligations are as follows:
| Within 1 year | 2 to 3 years |
Over 3 years |
At March 31, 2026 |
At December 31, 2025 |
||||||||||||||||
| Accounts payable and accrued liabilities | $ | 2,119 | $ | — | $ | — | $ | 2,119 | $ | 2,023 | ||||||||||
| Deferred government grant | 22 | — | — | 22 | 22 | |||||||||||||||
| Flow-through share premium liability (note 6) | 609 | — | — | 609 | 790 | |||||||||||||||
| Total | $ | 2,750 | $ | — | $ | — | $ | 2,750 | $ | 2,835 |
The Company also makes certain payments arising on mineral claims and leases on an annual or bi-annual basis to ensure all the Company’s properties remain in good standing. The Company estimates that $575 of payments arising on mineral claims and leases will be payable during the year ended December 31, 2026.
Credit risk
The Company’s cash and accounts receivables are exposed to credit risk, which is the risk that the counterparties to the Company’s financial instruments will cause a loss to the Company by failing to pay their obligations. The amount of credit risk to which the Company is exposed is considered insignificant as the Company’s cash is held with highly rated financial institutions in interest-bearing accounts and the accounts receivable primarily consist of sales tax receivables.
Market risk
This is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The significant market risks to which the Company is exposed are as follows:
| i. | Currency risk |
The Company is exposed to currency risk by having balances and transactions in currencies that are different from the relevant functional currency (the Canadian dollar). A 10% increase or decrease in the US dollar to Canadian dollar exchange rate would not have a material impact on the Company’s net loss.
| ii. | Price risk |
The Company holds certain investments in marketable securities (note 3) which are measured at fair value, being the closing share price of each equity security at the date of the consolidated statements of financial position. The Company is exposed to changes in share prices which would result in gains and losses being recognized in the loss for the year. A 10% increase or decrease in the Company’s marketable securities share prices would have a material impact on the Company’s net loss.
|
Fury Gold Mines Limited (Expressed in thousands of Canadian dollars, except where noted - Unaudited) |
15 |
Exhibit 99.2
(An exploration company)
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE THREE MONTHS ENDED MARCH 31, 2026
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FOR THE THREE MONTH ENDED MARCH 31, 2026
This Management’s Discussion and Analysis (the “MD&A”) for Fury Gold Mines Limited (“Fury Gold” or the “Company”) should be read in conjunction with the condensed interim consolidated financial statements of the Company and related notes thereto for the three months ended March 31, 2026. The unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, applicable to the preparation of interim financial statements under International Accounting Standard 34, Interim Financial Reporting. All dollar amounts presented are expressed in thousands of Canadian dollars unless otherwise stated. Amounts presented in this MD&A may be rounded. The effective date of this MD&A is May 14, 2026.
| Section 1: Forward-looking statements and risk factors | 2 |
| Section 2: Business Overview | 4 |
| Section 3: Q1 2026 Highlights and subsequent events | 4 |
| Section 4: Projects overview | 6 |
| Section 5: Review of quarterly financial information | 9 |
| Section 6: Financial position, liquidity, and capital resources | 10 |
| Section 7: Financial risk summary | 13 |
| Section 8: Related party transactions and balances | 14 |
| Section 9: Critical accounting estimates and judgments | 15 |
| Section 10: Controls and procedures | 15 |
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 1 |
Section 1: Forward-looking statements and risk factors
1.1 Forward-looking statements
Certain statements made in this MD&A contain forward-looking information within the meaning of applicable Canadian and United States securities laws (“forward-looking statements”). These forward-looking statements are presented for the purpose of assisting the Company’s securityholders and prospective investors in understanding management’s views regarding those future outcomes and may not be appropriate for other purposes. When used in this MD&A, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Specific forward-looking statements in this MD&A include, but are not limited to: the Company’s exploration plans and objectives and the timing and costs of these plans; future capital expenditures and requirements, and sources and timing of additional financing; the timing, costs and success of the Company’s exploration activities, estimates of the Company’s mineral resources; the realization of mineral resource estimates; any objectives, expectations, intentions, plans, results, levels of activity, goals or achievements; capital expenditures; the Company’s plans for its marketable securities in Contango Silver & Gold Inc. (a successor to Dolly Varden Silver Corporation) and Sirios Resources Inc. and the realization of carrying values of these and any other securities held for resale. Additional factors include liabilities related to unused tax benefits or flow-through obligations; statements relating to the business, operations or prospects of the Company; and other events or conditions that may occur in the future.
The forward-looking statements contained in this MD&A represent the Company’s views only as of the date hereof and may change. Many assumptions are subject to risks and uncertainties, and so may prove to be incorrect, including the Company’s budget, including expected costs and the assumptions regarding market conditions and other factors upon which the Company has based its expenditure expectations; the Company’s ability to complete its planned exploration activities with its available working capital; the Company’s ability to raise additional capital to proceed with its exploration plans; the Company’s ability to obtain or renew the licences and permits necessary for exploration; the Company’s ability to obtain all necessary regulatory approvals, permits and licences for its planned exploration activities under governmental and other applicable regulatory regimes including the legally, mandated consultation process with affected First Nations; the Company’s ability to complete and successfully integrate acquisitions; the effects of climate change, extreme weather events, tariffs, water scarcity, and seismic events, and the effectiveness of strategies to deal with these issues; the Company’s expectations regarding the demand for, and supply and price of, precious metals; the Company’s ability to recruit and retain qualified personnel; the Company’s resource estimates, and the assumptions upon which they are based; the Company’s ability to comply with current and future environmental, safety and other regulatory requirements.
The foregoing is not an exhaustive list of the risks and other factors that may affect any of the Company’s forward-looking statements. Readers should refer to the risks discussed herein and in the Company’s Annual Information Form (the “Annual Information Form”) for the year ended December 31, 2025, subsequent disclosure filings with the Canadian Securities Administrators, the Company’s registration statement on Form 40-F for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission (the “SEC”), and subsequent disclosure filings with the SEC, available on SEDAR+ at www.sedarplus.com and with the SEC at www.sec.gov, as applicable.
