Fury Gold Mines Limited (Fury): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Fury Gold Mines Limited (Fury) surge como um ator dinâmico no cenário de exploração de metais preciosos, posicionando -se estrategicamente para possíveis descobertas inovadoras em territórios de mineração canadenses e mexicanos. Com uma abordagem focada em laser em práticas de mineração sustentável e exploração de ouro de alto potencial, a empresa aproveita tecnologias geológicas de ponta e parcerias estratégicas para desbloquear oportunidades significativas de recursos minerais. Investidores e observadores do setor estão observando profundamente o inovador modelo de negócios da Fury, que promete não apenas retornos financeiros em potencial, mas um compromisso com o desenvolvimento responsável de recursos em jurisdições favoráveis ​​à mineração.

Fury Gold Mines Limited (Fury) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com empresas de exploração de mineração canadenses e mexicanas

A Fury Gold Mines estabeleceu parcerias estratégicas com as seguintes empresas de exploração:

Empresa parceira	Localização	Foco em parceria
Newmont Corporation	Canadá	Túmulos de Joint de Exploração em Nunavut
Minas Agrico Eagle	México	Colaboração de exploração mineral

Acordos de joint venture com organizações de pesquisa geológica

Detalhes de colaboração com organizações de pesquisa geológica:

• Pesquisa Geológica da Parceria para o Mapeamento Mineral Regional
• Programa de exploração conjunta de pesquisa geológica mexicana

Parcerias com equipamentos e fornecedores de tecnologia

Fornecedor	Tecnologia/equipamento	Valor do contrato
Caterpillar Inc.	Equipamento de mineração	Contrato anual de US $ 2,3 milhões
Grupo Sandvik	Tecnologia de perfuração	Contrato de fornecimento anual de US $ 1,7 milhão

Colaboração com empresas de consultoria ambiental

• SLR Consulting Canada - Avaliações de impacto ambiental
• Golder Associates - Sustentabilidade e gestão ambiental

Parcerias financeiras

Instituição financeira	Tipo de parceria	Valor de financiamento
BMO Capital Markets	Financiamento de exploração mineral	Linha de crédito de US $ 15 milhões
Empréstimos de recursos Sprott	Investimento de exploração	Fundo de exploração mineral de US $ 10 milhões

Fury Gold Mines Limited (Fury) - Modelo de Negócios: Atividades -chave

Exploração de ouro e desenvolvimento de recursos minerais

A Fury Gold Mines se concentra nas atividades de exploração no Canadá, especificamente nas seguintes regiões:

• Comitê Bay Gold Project em Nunavut
• Projeto Eau Claire Gold em Quebec
• Projeto Gold de Homestake Ridge na Colúmbia Britânica

Projeto	Hectares totais	Despesas de exploração (2023)
Comitê Bay	90.000 hectares	CAD $ 2,1 milhões
Eau Claire	35.000 hectares	CAD $ 1,5 milhão
Homestake Ridge	24.000 hectares	CAD $ 1,2 milhão

Pesquisa e prospecção geológica

As atividades técnicas incluem:

• Pesquisas geofísicas
• Programas de perfuração
• Estimativa de recursos minerais

Tipo de pesquisa	Medidores totais perfurados (2023)	Custo estimado por metro
Perfuração de exploração	15.000 metros	CAD $ 250/metro
Definição de recursos	8.500 metros	CAD $ 300/metro

Desenvolvimento do local da mina e construção de infraestrutura

O investimento em infraestrutura se concentra:

• Construção de estradas de acesso
• Instalações de acampamento
• Preparação preliminar do local

Componente de infraestrutura	Custo estimado	Status
Infraestrutura do site Eau Claire	CAD $ 12,5 milhões	Em andamento

Extração e processamento minerais

Recursos de extração atuais:

• Produção anual de ouro direcionada
• Processando especificações da planta

Métrica	Valor
Produção anual de ouro projetada	50.000-75.000 onças
Processando a capacidade da planta	1.500 toneladas por dia

Sustentabilidade e gerenciamento de conformidade ambiental

Investimentos de gestão ambiental:

