Fury Gold Mines Limited (FURY): Business Model Canvas

Fury Gold Mines Limited (FURY) entwickelt sich zu einem dynamischen Akteur in der Edelmetallexplorationslandschaft und positioniert sich strategisch für potenzielle bahnbrechende Entdeckungen in den kanadischen und mexikanischen Bergbaugebieten. Mit einem laserfokussierten Ansatz für nachhaltige Bergbaupraktiken und Goldexploration mit hohem Potenzial nutzt das Unternehmen modernste geologische Technologien und strategische Partnerschaften, um bedeutende Möglichkeiten für Mineralressourcen zu erschließen. Investoren und Branchenbeobachter beobachten das innovative Geschäftsmodell von FURY aufmerksam, das nicht nur potenzielle finanzielle Erträge, sondern auch ein Engagement für eine verantwortungsvolle Ressourcenentwicklung in bergbaufreundlichen Gerichtsbarkeiten verspricht.

Fury Gold Mines Limited (FURY) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit kanadischen und mexikanischen Bergbauexplorationsunternehmen

Fury Gold Mines hat strategische Partnerschaften mit den folgenden Explorationsunternehmen aufgebaut:

Partnerunternehmen	Standort	Partnerschaftsfokus
Newmont Corporation	Kanada	Explorations-Joint-Ventures in Nunavut
Agnico Eagle Mines	Mexiko	Zusammenarbeit bei der Mineralexploration

Joint-Venture-Vereinbarungen mit geologischen Vermessungsorganisationen

Details zur Zusammenarbeit mit geologischen Vermessungsorganisationen:

• Partnerschaft mit dem Geological Survey of Canada zur regionalen Mineralkartierung
• Gemeinsames Explorationsprogramm des Mexican Geological Survey

Partnerschaften mit Ausrüstungs- und Technologielieferanten

Lieferant	Technologie/Ausrüstung	Vertragswert
Caterpillar Inc.	Bergbauausrüstung	Jahresvertrag über 2,3 Millionen US-Dollar
Sandvik-Gruppe	Bohrtechnik	Jährlicher Liefervertrag über 1,7 Millionen US-Dollar

Zusammenarbeit mit Umweltberatungsunternehmen

• SLR Consulting Canada – Umweltverträglichkeitsprüfungen
• Golder Associates – Nachhaltigkeit und Umweltmanagement

Finanzielle Partnerschaften

Finanzinstitut	Partnerschaftstyp	Förderbetrag
BMO-Kapitalmärkte	Finanzierung der Mineralexploration	Kreditfazilität in Höhe von 15 Millionen US-Dollar
Sprott-Ressourcenleihe	Explorationsinvestition	10 Millionen US-Dollar Mineralexplorationsfonds

Fury Gold Mines Limited (FURY) – Geschäftsmodell: Hauptaktivitäten

Goldexploration und Mineralressourcenentwicklung

Fury Gold Mines konzentriert sich auf Explorationsaktivitäten in Kanada, insbesondere in den folgenden Regionen:

• Goldprojekt Committee Bay in Nunavut
• Goldprojekt Eau Claire in Quebec
• Goldprojekt Homestake Ridge in British Columbia

Projekt	Gesamthektar	Explorationsausgaben (2023)
Ausschussbucht	90.000 Hektar	2,1 Mio. CAD
Eau Claire	35.000 Hektar	1,5 Millionen CAD
Homestake Ridge	24.000 Hektar	1,2 Millionen CAD

Geologische Vermessung und Prospektion

Zu den technischen Tätigkeiten gehören:

• Geophysikalische Untersuchungen
• Bohrprogramme
• Schätzung der Mineralressourcen

Umfragetyp	Gesamtzahl der gebohrten Meter (2023)	Geschätzte Kosten pro Meter
Explorationsbohrungen	15.000 Meter	250 CAD/Meter
Ressourcendefinition	8.500 Meter	300 CAD/Meter

Minenstandortentwicklung und Infrastrukturbau

Der Schwerpunkt der Infrastrukturinvestitionen liegt auf:

• Bau einer Zufahrtsstraße
• Camp-Einrichtungen
• Vorbereitende Standortvorbereitung

Infrastrukturkomponente	Geschätzte Kosten	Status
Infrastruktur des Standorts Eau Claire	12,5 Millionen CAD	Laufend

Mineralgewinnung und -verarbeitung

Aktuelle Extraktionsmöglichkeiten:

• Gezielte jährliche Goldproduktion
• Spezifikationen der Verarbeitungsanlage

Metrisch	Wert
Voraussichtliche jährliche Goldproduktion	50.000-75.000 Unzen
Kapazität der Verarbeitungsanlage	1.500 Tonnen pro Tag