The Company does not undertake to update any forward-looking statements, except to the extent required by applicable securities laws in future disclosure filings.
Readers are cautioned not to place heavy reliance on forward looking statements.
Cautionary Note to United States Investors concerning Estimates of Measured, Indicated, and Inferred Resource Estimates:
The mineral project technical information in this document has been prepared in accordance with NI 43-101, and the information contained herein may not be comparable to similar information disclosed by similar exploration companies reporting under S-K 1300. United States investors are cautioned that NI 43-101 and S-K 1300 differ in certain material respects as described above, and that the technical disclosure herein may not meet all requirements applicable to SEC-reporting companies.
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 2 |
There is no assurance any mineral resources that the Company may report resources with sequentially lower confidence levels referred to as “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43- 101 would be the same had the Company prepared the resource estimates under the standards adopted under the Regulation S-K 1300. United States investors are also cautioned that while the SEC will now recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, investors should not assume that any part or all of the mineralization in these categories will ever be converted into the next higher category of mineral resources or ultimately into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to their existence and feasibility than mineralization that has been characterized as reserves.
The Company currently has no mineral resources which qualify as mineral reserves which requires that the estimated resources be demonstrated to be economic in at least a pre-feasibility level (± 30% estimates tolerance) study. Accordingly, investors are cautioned not to assume that any “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” that the Company reports are or will be economically or legally mineable. In Canada, “inferred mineral resources” are subject to an expectation that there must be a reasonable probability of upgrading a majority of an inferred resource into a measured or indicated category, inferred resources have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. United States investors are also cautioned not to assume that all or any part of the “inferred mineral resources” exist. Under Canadian securities laws, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.
Accordingly, information contained in this MD&A describing the Company’s mineral deposits may not be comparable to similar information made public by domestic U.S. companies which are subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
Change in U.S. Securities Reporting Obligations
Previously, the Company filed its annual report with the U.S. Securities and Exchange Commission (the "SEC") on Form 20-F as a foreign private issuer. Effective December 31, 2025, the Company determined that it satisfies the eligibility requirements to register its securities and file its annual report under the Multijurisdictional Disclosure System ("MJDS") established jointly by the SEC and the Canadian Securities Administrators ("CSA").
Accordingly, for fiscal 2025 the Company has transitioned from filing its annual report on Form 20-F to filing on Form 40-F under the MJDS. Commencing with the annual report for the fiscal year ended December 31, 2025, the Company filed its annual report with the SEC on Form 40-F. This form permits eligible Canadian issuers to satisfy their SEC reporting obligations primarily by filing disclosure documents prepared in accordance with Canadian securities laws and filed on the System for Electronic Document Analysis and Retrieval ("SEDAR+").
Exchange Act Registration and Ongoing Obligations
The Company's common shares are registered under Section 12(g) of the Exchange Act. The Company will continue to comply with all applicable obligations arising under the Exchange Act, including the filing of annual reports on Form 40-F, the filing of Reports on Form 6-K to furnish material information to the SEC on an ongoing basis; and compliance with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder, to the extent applicable to MJDS filers.
1.2 Qualified persons and technical disclosures
Valerie Doyon, P.Geo., Vice President, Geology of the Company is the Company’s “qualified person” or “QP” under and for the purposes of NI 43-101 with respect to the technical disclosures in this MD&A.
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 3 |
Section 2: Business Overview
Fury Gold is a Canadian-focused gold exploration company whose four material projects are strategically positioned in two prolific mining regions: the Eeyou Istchee James Bay Region of Quebec and the Kitikmeot Region in Nunavut.
The Company was incorporated on June 9, 2008, under the Business Corporations Act (British Columbia) has operated continuously as a mineral exploration company since then, and is now listed on the Toronto Stock Exchange and the NYSE-American, with its common shares trading under the symbol FURY. The Company’s registered and records office is located in care of its Canadian attorneys at 1055 West Georgia Street, Suite 1500, Vancouver, British Columbia, V6E 4N7, and its mailing address is 401 Bay Street, 16th Floor, Toronto, Ontario, M5H 2Y4.
At March 31, 2026, the Company had four material mineral projects: Committee Bay in Nunavut, and Eau Claire, Sakami and Éléonore South in Quebec.
During March 2026, the Company’s previously held Dolly Varden Silver Corporation (“Dolly Varden”) common shares were exchanged for shares of Contango Silver & Gold Inc. (“Contango“) common shares as part of a merger deal and at March 31, 2026 these Contango shares were reclassified as Marketable Securities
The Company is a junior resource exploration issuer and as such is an expenditure-based business and does not have revenues from mining operations. The CEO, who is the chief operating decision maker (“CODM”), reviews the operating segments of the Company, and has determined that there are two reportable geographical segments (Quebec and Nunavut). The Company focus on the acquisition, exploration, and development of mineral resource properties within Quebec and Nunavut. Its business success must be measured primarily by the success of its exploration programs in establishing that the Company’s mineral properties contain potential commercial deposits of precious metals.
