Fury Gold Mines Limited (FURY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Fury Gold Mines Limited (Fury) emerge como un jugador dinámico en el panorama de exploración de metales preciosos, posicionándose estratégicamente para posibles descubrimientos innovadores en territorios mineros canadienses y mexicanos. Con un enfoque centrado en el láser sobre prácticas mineras sostenibles y una exploración de oro de alto potencial, la compañía aprovecha las tecnologías geológicas de vanguardia y las asociaciones estratégicas para desbloquear importantes oportunidades de recursos minerales. Los inversores y los observadores de la industria están observando con entusiasmo el innovador modelo de negocio de Fury, que promete no solo rendimientos financieros potenciales, sino también un compromiso con el desarrollo responsable de recursos en jurisdicciones amigables con la minería.

Fury Gold Mines Limited (Fury) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con compañías de exploración minera canadienses y mexicanas

Fury Gold Mines ha establecido asociaciones estratégicas con las siguientes compañías de exploración:

Empresa asociada	Ubicación	Enfoque de asociación
NEWMONT CORPORACIÓN	Canadá	Exploración de empresas conjuntas en Nunavut
Minas de águila agnico	México	Colaboración de exploración mineral

Acuerdos de empresa conjunta con organizaciones de estudio geológico

Detalles de colaboración con organizaciones de estudio geológico:

• Servicio Geológico de Asociación de Canadá para mapeo mineral regional
• Programa de exploración conjunta del Servicio Geológico mexicano

Asociaciones con proveedores de equipos y tecnología

Proveedor	Tecnología/equipo	Valor de contrato
Caterpillar Inc.	Equipo minero	Contrato anual de $ 2.3 millones
Grupo sandvik	Tecnología de perforación	Acuerdo de oferta anual de $ 1.7 millones

Colaboración con empresas de consultoría ambiental

• SLR Consulting Canada - Evaluaciones de impacto ambiental
• Golder Associates - Sostenibilidad y gestión ambiental

Asociaciones financieras

Institución financiera	Tipo de asociación	Monto de financiación
Mercados de capitales de BMO	Financiación de exploración mineral	Capacidad de crédito de $ 15 millones
Préstamo de recursos de Sprott	Inversión de exploración	Fondo de exploración mineral de $ 10 millones

Fury Gold Mines Limited (Fury) - Modelo de negocio: actividades clave

Exploración de oro y desarrollo de recursos minerales

Fury Gold Mines se centra en actividades de exploración en Canadá, específicamente en las siguientes regiones:

• Comité Bay Gold Project en Nunavut
• Proyecto Eau Claire Gold en Quebec
• Proyecto de oro de Homestake Ridge en Columbia Británica

Proyecto	Hectáreas totales	Gasto de exploración (2023)
Bahía del Comité	90,000 hectáreas	CAD $ 2.1 millones
Eau Claire	35,000 hectáreas	CAD $ 1.5 millones
Cresta de casas	24,000 hectáreas	CAD $ 1.2 millones

Topografía geológica y prospección

Las actividades técnicas incluyen:

• Encuestas geofísicas
• Programas de perforación
• Estimación de recursos minerales

Tipo de encuesta	Total de medidores perforados (2023)	Costo estimado por metro
Perforación de exploración	15,000 metros	CAD $ 250/metro
Definición de recursos	8.500 metros	CAD $ 300/metro

Desarrollo del sitio de la mina y construcción de infraestructura

La inversión en infraestructura se centra en:

• Construcción de carreteras de acceso
• Instalaciones de campamento
• Preparación preliminar del sitio

Componente de infraestructura	Costo estimado	Estado
Infraestructura del sitio Eau Claire	CAD $ 12.5 millones	En curso

Extracción y procesamiento de minerales

Capacidades de extracción actuales:

• Producción anual de oro dirigida
• Especificaciones de planta de procesamiento

Métrico	Valor
Producción anual de oro proyectada	50,000-75,000 onzas
Capacidad de planta de procesamiento	1.500 toneladas por día

Gestión de sostenibilidad y cumplimiento ambiental

Inversiones de gestión ambiental:

• Planificación de la recuperación
• Monitoreo ambiental
• Cumplimiento de los estándares regulatorios

Iniciativa ambiental	Presupuesto anual
Cumplimiento ambiental	CAD $ 1.8 millones
Fondo de recuperación	CAD $ 2.3 millones

Fury Gold Mines Limited (Fury) - Modelo de negocio: recursos clave

Propiedades de exploración mineral en Canadá y México

Fury Gold Mines tiene propiedades de exploración en las siguientes ubicaciones:

País	Nombre de propiedad	Hectáreas
Canadá	Proyecto Eau Claire	8,671 hectáreas
Canadá	Proyecto de la Bahía del Comité	34,000 hectáreas
México	Proyecto de San Tiburcio	2.300 hectáreas

Mapeo geológico avanzado y tecnologías de exploración

La infraestructura tecnológica incluye:

• Sistemas de mapeo geológico de alta resolución
• Equipo de encuesta aérea a base de drones
• Software avanzado de procesamiento de datos geofísicos
• Plataformas de modelado geológico 3D

Equipos de ingeniería geológica y minera experimentada

Composición del equipo	Número de profesionales
Geólogos superiores	7
Ingenieros mineros	4
Personal de apoyo técnico	12

Capital financiero para la exploración y el desarrollo

Recursos financieros a partir del cuarto trimestre 2023:

• Equivalentes en efectivo y efectivo: $ 18.4 millones
• Capital de trabajo: $ 16.2 millones
• Activos totales: $ 95.3 millones

Equipos mineros e infraestructura de investigación geológica

Categoría de equipo	Cantidad	Valor estimado
Plataformas de perforación	3	$ 4.5 millones
Vehículos de mapeo geológico	5	$750,000
Laboratorios de investigación geológica	2	$ 2.3 millones

Fury Gold Mines Limited (Fury) - Modelo de negocio: propuestas de valor

Cartera de exploración de oro de alto potencial

Fury Gold Mines Limited mantiene una cartera de exploración estratégica en tres jurisdicciones mineras clave:

Ubicación	Proyecto	Área de tierra	Recurso estimado
Canadá	Bahía del Comité	330 kilómetros cuadrados	Recurso indicado: 1.1 millones de onzas de oro
Quebec	Eau Claire	120 kilómetros cuadrados	Mesurado & Recurso indicado: 453,000 onzas de oro
Estados Unidos	Cresta de casas	85 kilómetros cuadrados	Recurso indicado: 231,000 onzas de oro

Centrarse en prácticas mineras sostenibles y responsables

Métricas de compromiso ambiental:

• Objetivo de reducción de emisiones de carbono: 20% para 2025
• Eficiencia de reciclaje de agua: 65% planeado
• Inversión comunitaria: CAD $ 2.5 millones anualmente

Desarrollo de activos estratégicos en jurisdicciones amigables con la minería

Asignación actual de gastos de exploración y desarrollo:

Jurisdicción	Asignación de presupuesto 2024	Enfoque de exploración
Canadá	CAD $ 12.3 millones	Exploración de Greenfield y Brownfield
Quebec	CAD $ 5.7 millones	Expansión de recursos y perforación de definición
Estados Unidos	CAD $ 3.2 millones	Programas de exploración dirigidos

Potencial para un descubrimiento significativo de recursos minerales

Métricas potenciales de exploración:

• Potencial de tierra inexplorado: 450 kilómetros cuadrados
• Mapeo geológico completado: 85% de la cartera total
• Taladros de perforación identificados: 37 zonas de alta prioridad

Compromiso con el valor de los accionistas y el crecimiento estratégico

Indicadores de desempeño financiero:

Métrico	Valor 2023	2024 proyectado
Capitalización de mercado	CAD $ 98.5 millones	CAD $ 110-125 millones
Posición en efectivo	CAD $ 22.3 millones	CAD $ 18-20 millones
Gasto de exploración	CAD $ 21 millones	CAD $ 21.2 millones

