6-K
FURY GOLD MINES LTD (FURY)
UNITEDSTATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549
FORM6-K
REPORTOF FOREIGN PRIVATE ISSUERPURSUANT TO RULE 13a-16 OR 15d-16UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2025
Commission File No. 001-38145
FuryGold Mines Limited(Translation of registrant's name into English)
401Bay Street, 16^th^ 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
Form20-F ☒ Form 40-F ☐
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SUBMITTEDHEREWITH
| 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, 2025
FuryGold 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, 2025
| 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 | 2025 | 2024 | ||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 2,316 | $ | 4,912 | ||||
| Marketable securities | 4 | 2,420 | 2,358 | |||||
| Other investments | 5 | 2,063 | 2,063 | |||||
| Accounts receivable | 170 | 54 | ||||||
| Prepaid expenses and deposits | 551 | 522 | ||||||
| 7,520 | 9,909 | |||||||
| Non-current assets: | ||||||||
| Restricted cash | 144 | 144 | ||||||
| Prepaid expenses and deposits | 259 | 77 | ||||||
| Property and equipment | 314 | 326 | ||||||
| Mineral property interests | 6 | 44,592 | 45,200 | |||||
| Investments in associates | 7 | 29,003 | 29,456 | |||||
| 74,312 | 75,203 | |||||||
| Total assets | $ | 81,832 | $ | 85,112 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | 1,774 | $ | 855 | ||||
| Lease liability | 20 | 65 | ||||||
| Flow-through share premium liability | 8 | 171 | 944 | |||||
| 1,965 | 1,864 | |||||||
| Non-current liabilities: | ||||||||
| Provision for site reclamation and closure | 4,477 | 5,045 | ||||||
| Total liabilities | $ | 6,442 | $ | 6,909 | ||||
| Equity: | ||||||||
| Share capital | 10 | $ | 312,723 | $ | 312,723 | |||
| Share option and warrant reserve | 11 | 22,865 | 22,684 | |||||
| Accumulated other comprehensive loss | (14 | ) | (12 | ) | ||||
| Deficit | (260,184 | ) | (257,192 | ) | ||||
| Total equity | $ | 75,390 | $ | 78,203 | ||||
| Total liabilities and equity | $ | 81,832 | $ | 85,112 |
Commitments (notes 7, 15); Subsequent events (note 16)
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 Loss and Comprehensive Loss | | | | | | | | | (Expressed in thousands of Canadian dollars, except per share amounts - Unaudited) | | | | | | | | | Three months ended March 31 | | | | | | | | | | Note | 2025 | | | 2024 <br>(Note 3) | | | | Operating expenses: | | | | | | | | | Exploration and evaluation | 9 | $ | 2,161 | | $ | 791 | | | Fees, salaries and other employee benefits | | | 549 | | | 482 | | | Insurance | | | 102 | | | 148 | | | Legal and professional | | | 182 | | | 144 | | | Marketing and investor relations | | | 246 | | | 135 | | | Office and administration | | | 65 | | | 94 | | | Regulatory and compliance | | | 69 | | | 61 | | | | | | 3,374 | | | 1,855 | | | Other (income) expenses, net: | | | | | | | | | Accretion on provision for site reclamation and closure | | | 40 | | | 34 | | | Amortization of flow-through share premium | 8 | | (773 | ) | | (280 | ) | | Foreign exchange loss | | | - | | | 5 | | | Interest expense | | | 2 | | | 10 | | | Interest income | | | (44 | ) | | (82 | ) | | Net loss from associates | 7 | | 377 | | | 327 | | | Loss (Gain) on investments | 7 | | 76 | | | (757 | ) | | Net gain on marketable securities | 4 | | (61 | ) | | (398 | ) | | | | | (383 | ) | | (1,141 | ) | | Net loss for the period | | | 2,991 | | | 714 | | | Other comprehensive loss, net of tax | | | | | | | | | Unrealized currency loss on translation of foreign operations | | | 2 | | | 1 | | | Total comprehensive loss for the period | | $ | 2,993 | | $ | 715 | | | Loss per share: | | | | | | | | | Basic and diluted loss per share | 14 | $ | 0.02 | | $ | 0.01 | |
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, 2023 | | 145,744,795 | $ | 310,277 | $ | 21,660 | $ | (9 | ) | $ | (149,054 | ) | $ | 182,874 | | | Total comprehensive loss | | - | | - | | - | | (1 | ) | | (934 | ) | | (935 | ) | | Share-based compensation (note 11) | | 332,308 | | - | | 417 | | - | | | - | | | 417 | | | Balance at March 31, 2024 | | 146,077,103 | $ | 310,277 | $ | 22,077 | $ | (10 | ) | $ | (149,988 | ) | $ | 182,356 | | | 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 11) | | 382,027 | | - | | 182 | | - | | | - | | | 182 | | | Balance at March 31, 2025 | | 151,938,300 | $ | 312,723 | $ | 22,866 | $ | (14 | ) | $ | (260,183 | ) | $ | 75,392 | |
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 | 2025 | | | 2024 <br>(Note 3) | | | | Operating activities: | | | | | | | | | Loss for the year | | $ | (2,991 | ) | $ | (714 | ) | | Adjusted for: | | | | | | | | | Interest income | | | (44 | ) | | (82 | ) | | Items not involving cash: | | | | | | | | | Accretion of provision for site reclamation and closure | | | 40 | | | 34 | | | Amortization of flow-through share premium | 8 | | (773 | ) | | (280 | ) | | Depreciation | | | 59 | | | 84 | | | Interest expense | | | 2 | | | 10 | | | Net loss from associates | 7 | | 377 | | | 327 | | | Net gain on marketable securities | 4 | | (61 | ) | | (398 | ) | | Loss (Gain) on investments | 7 | | 76 | | | (757 | ) | | Share-based compensation | 11 | | 182 | | | 253 | | | Changes in non-cash working capital | 13 | | 590 | | | 165 | | | Cash used in operating activities | | | (2,543 | ) | | (1,358 | ) | | Investing activities: | | | | | | | | | Acquisition of mineral interests, inclusive of transaction fees | 6 | | - | | | (3,022 | ) | | Interest income | | | 44 | | | 82 | | | Marketable securities additions | 4 | | - | | | (1,300 | ) | | Proceeds from disposition of investment in associate, net of transaction costs | 7 | | - | | | 3,820 | | | Proceeds from disposition of marketable securities, net of transaction costs | 4 | | - | | | 244 | | | Property and Equipment additions | | | (47 | ) | | - | | | Cash used in investing activities | | | (3 | ) | | (176 | ) | | Financing activities: | | | | | | | | | Lease payments | | | (48 | ) | | (47 | ) | | Cash used in financing activities | | | (48 | ) | | (47 | ) | | Effect of foreign exchange on cash | | | (2 | ) | | (1 | ) | | Increase (decrease) in cash | | | (2,596 | ) | | (1,582 | ) | | Cash, beginning of period | | | 4,912 | | | 7,313 | | | Cash, end of period | | $ | 2,316 | | $ | 5,731 | |
Supplemental cash flow information (note 13)
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, 2025, the Company had three principal projects: Committee Bay in Nunavut, and Eau Claire and Éléonore South in Quebec, which the Company now owns 100%, after acquiring the 49.978% interest previously held by Newmont Corporation (“Newmont”) in February 2024. Additionally, the Company holds a 16.05% common share interest in Dolly Varden Silver Corporation (“Dolly Varden”) at March 31, 2025, which owns the Kitsault project in British Columbia and a 25% interest in Universal Mineral Services Limited (“UMS”), a private shared-services provider (note 7).
Note 2: Basis of presentation
Statement of compliance
These unaudited condensed interim consolidated financial statements (the “interim financial statements”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”). Certain disclosures included in the Company’s annual consolidated financial statements (the “consolidated financial statements”) prepared in accordance with IFRS® Accounting Standards as issued by the IASB have been condensed or omitted herein. 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, 2024. These interim financial statements were approved and authorized for issuance by the Board of Directors of the Company on May 14, 2025.
Basis of preparation and consolidation
These 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, 2025, 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 |
^(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.
Investments in associates
These interim financial statements also include the following investments in associates:
| Associates | Ownership interest | Location | Classification and accounting method |
|---|---|---|---|
| Dolly Varden | 16.05% | BC, Canada | Associate; equity method |
| UMS | 25.00% | BC, Canada | Associate; equity method |
| **Fury Gold Mines Limited Notes to the Q1 2025 Condensed Interim Consolidated Financial Statements**<br><br>\(Expressed in thousands of Canadian dollars, except where noted - Unaudited\) | 5 |
| --- | --- |
These interim financial statements have been prepared on a historical cost basis except for certain financial instruments that have been measured at fair value (note 15). 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 to make decisions about resources to be allocated to the segments and to assess their performance. The Company operates in one reportable operating segment, being the acquisition, exploration, and development of mineral resource properties, and in one geographical location, Canada.
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 interim financial statements for the three months ended March 31, 2025, 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, 2024.
Application of new and revised accounting standards:
On August 14, 2023, the IASB issued “Lack of Exchangeability (Amendments to IAS 21)” with amendments to clarify the accounting when there is a lack of exchangeability. The amendments to IAS 21 are effective for annual periods beginning on or after January 1, 2025, with earlier application permitted. The adoption of the new standard did not have an impact on the financial statements of the Company.