Section 3: Q1 2026 Highlights and subsequent events
3.1 Operational highlights in Q1 and to date of filing
| § | On May 12, 2026, the Company announced the appointment of Annie Blier as Senior Director, Environment and Permits who will lead the environmental strategy, technical studies, and permitting roadmap required to advance the Eau Claire project towards feasibility. |
| § | On April 28, 2026, the Company announced the commencement of environmental baseline studies (the “Study”) at the Company’s 100% held Eau Claire high-grade gold project, located in the Eeyou Istchee Territory in the James Bay Region of Northern Quebec. The Study, which will be carried out over the next two years, will include field inventories of the various components of the natural and human environments, establishing baseline conditions for a future environmental impact assessment. |
| § | On April 23, 2026, the Company announced the results from the second batch of the Phase 1 13,000m drilling campaign at the Eau Claire project. Highlights from the six drill holes included in this release include 12.50 g/t gold over 7.02m from drill hole 26EC-101 in a 45m down-plunge step out from the reported intercept in 26EC-099. Both significant intercepts were located outside of the current block model. Additional results included 3.92g/t gold over 6.92m and 10.15g/t gold over 1.48m from drillhole 26EC-097 and; 17.20g/t gold over 1.47m from drillhole 26EC-098. |
| § | On April 7, 2026, the Company announced the appointment of Mario Courchesne as Vice President, Project Development. Mr. Courchesne will be responsible for leading and managing all aspects of the advancement of Eau Claire from exploration-stage through to PFS/feasibility and, ultimately, into construction and operations. He will serve as the technical and strategic lead for the project, coordinating cross-functional teams, managing external consultants and contractors, and interfacing with regulators, communities, and stakeholders. In addition, the Company announced the resignation of Bryan Atkinson, senior Vice President, Exploration, effective April 30, 2026. Mr. Atkinson will serve in a stand-by advisory capacity to the Company after April 30, 2026. |
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 4 |
| § | On March 17, 2026, the Company announced initial results from its Phase 1 13,000-metre exploration drill program at Eau Claire. The key highlight was infill drill hole 26EC-099, which targeted an inferred portion of the Eau Claire resource and intercepted 11.74 g/t gold over 6.63m approximately 40m down plunge from previous drilling. The company also announced the Phase 2 program which is anticipated to comprise of an additional 15,000 – 25,000m of drilling and is expected to continue through the spring and summer of 2026. |
3.2 Corporate highlights and subsequent events
| § | On March 17, 2026, an earlier announced merger of equals between Dolly Varden and Contango Silver & Gold Inc. (“Contango”) was approved at a shareholders meeting. Dolly Varden received regulatory approval on March 23, 2026 while the merger closed on March 26, 2026. As a result, the Company’s shareholding in Dolly Varden was exchanged into shares of Contango at a rate of 0.1652 Contango shares for each Dolly Varden share with the investment being reclassified from an investment in associate to marketable securities. The result of the reclassification is that the Company will mark-to-market its Contango shares quarterly with any increase or decrease in the market price from the previous quarter-end accounted for as a gain or loss in the quarter. The fair value of the Contango shares was $43.3M as at March 23, 2026. The carrying value of the Dolly Varden investment in associate was $25,875 as at December 31, 2025. The Company's shareholding in Contango represents roughly 5.8% ownership and does not constitute significant influence. |
| § | On January 26, 2026, the Company announced the appointment of Mr. Phillips S. Baker Jr., former CEO of Hecla Mining, to its Board of Directors as an independent director. |
| § | On January 9, 2026, the Company issued 430,000 DSU’s to directors and 885,000 RSU’s to officers, and employees. The DSU’s and RSU’s were issued in accordance with the Company’s Long-term (equity) Incentive (LTI) plan (note 19), one third vesting annually on anniversary. The Company also approved 110,000 stock options under the LTI plan, vesting over 18 months with an exercise price of C$0.83 per option, to certain UMS employees. |
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 5 |
Section 4: Projects overview
Locations of the Company’s four material mineral projects and the non-material Kipawa rare earths project.
4.1 Indigenous community relations and environmental
The pursuit of environmentally sound and socially responsible mineral development guides all of Fury Gold’s activities as the Company understands the broad societal benefits that responsible mining can bring, as well as the risks that must be managed through the implementation of sustainable development practices. The Company strives to maintain the highest standards of environmental protection and aboriginal and local community engagement at all its projects.
The Company considers sustainability to include the pursuit of four mutually reinforcing pillars: environmental and cultural heritage protection; social and community development; economic growth and opportunity; and cultural intelligence development for all employees. The Company assesses the environmental, social, and financial benefits and risks of all business decisions and believes this commitment to sustainability generates value and benefits for local communities and shareholders.
The Company’s approach to Indigenous and stakeholder engagement provides opportunities and benefits through:
| § | the provision of jobs and training programs |
| § | contracting opportunities |
| § | capacity funding for Indigenous engagement |
| § | sponsorship of community events |
| § | supporting professional development opportunities, building cultural and community intelligence capacity. |
The Company places a priority on creating mutually beneficial, long-term relationships with the communities in which it operates. Engagement goals include providing First Nation governments, communities, and residents with corporate and project-related information, including details of work programs, collaborative opportunities, and other activities being undertaken in the field.
4.2 Quebec
Fury Gold holds 100% interests in the Eau Claire project as well as interests in ten other properties covering approximately 157,000 hectares predominantly within the Eeyou Istchee James Bay region of Quebec. Through the acquisition of Quebec Precious Metals Corporation on April 28, 2025, the company acquired 100% interests in three projects: Sakami, Elmer East and Cheechoo – Eleonore Trend, and a 68% interest in the Heavy Rare Earth Elements (HREE) Kipawa project (the remaining 32% is held by Investissement Quebec).
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 6 |
4.2.1 Eau Claire
The Eau Claire project is located immediately north of the Paix Des Braves reservoir, 10km northeast of Hydro Quebec’s EM-1 hydroelectric power facility, 80km north of the town of Nemaska, approximately 320km northeast of the town of Matagami, and 800km north of Montreal. This property consists of map-designated claims totaling approximately 23,000 hectares. These claims are held 100% by Fury Gold and are in good standing. Permits are obtained on a campaign basis for all surface exploration, particularly trenching and drilling, undertaken on the property.
The Eau Claire project is underlain by typical Archean greenstone assemblages of the Eastmain Greenstone Belt, which are composed of volcanic rocks of basaltic to rhyolitic composition and related clastic and chemical sedimentary rocks. These rocks have been intruded by an assemblage of mafic to felsic sills, stocks, and dykes. Metamorphism ranges from upper greenschist to amphibolite facies in the greenstone assemblages, while higher-grade facies, up to granulite level, typically characterize the Opinaca sub-province. Archean-aged deformation affects all rocks on the property. Near the Eau Claire deposit, the volcano-sedimentary assemblage has been folded, forming a closed antiform plunging gently to the west. Regional rock foliation and lithology are generally east-west in strike with moderate to sub-vertical southerly dips in the vicinity of the Eau Claire gold deposit.