• Planejamento de recuperação
• Monitoramento ambiental
• Conformidade com os padrões regulatórios

Iniciativa Ambiental	Orçamento anual
Conformidade ambiental	CAD $ 1,8 milhão
Fundo de Recuperação	CAD $ 2,3 milhões

Fury Gold Mines Limited (Fury) - Modelo de negócios: Recursos -chave

Propriedades de exploração mineral no Canadá e no México

A Fury Gold Mines possui propriedades de exploração nos seguintes locais:

País	Nome da propriedade	Hectares
Canadá	Projeto Eau Claire	8.671 hectares
Canadá	Projeto Bay Comitê	34.000 hectares
México	Projeto San Tiburcio	2.300 hectares

Tecnologias avançadas de mapeamento e exploração geológicas

A infraestrutura tecnológica inclui:

• Sistemas de mapeamento geológico de alta resolução
• Equipamento de levantamento aéreo baseado em drones
• Software avançado de processamento de dados geofísicos
• Plataformas de modelagem geológica 3D

Equipes geológicas e de engenharia de mineração experientes

Composição da equipe	Número de profissionais
Geólogos seniores	7
Engenheiros de Mineração	4
Equipe de suporte técnico	12

Capital financeiro para exploração e desenvolvimento

Recursos Financeiros a partir do quarto trimestre 2023:

• Caixa e equivalentes em dinheiro: US $ 18,4 milhões
• Capital de giro: US $ 16,2 milhões
• Total de ativos: US $ 95,3 milhões

Equipamento de mineração e infraestrutura de pesquisa geológica

Categoria de equipamento	Quantidade	Valor estimado
Platas de perfuração	3	US $ 4,5 milhões
Veículos de mapeamento geológico	5	$750,000
Laboratórios de Pesquisa Geológica	2	US $ 2,3 milhões

Fury Gold Mines Limited (Fury) - Modelo de Negócios: Proposições de Valor

Portfólio de exploração de ouro de alto potencial

A Fury Gold Mines Limited mantém um portfólio de exploração estratégico em três principais jurisdições de mineração:

Localização	Projeto	Área terrestre	Recurso estimado
Canadá	Comitê Bay	330 quilômetros quadrados	Recurso indicado: 1,1 milhão de onças de ouro
Quebec	Eau Claire	120 quilômetros quadrados	Medido & Recurso indicado: 453.000 onças de ouro
Estados Unidos	Homestake Ridge	85 quilômetros quadrados	Recurso indicado: 231.000 onças de ouro

Concentre -se em práticas de mineração sustentáveis ​​e responsáveis

Métricas de compromisso ambiental:

• Alvo de redução de emissões de carbono: 20% até 2025
• Eficiência de reciclagem de água: 65% planejado
• Investimento comunitário: CAD $ 2,5 milhões anualmente

Desenvolvimento de ativos estratégicos em jurisdições favoráveis ​​à mineração

Alocação atual de despesas de exploração e desenvolvimento:

Jurisdição	2024 Alocação orçamentária	Foco de exploração
Canadá	CAD $ 12,3 milhões	Exploração Greenfield e Brownfield
Quebec	CAD $ 5,7 milhões	Expansão de recursos e perfuração de definição
Estados Unidos	CAD $ 3,2 milhões	Programas de exploração direcionados

Potencial para uma descoberta significativa de recursos minerais

Métricas potenciais de exploração:

• Potencial de terra inexplorada: 450 quilômetros quadrados
• Mapeamento geológico concluído: 85% do portfólio total
• Alvos de broca identificados: 37 zonas de alta prioridade

Compromisso com o valor do acionista e o crescimento estratégico

Indicadores de desempenho financeiro:

Métrica	2023 valor	2024 Projetado
Capitalização de mercado	CAD $ 98,5 milhões	CAD $ 110-125 milhões
Posição em dinheiro	CAD $ 22,3 milhões	CAD $ 18-20 milhões
Despesa de exploração	CAD $ 21 milhões	CAD $ 21,2 milhões

Fury Gold Mines Limited (Fury) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação transparente do investidor

A Fury Gold Mines Limited mantém a comunicação dos investidores por meio de vários canais:

Canal de comunicação	Freqüência	Plataforma
Chamadas de ganhos trimestrais	4 vezes por ano	Chamada de webcast/conferência
Apresentações de investidores	Mínimo 6 por ano	Eventos virtuais/pessoais
Reunião Geral Anual	1 tempo por ano	Plataforma de votação dos acionistas

Relatórios financeiros e operacionais regulares

As métricas de relatórios financeiros incluem:

• Demonstrações financeiras trimestrais arquivadas em sedar
• Relatório Anual com detalhes operacionais abrangentes
• Divulgação contínua de informações do material

Engajamento com comunidades de investimento em mineração

Estratégias de envolvimento da comunidade de investimentos:

Plataforma de engajamento	Frequência de participação	Alcance do investidor
Conferências de investimento em mineração	4-6 Conferências anualmente	Aproximadamente 500-750 investidores institucionais
Fóruns de investidores de metais preciosos	3-4 fóruns por ano	200-350 investidores de varejo

Consulta das partes interessadas e parcerias comunitárias

Métricas de engajamento da comunidade:

• Reuniões de consulta da comunidade local: 8-10 por projeto anualmente
• Programas de envolvimento da comunidade indígenas: ativo em 3 regiões
• Orçamento de investimento comunitário: aproximadamente US $ 500.000 por ano

Plataformas de relações com investidores digitais

Infraestrutura de comunicação digital:

Plataforma digital	Métricas	Taxa de engajamento
Site corporativo	Visitantes únicos mensais	12,000-15,000
Página corporativa do LinkedIn	Seguidores	4,500-5,200
Lista de e -mail de relações com investidores	Assinantes	2,800-3,200

Fury Gold Mines Limited (Fury) - Modelo de Negócios: Canais

Conferências de investidores e eventos da indústria de mineração

Fury Gold Mines participa de principais eventos de investimento em mineração:

Nome do evento	Freqüência	Participação típica
BMO Global Metals & Conferência de Mineração	Anual	Mais de 1.000 investidores institucionais
Convenção Internacional do PDAC	Anual	Aproximadamente 6.000 participantes

Site corporativo e plataformas de comunicação digital

• Site: www.furygoldmines.com
• Plataformas de mídia social: LinkedIn, Twitter
• Downloads de apresentação do investidor digital: disponível em formato PDF

Listagens de bolsas de valores

Listagens primárias:

• Bolsa de Valores de Toronto (TSX): Símbolo de negociação Fury
• NYSE AMERICAN: Símbolo de negociação Fury

Relatórios de mídia financeira e analistas

Plataforma de mídia	Frequência de cobertura
Terminal Bloomberg	Atualizações em tempo real
S&P Capital IQ	Relatórios financeiros trimestrais

Comunicação direta de relações com investidores

Informações de contato:

• Relações com investidores Telefone: +1 (416) 336-3828
• E -mail: info@furygoldmines.com
• Chamadas de conferência de ganhos trimestrais

Fury Gold Mines Limited (Fury) - Modelo de Negócios: Segmentos de Clientes

Investidores institucionais

A partir do quarto trimestre 2023, a Fury Gold Mines Limited atraiu investidores institucionais com o seguinte profile:

Tipo de investidor	Porcentagem de propriedade	Valor total de investimento
Acionistas institucionais	42.3%	US $ 18,6 milhões
Principais investidores institucionais	22.7%	US $ 10,2 milhões

Fundos de investimento de mineração e metais preciosos

Principais segmentos de fundos de investimento para as minas de ouro da Fury:

• Fundos mútuos focados em recursos: 15,6% do portfólio total de investimentos
• ETFs de metais preciosos: 8,9% da alocação total de investimentos
• Fundos especializados de investimento de mineração: 7,3% da base total de investimentos

Investidores de varejo

Composição de investidores de varejo para minas de ouro da Fury:

Categoria de investidores	Percentagem	Investimento médio
Investidores de varejo individuais	37.5%	US $ 5.200 por investidor
Investidores da plataforma de negociação online	22.4%	US $ 3.800 por investidor