New and not yet effective accounting standards
On May 30, 2024, the IASB issued “Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)” to address matters identified during the post-implementation review of the classification and measurement requirements in IFRS 9 Financial Instruments and related requirements in IFRS 7 FinancialInstruments: Disclosures. The amendments are effective for reporting periods beginning on or after January 1, 2026. Early application is permitted. The Company is currently evaluating the impact of the new standard on its financial statements.
On April 9, 2024, the IASB issued a new standard, called IFRS 18 Presentationand 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 Notes to the Q1 2025 Condensed Interim Consolidated Financial Statements**<br><br>\(Expressed in thousands of Canadian dollars, except where noted - Unaudited\) | 6 |
| --- | --- |
Note 3: Revision of prior period financial statements
In preparing the consolidated financial statements for the year ended December 31, 2024, the Company identified errors in its previously issued unaudited condensed interim consolidated financial statements for the periods ended March 31, 2024 and September 30, 2024. The errors resulted in a misstatement of gain/loss on investments and investments in associates relating to the Company’s investment in Dolly Varden, specifically an understatement of dilution gains on the consolidated statement of (earnings) loss and comprehensive (income) loss, as well as an understatement of investment in associate on the statement of financial position. The impact of the revisions to the periods presented in this report are as follows:
| As reported | Adjustment | Revised | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Revised Statement of Financial Position as of March 31, 2024 | |||||||||
| Investment in associates | 32,638 | 220 | 32,858 | ||||||
| Total assets | 188,023 | 220 | 188,243 | ||||||
| Deficit | (149,988 | ) | 220 | 149,768 | |||||
| Total equity | 182,356 | 220 | 182,576 | ||||||
| Revised Consolidated Statement of Loss and Comprehensive Loss for the three months ended March 31, 2024 | |||||||||
| Gain on investments | (537 | ) | (220 | ) | (757 | ) | |||
| Net loss | 934 | (220 | ) | 714 | |||||
| Total comprehensive loss | 935 | (220 | ) | 715 | |||||
| Revised Statement of Financial Position as of September 30, 2024 | |||||||||
| Investment in associates | 29,341 | 2,000 | 31,341 | ||||||
| Total assets | 184,099 | 2,000 | 186,099 | ||||||
| Deficit | (157,932 | ) | 2,000 | (155,932 | ) | ||||
| Total equity | 177,526 | 2,000 | 179,526 | ||||||
| Revised Consolidated Statement of Loss and Comprehensive Loss for the three months ended September 30, 2024 | |||||||||
| Gain on investments | - | (1,780 | ) | (1,780 | ) | ||||
| Net loss | 4,453 | (1,780 | ) | 2,673 | |||||
| Total comprehensive loss | 4,453 | (1,780 | ) | 2,673 | |||||
| Revised Consolidated Statement of Loss and Comprehensive Loss for the nine months ended September 30, 2024 | |||||||||
| Gain on investments | (538 | ) | (2,000 | ) | (2,538 | ) | |||
| Net loss | 8,881 | (2,000 | ) | 6,881 | |||||
| Total comprehensive loss | 8,883 | (2,000 | ) | 6,883 |
| **Fury Gold Mines Limited Notes to the Q1 2025 Condensed Interim Consolidated Financial Statements**<br><br>\(Expressed in thousands of Canadian dollars, except where noted - Unaudited\) | 7 |
| --- | --- |
Note 4: Marketable securities
The marketable securities held by the Company were as follows:
| Total | |||
|---|---|---|---|
| Balance at December 31, 2023 | $ | 1,166 | |
| Additions | 1,300 | ||
| Sale of marketable securities | (481 | ) | |
| Realized loss on disposition | (60 | ) | |
| Unrealized net gain | 433 | ||
| Balance at December 31, 2024 | $ | 2,358 | |
| Unrealized net gain | 62 | ||
| Balance at March 31, 2025 | $ | 2,420 |
On February 29, 2024, the Company acquired a 10.9% common share ownership of Sirios Resources Inc. (“Sirios”) for $1,300, as part of a separate transaction (note 6) to consolidate its Éléonore South project ownership. The 30,392,372 Sirios common shares had been acquired for investment purposes and the Company evaluates its investment in Sirios on an ongoing basis with respect to any possible additional purchases or dispositions, whereupon any such marketable securities transactions are accounted for as of the trade date.
During the first quarter of 2024, Fury Gold sold an aggregate of 1,514,000 Sirios common shares, lowering its holdings to less than 9.9% as at March 31, 2024 and 2025.
Note 5: Other investments
On August 13, 2024, the Company purchased 764,993 Series C Preferred Shares of Alsym Energy Inc. for a total cash purchase price of $2,063. This investment is accounted for as an investment in equity.
This investment is classified as a Level 3 in the fair value hierarchy and is accounted for at its fair value and revalued at each reporting date through profit and loss (note 15).
Note 6: 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, 2023 | $ | 122,978 | $ | 19,661 | $ | 142,639 | |||
| Additions^(a)^ | 3,030 | - | 3,030 | ||||||
| Change in estimate of provision for site reclamation and closure | (23 | ) | 427 | 404 | |||||
| Impairment^(b)^ | (88,885 | ) | (11,988 | ) | (100,873 | ) | |||
| Balance at December 31, 2024 | $ | 37,100 | $ | 8,100 | $ | 45,200 | |||
| Change in estimate of provision for site reclamation and closure | (691 | ) | 83 | (608 | ) | ||||
| Balance at March 31, 2025 | $ | 36,409 | $ | 8,183 | $ | 44,592 |
^(a)^ On February 29, 2024, the Company, and its joint operation partner Newmont, through their respective subsidiaries, closed a transaction whereby the Company acquired 100% control of the joint operation interests, the Éléonore South project, consolidating these properties into the Company’s portfolio at which time the joint venture operation was dissolved. The 49.978% that Newmont held was acquired by the Company for $3,000 while incurring $30 in transaction costs. As part of the same transaction, the Company also acquired a 10.9% interest in Sirios, as disclosed in note 4.
| **Fury Gold Mines Limited Notes to the Q1 2025 Condensed Interim Consolidated Financial Statements**<br><br>\(Expressed in thousands of Canadian dollars, except where noted - Unaudited\) | 8 |
| --- | --- |
^(b)^ The Company’s market capitalization has persistently been below the carrying value of its mineral properties over the last few years, and, as a consequence, the Company engaged a third-party valuation specialist to conduct a review to determine a more reflective carrying value. As a result, the report recommended an impairment charge to these properties, to better align with the market capitalization value.
Note 7: Investments in associates
| (a) | Acquisition of investments in associates |
|---|---|
| (i) | On February 25, 2022, the Company completed the sale of Homestake Resources Corporation to Dolly Varden<br>for cash proceeds of $5,000 and 76,504,590 common shares of Dolly Varden. The Company’s resulting interest in Dolly Varden represented<br>approximately 35.3% of the issued and outstanding common shares of Dolly Varden on February 25, 2022, which has been accounted for using<br>the equity method. The Company recognized a gain of $48,390, net of transaction costs of $589, on the date of disposition. On October<br>13, 2022, the Company completed the sale of 17,000,000 common shares of Dolly Varden for total gross proceeds of $6,800. During the year<br>ended December 31, 2024, the Company sold an aggregate 8,450,000 shares of Dolly Varden for net proceeds of $7,042. The Company’s<br>investment was also diluted through financing rounds by Dolly Varden in which the Company did not participate. As a result, the Company<br>had a gain on investments of $4,109 consisting of a realized gain on disposal of $2,026 and a gain on dilution of $2,083. During the first<br>quarter of 2025 there has been a loss on investments of $76, which originated from the dilution of the Company’s share during this<br>period. On April 2, 2025, Dolly Varden announced a four for one Common Share Consolidation which took effect on April 7, 2025. The impact<br>of this was that the Company’s 51,054,590 Common Shares was consolidated into 12,763,647 Common Shares. |
| --- | --- |
| (ii) | On April 1, 2022, the Company purchased a 25% share interest in UMS, a private shared-services provider<br>for nominal consideration. The Company funded, in addition to its nominal investment in UMS, a cash deposit of $150 which is held by UMS<br>for the purposes of general working capital, and which will be returned to the Company upon termination of the UMS Canada arrangement,<br>net of any residual unfulfilled obligations. UMS is the private company through which its shareholders, including Fury Gold, share geological,<br>financial, and transactional advisory services as well as administrative services on a full, cost recovery basis. |
| --- | --- |
| (b) | Summarized financial information of the Company’s investments in associates: |
| --- | --- |
The carrying amounts of the Company’s investments in associates were as follows:
| Dolly Varden | UMS | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Carrying amount at December 31, 2023 | $ | 36,126 | $ | 122 | $ | 36,248 | |||
| Company’s share of net loss of associates | (3,837 | ) | (21 | ) | (3,858 | ) | |||
| Disposition | (5,017 | ) | - | (5,017 | ) | ||||
| Dilution gain | 2,083 | - | 2,083 | ||||||
| Carrying amount at December 31, 2024 | $ | 29,355 | $ | 101 | $ | 29,456 | |||
| Company’s share of net loss of associates | (376 | ) | (1 | ) | (377 | ) | |||
| Dilution loss | (76 | ) | - | (76 | ) | ||||
| Carrying amount at March 31, 2025 | $ | 28,903 | $ | 100 | $ | 29,003 |
The quoted fair market value of the Company’s equity interest in Dolly Varden at March 31, 2025 was $53,097 (March 31, 2024 - $45,406) based on the closing share price on the TSX Venture Exchange on that date.