On September 2, 2025, the Company announced the results of a Preliminary Economic Assessment (“PEA”) for the Eau Claire Gold Deposit which was conducted by the independent engineering firm SGS Geological Services. The PEA contemplates a primary underground mining operation complemented by 2 small open pits. Production from the underground (“UG”) mine will start in year minus 1 with a small bulk sample, with full UG operations continuing through to year 11. In total, the underground would produce 702koz gold at an average diluted head grade of 5.22 g/t gold from 4.40Mt of material. The conventional open pits (“OP”) would operate for 8 years, recovering a total of 132koz gold at an average diluted grade of 2.50 g/t gold from 1.73Mt of material.
Percival to Serendipity trend:
The Serendipity Prospect is situated 16 km northeast of the Eau Claire Deposit and 6.5 km north northeast of the Percival Deposit along the Hashimoto Deformation Zone, which is related to the Cannard Deformation Zone, one of the primary controls on gold mineralization within the region. The 2024 drilling tested five robust distinct geochemical targets up to 150x background values proximal to the regional scale Hashimoto Deformation Zone within prospective folded stratigraphy across approximately 2 km of strike length. Limited historical drilling near Serendipity intercepted 7.9 m of 1.23 g/t gold; 12.1 m of 1.38 g/t gold and 1.5 m of 4.27 g/t gold.
Fury’s technical team has demonstrated the effectiveness of drilling biogeochemical anomalies in covered terrain within our project areas and continues to build a better understanding of the combination of pathfinder elements and structural controls on the gold mineralization along the Percival to Serendipity trend. Broad low-grade gold mineralization occurs along well-defined structural splays sub-parallel to the regional Cannard and Hashimoto Deformation Zones. Certain elemental associations, most notably Arsenic, Bismuth, and Tungsten, are proving to be important pathfinders for gold mineralization. Higher-grade gold within the broader corridor is controlled by secondary shearing and is identified by the high degree of silicification and alteration. The proximity of the main Cannard and Hashimoto Deformation Zones varies from one target to the other and Fury believes the varying degrees of deformation are an important control on both gold mineralization and the potential preservation of a sizeable, mineralized body.
The Company expects to incur approximately $12 annually in project maintenance costs, including certain mineral claims payments, in order to keep the properties in good standing in 2026.
4.2.2 Éléonore South
The 100% owned Éléonore South property is strategically located in an area of prolific gold mineralization within the Eeyou Istchee James Bay gold camp and is locally defined by Newmont’s Éléonore mine and Sirios Resources’ Cheechoo deposit. Exploration over the past 13 years has largely been focused on the extension of the Cheechoo deposit mineralization within the portion of the Cheechoo Tonalite on the Property. Approximately 27,000m of drilling in 172 drill holes, covering only a small proportion of the property at the Moni and JT prospects has been completed. Notable drill intercepts include 53.25m of 4.22 g/t gold (Au); 6.0m of 49.50 g/t Au including 1.0m of 294 g/t Au and 23.8m of 3.08 g/t Au including 1.5m of 27.80 g/t Au.
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 7 |
The Company expects to incur approximately $32 annually in project maintenance costs, including certain mineral claims payments, in order to keep the properties in good standing in 2026. No additional work is planned for 2026.
4.2.3 Sakami
The winter road accessible Sakami project covers approximately 14,250 hectares (ha), 30 km to the east of the paved Billy Diamond Highway. The Project straddles the prospective structural corridor marking the contact between the Opinaca and La Grande Geological subprovinces, where gold mineralization has been identified across over 23 km. Gold mineralization is located at the base of a sulphide rich horizon located along and proximal to regional-scale shearing, marking the contact between the two geological subprovinces.
On December 8, 2025, the Company announced an initial inferred mineral resource estimate for the La Pointe Extension target on the Sakami gold project, located in the Eeyou Istchee Terittory of the James Bay region in Northern Quebec. The initial inferred mineral resource comprised 23.9 million tonnes grading 1.07 g/t gold for 825,000 gold ounces. The entirety of the inferred mineral resource is contained within a conceptual open pit with a maximum depth of 400m. The La Pointe inferred resource remains open in all directions with immediate opportunities for expansion to the NE and SW as well as below the shallow portion of the conceptual open pit where drilling is limited to 175m below surface.
Gold mineralization has been intercepted across widths of up to 75 m and to a depth of up to 500 m. The identified gold mineralization at both La Pointe and La Pointe Extension remains open to depth and along strike. Further south along the same gold-bearing structure lies an intriguing undrilled coincident gold in soil geochemical anomalies and Induce Polarization (IP) geophysical chargeability anomaly with similar signature to the La Pointe and La Pointe Extension targets.
The Company expects to incur approximately $30 annually in project maintenance costs, including certain mineral claims payments, in order to keep the properties in good standing in 2026.
La Pointe Extension Resource Estimate technical report
The La Pointe Extension resource estimation was completed in a technical report authored by Olivier Vadnai-Leblanc, P. Geo., Geologist with SGS Geological Services (“Initial Mineral Resource Estimate for the Sakami Project, Eeyou Istchee Territory, James Bay Region of Quebec, Canada” which is dated January 21, 2026, has an effective date of November 11, 2025, and is filed on www.sedarplus.ca).
4.3 Nunavut
Committee Bay Project
The Committee Bay project comprises approximately 236,000 hectares situated along the Committee Bay Greenstone Belt located 180km northeast of the Meadowbank mine operated by Agnico Eagle Mines Limited. The Committee Bay belt comprises one of a number of Archean-aged greenstone belts occurring within the larger Western Churchill province of northeastern Canada. The Committee Bay project is held 100% by the Company, subject to a 1% Net Smelter Return (“NSR”), and an additional 1.5% NSR payable on only 7,596 hectares which may be purchased within two years of the commencement of commercial production for $2,000 for each one-third (0.5%) of the NSR.