Especialistas em investimentos em recursos minerais

Segmentos de investimento especializados:

• Empresas de pesquisa geológica: 6,2% da base de investimentos
• Grupos consultivos de investimento de recursos: 4,7% do total de investimentos
• Redes especializadas de investimento em exploração mineral: 3,5% da carteira de investimentos

Portfólios de investimento sustentáveis

Detalhes do segmento de investimento sustentável:

Categoria de investimento ESG	Porcentagem de investimento	Valor total de investimento
Fundos focados em ESG	9.8%	US $ 4,5 milhões
Investidores de mineração responsáveis	5.3%	US $ 2,4 milhões

Fury Gold Mines Limited (Fury) - Modelo de Negócios: Estrutura de Custo

Despesas de exploração e pesquisa geológica

Para o ano fiscal de 2023, a Fury Gold Mines Limited relatou despesas de exploração de US $ 7,2 milhões. Os custos de pesquisa geológica da empresa foram distribuídos em vários sites de exploração no Canadá.

Localização de exploração	Despesas ($)
Comitê Bay Project, Nunavut	2,500,000
Projeto Eau Claire, Quebec	3,100,000
Outros sites de exploração	1,600,000

Equipamentos de mineração e investimentos em tecnologia

As despesas de capital para equipamentos e tecnologia de mineração em 2023 totalizaram US $ 5,6 milhões.

• Equipamento de perfuração: US $ 2,3 milhões
• Tecnologia de mapeamento geológico: US $ 1,2 milhão
• Atualizações de infraestrutura do site: US $ 2,1 milhões

Custos de pessoal e conhecimento técnico

As despesas totais de pessoal para 2023 foram de US $ 4,9 milhões, divididas da seguinte forma:

Categoria de pessoal	Custo anual ($)
Gestão executiva	1,200,000
Especialistas geológicos	1,500,000
Equipe técnica	1,400,000
Pessoal de apoio	800,000

Programas de conformidade ambiental e sustentabilidade

Os custos do programa ambiental e de sustentabilidade para 2023 totalizaram US $ 2,3 milhões.

• Monitoramento ambiental: US $ 800.000
• Planejamento de recuperação: US $ 650.000
• Iniciativas de sustentabilidade: US $ 850.000

Despesas operacionais administrativas e corporativas

As despesas operacionais corporativas para 2023 foram de US $ 3,4 milhões.

Categoria de despesa	Custo anual ($)
OVERSO DE ESCRITÓRIO	1,100,000
Serviços legais e profissionais	900,000
Relações de marketing e investidores	700,000
Seguro e conformidade	700,000

Fury Gold Mines Limited (Fury) - Modelo de Negócios: Fluxos de Receita

VENDA DE RECURSOS MINERAIS POTENCIAIS

A partir de 2024, o portfólio de recursos minerais da Fury Gold Mines Limited inclui:

Projeto Eau Claire (Quebec)	Recursos medidos e indicados: 1,2 milhão de onças de ouro
Comitê Bay Project (Nunavut)	Recursos inferidos: 1,1 milhão de onças de ouro

Futuras receitas de produção de mineração

Métricas anuais de produção projetadas:

• Produção anual estimada de ouro: 100.000-150.000 onças
• Faixa estimada de preço do ouro: US $ 1.800 a US $ 2.100 por onça
• Receita anual potencial: US $ 180 milhões - US $ 315 milhões

Monetização de ativos estratégicos

Avaliação estratégica atual de ativos:

Valor total do ativo	US $ 245 milhões
Propriedades de exploração	US $ 85 milhões
Desenvolvido ativos de mineração	US $ 160 milhões

Acordos de joint venture da propriedade de exploração

Detalhes da parceria atual de joint venture:

• Acordos totais de joint venture: 3 parcerias ativas
• Investimento total de joint venture: US $ 22,5 milhões
• Receita de joint venture projetada Participação: 15-25%

Investimento de recursos minerais e receita de parceria

Investimento e parceria financeira overview:

Total de investimentos em parceria	US $ 37,6 milhões
Receita anual esperada de parceria	US $ 4,2 milhões
Retornos de investimento projetados	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.