Nachhaltigkeits- und Umwelt-Compliance-Management

Investitionen in das Umweltmanagement:

• Rekultivierungsplanung
• Umweltüberwachung
• Einhaltung regulatorischer Standards

Umweltinitiative	Jahresbudget
Umweltkonformität	1,8 Millionen CAD
Sanierungsfonds	2,3 Millionen CAD

Fury Gold Mines Limited (FURY) – Geschäftsmodell: Schlüsselressourcen

Mineralexplorationsliegenschaften in Kanada und Mexiko

Fury Gold Mines verfügt über Explorationsliegenschaften an den folgenden Standorten:

Land	Eigenschaftsname	Hektar
Kanada	Eau Claire-Projekt	8.671 Hektar
Kanada	Committee Bay-Projekt	34.000 Hektar
Mexiko	San Tiburcio-Projekt	2.300 Hektar

Fortschrittliche geologische Kartierungs- und Explorationstechnologien

Die Technologieinfrastruktur umfasst:

• Hochauflösende geologische Kartierungssysteme
• Drohnenbasierte Luftvermessungsausrüstung
• Fortschrittliche Software zur Verarbeitung geophysikalischer Daten
• Plattformen für geologische 3D-Modellierung

Erfahrene Geologie- und Bergbauingenieurteams

Teamzusammensetzung	Anzahl der Fachkräfte
Leitende Geologen	7
Bergbauingenieure	4
Mitarbeiter des technischen Supports	12

Finanzielles Kapital für Exploration und Entwicklung

Finanzielle Ausstattung ab Q4 2023:

• Zahlungsmittel und Zahlungsmitteläquivalente: 18,4 Millionen US-Dollar
• Betriebskapital: 16,2 Millionen US-Dollar
• Gesamtvermögen: 95,3 Millionen US-Dollar

Bergbauausrüstung und geologische Forschungsinfrastruktur

Ausrüstungskategorie	Menge	Geschätzter Wert
Bohrinseln	3	4,5 Millionen US-Dollar
Geologische Kartierungsfahrzeuge	5	$750,000
Geologische Forschungslabore	2	2,3 Millionen US-Dollar

Fury Gold Mines Limited (FURY) – Geschäftsmodell: Wertversprechen

Goldexplorationsportfolio mit hohem Potenzial

Fury Gold Mines Limited unterhält ein strategisches Explorationsportfolio in drei wichtigen Bergbaugebieten:

Standort	Projekt	Landfläche	Geschätzte Ressource
Kanada	Ausschussbucht	330 Quadratkilometer	Angezeigte Ressource: 1,1 Millionen Unzen Gold
Québec	Eau Claire	120 Quadratkilometer	Gemessen & Angezeigte Ressource: 453.000 Unzen Gold
Vereinigte Staaten	Homestake Ridge	85 Quadratkilometer	Angezeigte Ressource: 231.000 Unzen Gold

Konzentrieren Sie sich auf nachhaltige und verantwortungsvolle Bergbaupraktiken

Kennzahlen zum Umweltengagement:

• Ziel zur Reduzierung der CO2-Emissionen: 20 % bis 2025
• Effizienz des Wasserrecyclings: 65 % geplant
• Gemeinschaftsinvestition: 2,5 Millionen CAD jährlich

Strategische Vermögensentwicklung in bergbaufreundlichen Gerichtsbarkeiten

Aktuelle Zuteilung der Explorations- und Entwicklungsausgaben:

Gerichtsstand	Budgetzuweisung 2024	Explorationsfokus
Kanada	12,3 Millionen CAD	Greenfield- und Brownfield-Exploration
Québec	5,7 Millionen CAD	Ressourcenerweiterung und Definitionsbohrungen
Vereinigte Staaten	3,2 Millionen CAD	Gezielte Explorationsprogramme

Potenzial für die Entdeckung bedeutender Mineralressourcen

Kennzahlen zum Explorationspotenzial:

• Unerforschtes Landpotenzial: 450 Quadratkilometer
• Geologische Kartierung abgeschlossen: 85 % des Gesamtportfolios
• Identifizierte Bohrziele: 37 Zonen mit hoher Priorität

Engagement für Shareholder Value und strategisches Wachstum

Finanzielle Leistungsindikatoren:

Metrisch	Wert 2023	2024 Geplant
Marktkapitalisierung	98,5 Millionen CAD	110–125 Mio. CAD
Cash-Position	22,3 Millionen CAD	18–20 Mio. CAD
Explorationsausgaben	21 Millionen CAD	21,2 Millionen CAD

Fury Gold Mines Limited (FURY) – Geschäftsmodell: Kundenbeziehungen

Transparente Anlegerkommunikation

Fury Gold Mines Limited pflegt die Anlegerkommunikation über mehrere Kanäle:

Kommunikationskanal	Häufigkeit	Plattform
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Webcast/Telefonkonferenz
Investorenpräsentationen	Mindestens 6 pro Jahr	Virtuelle/persönliche Veranstaltungen
Jahreshauptversammlung	1 Mal pro Jahr	Aktionärsabstimmungsplattform

Regelmäßige Finanz- und Betriebsberichterstattung

Zu den Kennzahlen der Finanzberichterstattung gehören:

• Auf SEDAR eingereichte Quartalsabschlüsse
• Jahresbericht mit umfassenden betrieblichen Details
• Kontinuierliche Offenlegung wesentlicher Informationen

Engagement mit Bergbau-Investmentgemeinschaften

Strategien für das Engagement der Investment-Community:

Engagement-Plattform	Teilnahmehäufigkeit	Investorenreichweite
Konferenzen zu Bergbauinvestitionen	4-6 Konferenzen jährlich	Ungefähr 500-750 institutionelle Anleger
Edelmetall-Investorenforen	3-4 Foren pro Jahr	200–350 Privatanleger

Stakeholder-Konsultation und Community-Partnerschaften

Kennzahlen zum Community-Engagement:

• Konsultationstreffen der örtlichen Gemeinde: 8–10 pro Projekt jährlich
• Programme zum Engagement indigener Gemeinschaften: Aktiv in 3 Regionen
• Gemeinschaftsbudget für Investitionen: Ungefähr 500.000 US-Dollar pro Jahr

Digitale Investor-Relations-Plattformen

Digitale Kommunikationsinfrastruktur:

Digitale Plattform	Metriken	Engagement-Rate
Unternehmenswebsite	Monatliche einzigartige Besucher	12,000-15,000
LinkedIn-Unternehmensseite	Anhänger	4,500-5,200
E-Mail-Liste für Investor Relations	Abonnenten	2,800-3,200

Fury Gold Mines Limited (FURY) – Geschäftsmodell: Kanäle

Investorenkonferenzen und Veranstaltungen der Bergbaubranche

Fury Gold Mines nimmt an wichtigen Bergbauinvestitionsveranstaltungen teil:

Ereignisname	Häufigkeit	Typische Anwesenheit
BMO Global Metals & Bergbaukonferenz	Jährlich	Über 1.000 institutionelle Anleger
PDAC International Convention	Jährlich	Ungefähr 6.000 Teilnehmer

Unternehmenswebsite und digitale Kommunikationsplattformen

• Website: www.furygoldmines.com
• Social-Media-Plattformen: LinkedIn, Twitter
• Downloads digitaler Investorenpräsentationen: Verfügbar im PDF-Format

Börsennotierungen

Primäreinträge:

• Toronto Stock Exchange (TSX): Handelssymbol FURY
• NYSE American: Handelssymbol FURY

Finanzmedien und Analystenberichte

Medienplattform	Abdeckungshäufigkeit
Bloomberg-Terminal	Echtzeit-Updates
S&P Capital IQ	Vierteljährliche Finanzberichte

Direkte Investor-Relations-Kommunikation

Kontaktinformationen:

• Investor-Relations-Telefon: +1 (416) 336-3828
• E-Mail: info@furygoldmines.com
• Telefonkonferenzen zu den Quartalsergebnissen

Fury Gold Mines Limited (FURY) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Seit dem 4. Quartal 2023 hat Fury Gold Mines Limited mit Folgendem institutionelle Anleger angezogen profile:

Anlegertyp	Prozentsatz des Eigentums	Gesamtinvestitionswert
Institutionelle Aktionäre	42.3%	18,6 Millionen US-Dollar
Große institutionelle Investoren	22.7%	10,2 Millionen US-Dollar

Bergbau- und Edelmetall-Investmentfonds

Wichtige Investmentfondssegmente für Fury Gold Mines:

• Ressourcenorientierte Investmentfonds: 15,6 % des gesamten Anlageportfolios
• Edelmetall-ETFs: 8,9 % der gesamten Anlageallokation
• Spezialisierte Bergbau-Investmentfonds: 7,3 % der gesamten Investitionsbasis

Privatanleger

Zusammensetzung der Privatanleger für Fury Gold Mines:

Anlegerkategorie	Prozentsatz	Durchschnittliche Investition
Einzelne Privatanleger	37.5%	5.200 $ pro Investor
Online-Handelsplattform-Investoren	22.4%	3.800 $ pro Investor

Spezialisten für Investitionen in Bodenschätze

Spezialisierte Anlagesegmente:

• Geologische Forschungsunternehmen: 6,2 % der Investitionsbasis
• Beratungsgruppen für Ressourceninvestitionen: 4,7 % der Gesamtinvestitionen
• Spezialisierte Investitionsnetzwerke für die Mineralexploration: 3,5 % des Investitionsportfolios

Nachhaltige Anlageportfolios

Details zum Segment „Nachhaltiges Investieren“:

ESG-Investitionskategorie	Investitionsprozentsatz	Gesamtinvestitionswert
ESG-fokussierte Fonds	9.8%	4,5 Millionen US-Dollar
Verantwortungsbewusste Bergbauinvestoren	5.3%	2,4 Millionen US-Dollar

Fury Gold Mines Limited (FURY) – Geschäftsmodell: Kostenstruktur

Kosten für Exploration und geologische Untersuchungen

Für das Geschäftsjahr 2023 meldete Fury Gold Mines Limited Explorationsaufwendungen in Höhe von 7,2 Millionen US-Dollar. Die geologischen Untersuchungskosten des Unternehmens wurden auf mehrere Explorationsstandorte in Kanada verteilt.

Erkundungsstandort	Ausgaben ($)
Committee Bay-Projekt, Nunavut	2,500,000
Eau Claire-Projekt, Quebec	3,100,000
Andere Explorationsstandorte	1,600,000

Investitionen in Bergbauausrüstung und -technologie

Die Investitionsausgaben für Bergbauausrüstung und -technologie beliefen sich im Jahr 2023 auf insgesamt 5,6 Millionen US-Dollar.

• Bohrausrüstung: 2,3 Millionen US-Dollar
• Geologische Kartierungstechnologie: 1,2 Millionen US-Dollar
• Upgrades der Standortinfrastruktur: 2,1 Millionen US-Dollar

Kosten für Personal und technisches Fachwissen

Die gesamten Personalkosten für 2023 beliefen sich auf 4,9 Millionen US-Dollar und setzten sich wie folgt zusammen:

Personalkategorie	Jährliche Kosten ($)
Geschäftsleitung	1,200,000
Geologische Experten	1,500,000
Technisches Personal	1,400,000
Support-Personal	800,000

Umwelt-Compliance- und Nachhaltigkeitsprogramme

Die Kosten des Umwelt- und Nachhaltigkeitsprogramms für 2023 beliefen sich auf 2,3 Millionen US-Dollar.

• Umweltüberwachung: 800.000 US-Dollar
• Rekultivierungsplanung: 650.000 $
• Nachhaltigkeitsinitiativen: 850.000 US-Dollar

Verwaltungs- und Betriebskosten des Unternehmens

Die Betriebskosten des Unternehmens beliefen sich im Jahr 2023 auf 3,4 Millionen US-Dollar.

Ausgabenkategorie	Jährliche Kosten ($)
Büroaufwand	1,100,000
Juristische und professionelle Dienstleistungen	900,000
Marketing und Investor Relations	700,000
Versicherung und Compliance	700,000

Fury Gold Mines Limited (FURY) – Geschäftsmodell: Einnahmequellen

Potenzieller Verkauf und Erschließung von Mineralressourcen

Ab 2024 umfasst das Mineralressourcenportfolio von Fury Gold Mines Limited:

Eau-Claire-Projekt (Quebec)	Gemessene und angezeigte Ressourcen: 1,2 Millionen Unzen Gold
Committee Bay-Projekt (Nunavut)	Abgeleitete Ressourcen: 1,1 Millionen Unzen Gold

Zukünftige Einnahmen aus der Bergbauproduktion

Voraussichtliche jährliche Produktionskennzahlen:

• Geschätzte jährliche Goldproduktion: 100.000–150.000 Unzen
• Geschätzte Goldpreisspanne: 1.800 bis 2.100 US-Dollar pro Unze
• Möglicher Jahresumsatz: 180 bis 315 Millionen US-Dollar

Strategische Asset-Monetarisierung

Aktuelle strategische Vermögensbewertung:

Gesamtvermögenswert	245 Millionen Dollar
Explorationsobjekte	85 Millionen Dollar
Entwickelte Bergbauanlagen	160 Millionen Dollar

Joint-Venture-Vereinbarungen für Explorationsgrundstücke

Aktuelle Details zur Joint-Venture-Partnerschaft:

• Gesamtzahl der Joint-Venture-Vereinbarungen: 3 aktive Partnerschaften
• Gesamtinvestition des Joint Ventures: 22,5 Millionen US-Dollar
• Voraussichtlicher Umsatzanteil des Joint Ventures: 15-25 %

Mineralressourceninvestitionen und Partnerschaftseinkommen

Finanzielle Investitionen und Partnerschaften overview:

Gesamte Partnerschaftsinvestitionen	37,6 Millionen US-Dollar
Erwartetes jährliches Partnerschaftseinkommen	4,2 Millionen US-Dollar
Prognostizierte Anlagerenditen	11.2%

Fury Gold Mines Limited (FURY) - Canvas Business Model: Value Propositions

You're looking at the core reasons why an investor would place capital with Fury Gold Mines Limited (FURY) right now, late in 2025. It's all about the potential locked in the ground, balanced by the team managing the exploration risk.