On June 3, 2025, the Company announced the 2025 exploration plans for the Committee Bay project. The 2025 Committee Bay exploration program commenced in early July 2025 and will comprise 7 – 10 diamond drill holes totaling approximately 5,000 metres.
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 8 |
The 2025 drilling had three primary goals;
| § | Expansion of the Three Bluffs Shear Zone target first identified in 2021 where drill hole 21TB152 intercepted three discrete zones of high-grade gold mineralization over a 30 m drill width, including 10.0 m of 13.93 g/t gold, 3.0 m of 18.67 g/t gold and 1.0 m of 23.2 g/t gold in a 120 m step-out from the defined mineral resource (see news release dated December 1, 2021); |
| § | Testing regional shear zones along the southern contact of the 8 km-long Raven shear zone where samples of up to 32.90 g/t gold have been returned from an undrilled outcrop (see news release dated February 16, 2022); |
| § | Testing regional shear zones at Burro West where a 300 by 300 m gold in till anomaly was identified in 2024. |
On July 14, 2025, the Company announced that the 2025 diamond drilling campaign had commenced at the Committee Bay project.
On November 10, 2025, the Company announced the results from the 2025 exploration drilling program at the Committee Bay project, located in the eastern Kitikmeot region of Nunavut, Canada. The 2025 drilling program comprised six (6) diamond drill holes totaling approximately 2,778 metres (m). Four of the drill holes (2,041m), targeting expansion of the Three Bluffs Shear Zone intercepted gold mineralization across 315m of strike with mineralized widths of up to 19.5m, including 5.73 grams per tonne (g/t) gold across 3.0m within a broader interval of 1.18 g/t gold over 19.5m (Hole 25TB155), which ended in the mineralized zone. The remaining two drill holes, which totaled 737m, tested the southern contact of the 8 kilometre (km) long Raven Shear Zone, which historically returned drill intercepts of up to 12.60 g/t gold over 5.49m and 31.1 g/t gold across 2.8m with outcropping gold mineralization defined over 1.4 km. Hole 25RV015, which was a 330m step-out from previous drilling intercepted 4.59 g/t gold over 1.5m.
The Company expects to incur approximately $214 in annual mineral claims expenditures in 2026, in order to keep the property in good standing.
Committee Bay resource estimate and technical report
Three Bluffs resource estimations were completed by APEX Geoscience Ltd. (“APEX”) (see the Technical Report on the Committee Bay Project, Nunavut Territory, Canada, dated September 11, 2023, and filed under Fury’s SEDAR+ profile). It supersedes all previous Committee Bay technical reports.
Section 5: Review of quarterly financial information
| Three months ended: | Interest income | Net (earnings) loss(1) | Comprehensive (earnings) loss(1) | (Earnings) loss per share (C$/share) | ||||||||||||||
| March 31, 2026 | $ | 125 | $ | (15,062 | ) | $ | (15,061 | ) | $ | (0.08 | ) | |||||||
| December 31, 2025 | 125 | (3,227 | ) | (3,214 | ) | (0.02 | ) | |||||||||||
| September 30, 2025 | 53 | 4,699 | 4,701 | 0.03 | ||||||||||||||
| June 30, 2025 | 35 | 1,996 | 1,998 | 0.01 | ||||||||||||||
| March 31, 2025 | 44 | 2,991 | 2,993 | 0.02 | ||||||||||||||
| December 31, 2024 | 60 | 101,256 | 101,257 | 0.68 | ||||||||||||||
| September 30, 2024 | 75 | 2,673 | 2,673 | 0.02 | ||||||||||||||
| June 30, 2024 | 82 | 3,496 | 3,497 | 0.02 | ||||||||||||||
(1) Certain periods have been restated within this document to correct a misstatement which was identified in the fourth quarter of 2024.
5.1 Three months ended March 31, 2026, compared to three months ended March 31, 2025
During the three months ended March 31, 2026, the Company reported net income of $15,062 and earnings per share of C$0.08 compared to a net loss of $2,991 and loss per share of C$0.02 for the three months ended March 31, 2025. The significant drivers of the change in total net income/loss were as follows:
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 9 |
Operating expenses:
| § | Exploration and evaluation costs increased to $4,778 for the three months ended March 31, 2026, compared to $2,161 for the three months ended March 31, 2025. The exploration expense in the first quarter of 2026 was a result of the ongoing drilling programs at Eau Claire and the mobilization in Committee Bay that started in March, whereas the exploration expense in the first quarter of 2025 was a result of a smaller drill program at the Éléonore South property; |
| § | Fees, salaries and other employee benefits increased to $844 for the three months ended March 31, 2026 compared to $549 for the three months ended March 31, 2025. The higher costs in 2026 were due to an increase in share-based compensation with additional vesting taking place in 2026 compared to 2025; and |
| § | Regulatory and compliance increased to $119 for the three months ended March 31, 2026, compared to $69 for the three months ended March 31, 2025. The increased fees in 2026 were driven by billing linked to the increase in the Company’s market value. |
Other (income) expenses, net:
| § | Amortization of flow-through share premium decreased to $181 for the three months ended March 31, 2026 as compared to $773 for the three months ended March 31, 2025 was a direct result of the significantly lower premiums for the 2025 financings as compared to the 2024 financings despite more robust drilling programs; |
| § | Net gain on investments in associates of $19,241 for the three months ended March 31, 2026, was a result of the exchange of the Company’s shares in Dolly Varden where it had significant influence due to an investor rights agreement to those of Contango, a company in which it does not have an agreement or significant influence and therefore the investments ceased to be an investment in associate, whereas in the previous year comparable period, there was a $76 loss due to dilution on the investment; and |
| § | Net gain on marketable securities of $2,835 for the three months ended March 31, 2026 compared to $61 for the three months ended March 31, 2025 was a result of a significant increase in securities prices in the quarter compared to the same comparable quarter. |
Section 6: Financial position, liquidity, and capital resources
| At March 31 2026 | At December 31 2025 | |||||||
| Cash | $ | 15,299 | $ | 21,197 | ||||
| Restricted cash | 144 | 144 | ||||||
| Marketable securities | 54,793 | 7,783 | ||||||
| Other investment (1) | 2,066 | 2,031 | ||||||
| Other assets | 1,634 | 1,283 | ||||||
| Mineral property interests | 49,717 | 49,918 | ||||||
| Investments in associates | 101 | 25,963 | ||||||
| Current liabilities | 2,750 | 2,835 | ||||||
| Non-current liabilities | 4,308 | 4,473 | ||||||
| Working capital surplus (2) | 70,737 | 29,162 | ||||||
| Accumulated deficit | 248,590 | 263,651 | ||||||
(1) Investment in unlisted shares of Alsym Energy Inc.
