Core Viewpoint - Fury Gold Mines Limited has entered into an arrangement agreement to acquire Quebec Precious Metals Corporation, creating a combined company with a significant gold and critical minerals exploration portfolio in Quebec [1][4]. Transaction Highlights - The transaction will consolidate over 157,000 hectares of exploration land in Quebec, enhancing Fury's project pipeline [1][3]. - QPM's project portfolio includes the Sakami project, which has undergone nearly 50,000 meters of drilling, identifying gold mineralization in two zones [3][5]. - The exchange ratio for the transaction is set at 0.0741 Fury Shares for each QPM Share, implying a price of C$0.04 per QPM Share, representing a 33% premium based on closing prices [7][11]. Project Details - QPM's Sakami project features a 23 km long gold-bearing structural corridor with significant gold intercepts, including 2.51 g/t Au over 54.65 m [5]. - The Elmer East project has an undrilled 4.2 km long gold and base metal trend, with grab samples showing up to 68.10 g/t gold [6]. - The Kipawa project, which is 68% owned by QPM, has historical reserves of 19.8 million tonnes grading 0.411% total rare earth oxides [9]. Management and Governance - The board of directors of Fury will remain unchanged post-transaction, with Normand Champigny appointed as a strategic advisor [16]. - Both companies' boards unanimously approved the arrangement agreement and recommended that QPM shareholders vote in favor of the transaction [18]. Timeline and Conditions - The transaction is expected to be completed by the end of April 2025, pending necessary approvals from QPM shareholders and relevant stock exchanges [17]. - A special meeting of QPM shareholders will be held to approve the transaction, requiring a two-thirds majority vote [14].

Core Viewpoint - Fury Gold Mines Limited has initiated drilling at the Éléonore South gold project, targeting significant geological anomalies that could lead to substantial gold discoveries [3][4][5]. Group 1: Drilling Campaign Details - The first phase of drilling will involve approximately 4,000 to 6,000 meters, focusing on an interpreted fold nose within the Low Formation sediments [1][2]. - The drilling will target six undrilled priority targets identified over a 3-kilometer strike length, utilizing biogeochemical sampling and geophysical survey data [1][5]. - The company plans to complete around 15 of the 77 permitted drill holes in this phase, with further drilling contingent on the results obtained [2][11]. Group 2: Geological Context - The Éléonore South project is located in a region known for prolific gold mineralization, adjacent to Newmont's Éléonore Mine and Sirios' Cheechoo Deposit [4]. - Two distinct styles of mineralization have been identified: structurally controlled quartz veins and intrusion-related disseminated gold mineralization [4][6]. - The geological model indicates that the target areas lie within a westerly plunging regional scale fold nose, with secondary fold structures enhancing the prospectivity [5][11]. Group 3: Technical Insights - The drilling program is designed to intercept interpreted structures at various depths, with geological data from each hole being used to refine the targeting model [5][11]. - Historical biogeochemical sampling has indicated the presence of pristine gold grains near the target areas, suggesting minimal transport and proximity to the source [5][12]. - The technical team is leveraging direct experience from the Éléonore Mine to enhance the efficiency and effectiveness of the drilling program [11]. Group 4: Company Overview - Fury Gold Mines Limited is a Canadian-focused exploration company with a strong management team and a commitment to high standards in corporate governance and environmental stewardship [14]. - The company holds a 51 million common share position in Dolly Varden Silver Corp, representing 16.25% of issued shares [14]. - Fury aims to grow its multi-million-ounce gold platform through rigorous project evaluation and exploration excellence [14].