| **Fury Gold Mines Limited Notes to the Q1 2025 Condensed Interim Consolidated Financial Statements**<br><br>\(Expressed in thousands of Canadian dollars, except where noted - Unaudited\) | 9 |
| --- | --- |
For the three months ended March 31, 2025, the Company’s equity share of net loss of the Company’s associates on a 100% basis were as follows:
| Dolly Varden | UMS | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Cost recoveries | $ | - | $ | (652 | ) | $ | (652 | ) | |
| Exploration and evaluation | 687 | 196 | 883 | ||||||
| Marketing | 233 | - | 233 | ||||||
| Share-based compensation | 600 | - | 600 | ||||||
| Administrative and other | 823 | 459 | 1,282 | ||||||
| Net loss of associate, 100% | 2,343 | 3 | 2,346 | ||||||
| Average equity interest for the period | 16.05 | % | 25 | % | |||||
| Company’s share of net loss of associates | $ | 376 | $ | 1 | $ | 377 |
For the three months ended March 31, 2024, the Company’s equity share of net loss of the Company’s associates on a 100% basis were as follows:
| Dolly Varden | UMS | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Cost recoveries | $ | - | $ | (953 | ) | $ | (953 | ) | |
| Exploration and evaluation | 436 | 331 | 767 | ||||||
| Marketing | 284 | 82 | 366 | ||||||
| Share-based compensation | 349 | - | 349 | ||||||
| Administrative and other | 563 | 544 | 1,107 | ||||||
| Net loss of associate, 100% | 1,632 | 4 | 1,636 | ||||||
| Average equity interest for the period | 21.56 | % | 25 | % | |||||
| Company’s share of net loss of associates | $ | 352 | $ | 1 | $ | 353 |
The Company’s equity share of net assets of associates at March 31, 2025, is as follows:
| Dolly Varden | UMS | |||||
|---|---|---|---|---|---|---|
| Current assets | $ | 32,832 | $ | 872 | ||
| Non-current assets | 151,490 | 1,983 | ||||
| Current liabilities | (4,252 | ) | (1,264 | ) | ||
| Non-current liabilities | - | (1,191 | ) | |||
| Net assets, 100% | 180,070 | 400 | ||||
| Company’s equity share of net assets of associate | $ | 28,903 | $ | 100 | ||
| (c) | Services rendered and balances with UMS | |||||
| --- | --- | |||||
| Three months ended March 31 | ||||||
| --- | --- | --- | --- | --- | ||
| 2025 | 2024 | |||||
| Exploration and evaluation costs | $ | 37 | $ | 58 | ||
| General and administration | 46 | 73 | ||||
| Total transactions for the period | $ | 83 | $ | 131 |
The outstanding balance owing at March 31, 2025, was $nil (December 31, 2024 – $90) which is included in accounts payable.
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, 2025, the Company expects to incur approximately $87 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 (note 11). The Company recognized a share-based compensation expense of $5 for the three months ended March 31, 2025, in respect of share options issued to UMS employees (March 31, 2024 - $4 recovery) which is included within employee benefits and exploration and evaluation costs.
| **Fury Gold Mines Limited Notes to the Q1 2025 Condensed Interim Consolidated Financial Statements**<br><br>\(Expressed in thousands of Canadian dollars, except where noted - Unaudited\) | 10 |
| --- | --- |
Note 8: 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 June 13, 2024, the Company completed an offering (note 10) and raised $5,001 through the issuance of 5,320,000 common shares designated as flow-through shares. The flow-through proceeds will be used for mineral exploration in Quebec. The Company is committed to incur the full exploration expenditures of $5,001 before December 31, 2025.
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, 2023 | $ | 1,223 | $ | 544 | ||
| Flow-through eligible expenditures | (1,223 | ) | (544 | ) | ||
| Flow-through funds raised | 5,001 | 2,022 | ||||
| Flow-through eligible expenditures | (2,666 | ) | (1,078 | ) | ||
| Balance at December 31, 2024 | $ | 2,335 | $ | 944 | ||
| Flow-through eligible expenditures | (1,913 | ) | (773 | ) | ||
| Balance at March 31, 2025 | $ | 422 | $ | 171 |
Note 9: Exploration and evaluation costs
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 |
For the three months ended March 31, 2024, the Company’s exploration and evaluation costs were as follows:
| Quebec | Nunavut | Total | ||||
|---|---|---|---|---|---|---|
| Assaying | $ | 73 | $ | 8 | $ | 81 |
| Exploration drilling | 83 | - | 83 | |||
| Camp cost, equipment and field supplies | 92 | 48 | 140 | |||
| Geological consulting services | 6 | 4 | 10 | |||
| Permitting, environmental and community costs | 16 | 43 | 59 | |||
| Salaries and wages | 325 | 4 | 329 | |||
| Fuel and consumables | 35 | - | 35 | |||
| Aircraft and travel | 12 | - | 12 | |||
| Share-based compensation | 41 | 1 | 42 | |||
| Total for the three months ended March 31, 2024 | $ | 683 | $ | 108 | $ | 791 |
| **Fury Gold Mines Limited Notes to the Q1 2025 Condensed Interim Consolidated Financial Statements**<br><br>\(Expressed in thousands of Canadian dollars, except where noted - Unaudited\) | 11 |
| --- | --- |
Note 10: Share capital
| (a) | Authorized |
|---|
Unlimited common shares without par value.
Unlimited preferred shares – nil issued and outstanding.
| (b) | Share issuances |
|---|
During the year ended December 31, 2024:
During June 2024, the Company issued 5,320,000 flow-through shares for gross proceeds of $5,001 (“June 2024 Offering”). Share issue costs related to the June 2024 Offering totaled $533, which included $300 in commissions and $233 in other issuance costs. A reconciliation of the impact of the June 2024 Offering on share capital is as follows:
| Impact on <br>share capital | ||||
|---|---|---|---|---|
| Flow-through shares issued at 0.94 per share | 5,320,000 | $ | 5,001 | |
| Cash share issue costs | - | (533 | ) | |
| Proceeds net of share issue costs | 5,320,000 | 4,468 | ||
| Less: flow-through share premium liability (note 8) | - | (2,022 | ) | |
| Total allocated to share capital | 5,320,000 | $ | 2,446 |
All values are in US Dollars.
Note 11: 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, 2025 and 2024, the Company recognized share-based compensation expense as follows:
| Three months ended March 31 | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Recognized in net loss and included in: | ||||
| Exploration and evaluation costs | $ | 45 | $ | 42 |
| Fees, salaries and other employee benefits | 137 | 211 | ||
| Total share-based compensation expense | $ | 182 | $ | 253 |
During the three months ended March 31, 2025, the Company granted 80,000 (March 31, 2024 – 145,000) share options to certain UMS employees and consultants who provide defined on-going services to the Company, representative of employee service.
| **Fury Gold Mines Limited Notes to the Q1 2025 Condensed Interim Consolidated Financial Statements**<br><br>\(Expressed in thousands of Canadian dollars, except where noted - Unaudited\) | 12 |
| --- | --- |
The weighted average fair value per option of these share options for the three months ended March 31, 2025 was calculated as $0.35 (March 31, 2024 - $0.30) using the Black-Scholes option valuation model at the grant date with the following weighted average assumptions:
| Three months ended March 31 | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Risk-free interest rate | 3.04 | % | 3.40 | % | ||
| Expected dividend yield | Nil | Nil | ||||
| Share price volatility | 78 | % | 69 | % | ||
| Expected forfeiture rate | 18.6 | % | 4.4 | % | ||
| 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 expected forfeiture rate and the expected life in years are based on historical trends.
| (b) | Long-term incentive plan |
|---|
In addition to options, the Company also granted RSU’s to officers and employees.
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.
The number of share options issued and outstanding and the weighted average exercise price were as follows:
| Number of<br> <br>share options | Weighted average exercise price (/option) | |||
|---|---|---|---|---|
| Outstanding, December 31, 2023 | 9,951,602 | |||
| Granted | 245,000 | |||
| Expired | (472,937 | ) | ||
| Forfeited | (1,502,487 | ) | ||
| Outstanding, December 31, 2024 | 8,221,178 | |||
| Granted | 80,000 | |||
| Expired | (35,006 | ) | ||
| Outstanding, March 31, 2025 | 8,266,172 |
All values are in US Dollars.
As at March 31, 2025, the number of share options outstanding was as follows:
| Options exercisable | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Exercise price (/option) | Weighted average exercise price (/option) | Weighted average remaining life (years) | Number of shares | Weighted average exercise price (/option) | Weighted average remaining life (years) | ||||
| 3,945,500 | 2.70 | 3,811,750 | 2.64 | ||||||
| 2,800,672 | 1.78 | 2,800,672 | 1.78 | ||||||
| 1,520,000 | 0.56 | 1,520,000 | 0.56 | ||||||
| 8,266,172 | 1.99 | 8,132,422 | 1.95 |
All values are in US Dollars.
| **Fury Gold Mines Limited Notes to the Q1 2025 Condensed Interim Consolidated Financial Statements**<br><br>\(Expressed in thousands of Canadian dollars, except where noted - Unaudited\) | 13 |
| --- | --- |
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 anniversary.
