Fury Gold Mines Limited (Fury): Business Model Canvas [Jan-2025 Mis à jour]

Fury Gold Mines Limited (Fury) émerge comme un acteur dynamique dans le paysage d'exploration des métaux précieux, se positionnant stratégiquement pour des découvertes de percée potentielles à travers les territoires miniers canadiens et mexicains. Avec une approche axée sur le laser sur les pratiques minières durables et l'exploration de l'or très potentiel, la société tire parti des technologies géologiques de pointe et des partenariats stratégiques pour débloquer des opportunités de ressources minérales importantes. Les investisseurs et les observateurs de l'industrie observent vivement le modèle commercial innovant de Fury, qui promet non seulement des rendements financiers potentiels, mais un engagement envers le développement responsable des ressources dans les juridictions adaptées aux mines.

Fury Gold Mines Limited (Fury) - Modèle commercial: partenariats clés

Alliances stratégiques avec les entreprises d'exploration canadiennes et mexicaines

Fury Gold Mines a établi des partenariats stratégiques avec les sociétés d'exploration suivantes:

Entreprise partenaire	Emplacement	Focus de partenariat
Newmont Corporation	Canada	Coentreprises d'exploration au nunavut
Mines agnico aigle	Mexique	Collaboration d'exploration minérale

Coldages de coentreprise avec des organisations d'enquête géologique

Détails de collaboration avec les organisations de sondage géologique:

• Surveillette géologique du Partenariat du Canada pour la cartographie des minéraux régionaux
• Programme d'exploration conjoint de l'enquête géologique mexicaine

Partenariats avec des équipements et des fournisseurs de technologies

Fournisseur	Technologie / équipement	Valeur du contrat
Caterpillar Inc.	Équipement d'exploitation	Contrat annuel de 2,3 millions de dollars
Groupe de sandvik	Technologie de forage	Contrat d'offre annuel de 1,7 million de dollars

Collaboration avec les cabinets de conseil en environnement

• SLR Consulting Canada - Évaluations d'impact environnemental
• Golder Associates - Sustainability and Environmental Management

Partenariats financiers

Institution financière	Type de partenariat	Montant du financement
BMO Marchés des capitaux	Financement d'exploration minérale	Facilité de crédit de 15 millions de dollars
Prêts aux ressources Sprott	Investissement d'exploration	Fonds d'exploration minérale de 10 millions de dollars

Fury Gold Mines Limited (Fury) - Modèle d'entreprise: Activités clés

Exploration de l'or et développement des ressources minérales

Fury Gold Mines se concentre sur les activités d'exploration au Canada, en particulier dans les régions suivantes:

• Comité Bay Gold Project à Nunavut
• Projet d'Eau Claire Gold au Québec
• Projet d'or homestake Ridge en Colombie-Britannique

Projet	Hectares totaux	Dépenses d'exploration (2023)
Baie du comité	90 000 hectares	2,1 millions de dollars CAD
Eau Claire	35 000 hectares	1,5 million de dollars CAD
Homestake Ridge	24 000 hectares	1,2 million de dollars CAD

Arpentage géologique et prospection

Les activités techniques comprennent:

• Enquêtes géophysiques
• Programmes de forage
• Estimation des ressources minérales

Type d'enquête	Total des mètres forés (2023)	Coût estimé par mètre
Forage d'exploration	15 000 mètres	CAD 250 $ / mètre
Définition des ressources	8 500 mètres	CAD 300 $ / mètre

Développement du site de la mine et construction d'infrastructures

L'investissement des infrastructures se concentre sur:

• Construction de la route d'accès
• Camps Camps
• Préparation préliminaire du site

Composant d'infrastructure	Coût estimé	Statut
Infrastructure du site Eau Claire	12,5 millions de dollars CAD	En cours

Extraction et traitement des minéraux

Capacités d'extraction actuelles:

• Production d'or annuelle ciblée
• Traitement des spécifications de l'usine

Métrique	Valeur
Production d'or annuelle projetée	50 000 à 75 000 onces
Capacité de l'usine de traitement	1 500 tonnes par jour