Financial Performance - The company reported a net loss of $4,453,000 for the three months ended September 30, 2024, compared to a net loss of $6,650,000 for the same period in 2023, indicating an improvement of approximately 32.8%[5]. - Total comprehensive loss for the nine months ended September 30, 2024, was $8,883,000, compared to $12,609,000 for the same period in 2023, reflecting a decrease of about 29.0%[5]. - Basic loss per share for the three months ended September 30, 2024, was $0.03, compared to $0.05 for the same period in 2023, showing an improvement of 40%[5]. - The company recognized net losses of $4,453,000 for the three months and $8,881,000 for the nine months ended September 30, 2024, compared to losses of $6,650,000 and $12,606,000 for the same periods in 2023[72]. Assets and Liabilities - Total assets decreased from $189,175,000 on December 31, 2023, to $184,099,000 on September 30, 2024, representing a decline of approximately 2.9%[3]. - The total liabilities increased slightly from $6,301,000 to $6,573,000, an increase of approximately 4.3%[3]. - The company's accumulated deficit increased from $149,054,000 to $157,932,000, a rise of about 5.3%[3]. - The working capital surplus decreased to $6,482,000 as of September 30, 2024, from $7,713,000 at the end of 2023[70]. Cash Flow and Reserves - Cash reserves decreased significantly from $7,313,000 to $3,336,000, a reduction of about 54.4%[3]. - Cash at the end of the period was CAD 3,336,000, down from CAD 10,088,000 at the end of the previous period[9]. - The cash used in operating activities for the three months ended September 30, 2024, was CAD 3,348,000, compared to CAD 4,281,000 for the same period in 2023, indicating a 21.7% decrease[8]. - The company reported cash provided by investing activities of CAD 472,000 for the three months ended September 30, 2024, compared to cash used of CAD 1,786,000 in the same period of 2023[9]. Share Capital and Compensation - The company's share capital increased from $310,277,000 at December 31, 2023, to $312,814,000 at September 30, 2024, an increase of approximately 0.8%[6]. - Share-based compensation expense for the three months ended September 30, 2024, was $1 million, a significant decrease from $45 million in the same period of 2023[37]. - The total remuneration for key management personnel in Q3 2024 was $408,000, an increase of 5.1% from $388,000 in Q3 2023[60]. - Total share-based compensation expense for Q3 2024 was $179,000, a decrease of 6.3% from $191,000 in Q3 2023[49]. Investments and Acquisitions - The company acquired a 49.978% interest in the Eleonore South Joint Venture in February 2024, increasing its ownership to 100%[11]. - The company acquired a 10.9% common share ownership of Sirios Resources Inc. for $1,300, reducing its holdings to 9.3% by September 30, 2024 after selling 1,514,000 shares[26]. - The company recognized a net loss of $3,624 from its investments in associates for the nine months ended September 30, 2024, with a carrying amount of $29,341 as of that date[31]. - The company incurred a transaction cost of $30 while acquiring 100% control of the Éléonore South project from Newmont Corporation for $3,000[28]. Exploration and Evaluation - Exploration and evaluation costs for the nine months ended September 30, 2024, totaled $4,794 million, compared to $6,528 million for the same period in 2023[42]. - Total exploration drilling costs for the three months ended September 30, 2024, amounted to $1,326 million, indicating a focus on mineral exploration activities[42]. - The company is committed to incurring full exploration expenditures of $5,001 million before December 31, 2025, related to the June 2024 offering[40]. Market and Financial Risks - The company's financial instruments are primarily exposed to liquidity risk, credit risk, and market risks, including currency and price risks[69]. - A 10% change in the US dollar to Canadian dollar exchange rate would not have a material impact on the Company's net loss[75]. - The company’s liquidity risk is managed through a budgeting and cash management process to ensure sufficient liquidity for exploration plans[69].

EXHIBIT 99.1 (An exploration company) CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 | | | | At June 30 | | At December 31 | | --- | --- | --- | --- | --- | --- | | | Note | | 2024 | | 2023 | | Assets | | | | | | | Current assets: | | | | | | | Cash | | $ | 8,523 | $ | 7,313 | | Marketable securities | 3 | | 2,834 | | 1,166 | | Accounts receivable | | | 178 | | 374 | | Prepaid expenses and deposits | | | 322 | | 592 | | | | | 11,857 | | 9,445 ...