On January 31, 2024, the Company issued 273,542 RSU’s to an officer. The RSU’s were issued in accordance with the Company’s LTI plan, which vested on the same day and paid out as fully paid shares.
On January 9, 2024, the Company issued 1,318,623 RSU’s to directors, officers, and employees. The RSU’s were issued in accordance with the Company’s LTI plan, one third vesting annually on the anniversary and paid out as fully paid shares. The Company also approved 235,080 RSU’s to directors, which were fully vested and paid out as fully paid shares in 2024.
The number of RSU’s and DSU’s issued and outstanding and the weighted average grant date fair value were as follows:
| Number of <br>RSU’s and DSU’s | Weighted Average grant date fair value (/ share) | |||
|---|---|---|---|---|
| Outstanding, December 31, 2023 | - | |||
| Granted | 1,827,245 | |||
| Settled | (491,478 | ) | ||
| Forfeited | (189,687 | ) | ||
| Outstanding, December 31, 2024 | 1,146,080 | |||
| Granted | 1,732,500 | |||
| Settled | (382,027 | ) | ||
| Forfeited | (213,450 | ) | ||
| Outstanding, March 31, 2025 | 2,283,103 |
All values are in US Dollars.
| (c) | Share purchase warrants |
|---|
The number of share purchase warrants outstanding at March 31, 2025 was as follows:
| Warrants <br>outstanding | Exercise price (/share) | |||
|---|---|---|---|---|
| Outstanding, December 31, 2023 | 7,461,450 | |||
| Expired | (7,461,450 | ) | ||
| Outstanding, December 31, 2024 and March 31, 2025 | - |
All values are in US Dollars.
Note 12: Key management personnel
Key management personnel include Fury Gold’s board of directors and certain executive officers of the Company, including the CEO, Chief Financial Officer (“CFO”) and Senior Vice President, Exploration.
The remuneration of the Company’s key management personnel was as follows:
| Three months ended March 31 | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Short-term benefits provided to executives ^(a)^ | $ | 267 | $ | 215 |
| Directors’ fees paid to non-executive directors | 70 | 35 | ||
| Share-based payments | 142 | 147 | ||
| Total | $ | 479 | $ | 397 |
| **Fury Gold Mines Limited Notes to the Q1 2025 Condensed Interim Consolidated Financial Statements**<br><br>\(Expressed in thousands of Canadian dollars, except where noted - Unaudited\) | 14 |
| --- | --- | | ^(a)^ | Short-term employee benefits include salaries, bonuses payable within twelve months of the<br>date of the consolidated statements of financial position, and other annual employee benefits. | | --- | --- |
Note 13: Supplemental cash flow information
The impact of changes in non-cash working capital was as follows:
| Three months ended March 31 | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Accounts receivable | $ | (116 | ) | $ | 338 | |
| Prepaid expenses and deposits | (212 | ) | 1 | |||
| Accounts payable and accrued liabilities | 918 | (174 | ) | |||
| Changes in non-cash working capital | $ | 590 | $ | 165 |
Note 14: Loss per share
For the three months ended March 31, 2025, and 2024, the weighted average number of shares outstanding and loss per share were as follows:
| Three months ended March 31 | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Net loss | $ | 2,991 | $ | 714 |
| Weighted average basic number of shares outstanding | 151,900,097 | 145,941,943 | ||
| Basic loss per share | $ | 0.02 | $ | 0.01 |
| Weighted average diluted number of shares outstanding | 151,900,097 | 145,941,943 | ||
| Diluted loss per share | $ | 0.02 | $ | 0.01 |
All of the outstanding share options and share purchase warrants at March 31, 2025 were anti-dilutive for the period then ended as the Company was in a loss position.
Note 15: Financial instruments
The Company’s financial instruments as at March 31, 2025, consisted of cash, marketable securities, accounts receivable, other investments, 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, 2025 | At December 31, 2024 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Amortized Cost | FVTPL | Total | Amortized Cost | FVTPL | Total | |||||||||
| Cash | $ | 2,316 | $ | - | $ | 2,316 | $ | 4,912 | $ | - | $ | 4,912 | ||
| Marketable securities | - | 2,420 | 2,420 | - | 2,358 | 2,358 | ||||||||
| Other investments | - | 2,063 | 2,063 | - | 2,063 | 2,063 | ||||||||
| Deposits | 193 | - | 193 | 191 | - | 191 | ||||||||
| Accounts receivable | 170 | 170 | 54 | 54 | ||||||||||
| Total financial assets | $ | 2,679 | $ | 4,483 | $ | 7,162 | $ | 5,157 | $ | 4,421 | $ | 9,578 | ||
| Accounts payable and accrued liabilities | (1,774 | ) | - | (1,774 | ) | 855 | - | 855 | ||||||
| Total financial liabilities | $ | (1,774 | ) | $ | - | $ | (1,774 | ) | $ | 855 | $ | - | $ | 855 |
| **Fury Gold Mines Limited Notes to the Q1 2025 Condensed Interim Consolidated Financial Statements**<br><br>\(Expressed in thousands of Canadian dollars, except where noted - Unaudited\) | 15 |
| --- | --- |
|---|---|
| --- | --- |
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, 2025, 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 investments which were classified as Level 3. There were no financial assets or financial liabilities measured and recognized in the condensed interim consolidated statements of financial position at fair value that would be categorized as level 2 in the fair value hierarchy.
| (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, 2025, 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, 2025, the Company had unrestricted cash of $2,316 (December 31, 2024 – $4,912), working capital surplus of $5,555 (December 31, 2024 – $8,045), which the Company defines as current assets less current liabilities, and an accumulated deficit of $260,184 (December 31, 2024 – $257,192). During the three months ended March 31, 2025, Fury Gold incurred a comprehensive loss of $2,991 (three months ended March 31, 2024 –$715). The Company expects to incur future operating losses in relation to exploration activities. With no source of operating cash flow, there is no assurance that sufficient funding will be available to conduct further exploration of its mineral properties.
The Company’s contractual obligations are as follows:
| Within 1 year | 2 to 3 <br>years | Over 3 <br>years | At March 31 <br>2025 | At December 31 <br>2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Accounts payable and accrued liabilities | $ | 1,774 | $ | - | $ | - | $ | 1,774 | $ | 855 |
| Quebec flow-through expenditure requirements | 171 | - | - | 171 | 944 | |||||
| Undiscounted lease payments | 16 | - | - | 16 | 65 | |||||
| Total | $ | 1,961 | $ | - | $ | - | $ | 1,961 | $ | 1,864 |
| **Fury Gold Mines Limited Notes to the Q1 2025 Condensed Interim Consolidated Financial Statements**<br><br>\(Expressed in thousands of Canadian dollars, except where noted - Unaudited\) | 16 |
| --- | --- |
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 $477 of payments arising on mineral claims and leases will be payable during the year ended December 31, 2025.
Credit risk
The Company’s cash and accounts receivables are exposed to credit risk, which is the risk that the counterparties to the Company’s financial instruments will cause a loss to the Company by failing to pay their obligations. The amount of credit risk to which the Company is exposed is considered insignificant as the Company’s cash is held with highly rated financial institutions in interest-bearing accounts and the accounts receivable primarily consist of sales tax receivables.
Market risk
This is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The significant market risks to which the Company is exposed are as follows:
| i. | Currency risk |
|---|
The Company is exposed to currency risk by having balances and transactions in currencies that are different from the relevant functional currency (the Canadian dollar). The Company’s foreign currency exposure related to its financial assets and liabilities held in US dollars was as follows:
| At March 31 | At December 31 | ||||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| Financial assets | |||||
| US$ bank accounts | $ | 8 | $ | 1 | |
| Financial liabilities | |||||
| Accounts payable | (1 | ) | - | ||
| $ | 7 | $ | 1 |
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 4) 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 not have a material impact on the Company’s net loss.
Note 16: Subsequent events
| (a) | On April 29, 2025, the Company announced the completion of the Quebec Precious Metals Corporation (“QPM”)<br>acquisition, previously announced on February 26, 2025. Fury acquired all of the issued and outstanding common shares of QPM by issuing<br>an aggregate of 8,394,045 Fury shares on close, valued at $4.533M. |
|---|---|
| (b) | On May 8, 2025, the Company sold 1,000,000 common shares of Dolly Varden for net proceeds of $3,626, which<br>will dilute the Company’s interest down to 14.5%. |
| --- | --- |
| Fury Gold Mines Limited Notes to the Q1 2025 Condensed Interim Consolidated Financial Statements<br><br> <br>(Expressed in thousands of Canadian dollars, except where noted - Unaudited) | 17 |
|---|
Exhibit 99.2
(An exploration company)
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE THREE MONTHS ENDED MARCH 31, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2025
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, 2025. The condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34 – Interim FinancialReporting (“IAS 34”) of the IFRS^®^ Accounting Standards as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the IFRS Interpretations Committee (“IFRIC”). All dollar amounts presented are expressed in thousands of Canadian dollars unless otherwise stated. Certain amounts presented in this MD&A have been rounded. The effective date of this MD&A is May 14, 2025.
| Section 1: Forward-looking statements and risk factors | 2 |
|---|---|
| Section 2: Business Overview | 5 |
| Section 3: 2024 Highlights and subsequent events | 6 |
| Section 4: Projects overview | 8 |
| Section 5: Review of annual financial information | 12 |
| Section 6: Review of quarterly financial information | 14 |
| Section 7: Financial position, liquidity, and capital resources | 16 |
| Section 8: Financial risk summary | 21 |
| Section 9: Related party transactions and balances | 21 |
| Section 10: Critical accounting estimates and judgements | 22 |
| Section 11: Application of new and revised accounting standards | 24 |
| Section 12: Controls and procedures | 25 |
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 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 portfolio interests in Dolly Varden Silver Corporation and Sirios Resources Inc. and the realization of carrying values of securities held for resale, and 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 such statements were made 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, 2024, subsequent disclosure filings with the Canadian Securities Administrators, the Company’s annual report on Form 20-F for the year ended December 31, 2024 filed with the United States Securities and Exchange Commission (the “SEC”) (the “2024 Form 20-F Annual Report”), 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.
