Fury Gold Mines completes Preliminary Economic Assessment for Eau Claire deposit

Fury Gold Mines Limited has announced the completion of a preliminary economic assessment (PEA) for the Eau Claire gold deposit, located in the Eeyou Istchee Territory of Quebec's James Bay region. The assessment evaluated three distinct scenarios based on the same mine plan, assuming a gold price of US$2,400 per ounce.

The "Base Case" scenario, featuring full standalone operation with on-site processing, projects an after-tax net present value (NPV5) of C$554 million and an after-tax internal rate of return (IRR) of 41%. The "Hybrid Case," which involves two years of toll milling followed by on-site processing, forecasts an after-tax NPV5 of C$610 million and an IRR of 53%. A "Toll Milling Case," relying entirely on third-party processing, estimates an after-tax NPV5 of C$639 million and an IRR of 84%.

Collectively, the scenarios indicate a total recovered gold production of 834,000 ounces at an average diluted grade of 4.46 g/t. The projected average annual production is approximately 76,000 ounces over an 11-year mine life, with rapid after-tax payback periods ranging from 1.1 to 2.5 years across the cases.

Fury Gold Mines CEO Tim Clark stated that the Eau Claire PEA results validate the company's belief in the project's value. He also highlighted the favorable existing infrastructure, including access to hydropower and roads, coupled with amenable metallurgy, positioning Eau Claire as an attractive development opportunity with significant exploration upside.