FURY · Fury Gold Mines Limited

Fury Gold Mines Limited delivered a transformative Q1 2026 result with net income of $15.1 million, reversing a $3.0 million loss from Q1 2025, primarily propelled by a $19.2 million gain from the derecognition of its equity-method investment in Dolly Varden Silver Corporation following its merger with Contango Ore, Inc. This transaction converted the holding into Contango Silver and Gold Inc. shares valued at $44.2 million at fair value, reclassified as marketable securities and boosting the balance from $7.8 million year-end to $54.8 million. Additional gains included $2.8 million unrealized on marketable securities and $35 thousand on other investments, offsetting higher operating expenses of $6.4 million, where exploration and evaluation costs doubled to $4.8 million amid active drilling at Eau Claire. Cash burn intensified with $6.0 million used in operations versus $2.5 million prior year, reducing cash to $15.3 million from $21.2 million, though working capital strengthened significantly to $70.7 million from $29.2 million, providing runway for ongoing exploration. Balance sheet expansion to $123.8 million in total assets reflects investment gains and equity growth to $116.7 million. Operationally, Eau Claire advanced with Phase 1 drilling results showing high-grade intercepts like 12.50 g/t over 7.02m, environmental baseline studies commenced April 28, and key hires including Annie Blier for permitting and Mario Courchesne as VP Project Development signal push toward feasibility. Management affirms going concern with sufficient liquidity for at least 12 months, though future funding remains critical for project advancement in Quebec and Nunavut segments.