High-leverage exposure to gold price via a multi-asset exploration portfolio

Fury Gold Mines Limited offers you a direct, high-beta play on the gold price through its portfolio of exploration assets across Canada's prolific mining districts. The value proposition here is the potential for a significant resource upgrade or a major discovery that could drastically re-rate the company's valuation, which stood at a market capitalization of C$133.89M as of November 2025.

The company is not reliant on a single asset; it is building a platform. For instance, the Eau Claire project alone hosts a combined open pit and underground mineral resource of 1.16 million ounces of gold grading 5.64 g/t gold per ton in the measured and indicated categories, plus an additional 723,000 ounces grading 4.13 grams gold per ton in the inferred category. This existing resource base provides a tangible floor for valuation.

Risk mitigation through a diverse pipeline of projects (resource-stage to greenfield)

To manage the inherent exploration risk, Fury Gold Mines has strategically positioned assets ranging from resource definition to pure greenfield exploration. This diversity helps ensure that exploration news flow isn't entirely dependent on one drill program's success. You have established projects like Eau Claire and Committee Bay, alongside newer, high-potential targets.

Here is a snapshot of the key exploration assets underpinning this diversification as of late 2025:

Project Name	Jurisdiction	Stage/Focus	Key Metric
Eau Claire	Quebec (James Bay)	Resource Stage	1.16M oz Au M&I Resource
Committee Bay	Nunavut (Kitikmeot)	Advanced Target/Greenfield	Three Bluffs: 524,000 oz Indicated Resource
Éléonore South JV	Quebec (James Bay)	Greenfield Exploration	100% Owned
Sakami	Quebec (James Bay)	Greenfield Exploration	14,250 Hectares

Financially, the company was in a position to fund its 2025 exploration season with approximately $5 million Canadian dollars in cash at the end of 2024, supplemented by flow-through financing. Total assets grew to $91.5 million by June 2025.

Potential for a major discovery at the Éléonore South anomaly

The Éléonore South project is where the highest-leverage, greenfield discovery potential resides. Fury Gold Mines owns a 100% interest in this property, located immediately adjacent to the south of Newmont's former Éléonore property, which hosts the +5 million-ounce Roberto gold deposit. This geological proximity is a major draw. The 2025 exploration program involved a 4,000 to 6,000 meter phase one drilling campaign targeting six undrilled priority areas. The goal is to find Éléonore-style mineralization within the same sedimentary package. While initial drilling traced gold, it showed low-grade results (e.g., 0.12-0.51 g/t gold), but the structural potential remains the key value driver.

Historical drilling on the property, prior to the 2025 program, did show better grades, such as 4.88 g/t Au over 45.0 m at the Moni zone.

Experienced management team with a proven capital markets track record

The team's experience is a critical non-asset value proposition, especially for a pre-revenue explorer whose primary activity is raising capital for drilling. CEO Tim Clark brings 23 years of global capital markets experience, including serving as Managing Director, Institutional Equity Sales at BMO Capital Markets. This background is intended to help secure financing and manage investor relations effectively.

The management team's average tenure is approximately 4 years. For context on executive compensation in 2025, the CEO's total yearly compensation was CA$811.09K, split between 48.9% salary and 51.1% in bonuses, including stock and options.

• CEO Tim Clark holds 0.71% of the company's shares, valued at approximately CA$1.08M.
• The company is covered by 6 analysts.
• The CFO, Phil van Staden, has over 15 years of diverse international experience.

This team is tasked with turning the exploration potential into realized shareholder value; their track record in capital markets is the mechanism to fund the high-risk, high-reward drilling programs.

Fury Gold Mines Limited (FURY) - Canvas Business Model: Customer Relationships

You're looking at how Fury Gold Mines Limited (FURY) keeps its investors and partners engaged. It's all about timely, factual updates, which is key when you're in the exploration phase.

Direct, transparent communication happens through scheduled events and materials. The latest Corporate Presentation was issued in November 2025, detailing project progress, including the Eau Claire PEA released in September 2025. The formal 2025 Annual General Shareholders Meeting was conducted on July 7, 2025, where CEO Tim Clark noted a commitment to outperforming rather than overpromising.