Core Viewpoint - Fury Gold Mines Limited has announced an agreement to sell up to 5,320,000 flow-through shares at a price of C$0.94 per share, aiming for total gross proceeds of C$5,000,800 to fund Canadian exploration expenses [1][4]. Group 1: Offering Details - The offering will be conducted by Haywood Securities Inc. and a syndicate of agents on a commercially reasonable efforts agency basis [1]. - An over-allotment option allows agents to purchase an additional 798,000 FT Shares, representing 15% of the total offering, at the same issue price [2]. - The offering is scheduled to close on or about June 13, 2024, subject to customary closing conditions and necessary approvals [5]. Group 2: Use of Proceeds - Gross proceeds will be used for "Canadian exploration expenses" qualifying as "flow-through mining expenditures" as defined in the Income Tax Act (Canada) [4]. - The exploration expenditures will focus on the Company's Eau Claire and Éléonore South projects [4]. Group 3: Regulatory and Compliance Information - The FT Shares will be offered under the listed issuer financing exemption (LIFE Exemption) and will not be subject to resale restrictions under Canadian securities laws [3]. - The securities offered have not been registered under the U.S. Securities Act and cannot be sold in the United States without registration or applicable exemption [6]. Group 4: Company Overview - Fury Gold Mines Limited is a Canadian-focused exploration company with a significant position in Dolly Varden Silver Corp, holding approximately 19% of issued shares [7]. - The company aims to grow its gold platform through rigorous project evaluation and exploration excellence while adhering to high standards of corporate governance and environmental stewardship [7].

Core Viewpoint - Fury Gold Mines Limited has announced an agreement to sell up to 5,320,000 flow-through shares at a price of C$0.94 per share, aiming to raise total gross proceeds of C$5,000,800 for exploration expenses [1][4]. Group 1: Offering Details - The offering includes an over-allotment option for agents to purchase an additional 798,000 flow-through shares, representing 15% of the total offering [2]. - The flow-through shares will be offered under the listed issuer financing exemption, allowing them to be sold without resale restrictions in Canada [3]. - The gross proceeds will be allocated to Canadian exploration expenses, specifically for the Eau Claire and Éléonore South projects, with expenditures to be incurred by December 31, 2025 [4]. Group 2: Closing and Commissions - The offering is expected to close around June 13, 2024, pending customary closing conditions and necessary approvals from the Toronto Stock Exchange and NYSE American [5]. - The company will pay agents a cash commission of up to 6% of the gross proceeds raised [5]. Group 3: Company Overview - Fury Gold Mines Limited is focused on exploration in Canada and holds a significant position in Dolly Varden Silver Corp, owning approximately 19% of its issued shares [7]. - The company aims to expand its gold platform through rigorous project evaluation and exploration excellence, while adhering to high standards of corporate governance and environmental stewardship [7].

Financial Performance - Net loss for the three months ended March 31, 2024, was CAD 934 thousand, a reduction of 64.9% compared to a net loss of CAD 2,661 thousand for the same period in 2023[4] - The company reported a total comprehensive loss of CAD 935 thousand for Q1 2024, compared to CAD 2,662 thousand in Q1 2023, indicating a significant improvement[4] - The net loss for the three months ended March 31, 2024, was $935,000, compared to a net loss of $2,662,000 for the same period in 2023, representing a 64.9% reduction in losses[57] Operating Expenses - Operating expenses totaled CAD 1,855 thousand for Q1 2024, down 20.3% from CAD 2,328 thousand in Q1 2023[4] - For the three months ended March 31, 2024, total exploration and evaluation costs amounted to $791,000, a decrease of 8.1% from $861,000 in the same period of 2023[36] - Share-based compensation expense for Q1 2024 was $253,000, down 63.1% from $686,000 in Q1 2023[40] Assets and Liabilities - Total assets decreased to CAD 188,023 thousand as of March 31, 2024, down from CAD 189,175 thousand at December 31, 2023, representing a decline of 0.6%[2] - Current liabilities decreased to CAD 867 thousand, down 50% from CAD 1,732 thousand at December 31, 2023[2] - The company's total financial assets amounted to $8,560,000 as of March 31, 2024, compared to $8,953,000 as of December 31, 2023[65] - The company's total