Gestion de la durabilité et de la conformité environnementale

Investissements de gestion de l'environnement:

• Planification de la réclamation
• Surveillance environnementale
• Conformité aux normes réglementaires

Initiative environnementale	Budget annuel
Conformité environnementale	1,8 million de dollars CAD
Fonds de récupération	2,3 millions de dollars CAD

Fury Gold Mines Limited (Fury) - Modèle d'entreprise: Ressources clés

Propriétés d'exploration minérale au Canada et au Mexique

Fury Gold Mines détient les propriétés d'exploration dans les emplacements suivants:

Pays	Nom de propriété	Hectares
Canada	Projet Eau Claire	8 671 hectares
Canada	Projet de baie du comité	34 000 hectares
Mexique	Projet de San Tiburcio	2 300 hectares

Technologies de cartographie et d'exploration géologiques avancées

L'infrastructure technologique comprend:

• Systèmes de cartographie géologique haute résolution
• Équipement d'arrivée aérien à base de drones
• Logiciel de traitement géophysique avancé
• Plates-formes de modélisation géologique 3D

Des équipes géologiques et miniers expérimentées

Composition de l'équipe	Nombre de professionnels
Géologues seniors	7
Ingénieurs minières	4
Personnel de soutien technique	12

Capital financier pour l'exploration et le développement

Ressources financières au quatrième trimestre 2023:

• Equivalents en espèces et en espèces: 18,4 millions de dollars
• Fonds de roulement: 16,2 millions de dollars
• Actif total: 95,3 millions de dollars

Équipement minière et infrastructure de recherche géologique

Catégorie d'équipement	Quantité	Valeur estimée
Plates-formes de forage	3	4,5 millions de dollars
Véhicules de cartographie géologique	5	$750,000
Laboratoires de recherche géologique	2	2,3 millions de dollars

Fury Gold Mines Limited (Fury) - Modèle d'entreprise: Propositions de valeur

Portefeuille d'exploration en or potentiel

Fury Gold Mines Limited conserve un portefeuille d'exploration stratégique dans trois juridictions mines clés:

Emplacement	Projet	Superficie	Ressource estimée
Canada	Baie du comité	330 kilomètres carrés	Ressource indiquée: 1,1 million d'onces d'or
Québec	Eau Claire	120 kilomètres carrés	Mesuré & Ressource indiquée: 453 000 onces d'or
États-Unis	Homestake Ridge	85 kilomètres carrés	Ressource indiquée: 231 000 onces d'or

Concentrez-vous sur les pratiques minières durables et responsables

Métriques d'engagement environnemental:

• Cible de réduction des émissions de carbone: 20% d'ici 2025
• Efficacité du recyclage de l'eau: 65% prévu
• Investissement communautaire: 2,5 millions de dollars CAD par an

Développement stratégique des actifs dans les juridictions conviviales

Attribution des dépenses d'exploration et de développement actuelles:

Juridiction	2024 Attribution du budget	Focus d'exploration
Canada	12,3 millions de dollars CAD	Exploration de Greenfield et Brownfield
Québec	CAD 5,7 millions de dollars	Expansion des ressources et définition Forage
États-Unis	3,2 millions de dollars CAD	Programmes d'exploration ciblés

Potentiel de découverte de ressources minérales importantes

Exploration Métriques potentielles:

• Potentiel foncier inexploré: 450 kilomètres carrés
• Cartographie géologique terminée: 85% du portefeuille total
• Cibles de forage identifiées: 37 zones de grande priorité

Engagement envers la valeur des actionnaires et la croissance stratégique

Indicateurs de performance financière:

Métrique	Valeur 2023	2024 projeté
Capitalisation boursière	98,5 millions de CAD	CAD 110 à 125 millions de dollars
Poste de trésorerie	22,3 millions de CAD	CAD 18-20 millions de dollars
Dépenses d'exploration	21 millions de dollars CAD	21,2 millions de dollars CAD

Fury Gold Mines Limited (Fury) - Modèle d'entreprise: relations avec les clients

Communication des investisseurs transparents

Fury Gold Mines Limited maintient la communication des investisseurs à travers plusieurs canaux:

Canal de communication	Fréquence	Plate-forme
Appels de résultats trimestriels	4 fois par an	Webdiffion / conférence téléphonique
Présentations des investisseurs	Minimum 6 par an	Événements virtuels / en personne
Assemblée générale annuelle	1 fois par an	Plateforme de vote des actionnaires

Représentations financières et opérationnelles régulières

Les mesures d'information financière comprennent:

• États financiers trimestriels déposés sur Sedar
• Rapport annuel avec des détails opérationnels complets
• Divulgation continue des informations matérielles

Engagement avec les communautés d'investissement miniers

Stratégies d'engagement communautaire d'investissement:

Plate-forme de fiançailles	Fréquence de participation	Investisseur Reach
Conférences d'investissement minière	4-6 conférences par an	Environ 500 à 750 investisseurs institutionnels
Forums d'investisseurs de métaux précieux	3-4 forums par an	200-350 investisseurs de détail

Consultation des parties prenantes et partenariats communautaires

Métriques d'engagement communautaire:

• Réunions de consultation communautaire locale: 8-10 par projet par an
• Programmes autochtones d'engagement communautaire: actif dans 3 régions
• Budget d'investissement communautaire: environ 500 000 $ par an

Plateformes de relations avec les investisseurs numériques

Infrastructure de communication numérique:

Plate-forme numérique	Métrique	Taux d'engagement
Site Web de l'entreprise	Visiteurs uniques mensuels	12,000-15,000
Page d'entreprise LinkedIn	Abonnés	4,500-5,200
Liste d'e-mails des relations avec les investisseurs	Abonnés	2,800-3,200

Fury Gold Mines Limited (Fury) - Modèle d'entreprise: canaux

Conférences des investisseurs et événements de l'industrie minière

Fury Gold Mines participe aux principaux événements d'investissement minier:

Nom de l'événement	Fréquence	Fréquentation typique
Métaux mondiaux BMO & Conférence minière	Annuel	Plus de 1 000 investisseurs institutionnels
Convention internationale PDAC	Annuel	Environ 6 000 participants

Site Web d'entreprise et plateformes de communication numérique

• Site Web: www.furygoldmines.com
• Plateformes de médias sociaux: LinkedIn, Twitter
• Téléchargements de présentation des investisseurs numériques: Disponible au format PDF

Listes de bourses

Listes primaires:

• Bourse de Toronto (TSX): Fure du symbole de trading
• Nyse American: Trading Symbol Fury

Médias financiers et rapports d'analystes

Plate-forme multimédia	Fréquence de couverture
Bloomberg Terminal	Mises à jour en temps réel
S&P Capital IQ	Rapports financiers trimestriels

Communication des relations avec les investisseurs directs

Coordonnées:

• Relations des investisseurs Téléphone: +1 (416) 336-3828
• Courriel: info@furygoldmines.com
• Conférences de résultats trimestriels

Fury Gold Mines Limited (Fury) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Depuis le quatrième trimestre 2023, Fury Gold Mines Limited a attiré les investisseurs institutionnels avec les éléments suivants profile:

Type d'investisseur	Pourcentage de propriété	Valeur d'investissement totale
Actionnaires institutionnels	42.3%	18,6 millions de dollars
Principaux investisseurs institutionnels	22.7%	10,2 millions de dollars

Mines et fonds d'investissement en métaux précieux

Segments clés du fonds d'investissement pour les mines d'or fureur:

• Fonds communs de placement axés sur les ressources: 15,6% du portefeuille d'investissement total
• ETF des métaux précieux: 8,9% de l'allocation totale des investissements
• Fonds d'investissement minier spécialisés: 7,3% de la base d'investissement totale

Investisseurs de détail

Composition des investisseurs de détail pour les mines d'or fureur:

Catégorie d'investisseurs	Pourcentage	Investissement moyen
Investisseurs de détail individuels	37.5%	5 200 $ par investisseur
Investisseurs de plate-forme de trading en ligne	22.4%	3 800 $ par investisseur

Spécialistes des investissements en ressources minérales

Segments d'investissement spécialisés:

• Centre de recherche géologique: 6,2% de la base d'investissement
• Groupes consultatifs sur les investissements en ressources: 4,7% du total des investissements
• Réseaux d'investissement spécialisés d'exploration minérale: 3,5% du portefeuille d'investissement

Portefeuilles d'investissement durables

Détails du segment d'investissement durable:

Catégorie d'investissement ESG	Pourcentage d'investissement	Valeur d'investissement totale
Fonds axés sur l'ESG	9.8%	4,5 millions de dollars
Investisseurs miniers responsables	5.3%	2,4 millions de dollars

Fury Gold Mines Limited (Fury) - Modèle d'entreprise: Structure des coûts

Dépenses d'exploration et d'enquête géologique

Pour l'exercice 2023, Fury Gold Mines Limited a déclaré des frais d'exploration de 7,2 millions de dollars. Les coûts de l'enquête géologique de l'entreprise ont été distribués sur plusieurs sites d'exploration au Canada.

Emplacement d'exploration	Dépenses ($)
Comité Bay Project, Nunavut	2,500,000
Projet Eau Claire, Québec	3,100,000
Autres sites d'exploration	1,600,000

Équipements minières et investissements technologiques

Les dépenses en capital pour l'équipement et la technologie miniers en 2023 ont totalisé 5,6 millions de dollars.

• Équipement de forage: 2,3 millions de dollars
• Technologie de cartographie géologique: 1,2 million de dollars
• Mises à niveau des infrastructures du site: 2,1 millions de dollars

Coûts du personnel et de l'expertise technique

Les dépenses totales du personnel pour 2023 étaient de 4,9 millions de dollars, en panne comme suit:

Catégorie de personnel	Coût annuel ($)
Direction	1,200,000
Experts géologiques	1,500,000
Personnel technique	1,400,000
Personnel de soutien	800,000

Programmes de conformité environnementale et de durabilité

Les coûts du programme environnemental et de durabilité pour 2023 s'élevaient à 2,3 millions de dollars.

• Surveillance environnementale: 800 000 $
• Planification de la réclamation: 650 000 $
• Initiatives de durabilité: 850 000 $

Dépenses administratives et opérationnelles d'entreprise

Les dépenses opérationnelles des entreprises pour 2023 étaient de 3,4 millions de dollars.

Catégorie de dépenses	Coût annuel ($)
Au-dessus de la tête	1,100,000
Services juridiques et professionnels	900,000
MARKETING ET RELATIONS D'INVESTISSEMENT	700,000
Assurance et conformité	700,000

Fury Gold Mines Limited (Fury) - Modèle d'entreprise: Strots de revenus

Vente et développement potentiels des ressources minérales

En 2024, le portefeuille de ressources minérales de Fury Gold Mines Limited comprend:

Projet Eau Claire (Québec)	Ressources mesurées et indiquées: 1,2 million d'onces d'or
Comité Bay Project (Nunavut)	Ressources déduites: 1,1 million d'onces d'or

Revenus de production minière future

Mesures de production annuelles projetées:

• Production d'or annuelle estimée: 100 000 à 150 000 onces
• Gamme de prix de l'or estimé: 1 800 $ - 2 100 $ l'once
• Revenus annuels potentiels: 180 millions de dollars - 315 millions de dollars

Monétisation des actifs stratégiques

Évaluation des actifs stratégiques actuelle:

Valeur totale de l'actif	245 millions de dollars
Propriétés d'exploration	85 millions de dollars
Développé des actifs miniers	160 millions de dollars

Accords de coentreprise de propriété d'exploration

Détails actuels du partenariat de coentreprise:

• Accords totaux de coentreprise: 3 partenariats actifs
• Investissement total de coentreprise: 22,5 millions de dollars
• Part de revenus de coentreprise projetée: 15-25%

Investissement en ressources minérales et revenu de partenariat

Investissement et partenariat financier overview:

Investissements totaux de partenariat	37,6 millions de dollars
Revenu annuel de partenariat attendu	4,2 millions de dollars
Rendements d'investissement projetés	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.