🧾 What This Document Is

This is Fury Gold Mines' Annual Information Form (AIF) for the year ended December 31, 2025. Think of it as the company's official "annual report card" for investors. It’s a deep dive into their business, projects, finances, and risks, filed with regulators in both Canada and the U.S. This filing tells the story of their entire year—what they did, what they found, and where they’re headed.

🏢 What The Company Does

👉 In simple terms, Fury Gold Mines is a Canadian explorer hunting for high-grade gold. They don't run producing mines yet; their business is to find significant gold deposits, prove their value, and either develop them or sell them to bigger mining companies. They focus on two regions: James Bay in Quebec and Nunavut.

Their strategy is like a treasure hunt with multiple maps. They work on several projects at once, with four currently considered "material" (important enough to focus on). They’re funded by investors and strategic partners like Agnico Eagle Mines.

💰 Financial Highlights & Key Moves

The year was all about funding exploration and advancing projects.

Major Financing: In October 2025, they raised $18 million in a brokered offering. Earlier, in May, major partner Agnico Eagle invested $4.3 million, increasing its ownership stake.
Spending on Exploration: The money raised was poured directly into the ground. They ran aggressive drill programs at their key projects, with over 25,000 metres planned or completed at Eau Claire alone.
Acquisition: In April 2025, they acquired Quebec Precious Metals (QPM) for about $4.5 million in shares and $750,000 in cash, adding three new projects to their portfolio.
Key Appointment: In January 2026, they added Phillips Baker to their Board of Directors, bringing in fresh expertise.

📦 Project Breakdown: The Treasure Maps

This is the core of the filing—what they found while digging.

🔥 Eau Claire (Quebec) - The Flagship: This is their most advanced project. In September 2025, they published a Preliminary Economic Assessment (PEA). This early-stage economic study showed very promising numbers:
- Base Case: After-tax Net Present Value (NPV) of $554 million and a 41% Internal Rate of Return (IRR).
- This means, at a gold price of US$2,400/oz, the project could be highly profitable. They immediately started a 10,000-metre drill program to grow the resource further.
💎 Sakami (Quebec) - The New Discovery: Acquired through the QPM deal, this project delivered a major milestone. In December 2025, they announced the first-ever mineral resource estimate:
- Inferred Resource: 825,000 ounces of gold grading 1.07 grams per tonne (g/t). This is a solid starting point that they believe can grow.
🏔️ Committee Bay (Nunavut) - The High-Grade Frontier: A large, 100%-owned project in the Arctic. Drilling in 2025 continued to expand known high-grade zones like Three Bluffs, with intercepts such as 5.73 g/t gold over 3.0 metres.
🔬 Éléonore South & Elmer East (Quebec) - The Prospects: These are earlier-stage projects. Éléonore South is next to Newmont's big mine and showed gold anomalies. Elmer East, also from the QPM deal, revealed a surprise high-grade lithium discovery, adding a critical minerals angle.

👥 Management & Board in Flux

The leadership team saw several changes as the company evolved:

Phil van Staden was appointed permanent CFO in January 2024.
Isabelle Cadieux resigned from the Board in March 2025.
Long-time director Jeffrey Mason did not stand for re-election in 2024.
The board was reinforced with the appointment of Phillips Baker in January 2026.

⚖️ Big Picture: Strengths & Risks

👍 Strengths:

Strong Partner: A strategic investment from Agnico Eagle (a mining giant) provides funding and validation.
High-Grade Projects: Their core assets like Eau Claire and Sakami host high-quality gold resources.
Active Exploration: They are aggressively drilling to grow their resources, which is how explorers create value.

⚠️ Risks:

No Revenue: As an explorer, they burn cash and have no income. They are entirely dependent on raising money.
Gold Price Dependence: The value of their projects swings wildly with the volatile gold price.
Exploration Risk: There's no guarantee that more drilling will find enough economic gold to build a mine.
Remote Locations: Projects in Nunavut and Northern Quebec face high costs and logistical challenges.

🔮 What's Next

The roadmap for 2026 and beyond is clear:

Advance Eau Claire: Continue the large drill program to upgrade the resource and move the project toward a more advanced study (like a Pre-Feasibility Study).
Expand Sakami: Follow up on the new resource with more drilling to find more ounces.
Explore New Frontiers: Drill test the promising targets at Éléonore South and continue evaluating the lithium potential at Elmer East.
Maintain Funding: Keep financing the exploration machine, likely through more partnerships or equity raises.

🧠 The Analogy

Fury Gold Mines is like a professional team of treasure map makers and validators. They don't own a treasure chest (a mine) yet. Instead, they buy promising old maps (properties), use modern tech and lots of digging (drilling) to prove where the gold is buried, and then either convince a big pirate company (like Agnico Eagle) to help them dig it up or sell the verified map for a huge profit. Their entire year was spent digging test holes on four different maps, and they struck promising gold on at least two of them.

📇 Key Contacts & People

Phil van Staden: Chief Financial Officer
Phillips Baker: Director (appointed January 26, 2026)
Investor Relations: Fury Gold Mines uses Agnico Eagle Mines Limited's investor relations team. (Note: Specific direct emails/phones for Fury personnel are not listed in this excerpt of the AIF).

🧩 Final Takeaway

Fury Gold Mines had a pivotal year, successfully financing and aggressively exploring its projects. The major wins were the strong PEA at Eau Claire and the new gold resource discovery at Sakami. The company is now firmly in a "prove-it" phase, using shareholder and partner money to grow its assets into something large enough to attract a major mining developer. Their success now hinges entirely on what their drills find in the coming year.

FURY GOLD MINES LTD — 40-F Filing