financial liabilities were $696,000 as of March 31, 2024, down from $1,034,000 at the end of 2023[65] Cash and Cash Equivalents - Cash and cash equivalents at the end of the period were CAD 5,731 thousand, a decrease of 21.6% from CAD 7,313 thousand at the beginning of the period[6] - As of March 31, 2024, the company had unrestricted cash of $5,731,000, down from $7,313,000 as of December 31, 2023[65] - The company reported a working capital surplus of $8,114,000 as of March 31, 2024, compared to $7,713,000 at the end of 2023[65] Investments and Acquisitions - The company acquired mineral interests totaling CAD 3,022 thousand during the three months ended March 31, 2024[6] - The carrying amount of the company's investments in associates was $32,638,000 as of March 31, 2024, reflecting a net loss of $327,000 during the period[28] - The company recognized a gain of $537,000 from the sale of 5,450,000 common shares of Dolly Varden, decreasing its holdings to 18.99%[26] Share Capital and Options - The weighted average number of common shares outstanding increased to 145,941,943 in Q1 2024 from 140,011,083 in Q1 2023, reflecting a 4.2% increase[57] - The company granted 145,000 share options in Q1 2024, a significant decrease from 2,893,800 options granted in Q1 2023[40] - As of March 31, 2024, the total number of share options outstanding was 9,887,790, with a weighted average exercise price of $1.20[47] Marketable Securities - As of March 31, 2024, the total marketable securities balance was $2,620,000, with additions of $1,300,000 and unrealized net gains of $412,000[23] - The company holds marketable securities valued at $2,620,000 as of March 31, 2024, compared to $1,166,000 as of December 31, 2023[65] Future Commitments and Plans - The company has committed to a drilling program of approximately 2,500 meters to be completed in April 2024[67] - The company raised $8,750,000 through the issuance of flow-through shares for mineral exploration in Quebec, with a commitment to incur full exploration expenditures by December 31, 2024[35] Risk Management - The company’s liquidity risk is managed through a budgeting and cash management process to ensure sufficient liquidity for exploration plans[64] - A 10% change in the US dollar to Canadian dollar exchange rate would not have a material impact on the company's net loss[70]

Financial Performance and Risks - Fury Gold anticipates negative cash flow from operations for 2024 and beyond due to lack of revenues from mining activities[36] - The company has no history of operating earnings and limited financial resources, raising concerns about its ability to generate revenues and operate profitably[73] - The company may require additional financing to continue operations, which could lead to shareholder equity dilution[34] - Inflation in 2023 has raised concerns about increased costs for Fury Gold's expenditure programs, potentially impacting financial viability[42] - The company has not paid any dividends to date, and future dividend payments will depend on various factors including operating results and financial conditions[75] Exploration and Development Risks - The company has not established mineral reserves on any of its mineral properties, indicating ongoing exploration risks[41] - Fury Gold faces significant risks related to exploration activities, including the potential for substantial expenditures without successful outcomes[24] - Commodity price fluctuations, particularly in gold, can adversely affect investor interest and capital availability for exploration[32] - Fury Gold's operations are subject to increased costs and delays due to compliance with applicable laws and regulations, which may impact future exploration and development activities[69] - The company faces competition for mineral permits and resources, which may hinder its ability to acquire or retain prospective development projects[59] Environmental and Regulatory Compliance - Fury Gold's operations are subject to evolving environmental regulations, which may increase compliance costs and operational risks[44] - The company acknowledges that failure to obtain necessary environmental permits could materially adversely affect its business and operations[51] - The company has implemented safety and environmental measures to comply with government regulations, but risks remain regarding future compliance[27] - Fury Gold has invested significant financial and managerial resources to comply with environmental protection laws and regulations across all jurisdictions where it operates[49] - The company recognizes climate change as a concern that