Readers are cautioned not to place heavy reliance on forward looking statements.
Cautionary Note to United States Investors concerning Estimatesof Measured, Indicated, and Inferred Resource Estimates:
This MD&A uses the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, which are Canadian mining terms as defined in, and required to be disclosed in accordance with, National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on mineral resources and mineral reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. Mining disclosure under U.S. securities law was previously required to comply with SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Exchange Act of 1934, as amended. The SEC has adopted rules to replace SEC Industry Guide 7 with new mining disclosure rules under sub-part 1300 of Regulation S-K of the U.S. Securities Act (“Regulation S-K 1300”) which became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. Under Regulation S-K 1300, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to international standards. Readers are cautioned that despite efforts to harmonize U.S. mining disclosure rules with NI 43-101 and other international requirements, there are differences between the terms and definitions used in Regulation S-K 1300 and mining terms defined by CIM and used in NI 43 101, and there is no assurance that any mineral reserves or mineral resources that an owner or operator may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the owner or operator prepared the reserve or resource estimates under the standards of Regulation S-K 1300.
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 2 |
| --- | --- |
As a “foreign private issuer” under United States securities laws, the Company was previously eligible to file its annual report on Form 40-F with the SEC pursuant to the multi-jurisdictional disclosure system. Consequently, the Company was not required to provide disclosure on its mineral properties under US Regulation S-K 1300 but rather provided disclosure under Canadian NI 43-101 and the Canadian Institute of Mining and Metallurgy (CIM) Standards. The Company has lost its eligibility to file its annual report on Form 40-F using Canadian standards due to the non-affiliate market capitalization of its public share float having a market value less than US$75 million from the year ended December 31, 2023. Consequently, all Form 20-F Annual Reports filed by the Company with the SEC will include disclosure on the Company’s material properties in accordance with the requirements of Regulation S-K 1300 which as noted above may materially differ from the requirements of NI 43-101 and the CIM Definition Standards.
There is no assurance any mineral resources that the Company may report 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 a higher category of mineral resources or 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 has no mineral reserves which require that the estimated resources be demonstrated to be economic in at least a pre-feasibility 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. Although 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. Therefore, United States investors are also cautioned not to assume that all or any part of the “inferred mineral resources” exist. In accordance with 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 U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
See the heading “Resource Category (Classification) Definitions” in the 2024 Form 20-F Annual Report for a more detailed description of certain of the mining terms used in this MD&A.
| 1.2 | Qualified persons and technical disclosures |
|---|
Bryan Atkinson. P.Geol., Senior Vice President, Exploration, and Valerie Doyon, P.Geo., Senior Project Geologist, of the Company are each a “qualified person” or “QP” under and for the purposes of NI 43-101 with respect to the technical disclosures in this MD&A in respect to the Committee Bay and the Quebec projects respectively.
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 3 |
| --- | --- |
Section 2: Business Overview
Fury Gold is a Canadian-focused gold exploration company strategically positioned in two prolific mining regions: the Eeyou Istchee James Bay Region of Quebec and the Kitikmeot Region in Nunavut. The Company’s vision is to deliver shareholder value by growing our multi-million-ounce gold portfolio through additional significant gold discoveries in Canada.
The Company 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 located 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, 2025, the Company had three material mineral projects: Committee Bay in Nunavut, and Eau Claire and Éléonore South in Quebec, which the Company then owned 100% of after acquiring the 49.978% interest previously held by Newmont Corporation (“Newmont”) in February 2024. Additionally, the Company held a 16.05% common share interest in Dolly Varden Silver Corporation (“Dolly Varden”) at March 31, 2025, which owns the Kitsault project in British Columbia, which was lowered to 14.50% after March 31, 2025. The Company’s equity interest in Dolly Varden is accounted for as an investment in associate meaning cost less a share of its losses (or plus its income, if any) as well as any equity dilution implied gains/or losses discussed below and accordingly their carrying value on the financial statements does not reflect any market value of these securities (although the Dolly Varden investment would be written down if the market value of these shares were determined to be persistently lower than their carrying value).
The Company is a junior resource exploration issuer and does not have material revenues nor reportable segments. 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 Highlights and subsequent events
| 3.1 | Operational highlights |
|---|---|
| § | On February 3, 2025, the Company announced the commencement of a diamond drilling program on the greenfield<br>exploration Éléonore South gold project located in the Eeyou Istchee Territory in the James Bay region of Northern Quebec.<br>Drilling will target robust multi-faceted geological, geophysical, and geochemical gold anomalies within the same sedimentary rock package<br>that hosts the Éléonore Mine. The fully funded first phase drilling campaign will comprise approximately 4,000 – 6,000<br>metres (m) targeting an interpreted fold nose within the Low Formation sediments. Within the prospective folded stratigraphy are six undrilled<br>priority targets spanning over 3 kilometres (km) of strike length that have been identified through a combination of biogeochemical sampling<br>and interpretation of magnetics and electromagnetics survey data. The first phase of drilling will be focused within a northwest-southeast<br>structural corridor where a strong correlation between anomalous gold, stratigraphy, and structure has been identified. The drill targets<br>occur in a structurally complex setting with little to no outcrop exposure and the targeting model will evolve with each hole drilled.<br>The Company plans to complete approximately 15 of the 77 permitted drill holes as part of the first phase of drilling and will guide additional<br>drilling based on the results and observations from this phase. |
| --- | --- |
| 3.2 | Corporate highlights and subsequent events |
| --- | --- |
| § | On May 8, 2025, the Company sold 1,000,000 common shares of Dolly Varden for net proceeds of $3,626, which<br>will dilute the Company’s interest down to 14.5%. |
| --- | --- |
| § | On April 29, 2025, the Company announced the completion of the corporate acquisition of Quebec Precious<br>Metals Corporation (“QPM”) originally announced on February 26, 2025. Fury acquired all of the issued and outstanding common<br>shares of QPM by issuing an aggregate of 8,394,137 Fury shares on close, valued at $4.533M. The Company thereby acquired three prospective<br>projects (one precious metal, one critical mineral and one base metal) which are not individually material to Fury at this time. The QPM<br>acquisition is not a significant acquisition in accordance with National Instrument 51-102 and therefore, no business acquisition report<br>will be filed. |
| --- | --- |
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 4 |
| --- | --- | | § | On March 26, 2025, the Company announced that director Isabelle Cadieux has resigned from the Fury Board<br>of directors to pursue other opportunities. | | --- | --- |
Section 4: Projects overview^1^
^1 This does not include any of the projects acquired as part of the QPM transaction referredto previously.^
| 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 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 alike.
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 |
| --- | --- |
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 5 |
| --- | --- | | § | 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 Nations 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 seven other properties covering approximately 93,000 hectares within the Eeyou Istchee James Bay region of Quebec. This now includes a 100% interest in the Éléonore South Project. The Eastmain Mine project along with the Ruby Hill East and Ruby Hill West projects are under option to Benz Mining Corp. (“Benz Mining”) whereby Benz Mining has earned a 75% interest in those properties, by completing certain option payments and exploration expenditures, with a further option to increase Benz Mining’s holding to 100% in the Eastmain Mine property upon receipt of a final milestone payment. Benz Mining currently acts as operator and is current with regards to all option payment and expenditure obligations. On December 6, 2024, Ophir Metals Corp. (“Ophir”) provided notice of termination of The Radis project option, this project has returned 100% to the Company with Ophir finalizing the work reporting and claims renewals as required.
| 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 May 14, 2024, the Company announced that it had received the results of an updated mineral resource estimate for Eau Claire which resulted in the addition of 307koz Au in the Measured and Indicated category (a 36.0% increase) and 223koz Au in the Inferred category (a 44.6% increase). The Eau Claire project now contains a combined mineral resource of 1.16Moz gold (Au) at a grade of 5.64 g/t Au in the Measured and Indicated category as well as an additional 723koz gold at a grade of 4.13 g/t Au in the Inferred Category.
Combined Mineral Resource Estimate for the Eau Claire Project:
In 2024, the Company completed approximately 3,871 m of Diamond Drilling at the project targeting biogeochemical anomalies within the Percival – Serendipity trend 14km to the east of Eau Claire. The 2024 drill program resulted in the discovery of high-grade gold mineralization at Serendipity with two intercepts: 3m of 12.16 g/t gold and 1m of 5.27 g/t gold separated by over 2 km of prospective stratigraphy. The 2024 drilling cost $1,800.
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 6 |
| --- | --- |
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 planned 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 again proven 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 $35 annually in project maintenance costs, including certain mineral claims payments, in order to keep the properties in good standing in 2025.
