Fury Gold Mines (FURY) - 2024 Q3 - Quarterly Report

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$388,000 in Q3 2023[60]. - Total share-based compensation expense for Q3 2024 was $179,000, a decrease of 6.3$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$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].