Investor relations focus heavily on demonstrating tangible progress to support long-term shareholder value. As of November 27, 2025, the market capitalization stood at $0.1B, while data from December 4, 2025, placed it at CAD 153.21 million. This valuation context is crucial for understanding investor sentiment.

Fury Gold Mines Limited provides regular news releases detailing exploration results, which is the lifeblood of an exploration company's communication. For instance, final assay results from the inaugural drill campaign at the Sakami Gold Project were announced on November 24, 2025. Separately, results from the 2025 exploration drilling program at the Committee Bay Project were released on November 10, 2025.

The company actively maintains relationships with strategic institutional partners, a clear indicator of external validation. A key relationship is with Agnico Eagle Mines Limited, which made a strategic investment on May 27, 2025.

• Agnico Eagle acquired 6,728,000 Units at C$0.64 per Unit for gross proceeds of C$4,305,920.
• This investment increased Agnico Eagle's basic ownership to 6.3% of Fury's issued shares.
• The proceeds were allocated, with C$3.9 million earmarked for the 2025 exploration program at the Committee Bay project.

The overall institutional engagement is quantified by ownership levels. As of the latest data, 12.14% of Fury Gold Mines Limited's stock is held by institutional investors. The company's financial flexibility, which supports sustained engagement, is supported by a current ratio of 8.88 as of November 2025.

Here's a quick look at key metrics related to stakeholder engagement and value:

Metric	Value/Date	Context
Latest Corporate Presentation Date	November 2025	Direct communication milestone
Agnico Eagle Post-Investment Ownership	6.3% (Basic) / 9.9% (Partially Diluted)	Strategic partner stake
Institutional Ownership Percentage	12.14%	Broad investor base metric
Market Capitalization (Nov 27, 2025)	$0.1B	Market valuation snapshot
Sakami Drill Results News Release Date	November 24, 2025	Regular news flow example

The company also completed a flow-through share Offering closing on June 20, 2025, raising aggregate gross proceeds of C$3,374,600, which included a C$294,800 Private Placement component with Agnico Eagle.

You should track the next set of drill results from the 3,685 meters completed at Sakami, which included an intercept of 26.0 meters of 0.71 g/t gold in hole 25SK-005.

Fury Gold Mines Limited (FURY) - Canvas Business Model: Channels

You're looking at how Fury Gold Mines Limited gets its information out to the market and its investors. For a junior exploration company, these channels are absolutely critical for maintaining liquidity and funding the next drill program.

The core of their public presence is built around their dual listing status. This gives them access to two major pools of capital, which is a key channel for raising funds.

• Primary Listing on the Toronto Stock Exchange (TSX).
• Primary Listing on the NYSE American.

When it comes to official, legally required communication, Fury Gold Mines Limited relies on established regulatory pipelines. This is where you find the hard data, like the results from their Q3 2025 financial statements released on November 13, 2025.

• SEDAR+ filings for Canadian regulatory disclosure, such as the management information circular distributed on June 5, 2025.
• SEC Form 6-K filings for their status as a foreign private issuer in the US, with a report filed for the month of November 2025.
• Financial news wires, like GlobeNewswire, for immediate dissemination of material events, such as the C$18,000,150 brokered private placement closing on October 14, 2025.

To keep the retail and institutional audience engaged between formal filings, they use their own digital properties. These channels are where you see the project-level excitement, like the confirmation of mineralization extension at the Sakami Gold Project on November 24, 2025.

• Corporate website at www.furygoldmines.com, used to post offering documents and project updates.
• Social media platforms for timely announcements and project news.

Market visibility is driven by third-party validation and direct engagement. The recent financing, for instance, involved a syndicate of agents including Haywood Securities Inc., BMO Capital Markets, H.C. Wainwright & Co., LLC, Beacon Securities Limited and Velocity Trade Capital Ltd., which inherently expands their reach.

Here's a quick look at the market metrics that these channels are designed to influence, based on data from late 2025:

Metric	Value/Status	Date/Context
Market Capitalization	C$153.21 million	As of December 4, 2025
Market Capitalization	$0.11 Billion USD	As of December 2025
Analyst Consensus	Strong Buy	Based on 2 analysts
12-Month Price Target	C$1.40	Represents a 135.41% upside
Average Trading Volume	235,892
Recent Financing Gross Proceeds	C$18,000,150	Closing October 14, 2025

Industry conferences are where management directly interfaces with analysts and potential strategic partners. For example, recent discussions highlighted the strategic investment by Agnico Eagle, which itself is a powerful channel for credibility and future financing support.

Finance: review the Q4 2025 cash burn rate against the C$18,000,150 raised in October by Friday.