Fury Gold Mines Limited (Fury) - Modelo de negocios: relaciones con los clientes

Comunicación transparente de los inversores

Fury Gold Mines Limited mantiene la comunicación de los inversores a través de múltiples canales:

Canal de comunicación	Frecuencia	Plataforma
Llamadas de ganancias trimestrales	4 veces al año	Transmisión web/conferencia telefónica
Presentaciones de inversores	Mínimo 6 por año	Eventos virtuales/en persona
Reunión general anual	1 vez por año	Plataforma de votación de accionistas

Informes financieros y operativos regulares

Las métricas de informes financieros incluyen:

• Estados financieros trimestrales presentados en Sedar
• Informe anual con detalles operativos completos
• Divulgación continua de información material

Compromiso con las comunidades de inversión minera

Estrategias de participación de la comunidad de inversiones:

Plataforma de compromiso	Frecuencia de participación	Alcance de los inversores
Conferencias de inversión minera	4-6 conferencias anualmente	Aproximadamente 500-750 inversores institucionales
Foros de inversores de metales preciosos	3-4 foros por año	200-350 inversores minoristas

Consulta de las partes interesadas y asociaciones comunitarias

Métricas de compromiso de la comunidad:

• Reuniones de consulta de la comunidad local: 8-10 por proyecto anualmente
• Programas de participación comunitaria indígena: activo en 3 regiones
• Presupuesto de inversión comunitaria: aproximadamente $ 500,000 por año

Plataformas de relaciones con inversores digitales

Infraestructura de comunicación digital:

Plataforma digital	Métrica	Tasa de compromiso
Sitio web corporativo	Visitantes únicos mensuales	12,000-15,000
Página corporativa de LinkedIn	Seguidores	4,500-5,200
Lista de correo electrónico de relaciones con los inversores	Suscriptores	2,800-3,200

Fury Gold Mines Limited (Fury) - Modelo de negocios: canales

Conferencias de inversores y eventos de la industria minera

Fury Gold Mines participa en eventos clave de inversión minera:

Nombre del evento	Frecuencia	Asistencia típica
BMO Global Metals & Conferencia minera	Anual	Más de 1,000 inversores institucionales
Convención internacional de PDAC	Anual	Aproximadamente 6,000 asistentes

Sitio web corporativo y plataformas de comunicación digital

• Sitio web: www.furygoldmines.com
• Plataformas de redes sociales: LinkedIn, Twitter
• Descargas de presentación de inversores digitales: Disponible en formato PDF

Listados de bolsa de valores

Listados principales:

• Bolsa de Valores de Toronto (TSX): Símbolo de negociación Fury
• NYSE American: Símbolo comercial Fury

Informes de medios financieros e analistas

Plataforma de medios	Frecuencia de cobertura
Terminal de Bloomberg	Actualizaciones en tiempo real
S&P Capital IQ	Informes financieros trimestrales

Comunicación directa de relaciones con los inversores

Información del contacto:

• Relaciones con inversores Teléfono: +1 (416) 336-3828
• Correo electrónico: info@furygoldmines.com
• Llamadas de conferencia trimestrales de ganancias

Fury Gold Mines Limited (Fury) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Fury Gold Mines Limited ha atraído a los inversores institucionales con los siguientes profile:

Tipo de inversor	Porcentaje de propiedad	Valor de inversión total
Accionistas institucionales	42.3%	$ 18.6 millones
Principales inversores institucionales	22.7%	$ 10.2 millones

Fondos de inversión de minería y metales preciosos

Segmentos de fondo de inversión clave para Minas de oro Fury:

• Fondos mutuos centrados en recursos: 15.6% de la cartera de inversión total
• ETF de metales preciosos: 8.9% de la asignación total de inversión
• Fondos de inversión minera especializada: 7.3% de la base de inversiones totales

Inversores minoristas

Composición de inversores minoristas para Minas de oro Fury:

Categoría de inversionista	Porcentaje	Inversión promedio
Inversores minoristas individuales	37.5%	$ 5,200 por inversor
Inversores de plataforma de comercio en línea	22.4%	$ 3,800 por inversor