(2) Defined as total current assets less total current liabilities
| Three months ended March 31: | 2026 | 2025 | ||||||
| Cash used in operating activities | (5,974 | ) | (2,543 | ) | ||||
| Cash provided by (used in) investing activities | 77 | (3 | ) | |||||
| Cash used in financing activities | - | (48 | ) | |||||
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 10 |
6.1 Cash flows
Operating activities:
| § | During the three months ended March 31, 2026, the Company used cash of $5,974 in operating activities compared to $2,543 during the three months ended March 31, 2025. The cash outflow for 2026 was higher primarily due to higher exploration activities compared to the first quarter of 2025. |
Investing activities:
| § | During the three months ended March 31, 2026, the Company had cash provided by investing activities of $77, representing interest income of $125 and proceeds from equipment disposition of $33, offset by equipment addition of $81. During the three months ended March 31, 2025, the Company used cash in investing activities of $3, representing equipment additions partially offset by interest income. |
Financing activities:
| § | During the three months ended March 31, 2025, cash used by financing activities were $48, representing lease payments, as compared to $nil financing activities during the three months ended March 31, 2026. |
6.2 Contractual commitments
In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following table summarizes the remaining contractual maturities of the Company’s financial liabilities and commitments as at March 31, 2026, shown in contractual undiscounted cashflows:
| Within 1 year | 2 to 3 years | Over 3 years | At March 31 2026 | At December 31 2025 | ||||||||||||||||
| Accounts payable and accrued liabilities | $ | 2,119 | $ | - | $ | - | $ | 2,119 | $ | 2,023 | ||||||||||
| Deferred government grant | 22 | - | - | 22 | 22 | |||||||||||||||
| Flow-through share premium liability(1) | 609 | - | - | 609 | 790 | |||||||||||||||
| Total | $ | 2,750 | $ | - | $ | - | $ | 2,750 | $ | 2,835 | ||||||||||
(1) The remaining exploration expenditure the Company is committed to incur before December 31, 2026, is $12,962.
The Company also makes certain payments arising on mineral claims and leases on an annual or bi-annual basis to ensure all the Company’s properties remain in good standing. The Company estimates that $575 of payments arising on mineral claims and leases will be payable during the year ended December 31, 2026.
In addition, the Company is committed to certain office rental expense in respect of shared head office premises as noted in section 8.
6.3 Summary of mineral property interests
A summary of the carrying amounts of the Company’s mineral property interests is as follows:
| Quebec | Nunavut | Total | ||||||||||
| Balance at December 31, 2024 | $ | 37,100 | $ | 8,100 | $ | 45,200 | ||||||
| Additions | 5,436 | - | 5,436 | |||||||||
| Change in estimate of provision for site reclamation and closure | (597 | ) | (121 | ) | (718 | ) | ||||||
| Balance at December 31, 2025 | $ | 41,939 | $ | 7,979 | $ | 49,918 | ||||||
| Change in estimate of provision for site reclamation and closure | (229 | ) | 28 | (201 | ) | |||||||
| Balance at March 31, 2026 | $ | 41,710 | $ | 8,007 | $ | 49,717 | ||||||
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 11 |
On April 28, 2025, the Company acquired all of the issued and outstanding common shares of Quebec Precious Metals Corporation. The QPM Acquisition was accounted for as an asset acquisition, with its mineral property interests valued at $5,436.
During October 2025, the Company received the first milestone payment from Benz to acquire the remaining 25% interest (for a total 100% undivided interest) of the Eastmain Mine and Ruby Hill Properties. The payment of $1,100 consisted of $850 cash and Benz Common Shares with a market value at the time of $250.
6.4 Capital resources
The Company seeks to proactively manage its capital resources and makes adjustments in light of changes in the economic environment and the risk characteristics of the Company’s assets. To effectively manage its capital requirements, the Company has in place a budgeting and cash management process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its current project plans and achieve its growth objectives. The Company ensures that there is sufficient liquidity available to meet its short-term business requirements, including contractual commitments, taking into account its anticipated cash outflows from exploration activities and its holdings of cash and marketable securities. The Company monitors and adjusts, when required, these exploration programs as well as corporate administrative costs to ensure that adequate levels of working capital are maintained.
As at the date of this MD&A, the Company expects its existing working capital and other capital resources to support certain planned activities for the next 12 months at the Eau Claire and Committee Bay projects and short-term contractual commitments. The Company’s ability to undertake further project expansionary plans is dependent upon the Company’s ability to obtain adequate financing in the future. While the Company has been successful at raising capital in the past, there can be no assurance that the Company will have sufficient financing to meet its future capital requirements or that additional financing will be available on terms acceptable to the Company in the future.
October 2025 financing
In October 2025, the Company issued a total of 15,918,000 flow-through shares for total gross proceeds of $18,000. Share issue costs related to the October 2025 Offering totaled $1,396, which included $1,198 in commissions and $198 in other issuance costs.
Reconciliation of use of fund of October 2025 funding
Fury’s stated use of proceeds for the October 2025 Offering was to pursue exploration opportunities at both its Quebec and Nunavut projects. The funds raised and the application of these funds and working capital is summarized below.
| Q4 2025 | Q1 2026 | |||||||
| Exploration and evaluation | (1,180 | ) | (3,859 | ) | ||||
| Amount raised | 16,604 | - | ||||||
| Remaining to be spent on Quebec and Nunavut projects | 15,424 | 11,565 | ||||||
Exercise of share options and warrants
During the three months ended March 31, 2026, there were no exercises of share options and warrants.