Eau Claire resource estimate technical report
The Eau Claire resource estimation was completed by Maxime Dupere, Geologist, Ben Eggers, Geologist, and Sarah Dean, Geologist, all with SGS Geological Services (“Mineral Resource Estimate Update for the Eau Claire Project, Eeyou Istchee James Bay Region of Quebec, Canada” is dated June 25, 2024, has an effective date of May 10, 2024, and filed on SEDAR+).
| 4.2.2 | Éléonore South |
|---|
On March 1, 2024, Fury Gold completed the purchase of Newmont Corporation’s 49.978% interest in the Éléonore South project for $3,000 consolidating Fury’s interest in the project to 100%.
The 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.
On March 5, 2024, the Company announced that it has identified a robust biogeochemical gold anomaly within the same sedimentary rock package that hosts Newmont’s Éléonore Mine at the Éléonore South project. The orientation level biogeochemical sampling survey was designed to target an interpreted fold nose within the Low Formation sediments in an area where conventional soil or till sampling was not possible due to the ground conditions. The targeted area exhibited similar geological, geophysical, and structural characteristics to those present at the nearby Éléonore Mine. The identified anomaly is up to 200x the background value in gold and outlines the folded sedimentary package.
On March 20, 2024, Fury announced its intention to commence diamond core drilling operations at the Éléonore South gold project. The diamond drilling program commenced in late March and will comprise approximately 2,000 metres (m) focussed on the Moni showing trend where previous drilling intercepted up to; 53.25 m of 4.22 g/t gold (Au); 6.0 m of 49.50 g/t Au including 1.0 m of 294 g/t Au and 23.8 m of 3.08 g/t Au including 1.5 m of 27.80 g/t Au, several of which remain open.
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 7 |
| --- | --- |
On June 4, 2024, Fury announced the results from its Spring 2024 diamond core drilling program at the Éléonore South gold project. The Spring 2024 diamond drilling program comprised 2,331.4 m completed in seven diamond drill holes testing 2.3 km of strike along the JT – Moni Trend. The drilling targeted 100 to 125 m downdip extensions from historical drilling. All seven drill holes intercepted anomalous gold mineralization including 137.5 m of 0.44 g/t gold and 18.7 m of 0.97 g/t from drill hole 24ES-161, 115.5 m of 0.50 g/t gold from drill hole 24ES-162 and, 28.0 m of 0.47 g/t gold from drill hole 24ES-160. The limited drilling completed confirms that the gold mineralization hosted within the Cheechoo tonalite remains open.
On October 7, 2024, the Company announced the discovery of high-grade lithium outcrop on the western claim block of its 100% owned Éléonore South project in the Eeyou Istchee Territory in the James Bay region of Quebec. The outcrop sampling program targeted the historical Fliszar showing lepidolite bearing pegmatite as well as new rock exposures over an area of approximately 1000 x 500 metres (m) resulting in the collection of 34 samples. Seven samples returned high-grade values above 1.75% lithium oxide (Li2O) with a peak value of 4.67% Li2O. The Company’s focus remains on the gold prospectivity of the Éléonore South project; however, the announced lithium results provide additional exploration targets as the overall project is advanced.
On November 12, 2024, the Company announced the finalization of drill targeting at the Éléonore South gold project in the Eeyou Istchee Territory in the James Bay Region of Quebec. Drilling will target robust geochemical gold anomalies within the same sedimentary rock package that hosts Newmont’s Éléonore Mine. The completed biogeochemical sampling survey covered an interpreted fold nose within the Low Formation sediments where an orientation level study identified a large-scale gold anomaly in a similar geological, geophysical, and structural setting to that of the nearby Éléonore Mine. Six priority drill targets across over 3 kilometres (km) of prospective folded sedimentary stratigraphy have been identified. These six targets encompass multi point gold anomalies above the 90th percentile of the data and correlate with moderate pathfinder elemental anomalies, most notably arsenic which is associated with gold mineralization at the Éléonore Mine. The Company has mobilized crews during February 2025 for an initial fully funded 3,000 – 5,000 metre (m) diamond drilling program.
On February 3, 2025, the Company announced the commencement of a diamond drilling program on the greenfield exploration Éléonore South gold project located in the Eeyou Istchee Territory in the James Bay region of Northern Quebec. Drilling will target a combination of geological, geophysical, and geochemical gold anomalies within the same sedimentary rock package that hosts the Éléonore Mine. The fully funded first phase drilling campaign will comprise approximately 4,000 – 6,000 metres (m) targeting an interpreted fold nose within the Low Formation sediments. Within the prospective folded stratigraphy are six undrilled priority targets spanning over 3 kilometres (km) of strike length that have been identified through a combination of biogeochemical sampling and interpretation of magnetics and electromagnetics survey data. The first phase of drilling will be focused within a northwest-southeast structural corridor where a strong correlation between anomalous gold, stratigraphy, and structure has been identified. The drill targets occur in a structurally complex setting with little to no outcrop exposure and the targeting model will evolve with each hole drilled. The Company plans to complete approximately 15 of the 77 permitted drill holes as part of the first phase of drilling and will guide additional drilling based on the results and observations from this phase.
In addition to the Éléonore style biogeochemical targets several gold in-till anomalies remain undrilled throughout the project. These gold in-till anomalies have similar geological and geochemical characteristics to the Cheechoo style of mineralization.
The Company expects to incur approximately $35 annually in project maintenance costs, including certain mineral claims payments, in order to keep the properties in good standing in 2025.
| 4.3 | Nunavut |
|---|
Committee Bay and Gibson MacQuoid Projects
The Committee Bay project comprises approximately 250,000 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.
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 8 |
| --- | --- |
On October 24, 2024, the Company announced the results from the summer exploration program at its 100% Committee Bay project in the Kitikmeot Region of Nunavut. The 2024 exploration program defined three drill ready shear zone hosted targets advanced through a combination of till sampling, rock sampling and geological mapping:
| § | Three Bluffs Shear, where drilling in 2021 intercepted 13.93 g/t Au over 10 metres (m) (see news release<br>dated December 1, 2021); |
|---|---|
| § | Raven Shear where 7 rock samples have averaged 16.12 g/t gold; and |
| --- | --- |
| § | Burro West where a 300 by 300 m discrete >90th percentile gold in till anomaly has been defined with<br>a peak value of 50 ppb gold. |
| --- | --- |
The Company expects to incur approximately $160 in annual mineral claims expenditures in 2025, in order to keep the property in good standing. Payments totalling $157 were made during the year ended December 31, 2024, in respect of these mineral claims.
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 prior all previous Committee Bay technical reports.
Section 5: Review of quarterly financial information
| Three months ended: | Interest income | Net Loss^(1)^ | Comprehensive loss^(1)^ | Loss per share (/share) | ||||
|---|---|---|---|---|---|---|---|---|
| March 31, 2025 | $ | 44 | $ | 2,991 | $ | 2,993 | ||
| December 31, 2024 | 60 | 101,256 | 101,257 | |||||
| September 30, 2024 | 75 | 2,673 | 2,673 | |||||
| June 30, 2024 | 82 | 3,496 | 3,497 | |||||
| March 31, 2024 | 82 | 714 | (1) | 715 | ||||
| December 31, 2023 | 119 | 4,609 | 4,612 | |||||
| September 30, 2023 | 162 | 6,650 | 6,649 | |||||
| June 30, 2023 | 188 | 3,293 | 3,296 |
All values are in US Dollars.
