Fury Gold Mines Limited (FURY): Business Model Canvas [Dec-2025 Updated]

Honestly, when you look at a pure-play gold explorer like Fury Gold Mines Limited (FURY), the model isn't about sales; it's about survival and discovery, funded by smart capital. Having mapped these structures for years, I see their strategy clearly: they are aggressively funding high-impact drilling and advancing projects like Eau Claire (with its 1.16 million ounce resource) primarily through equity raises, such as the C$18,000,150 secured in October 2025. This canvas lays out the nine critical components-from their strategic investor base to their high exploration cost structure-that define how Fury Gold Mines Limited (FURY) aims to deliver high-leverage gold exposure to investors; check out the details below to see the mechanics.

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

You're looking at the critical relationships Fury Gold Mines Limited maintains to fuel its exploration and growth, which is essential when you're advancing multi-million-ounce potential across Nunavut and Quebec. These aren't just names on a slide; they represent capital, strategic alignment, and transactional support.

Agnico Eagle Mines Limited: Strategic Investor

Agnico Eagle Mines Limited acts as a cornerstone strategic investor, providing direct capital infusions and board-level insight. Following a strategic investment on May 26, 2025, Agnico Eagle's basic ownership increased to 6.3% of Fury Gold Mines Limited's issued shares. This investment, totaling gross proceeds of C$4,305,920, was structured as Units priced at C$0.64 each, with an associated Warrant exercisable at C$0.80. The investment increased Agnico Eagle's defined ownership interest to 9.9% on a partially diluted basis, assuming warrant exercise. Furthermore, in a financing closed on June 20, 2025, Agnico Eagle exercised its participation right, acquiring an additional 440,000 common shares at C$0.67 per share for gross proceeds of C$294,800. The investor rights agreement grants Agnico Eagle the right to nominate one person to the board, provided it maintains ownership thresholds, including the right to top-up to maintain or acquire up to 9.9%.

Dolly Varden Silver Corp: Equity Stake

Fury Gold Mines Limited maintains a significant equity holding in Dolly Varden Silver Corp. As of late 2025 reporting, Fury holds an approximate 11.3 million common share position in Dolly Varden Silver Corp, which represents an equity stake of 12.9% of Dolly Varden's issued shares. This holding is evaluated on an ongoing basis for investment purposes.

Quebec Precious Metals Corp: Merger Partner

The acquisition of Quebec Precious Metals Corporation (QPM) was completed on April 28, 2025, via a court-approved plan of arrangement. This transaction was transformative, doubling Fury Gold Mines Limited's land package in the Eeyou Istchee James Bay territory. Fury issued an aggregate of 8,394,137 Fury Shares to former QPM shareholders based on an Exchange Ratio of 0.0741 Fury Shares per QPM Share. The properties acquired added over 157,000 hectares in Quebec to Fury's portfolio, including the Sakami, Elmer East, and Kipawa projects.

Canadian Investment Banks: Financing Agents

Canadian Investment Banks, acting as Agents, are key to Fury Gold Mines Limited's non-equity exploration funding strategy, specifically through brokered flow-through financings. For instance, an offering announced on September 22, 2025, sought to raise up to C$12,000,000 in aggregate gross proceeds. The Agents involved, led by Haywood Securities Inc., are entitled to a cash commission of up to 6% of the gross proceeds raised under that specific offering.

Here's a quick look at the pricing structure for the September 2025 brokered financing:

To give you context on recent capital raised through these channels, a financing closed on June 20, 2025, saw 3,999,701 Flow-Through Shares issued at C$0.77 per FT Share, generating gross proceeds of C$3,079,800.

You can see the structure of these financial partnerships clearly:

• Agnico Eagle Mines Limited: Basic ownership of 6.3%, with rights to maintain up to 9.9%.
• Dolly Varden Silver Corp: Equity stake of 12.9% (11.3 million shares).
• Quebec Precious Metals Corp: Acquisition completed April 28, 2025, adding over 157,000 hectares.
• Agents' Commission: Up to 6% cash commission on brokered flow-through proceeds.

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

High-impact gold exploration and drilling programs in Quebec and Nunavut.