may disrupt operations and increase compliance costs due to stricter regulations[54] Community and Social Relations - Relationships with local communities and Indigenous organizations are critical, as negative perceptions could delay project permits[47] - The company is committed to responsible mineral exploration and has engaged with local and Indigenous communities to ensure culturally sensitive operations[145] - The Company’s reputation may be adversely affected by social media risks, impacting community relations and investor confidence[81] Operational Structure and Management - Fury Gold relies on third-party contractors for critical operations, which poses risks related to errors or negligence that could adversely affect its financial condition[66] - The Company documented and tested its internal controls over financial reporting to comply with Section 404 of the Sarbanes-Oxley Act, but cannot assure that independent auditors would not find material weaknesses[77] - The Company may face challenges in maintaining effective internal controls over financial reporting, which could impact investor confidence and trading price of its common shares[78] - As of December 31, 2023, the Company had approximately 10 equivalent full-time employees, relying on consultants and contractors for exploration activities[140] Project Developments and Acquisitions - The Company completed the sale of the Homestake Ridge project to Dolly Varden for a $5 million cash payment and 76,504,590 common shares[93] - The company completed the acquisition of Newmont's 49.978% interest in the Eleonore South Gold Project for $3,000,000, consolidating ownership to 100%[97] - The company acquired a 25% interest in Universal Mineral Services Ltd for nominal consideration, allowing for a more efficient corporate overhead structure[94] - The company acquired a 10.98% portfolio investment in Sirios Resources Inc. in 2024, in addition to a 25% interest in UMS[150] Exploration Results and Mineral Resources - The Eau Claire Project has estimated Mineral Resources of approximately 0.9 Mt of Measured Mineral Resources grading 6.63 g/t Au containing 193,000 ounces of gold, Indicated Mineral Resources of 3.39 Mt grading 6.06 g/t Au containing 660,000 ounces of gold, and 2.38 Mt of Inferred Mineral Resources at an average grade of 6.53 g/t Au containing 500,000 ounces of gold[167] - The company has defined eight gold targets at the Lac Clarkie project through a soil sampling program, with plans to prioritize these for follow-up in 2023[117] - The company reported multiple gold mineralization intercepts at the Hinge Target, including 5.0m of 3.6 g/t Au and 14.0m of 2.37 g/t Au[120] - The company commenced a drilling program at the Eau Claire Deposit in April 2023, targeting 10,000 to 15,000 meters to expand the high-grade resource[118] - The final results from the 2023 drilling program included 17.62 g/t gold over 3.50m from drill hole 23EC-079, with significant intercepts open to surface[124] Financial Transactions and Fundraising - The Company issued 6,076,500 Flow-Through Shares for gross proceeds of $8.75 million on March 23, 2023, and is required to deploy the remaining $0.6 million of Canadian exploration expenditures (CEE) by December 31, 2024[84] - The Company raised gross proceeds of CAD$11,000,000 through a private placement of 13.75 million common shares at $0.80 per share in April 2022[112] - The Company completed a non-brokered private placement raising CAD$5,596,088 in October 2021, with each unit consisting of one common share and one warrant[104] - The Company closed a bought-deal private placement in March 2023, raising approximately $8.750 million from the sale of 6,076,500 flow-through shares at C$1.44 each[128] - The Company filed a base shelf prospectus allowing it to publicly offer up to $75 million of common shares and other securities over a 25-month period[129]

Financial Performance - The company reported a net loss of CAD 6,650,000 for the three months ended September 30, 2023, compared to a net loss of CAD 12,280,000 for the same period in 2022, indicating a 46.5% improvement[5]. - The total comprehensive loss for the nine months ended September 30, 2023, was CAD 12,609,000, compared to a comprehensive income of CAD 27,777,000 for the same period in 2022[5]. - The basic loss per share for the three months ended September 30, 2023, was CAD 0.05, compared to CAD 0.09 for the same period in 2022[5]. - For the three months ended September 30, 2023, Fury Gold Mines reported a net loss of CAD 6,650,000 compared to a net loss of CAD 12,280,000 for the same period in 2022, indicating