^(1)^Certain periods have been restated within this document to correct a misstatement which was identified in the fourth quarter of 2024. See section 5.2 below for details
| 5.1 | Three months ended March 31, 2025, compared to three months ended March 31, 2024 |
|---|
During the three months ended March 31, 2025, the Company reported net loss of $2,991 and loss per share of $0.02 compared to a net loss of $714 and loss per share of $0.01 for the three months ended March 31, 2024. The significant drivers of the change in total net loss were as follows:
Operating expenses:
| § | Exploration and evaluation costs increased to $2,161 for the three months ended March 31, 2025 compared<br>to $791 for the three months ended March 31, 2024. The higher exploration expense in the first quarter of 2025 was a result of the 4,000<br>– 6,000 metres diamond drilling program at the Éléonore South property, whereas works in the first quarter of 2024<br>were limited to reviewing drill results and working on a resource update; |
|---|
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 9 |
| --- | --- | | § | Legal and professional fees increased to $182 for the three months ended March 31, 2025 compared to $144<br>for the three months ended March 31, 2024. The higher costs in 2025 were primarily due to legal fees associated with additional corporate<br>and regulatory matters compared to the prior year; and | | --- | --- | | § | Marketing and investor relations costs increased to $246 for the three months ended March 31, 2025 compared<br>to $135 for the three months ended March 31, 2024. The increase in costs was due to increased strategic investor relations events conducted<br>in the first quarter of 2025 as compared to the first quarter of 2024. | | --- | --- |
Other (income) expenses, net:
| § | Amortization of flow-through share premium increase to $773 for the three months ended March 31, 2025<br>as compared to $280 for the three months ended March 31, 2024 was a direct result of the higher exploration expense due to the diamond<br>drilling program at the Éléonore South property in 2025; |
|---|---|
| § | Gain on investments of $757 for the three months ended March 31, 2024, was a result of the Company’s<br>disposition of Dolly Varden shares during the period which included a $220 deemed gain on dilution, whereas in the current year period<br>there was a $76 loss due to dilution on the investment; and |
| --- | --- |
| § | Net gain on marketable securities of $61 for the three months ended March 31, 2025 compared to $398 for<br>the three months ended March 31, 2024 was primarily due to in Q1 2024, there was a significant upturn in market value of certain securities<br>within the lithium exploration space of which the Company had significant holdings, whereas in the current period there were small gains<br>across multiple investments. |
| --- | --- |
| 5.2 | Revision of prior period unaudited interim financial statements |
| --- | --- |
In preparing the consolidated financial statements for the year ended December 31, 2024, the Company identified an error in its previously issued unaudited consolidated quarterly financial statements for the periods ended March 31, 2024 and September 30, 2024. The carrying value of our investment in associates may also change as a result of effective increase or decrease in the investor’s ownership interest, with gains or losses arising as a result being recognized in profit or loss. In certain circumstances, our interest in the associates can change without us directly purchasing or selling shares, for example in the events of share issuances in which we do not participate. The error resulted in a misstatement of gain/loss on investments and investments in associates relating to the Company’s investment in Dolly Varden, specifically an understatement of dilution gain on the consolidated statement of (earnings) loss and comprehensive (income) loss, as well as an understatement of our investment in associate balance on the statement of financial position. The error had no cash impact on our financial statements. The impact of the revisions to the periods presented in this report are as follows:
| As reported | Adjustment | Revised | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Revised Statement of Financial Position <br> as of March 31, 2024 | |||||||||
| Investment in associates | 32,638 | 220 | 32,858 | ||||||
| Total assets | 188,023 | 220 | 188,243 | ||||||
| Deficit | (149,988 | ) | 220 | 149,768 | |||||
| Total equity | 182,356 | 220 | 182,576 | ||||||
| Revised Consolidated Statements of Loss and Comprehensive Loss <br> for the three months ended March 31, 2024 | |||||||||
| Gain on investments | (537 | ) | (220 | ) | (757 | ) | |||
| Net loss | 934 | (220 | ) | 714 | |||||
| Total comprehensive loss | 935 | (220 | ) | 715 |
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 10 |
| --- | --- | | Revised Statement of Financial Position<br><br> <br>as of September 30, 2024 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | Investment in associates | 29,341 | | 2,000 | | 31,341 | | | Total assets | 184,099 | | 2,000 | | 186,099 | | | Deficit | (157,932 | ) | 2,000 | | (155,932 | ) | | Total equity | 177,526 | | 2,000 | | 179,526 | | | Revised Consolidated Statements of Loss and Comprehensive Loss <br> for the three months ended September 30, 2024 | | | | | | | | Gain on investments | — | | (1,780 | ) | (1,780 | ) | | Net loss | 4,453 | | (1,780 | ) | 2,673 | | | Total comprehensive loss | 4,453 | | (1,780 | ) | 2,673 | | | Revised Consolidated Statements of Loss and Comprehensive Loss <br> for the nine months ended September 30, 2024 | | | | | | | | Gain on investments | (538 | ) | (2,000 | ) | (2,538 | ) | | Net loss | 8,881 | | (2,000 | ) | 6,881 | | | Total comprehensive loss | 8,883 | | (2,000 | ) | 6,883 | |
Section 6: Financial position, liquidity, and capital resources
| At March 31 <br>2025 | At December 31 <br>2024 | |||
|---|---|---|---|---|
| Cash | $ | 2,316 | $ | 4,912 |
| Restricted cash | 144 | 144 | ||
| Marketable securities | 2,420 | 2,358 | ||
| Other investments ^(1)^ | 2,063 | 2,063 | ||
| Other assets | 1,189 | 979 | ||
| Mineral property interests | 44,592 | 45,200 | ||
| Investments in associates | 29,079 | 29,456 | ||
| Current liabilities | 1,965 | 1,864 | ||
| Non-current liabilities | 4,477 | 5,045 | ||
| Working capital surplus ^(2)^ | 5,450 | 8,045 | ||
| Accumulated deficit | 260,213 | 257,192 |
^(1)^ Investment in unlisted shares of Alsym Energy Inc.
^(2)^ Defined as total current assets less total current liabilities
| Three months ended March 31: | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| Cash used in operating activities | (2,543 | ) | (1,358 | ) | ||
| Cash used in investing activities | (3 | ) | (176 | ) | ||
| Cash used in financing activities | (48 | ) | (47 | ) |
| 6.1 | Cash flows |
|---|
During the three months ended March 31, 2025, the Company used cash of $2,543 in operating activities compared to $1,358 during the three months ended March 31, 2024. The cash outflow for 2025 was higher primarily due to higher exploration activities and higher employee costs compared to the first quarter of 2024.
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. During the three months ended March 31, 2024, the Company used cash in investing activities of $176, representing mainly the net receipts of $3,820 for selling Dolly Varden shares offsetting by mineral property additions of $3,022 and net marketable security additions of $1,056.
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 11 |
| --- | --- |
During the three months ended March 31, 2025 and 2024, cash used by financing activities were $48 and $47, respectively, both representing lease payments.
| 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, 2025, shown in contractual undiscounted cashflows:
| Within 1 year | 2 to 3 <br>years | Over 3 <br>years | At March 31 <br>2025 | At December 31 <br>2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Accounts payable and accrued liabilities | $ | 1,774 | $ | — | $ | — | $ | 1,774 | $ | 855 |
| Quebec flow-through expenditure requirements | 171 | — | — | 171 | 944 | |||||
| Undiscounted lease payments | 16 | — | — | 16 | 65 | |||||
| Total | $ | 1,961 | $ | — | $ | — | $ | 1,961 | $ | 1,864 |
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 $477 of payments arising on mineral claims and leases will be payable during the year ended December 31, 2025.
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, 2023 | $ | 122,978 | $ | 19,661 | $ | 142,639 | |||
| Additions | 3,030 | — | 3,030 | ||||||
| Change in estimate of provision for site reclamation and closure | (23 | ) | 427 | 404 | |||||
| Impairment | (88,885 | ) | (11,988 | ) | (100,873 | ) | |||
| Balance at December 31, 2024 | $ | 37,100 | $ | 8,100 | $ | 45,200 | |||
| Change in estimate of provision for site reclamation and closure | (691 | ) | 83 | (608 | ) | ||||
| Balance at March 31, 2025 | $ | 36,409 | $ | 8,183 | $ | 44,592 |
On February 29, 2024, the Company, and its joint operation partner Newmont, through their respective subsidiaries, closed a transaction whereby the Company acquired 100% control of the joint operation interests, the Éléonore South project, consolidating these properties into the Company’s portfolio at which time the joint venture operation was dissolved. The 49.978% that Newmont held was acquired by the Company for $3,000 while incurring $30 in transaction costs. As part of the same transaction, the Company also acquired a 10.9% interest in Sirios for $1,300 which is held as marketable securities.
The Company’s market capitalization has persistently been below the carrying value of its mineral properties over the last few years, and, accordingly, the Company engaged a third-party valuation specialist to conduct a review to determine a more reflective carrying value of these mineral property interests. The resulting report recommended an impairment charge to better reflect their values. Management, therefore, deemed it was necessary to record a impairment charge of $100,873 for the year ended December 31, 2024, as described in section 6.7.
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 12 |
| --- | --- |
|---|---|
| --- | --- |
The Company proactively manages 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 capital resources to support certain planned activities for the next 12 months at the Eau Claire and Éléonore South 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.
June 2024 financing
In June 2024 the Company issued 5,320,000 flow-through shares for gross proceeds of $5,001 (“June 2024 Offering”). Share issue costs related to the June 2024 Offering totaled $533, which included $300 in commissions and $233 in other issuance costs. The proceeds of the June 2024 Offering will be used for the Company’s exploration program in Quebec.
Reconciliation of use of fund of 2024 funding
Fury’s stated use of proceeds for the June 2024 Offering were for (i) exploration at Eau Claire, (ii) Geochemical sampling and exploration at Éléonore South. The funds raised and the application of these funds and working capital is summarized below.
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quebec explorations | (456 | ) | (1,773 | ) | (626 | ) | (1,710 | ) | ||||
| G&A expenditures | — | — | — | — | ||||||||
| Total | (456 | ) | (1,773 | ) | (626 | ) | (1,710 | ) | ||||
| Amount raised | 4,565 | — | — | — | ||||||||
| Remaining to be spent | 4,109 | 2,336 | 1,710 | — |
The Company use of fund from the 2024 financing is summarized below:
| Financing | Intended Use of Funds ($,000) | Actual Use of Proceeds | Variance and Impact on Business Objectives and Milestones |
|---|---|---|---|
| June 2024 Financing:<br> <br><br> <br>· Issuance of 5,320,000 “flow-through” Common Shares for net proceeds of $4,565 | · <br> $2,500 for exploration on Eau Claire Project<br><br> <br>· <br> $2,000 to $2,500 for exploration at Éléonore South | Work commenced at Eau Claire at the end of Q2 2024 while drilling at Elenore South commenced in February 2025 | No variance. Planned exploration programs were completed. |
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 13 |
| --- | --- |
Exercise of share options and warrants
During the three months ended March 31, 2025, there were no exercises of share options and warrants.