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 12 |
As at March 31, 2026, the share options outstanding were as follows:
| Share options outstanding | Share options exercisable | |||||
|
Exercise price ($/option) |
Number of shares | Weighted average exercise price ($/option) | Weighted average remaining life (years) | Number of shares | Weighted average exercise price ($/option) | Weighted average remaining life (years) |
| C$0.53 – C$1.00 | 3,799,500 | 0.83 | 1.63 | 3,674,500 | 0.83 | 1.53 |
| C$1.00 – C$1.85 | 2,616,659 | 1.06 | 0.90 | 2,616,659 | 1.06 | 0.90 |
| C$2.05 – C$3.91 | 11,115 | 2.29 | 0.96 | 11,115 | 2.29 | 0.96 |
| 6,427,274 | 0.93 | 1.33 | 6,302,274 | 0.93 | 1.27 | |
The number of share purchase warrants outstanding at March 31, 2026 was as follows:
| Warrants outstanding | Weighted average exercise price (C$/share) | |||||||
| Outstanding, December 31, 2024 | - | - | ||||||
| Issued | 13,029,435 | 1.00 | ||||||
| Outstanding, December 31, 2025 and March 31, 2026 | 13,029,435 | $ | 1.00 | |||||
On January 9, 2026, the Company issued 430,000 DSU’s to directors and 885,000 RSU’s to officers and employees. The DSU’s and RSU’s were issued in accordance with the Company’s LTI plan, with a grant-date fair value of C$0.81 per unit, one third vesting annually on anniversary with the first trench vested immediately.
On January 9, 2025, the Company issued 590,000 DSU’s to directors and 1,142,500 RSU’s to officers, and employees. The DSU’s and RSU’s were issued in accordance with the Company’s LTI plan, with a grant-date fair value of $0.55 per unit, one third vesting annually on the anniversary and to be paid out as fully paid shares.
The Company does not utilize off-balance sheet arrangements. Earn-in arrangements are not viewed as off-balance sheet arrangements, and there are no other commitments held by the Company at the balance sheet date.
As at March 31, 2026, there were 6,427,274 and 13,029,435 share options and warrants outstanding, respectively, with a weighted average exercise price of $0.93 and $1.00, respectively.
6.5 Capital structure
Authorized: Unlimited common shares without par value. Unlimited preferred shares – nil issued and outstanding.
Number of common shares issued and outstanding as at March 31, 2026: 190,123,861
Number of common shares issued and outstanding as at May 14, 2026: 190,132,195
6.6 Planned Exploration Activities
The Company is funded for its planned 2026 exploration programs, which include infill drilling at Eau Claire as well as a summer drill program at Committee Bay.
As at March 31, 2026, the Company had positive working capital of approximately $71 million, which the Company defines as total current assets less total current liabilities including a cash balance of $15 million (which excludes $0.1 million of restricted cash). As of the date of this MD&A, the Company's working capital is estimated to have declined by approximately $3 million since March 31, 2026, to pay for general corporate costs.
Section 7: Financial risk summary
As at March 31, 2026, the Company’s financial instruments consist of cash, marketable securities, other investments, accounts receivable, deposits, accounts payable and accrued liabilities, and deferred government grants. The fair values of these financial instruments, other than the marketable securities and other investments, approximate their carrying values due to their short term to maturity. The Company’s marketable securities, representing investments held in publicly traded entities, were classified as level 1 of the fair value hierarchy and measured at fair value using their quoted market price at period end. The Company’s other investments, representing investments held in private entities, were classified as level 3 of the fair value hierarchy and measured at fair value based on unobservable inputs.
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 13 |
The Company’s financial instruments are exposed to certain financial risks, primarily liquidity risk, credit risk and market risk, including price risk. Details of the primary financial risks that the Company is exposed to are available in the notes to the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2026.
Section 8: Related party transactions and balances
8.1 UMS
The Company did not have any related party transactions as contemplated by securities policies dealing with protection of minority shareholders. The Company’s shared services provider arrangements are considered related party transactions for financial disclosure purposes. The Company owns 25% of the common shares of Universal Mineral Services Ltd (“UMS “) a shared services provider, with the other 75% owned by three other mineral exploration companies. UMS is a private company through which its four junior resource shareholders, including Fury Gold, share geological, financial, and transactional advisory services as well as administrative services on a full, cost recovery basis. This allows the Company to maintain a more efficient and cost-effective corporate overhead structure by hiring fewer full-time employees and engaging outside professional advisory firms less frequently. The agreement has an indefinite term and can be terminated for any participant upon providing 180 days’ notice.
All transactions with UMS have occurred in the normal course of operations, and all amounts owing to or from UMS are unsecured, non-interest bearing, and have no specific terms of settlement, unless otherwise noted.
| Three months ended March 31 | ||||||||
| 2026 | 2025 | |||||||
| Exploration and evaluation costs | $ | 67 | $ | 37 | ||||
| General and administration | 47 | 46 | ||||||
| Total transactions for the period | $ | 114 | $ | 83 | ||||
The outstanding balance owing at March 31, 2026 was $46 (December 31, 2025 – $57) which is included in accounts payable and accrued liabilities.
As part of the UMS arrangement, the Company is contractually obliged to pay certain rental expenses in respect of a ten-year office lease entered into by UMS on July 1, 2021. As at March 31, 2026, the Company expects to incur approximately $76 in respect of its share of future rental expense of UMS.
The Company issues share options to certain UMS employees, including key management personnel of the Company. The Company recognized a share-based compensation expense of $10 for the three months ended March 31, 2026, in respect of share options issued to UMS employees (March 31, 2025 - $5) which is included within employee benefits and exploration and evaluation costs.
8.2 Key management personnel
Key management personnel include Fury Gold’s board of directors and certain executive officers of the Company, including the Chief Executive Officer and Chief Financial Officer.