Fury Gold Mines Limited (FURY) - Canvas Business Model: Customer Segments

You're looking at who is putting capital to work in Fury Gold Mines Limited as of late 2025. It's a mix of sophisticated players and those looking for Canadian tax benefits, which is typical for a high-potential exploration company in a low-risk jurisdiction like Canada.

Institutional Investors: Major gold producers like Agnico Eagle seeking strategic exposure.

The institutional segment is comprised of funds and major producers who have conducted their due diligence. As of November 28, 2025, Fury Gold Mines Limited had 39 institutional owners filing 13D/G or 13F forms with the SEC, holding 19,111,414 shares, representing 10.10% of shares outstanding (excluding 13D/G filers). Agnico Eagle Mines Limited is a key strategic investor, having acquired 440,000 common shares for C$294,800 in a June 2025 private placement. Based on the 1000 largest holdings as of November 27, 2025, Agnico Eagle Mines Ltd. held 5.58% of the company.

Here's a snapshot of some of the major institutional holders based on September 30, 2025, filings:

Institutional Holder	Shares Held (as of 9/30/2025)	Quarterly Change in Shares
Fmr Llc	9,536,321	-1,263,679
Ashford Capital Management Inc.	3,650,015	0
Ingalls & Snyder Llc	2,135,125	0
Caisse De Depot Et Placement Du Quebec	1,512,241	0
Renaissance Technologies Llc	940,500	+453,881

The overall Institutional Ownership percentage was reported at 17.18% based on the 1000 largest holdings as of November 27, 2025. The June 2025 Annual General Meeting saw 38.48% participation of outstanding shares.

Flow-Through Investors: Accredited investors seeking Canadian tax advantages.

This segment is crucial for funding Canadian exploration expenses, as flow-through shares allow investors to claim tax deductions for eligible exploration expenses. Fury Gold Mines Limited successfully closed two significant flow-through-related financings in 2025.

• June 2025 Closing: Raised gross proceeds of C$3,079,800 via 3,999,701 flow-through shares at C$0.77 per share.
• October 2025 Brokered Offering: Raised aggregate gross proceeds of C$18,000,150, including 6,003,000 traditional FT Shares at C$1.00 and 9,915,000 Charity FT Units at C$1.21.

The proceeds from the October 2025 offering are designated for Qualifying Expenditures to be renounced with an effective date no later than December 31, 2025. One director purchased 52,000 FT Shares in the June 2025 financing, aligning management interests.

Gold-Focused Retail Investors: Seeking high-risk, high-reward junior exploration plays.

Retail investors are attracted to the high-risk, high-reward nature of junior exploration, especially given Fury Gold Mines Limited's projects in Nunavut and Quebec. The share price as of November 28, 2025, was $0.81 per share, representing a 37.29% increase from the December 4, 2024 price of $0.59. The Current Market Cap was reported at C$152.1M as of November 13, 2025. The Float was estimated at 174.89M shares as of June 5, 2025, with Insider Ownership at 7.75%. The Average Trading Volume was 235,892 as of November 13, 2025.

Potential Acquirers: Major mining companies looking for resource-stage assets.

The interest from major producers like Agnico Eagle Mines Limited serves as a strong signal to other potential acquirers that Fury Gold Mines Limited's assets are being vetted by industry leaders. The company is actively positioning its assets, such as the Committee Bay project with its 1.3 million ounces and a large camp/infrastructure, for transactionability. Furthermore, management notes that they are attracting 'a lot more companies' because they are efficient and have low infrastructure costs from the start, which is key for making smaller mines work. Fury Gold Mines Limited also holds an 11.3 million common share position in Dolly Varden Silver Corp, representing 12.9% of issued shares as of October 14, 2025.

Fury Gold Mines Limited (FURY) - Canvas Business Model: Cost Structure

The cost structure for Fury Gold Mines Limited is heavily weighted toward exploration and evaluation, which is typical for a company in the resource development phase with no revenue generation as of late 2025. Since the company is not producing, these costs are the primary cash outflows necessary to advance its mineral property interests.

High exploration and evaluation expenses represent the most significant operating cost. For the three months ended March 31, 2025, the reported exploration and evaluation expense was 2,161 thousand Canadian dollars. This figure is a key driver of the comprehensive loss reported by Fury Gold Mines Limited. The overall Operating Expenses for the Trailing Twelve Months (TTM) ending September 30, 2025, totaled 116.24 million Canadian dollars.

General and administrative (G&A) costs cover the corporate overhead required to manage the business, board functions, and compliance. For the TTM ending September 30, 2025, the Selling, General & Admin expense was reported at 5.02 million Canadian dollars. This is slightly higher than the 4.65 million Canadian dollars reported for the full fiscal year 2024.