• Sakami gold project 2025 drilling initiative covered 3,685 meters across seven holes.
• Of the Sakami drilling, 2,965 meters in six holes focused on La Pointe Extension.
• Historical Sakami drill intercepts included 7.79 g/t gold over 3.0m and 8.70 g/t gold over 7.0m.
• Recent Sakami drill hole 25SK-005 returned 26.0 meters of 0.71 g/t gold, including 6.5 meters at 1.76 g/t gold.
• Drill hole 25SK-007 at Sakami yielded 22.2 meters of 0.83 g/t gold, with 1 meter at 8.62 g/t gold.
• Éléonore South project had six priority drill targets at the Éléonore mine style anomaly for 2025 drilling.
• Exploration and evaluation costs for the three months ended March 31, 2025, were $2,161 (in thousands of Canadian dollars).

Advancing the Eau Claire project toward a Preliminary Economic Assessment (PEA).

The PEA used a gold price of US$1,900/oz for the Mineral Resource Estimate (MRE) basis dated May 10, 2024. The combined Eau Claire and Percival resource includes 6.39 million tonnes at 5.64 g/t gold (Measured and Indicated) plus 5.45 million tonnes at 4.13 g/t gold (Inferred). The Eau Claire project land package is 55,000 hectares.

Strategic M&A, like the QPM acquisition, to consolidate land packages.

• Merger with Quebec Precious Metals Corporation (QPM) completed on April 28, 2025.
• The transaction implied a price of C$0.04 per QPM share, a 33 per cent premium based on February 25, 2025 closing prices.
• Fury issued an aggregate of 8,394,137 Fury Shares upon completion.
• Post-merger, existing Fury shareholders own approximately 95% and QPM shareholders own 5% on an undiluted basis.
• The merger consolidated a gold and critical mineral exploration portfolio totaling over 157,000 hectares in Quebec.
• QPM's Sakami project land package spans 70,900 ha.
• The Kipawa heavy rare earth elements project holds historical reserves of 19.8-million tonnes grading 0.411% total rare earth oxides.

Continuous capital raising and investor relations to fund exploration.

• Fury closed a brokered private placement on October 14, 2025, for aggregate gross proceeds of C$18,000,150.
• The October 2025 Offering included 9,915,000 Charity FT Units at C$1.21 per unit and 6,003,000 FT Shares at C$1.00 per share.
• A prior financing in June 2025 raised total gross proceeds of C$3.37 million.
• The June 2025 financing included 440,000 common shares acquired by Agnico Eagle for C$294,800 at C$0.67 per share.
• Current Market Cap as of November 2025 was approximately C$152.1M.
• The company held a 16.05% common share interest in Dolly Varden Silver Corporation at March 31, 2025, which was lowered to 14.50% after March 31, 2025.
• Financial ratios: Current Ratio of 8.88 and Debt-to-Equity Ratio of 0.

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

Fury Gold Mines Limited's key resources center on its significant hard-asset base in Canada and its recent capital injection. The company operates a multi-million ounce gold platform across three core Canadian projects, which are the primary drivers of its intrinsic value.

The flagship asset is the Eau Claire project, which hosts a current Mineral Resource Estimate (MRE) that includes 1.16 million ounces of gold classified in the Measured and Indicated categories, based on data validated from 1,202 surface diamond drill holes totaling 406,431 m. This resource underpins a Preliminary Economic Assessment (PEA) released on September 2, 2025, which returned an After-tax Net Present Value (NPV5) of $554 million under the Base Case scenario.

For financial flexibility, Fury Gold Mines Limited maintains a significant equity stake in Dolly Varden Silver Corp. As of May 8, 2025, the holding was 11,763,647 common shares of Dolly Varden Silver Corp (TSXV:DV), which was valued at over $75 Million. This holding represented 12.9% of Dolly Varden's issued shares as of a late 2025 report.

The company's treasury was strengthened following a recent capital raise, which is a critical resource for funding ongoing exploration. You should note the following financial figures as of late 2025:

• Aggregate gross proceeds from the October 2025 brokered private placement totaled C$18,000,150.
• The cash position reported on the September 30, 2025, balance sheet was $6,127 thousand CAD.
• Total assets on the September 30, 2025, balance sheet stood at $86,629 thousand CAD.
• The market capitalization as of December 4, 2025, was CAD 153.21 million.
• The net loss for the nine months ended September 30, 2025, was CAD 9.69 million.

The company also holds a 100% interest in the Eau Claire project, situated on over 24,000 hectares in Quebec. Furthermore, Fury Gold Mines Limited holds 28,878,372 shares in Sirios Resources Inc (TSXV:SOI) as of March 14, 2024, valued at $2 Million.

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:

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:

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:

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:

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:

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:

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.