As at March 31, 2025, the share options and warrants outstanding were as follows:
| Share options exercisable | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Exercise price (/option) | Weighted average exercise price (/option) | Weighted average remaining life (years) | Number of shares | Weighted average exercise price (/option) | Weighted average remaining life (years) | ||||
| 3,945,500 | 2.70 | 3,811,750 | 2.64 | ||||||
| 2,800,672 | 1.78 | 2,800,672 | 1.78 | ||||||
| 1,520,000 | 0.56 | 1,520,000 | 0.56 | ||||||
| 8,266,172 | 1.99 | 8,132,422 | 1.95 |
All values are in US Dollars.
The number of share purchase warrants outstanding at March 31, 2025 was as follows:
| Warrants <br>outstanding | Exercise price (/share) | |||
|---|---|---|---|---|
| Outstanding, December 31, 2023 | 7,461,450 | |||
| Expired | (7,461,450 | ) | ||
| Outstanding, December 31, 2024 and March 31, 2025 | — |
All values are in US Dollars.
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 (note 18), 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 also approved 80,000 stock options, vesting over 18 months with an exercise price of $0.60 per option, to certain UMS employees and service providers.
As at March 31, 2025, there were 8,266,172 share options with a weighted average exercise price of $1.14 and nil warrants outstanding.
| 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, 2025: 151,938,300
Number of common shares issued and outstanding as at May 14, 2025: 160,332,345
Section 7: Financial risk summary
As at March 31, 2025, the Company’s financial instruments consist of cash, marketable securities, other investments, accounts receivable, deposits, and accounts payable and accrued liabilities. 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<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 14 |
| --- | --- |
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, 2025.
Section 8: Related party transactions and balances
| 8.1 | UMS |
|---|
The Company owns 25% of the shares of Universal Mineral Services Ltd (“UMS “) with the other 75% owned by three other mineral exploration companies. UMS is a 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. 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 by either party 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 | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Exploration and evaluation costs | $ | 37 | $ | 58 |
| General and administration | 46 | 73 | ||
| Total transactions for the period | $ | 83 | $ | 131 |
The outstanding balance owing at March 31, 2025, was $nil (December 31, 2024 – $90) which is included in accounts payable.
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, 2025, the Company expects to incur approximately $87 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 $5 for the three months ended March 31, 2025, in respect of share options issued to UMS employees (March 31, 2024 recovery - $4) 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.
The remuneration of the Company’s key management personnel was as follows:
| Three months ended March 31 | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Short-term benefits provided to executives ^(a)^ | $ | 267 | $ | 215 |
| Directors’ fees paid to non-executive directors | 70 | 35 | ||
| Share-based payments | 142 | 147 | ||
| Total | $ | 479 | $ | 397 |
^(a)^ Short-term employee benefits include salaries, bonuses payable within twelve months of the date of the consolidated statement of financial position, and other annual employee benefits.
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 15 |
| --- | --- |
Section 9: Critical accounting estimates and judgements
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, 2025, 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, 2024.
Application of new and revised accounting standards
On August 14, 2023, the IASB issued “Lack of Exchangeability (Amendments to IAS 21)” with amendments to clarify the accounting when there is a lack of exchangeability. The amendments to IAS 21 are effective for annual periods beginning on or after January 1, 2025, with earlier application permitted. The adoption of the new standard did not have an impact on the financial statements of the Company.
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 they are not expected to have a significant impact in the foreseeable future on the Company's consolidated financial statements once adopted.
On May 30, 2024, the IASB issued “Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)” to address matters identified during the post-implementation review of the classification and measurement requirements in IFRS 9 Financial Instruments and related requirements in IFRS 7 FinancialInstruments: Disclosures. The amendments are effective for reporting periods beginning on or after January 1, 2026. Early application is permitted. The Company is currently evaluating the impact of the new standard on its financial statements.
On April 9, 2024, the IASB issued a new standard, called IFRS 18 Presentationand 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 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
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<br>and dispositions of the assets of the Company; |
|---|---|
| § | provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated<br>financial statements in accordance with IFRS Accounting Standards as issued by the IASB, and that receipts and expenditures of the Company<br>are being made only in accordance with authorizations of management and directors of the Company; and |
| --- | --- |
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 16 |
| --- | --- | | § | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use,<br>or disposition of the Company assets, or incurring liabilities or other obligations that could have a material effect on the consolidated<br>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.
Management evaluated the design and operating effectiveness of the Company’s internal control over financial reporting based on the criteria established in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that evaluation, the CEO and CFO concluded that such ICFR were not effective at the reasonable assurance level as of December 31, 2024.
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 of December 31, 2024, 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 were not effective at the reasonable assurance level as of December 31, 2024, due to the material weakness in our internal control over financial reporting as described below.
Material Weakness in Internal Control Over Financial Reporting
A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.
In the fourth quarter of 2024, management determined that there was a material weakness in the Company’s ICFR and DC&P related to the review of complex accounting transactions outside of the normal course of the Company’s operations. Specifically, we did not design and maintain controls to timely analyze and report dilution gains or losses resulting from changes in ownership in associates accounted for using the equity method.
This control deficiency resulted in a misstatement of gain on investments and investments in associates relating to the Company’s investment in Dolly Varden, specifically an understatement of dilution gains on the consolidated statement of (earnings) loss and comprehensive (income) loss, as well as an understatement of the investment in associate balance in the statement of financial position, which management corrected via revision as noted in section 5.2.
Remediation Plan for the Material Weakness
The Company continues to focus on designing and implementing effective internal controls to improve our ICFR and remediate the material weakness. Our efforts include:
| § | designing and implementing controls related to the review of complex accounting transactions outside of<br>the normal course of the Company’s operations. Specifically, design and maintain controls to timely analyze and report dilution<br>gains or losses resulting from changes in ownership in associates accounted for using the equity method; |
|---|---|
| § | hiring a third-party specialist to assist with the design of these controls. |
| --- | --- |
The process of designing and maintaining effective ICFR is a continuous effort that requires management to anticipate and react to changes in its business, economic and regulatory environments and to expend significant resources. As we continue to evaluate our ICFR, we may take additional actions to remediate the material weakness or modify the remediation actions described above.
| Fury Gold Mines Limited<br> Management’s Discussion and Analysis of Financial Condition and<br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br>\(Amounts expressed in thousands of Canadian dollars, unless otherwise noted\) | 17 |
| --- | --- |
While management continues to devote significant time and attention to these remediation efforts, the material weakness will not be considered remediated until management completes the design and implementation of the actions described above, controls are in operation for a sufficient period of time, and management has concluded, through testing, that these controls are effective.
Changes in Internal Control over Financial Reporting
Other than the material weakness and remediation efforts described in “Material Weakness in Internal Control over Financial Reporting” and “Remediation Plan for the Material Weakness” above, there were no changes in the Company’s ICFR (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, our 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, 2025
| Fury Gold Mines Limited<br><br>Management’s Discussion and Analysis of Financial Condition and<br><br><br><br>Results of Operations for the Three Months Ended March 31, 2025<br><br><br><br>(Amounts expressed in thousands of Canadian dollars, unless otherwise noted) | 18 |
|---|
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”)<br>of Fury Gold Mines Limited (the “issuer”) for the interim period ended March 31, 2025. |
|---|---|
| 2. | No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain<br>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<br>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<br>with the other financial information included in the interim filings fairly present in all material respects the financial condition,<br>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<br>disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National<br>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<br>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<br>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<br>under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation;<br>and |
| --- | --- |
| (b) | designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial<br>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<br>ICFR is based on Internal Control – Integrated Framework (2013) published by the Committee of Sponsoring Organizations of theTreadway Commission. |
| --- | --- |
| 5.2 | ICFR – material weakness relating to design: The issuer has disclosed in its interim MD&A for each material<br>weakness relating to design existing at the end of the interim period |
|---|
| 1 |
| --- |
(a) a description of the material weakness;
(b) the impact of the material weakness on the issuer's financial reporting and its ICFR; and
(c) the issuer's current plans, if any, or any actions already undertaken, for remediating the material weakness.
| 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<br>occurred during the period beginning on January 1, 2025 and ended on March 31, 2025 that has materially affected, or is<br>reasonably likely to materially affect, the issuer’s ICFR. |
|---|
Date: May 14, 2025
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”)<br>of Fury Gold Mines Limited (the “issuer”) for the interim period ended March 31, 2025. |
|---|---|
| 2. | No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain<br>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<br>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<br>with the other financial information included in the interim filings fairly present in all material respects the financial condition,<br>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<br>disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National<br>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<br>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<br>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<br>under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation;<br>and |
| --- | --- |
| (b) | designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial<br>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<br>ICFR is based on Internal Control – Integrated Framework (2013) published by the Committee of Sponsoring Organizations of theTreadway Commission. |
| --- | --- |
| 5.2 | ICFR – material weakness relating to design: The issuer has disclosed in its interim MD&A for each material<br>weakness relating to design existing at the end of the interim period |
|---|
| 1 |
| --- |
(a) a description of the material weakness;
(b) the impact of the material weakness on the issuer's financial reporting and its ICFR; and
(c) the issuer's current plans, if any, or any actions already undertaken, for remediating the material weakness.
| 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<br>occurred during the period beginning on January 1, 2025 and ended on March 31, 2025 that has materially affected, or is<br>reasonably likely to materially affect, the issuer’s ICFR. |
|---|
Date: May 14, 2025
Signed “Phil van Staden”
_______________________
Phil van Staden
Chief Financial Officer