Drilling campaign costs are a major component within the larger exploration budget. The 2025 exploration drilling program at the Committee Bay project, which commenced in July 2025, was planned to comprise 7 to 10 diamond drill holes totaling approximately 5,000 metres. Specifically, drilling at the Three Bluffs Shear Zone and Burro West targets was planned to cover about 2,750 metres. To give you some context on past spending, the 2024 drill program cost 1,800 thousand Canadian dollars.

Costs related to holding and maintaining the mineral properties are also present, though often less visible than drilling bills. The company carries a non-current liability for the Provision for site reclamation and closure, which stood at 4,477 thousand Canadian dollars as of March 31, 2025. The value of the underlying assets, the Mineral property interests, was reported at 44,592 thousand Canadian dollars on the same date.

Here's a quick look at the key cost-related financial figures from the latest available reports for Fury Gold Mines Limited:

Cost/Expense Category	Period Ending	Amount (Millions CAD)
Operating Expenses (Total)	TTM Sep '25	116.24
Selling, General & Admin (G&A)	TTM Sep '25	5.02
Exploration and Evaluation Expense	Three Months Ended Mar '25	2.161
Provision for Site Reclamation and Closure	Mar 31, 2025	4.477

You should keep an eye on the quarterly reports for the full breakdown of exploration spending across all projects, as the Q1 number only captures a fraction of the year's planned activity.

• High exploration and evaluation expenses are the primary operating cost driver.
• G&A expenses were 5.02 million CAD for the TTM ending September 2025.
• The 2025 Committee Bay drilling program targeted approximately 5,000 metres of drilling.
• Mineral property interests were valued at 44,592 thousand Canadian dollars at March 31, 2025.
• The provision for site reclamation and closure was 4,477 thousand Canadian dollars at March 31, 2025.

Finance: draft 13-week cash view by Friday.

Fury Gold Mines Limited (FURY) - Canvas Business Model: Revenue Streams

You're looking at how Fury Gold Mines Limited funds its aggressive exploration strategy, which, as an explorer, means revenue isn't from selling gold yet; it's all about capital raising. Honestly, the business model here is built on successfully accessing public and strategic equity markets to keep the drill bits turning.

The primary, most recent inflow came from a significant brokered private placement that closed on October 14, 2025. This was a crucial capital injection to fund work on the Québec and Nunavut projects.

Here's a breakdown of the key capital events that define the current funding structure:

Financing Event	Date	Gross Proceeds (CAD)	Key Security Detail
Brokered Private Placement	October 2025	C$18,000,150	Charity FT Units (C$1.21) and FT Shares (C$1.00)
Strategic Investment (Agnico Eagle)	May 2025	C$4,305,920	Units at C$0.64, including Warrants at C$0.80
Flow-Through Share Placement	June 2025	C$3,079,800	FT Shares at C$0.77

The October 2025 Offering, which totaled C$18,000,150, was structured using flow-through instruments, meaning the gross proceeds will be used to incur eligible Canadian exploration expenses that qualify as "flow-through mining expenditures" related to projects in Québec and Nunavut, with all qualifying expenditures to be renounced by no later than December 31, 2025.

Before that, Fury Gold Mines Limited secured a strategic investment from Agnico Eagle Mines Limited in May 2025. This non-brokered private placement brought in C$4,305,920, with proceeds earmarked for the 2025 exploration program at the Committee Bay project in Nunavut, specifically C$3.9 million.

The structure of these financings inherently creates future capital opportunities through the issuance of warrants. You need to keep an eye on these, as they represent potential non-dilutive capital if exercised by holders:

• Warrants from the May 2025 Agnico Eagle placement are exercisable at C$0.80 for a 36-month period from May 26, 2025.
• Warrants from the October 2025 brokered financing are exercisable at $1.20 for a period of 24 months from the closing date of October 14, 2025.

The third major component of the revenue stream is the value held in other listed equities, which serves as a financial buffer or a source of non-dilutive cash. Fury Gold Mines Limited holds a significant equity position in Dolly Varden Silver Corp. As of the October 2025 financing announcement, Fury held an 11.3 million common share position in Dolly Varden Silver Corp, representing 12.9% of its issued shares. To give you context on the potential value, as of May 8, 2025, this holding was valued at over $75 Million.

While the company has reported N/A for revenue in 2025 (TTM), reflecting its pure-play explorer status, the cash position as of September 30, 2025, stood at $6,127 thousand CAD, supported by these recent financing activities.

The potential future sale of the Dolly Varden Silver equity position is a strategic lever. While no firm sale date is set, the company has previously executed sales, such as selling 1,000,000 Dolly Varden shares on May 8, 2025, which brought in around $4 Million. This demonstrates a clear pathway to monetize this asset to fund ongoing exploration if needed.

Finance: draft 13-week cash view by Friday.