a 46.5% improvement in losses year-over-year[67]. - The weighted average number of shares outstanding for the three months ended September 30, 2023, was 145,547,450, resulting in a basic loss per share of CAD 0.05, compared to CAD 0.09 for the same period in 2022[67]. Assets and Liabilities - As of September 30, 2023, total assets decreased to CAD 195,536,000 from CAD 200,599,000 at December 31, 2022, representing a decline of approximately 2.1%[3]. - The company’s total liabilities increased to CAD 8,286,000 as of September 30, 2023, compared to CAD 5,806,000 at December 31, 2022, marking an increase of approximately 42.7%[3]. - Cash and cash equivalents at the end of the period were CAD 10,088,000, a decrease from CAD 14,030,000 at the beginning of the period, representing a decline of 28.0%[10]. - Fury Gold's total financial liabilities as of September 30, 2023, were CAD 2,651,000, compared to CAD 1,616,000 at December 31, 2022, representing a significant increase of 63.9%[69]. - Fury Gold's working capital surplus as of September 30, 2023, was CAD 9,212,000, a decrease from CAD 10,554,000 at December 31, 2022, representing a decline of 12.7%[75]. Exploration and Evaluation - Exploration and evaluation expenses for the nine months ended September 30, 2023, totaled CAD 6,528,000, down from CAD 7,871,000 in the same period of 2022, reflecting a decrease of approximately 17.0%[5]. - Total exploration and evaluation costs for Q3 2023 amounted to CAD 3,839,000, compared to CAD 3,785,000 for Q3 2022, reflecting an increase in exploration activities[47]. - Fury Gold has committed to a minimum 6,000 metre drilling program for its 2023 exploration, with 13,262 metres already drilled as of September 30, 2023[79]. Share Capital and Compensation - Share capital increased to CAD 310,277,000 as of September 30, 2023, from CAD 306,328,000 at December 31, 2022, reflecting a growth of about 0.6%[3]. - Share-based compensation expense for share options issued to UMS employees was CAD 45,000 for Q3 2023 and CAD 293,000 for the nine months ended September 30, 2023, compared to CAD 100,000 and CAD 408,000 for the same periods in 2022, respectively[42]. - The company recognized total share-based compensation expense of CAD 1,117,000 for the nine months ended September 30, 2023, down from CAD 1,455,000 for the same period in 2022[54]. Investments - The company holds a 50.022% interest in the Eleonore South Joint Venture and a 23.36% interest in Dolly Varden Silver Corporation as of September 30, 2023[13]. - The fair market value of the Company's investment in Dolly Varden as of September 30, 2023, was CAD 38,083,000 based on a closing share price of CAD 0.64[35]. - The marketable securities held by the Company increased to CAD 1,673,000 as of September 30, 2023, from CAD 582,000 at the end of 2022, after accounting for additions of CAD 1,138,000 and disposals of CAD 79,000[28]. - The total carrying amount of the Company's mineral interests was CAD 144,140,000 as of September 30, 2023, a slight decrease from CAD 145,190,000 at the end of 2022[29]. - The total balance of the Company's mineral interests in Quebec was CAD 124,826,000 as of September 30, 2023, reflecting a decrease due to option payments received and changes in estimates[29]. Cash Flow and Management - The company reported a cash used in operating activities of CAD 4,281,000 for the three months ended September 30, 2023, compared to CAD 5,132,000 for the same period in 2022, indicating a reduction of approximately 16.6%[10]. - The company recognized a total of CAD 1,599,000 in remuneration for key management personnel for the nine months ended September 30, 2023, down from CAD 2,091,000 for the same period in 2022, a reduction of 23.5%[63]. - The company incurred a change in non-cash working capital of CAD 558,000 for the three months ended September 30, 2023, compared to a negative change of CAD 705,000 for the same period in 2022[64].

Shareholder Meeting Outcomes - A total of 48,123,149 common shares were present or represented by proxy at the Annual General Meeting, representing 32.97% of the outstanding common shares[3]. - Forrester A. Clark received 99.51% of votes for his election as a director, with 47,755,658 votes in favor[4]. - Deloitte LLP was appointed as the Company's auditor with 99.59% of votes in favor, totaling 47,924,179 votes[5]. - The proposed Long-Term Incentive Plan was approved with 96.87% of votes for, amounting to 46,618,720 votes[6]. Ownership Information - Fury Gold Mines holds a 59.5 million common share position in Dolly Varden Silver Corp, representing 23.4% ownership[7].