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 14 |
The remuneration of the Company’s key management personnel was as follows:
| Three months ended March 31 | ||||||||
| 2026 | 2025 | |||||||
| Short-term benefits provided to executives (a) | $ | 289 | $ | 267 | ||||
| Directors’ fees paid to non-executive directors | 70 | 70 | ||||||
| Share-based payments | 530 | 142 | ||||||
| Total | $ | 889 | $ | 479 | ||||
(a) Short-term employee benefits include salaries, bonus, and other employee benefits.
Section 9: Critical accounting estimates and judgments
The preparation of financial statements in conformity with IFRS Accounting Standards as issued by the IASB requires management to select accounting policies and make estimates and judgments that may have a significant impact on the consolidated financial statements. Estimates are continuously evaluated and are based on management’s experience and expectations of future events that are believed to be reasonable under the circumstances. Actual outcomes may differ from these estimates.
In preparing the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2026, the Company applied the material accounting policy information and critical accounting estimates and judgements disclosed in notes 3 and 5 of its consolidated financial statements for the year ended December 31, 2025.
Adoption of new and revised accounting standards
Effective January 1, 2026, the Company adopted amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures, providing clarifications for, among other things, the date of recognition and derecognition of financial assets and liabilities, and updating the disclosures for equity instruments designated at fair value through other comprehensive income. These amendments did not have a material impact on the Company's condensed interim consolidated financial statements.
We have applied the exception to the requirement to derecognize a financial liability on the settlement date. This exception permits the Company to deem a financial liability (or a part of a financial liability), that will be settled with cash using an electronic payment system, to be discharged before the settlement date if, and only if, we have initiated the payment instruction and:
| § | We have no practical ability to withdraw, stop or cancel the payment instruction; |
| § | We have no practical ability to access the cash to be used for settlement as a result of the payment instruction; and |
| § | The settlement risk associated with the electronic payment system is insignificant. |
New and amended standards not yet effective
Certain pronouncements have been issued by the IASB that are mandatory for accounting periods beginning after December 31, 2025. The Company has not early adopted any of these pronouncements, and the impact of some on the financial statements are still being evaluated.
On April 9, 2024, the IASB issued a new standard, called IFRS 18 Presentation and Disclosure in Financial Statements, which applies to an annual reporting period beginning on or after January 1, 2027, with earlier application permitted. IFRS 18 includes requirements for all entities applying IFRS Accounting Standards as issued by the IASB for the presentation and disclosure of information in financial statements. The Company is currently evaluating the impact of the new standard on its financial statements.
Section 10: Controls and procedures
Disclosure controls and procedures
Disclosure controls and procedures (“DC&P”) are designed to provide reasonable assurance that information required to be disclosed in reports filed with, or submitted to, securities regulatory authorities is recorded, processed, summarized and reported within the time periods specified under Canadian and U.S. securities laws. As at March 31, 2026, an evaluation was carried out under the supervision of, and with the participation of, the Company's management, including the CEO and CFO, of the effectiveness of the Company's DC&P, as defined in the applicable Canadian and U.S. securities laws. Based on that evaluation, the CEO and CFO concluded that such DC&P are effective as of March 31, 2026. No changes have occurred in the Company’s DC&P during the three months ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, the Company’s disclosure controls and procedures.
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 15 |
Internal control over financial reporting
Internal control over financial reporting (“ICFR”) includes those policies and procedures that:
| § | pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; and |
| § | provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with IFRS Accounting Standards as issued by the IASB, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and |
| § | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company assets, or incurring liabilities or other obligations that could have a material effect on the consolidated financial statements. |
It is management’s responsibility to establish and maintain adequate ICFR to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with IFRS Accounting Standards as issued by the IASB.
The Company's management, including the Company’s CEO and CFO, assessed the effectiveness of the Corporation's ICFR as at March 31, 2026, based on the criteria set forth in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management concluded that, as at March 31, 2026, the Company's ICFR was effective. No changes have occurred in the Company’s ICFR during the three months ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
Additional disclosures pertaining to the Company’s management information circulars, material change reports, press releases, and other information are available on SEDAR+ at www.sedarplus.com.
On behalf of the Board of Directors,
“Forrester A. Clark”
Forrester A. Clark
Chief Executive Officer
May 14, 2026
|
Fury Gold Mines Limited Results of Operations for the Three Months Ended March 31, 2026 (Amounts expressed in thousands of Canadian dollars, unless otherwise noted) |
16 |
Exhibit 99.3
Form 52-109F2
Certification of Interim Filings
Full Certificate
I, Forrester A. Clark, Chief Executive Officer of Fury Gold Mines Limited., certify the following:
| 1. | Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Fury Gold Mines Limited (the “issuer”) for the interim period ended March 31, 2026. |
| 2. | No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings. |
| 3. | Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. |
| 4. | Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer. |
| 5. | Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings |
| (a) | designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that |
| (i) | material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and |
| (ii) | information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| (b) | designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP. |
| 5.1 | Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is based on Internal Control – Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission. |
| 5.2 | ICFR – material weakness relating to design: NA |
| 5.3 | Limitation on scope of design: NA |
| 6. | Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2026 and ended on March 31, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR. |
Date: May 14, 2026
Signed “Forrester A. Clark”
_______________________
Forrester A. Clark
Chief Executive Officer
Exhibit 99.4
Form 52-109F2
Certification of Interim Filings
Full Certificate
I, Phil van Staden, Chief Financial Officer of Fury Gold Mines Limited, certify the following:
| 1. | Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Fury Gold Mines Limited (the “issuer”) for the interim period ended March 31, 2026. |
| 2. | No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings. |
| 3. | Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. |
| 4. | Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer. |
| 5. | Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings |
| (a) | designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that |
| (i) | material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and |
| (ii) | information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| (b) | designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP. |
| 5.1 | Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is based on Internal Control – Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission. |
| 5.2 | ICFR – material weakness relating to design: NA |
| 5.3 | Limitation on scope of design: NA |
| 6. | Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2026 and ended on March 31, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR. |
Date: March 14, 2026
Signed “Phil van Staden”
_______________________
Phil van Staden
Chief Financial Officer