Especialistas en inversión de recursos minerales

Segmentos de inversión especializados:

• Firmas de investigación geológica: 6.2% de la base de inversiones
• Grupos asesores de inversiones de recursos: 4.7% de las inversiones totales
• Redes de inversión de exploración mineral especializada: 3.5% de la cartera de inversiones

Carteras de inversión sostenible

Detalles del segmento de inversión sostenible:

Categoría de inversión de ESG	Porcentaje de inversión	Valor de inversión total
Fondos centrados en ESG	9.8%	$ 4.5 millones
Inversores mineros responsables	5.3%	$ 2.4 millones

Fury Gold Mines Limited (Fury) - Modelo de negocio: Estructura de costos

Gastos de exploración y estudio geológico

Para el año fiscal 2023, Fury Gold Mines Limited reportó gastos de exploración de $ 7.2 millones. Los costos de la encuesta geológica de la compañía se distribuyeron en múltiples sitios de exploración en Canadá.

Ubicación de exploración	Gastos ($)
Comité Bay Project, Nunavut	2,500,000
Proyecto Eau Claire, Quebec	3,100,000
Otros sitios de exploración	1,600,000

Equipos de minería e inversiones en tecnología

Los gastos de capital para equipos mineros y tecnología en 2023 totalizaron $ 5.6 millones.

• Equipo de perforación: $ 2.3 millones
• Tecnología de mapeo geológico: $ 1.2 millones
• Actualizaciones de infraestructura del sitio: $ 2.1 millones

Costos de personal y experiencia técnica

Los gastos totales de personal para 2023 fueron de $ 4.9 millones, desglosados ​​de la siguiente manera:

Categoría de personal	Costo anual ($)
Gestión ejecutiva	1,200,000
Expertos geológicos	1,500,000
Personal técnico	1,400,000
Personal de apoyo	800,000

Programas de cumplimiento ambiental y sostenibilidad

Los costos del programa ambiental y de sostenibilidad para 2023 ascendieron a $ 2.3 millones.

• Monitoreo ambiental: $ 800,000
• Planificación de recuperación: $ 650,000
• Iniciativas de sostenibilidad: $ 850,000

Gastos operativos administrativos y corporativos

Los gastos operativos corporativos para 2023 fueron de $ 3.4 millones.

Categoría de gastos	Costo anual ($)
Sobrecarga de la oficina	1,100,000
Servicios legales y profesionales	900,000
Relaciones de marketing y inversores	700,000
Seguro y cumplimiento	700,000

Fury Gold Mines Limited (Fury) - Modelo de negocios: flujos de ingresos

Venta y desarrollo de recursos minerales potenciales

A partir de 2024, la cartera de recursos minerales de Fury Gold Mines Limited incluye:

Proyecto Eau Claire (Quebec)	Recursos medidos e indicados: 1.2 millones de onzas de oro
Comité Bay Project (Nunavut)	Recursos inferidos: 1.1 millones de onzas de oro

Ingresos de producción minera futura

Métricas de producción anuales proyectadas:

• Producción de oro anual estimada: 100,000-150,000 onzas
• Rango de precios de oro estimado: $ 1,800- $ 2,100 por onza
• Ingresos anuales potenciales: $ 180 millones - $ 315 millones

Monetización de activos estratégicos

Valoración de activos estratégicos actuales:

Valor total del activo	$ 245 millones
Propiedades de exploración	$ 85 millones
Activos mineros desarrollados	$ 160 millones

Acuerdos de empresa conjunta de propiedad de exploración

Detalles actuales de la asociación de la empresa conjunta:

• Acuerdos totales de empresa conjunta: 3 asociaciones activas
• Inversión total de empresa conjunta: $ 22.5 millones
• Participación de ingresos de la empresa conjunta proyectada: 15-25%

Ingresos de la inversión y la sociedad de recursos minerales

Inversión y asociación financiera overview:

Inversiones de asociación total	$ 37.6 millones
Ingresos anuales de asociación esperados	$ 4.2 millones
Rendimientos de inversión proyectados	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.