Earnings Call - FURY GOLD MINES LTD

The reason why we're pushing towards the pre-feasibility study has been investors have been asking for it for years. They want to see a pathway to production. Welcome, ladies and gentlemen, to a new online interview here on Commodity TV. Today, I would like to speak with Tim Clark, the CEO of URI Goldmines, and for the first time with URI's Vice President Geology, Valérie Doyon. Yeah, Valéry, bonjour à Val d'Or, Québec, and Tim, good morning to the United States. Great to have you here for this update. Thanks, Tim, and it's nice to see Valérie on here, and she's been working hard this year, so we've got a lot to talk about. yeah good before we begin we must disclose that this interview has been produced published and paid for on behalf of fury gold mines yeah you have just reported some impressive intercepts from your eau claire project among others around about 15 grams per ton gold over four and 4.5 meters um valerie from a geological perspective what makes this result so important is it primarily the high grade or does it tell you even more significant about the continuity of the deficit yeah actually it's both it's the grade is exceptional it's very good grade it's high grade for Eau Claire and it demonstrates the robustness of the model the continuities there the structure so we can almost predict where we're gonna find the zone now so it's a very good The intercept is very good. And yeah, for us, it demonstrates that what we think is there, is there. So it's always a surprise when you have an intercept like that, but that's what we expect to find when we do the work. So, yeah. And this is not our first one this year. We've hit high grade a number of times now. So investors should start seeing this as not just an anomaly that happens. But Valerie and the guys in the team have spent years developing their models. And the more you drill, the more accurate you become. So this last drilling, so the highlighted drilling, there were more drillings, but that one has confirmed high-grade mineralization, approximately 60 meters up-dip from a historical drill hole. What does this now exactly tell you about the geometry? and continuity of the gold-bearing structures, and how much additional potential do you expect in this area? Listen, again, it proves us that we have continuity in the deposit with a step out of 60 meters like that. Eye-grade to intercept eye-grade spacing by 60 meters. It's fantastic. it strengthens our understanding of the geometry so the geometry works from what we see right now because we can anticipate again what we think we're going to hit and it validates the interpretation that we do of the deposit, the model so we can expect something and we got it so that's something that is very nice to see in geology I think it's fair to say that we just approved another budget of $3 million for Valerie to go back and drill underneath those hits, and the thought process is to see what's below, and if it continues, and If it does, we're in great shape. And the point that's nice about Eau Claire is it's not cut off in any direction. There's still a lot of potential and a lot of drilling to do. Yeah. What I also noticed was that this drill hole returned several mineralized intervals, not only that one that we highlighted before. Does this suggest the presence of multiple stacked gold-bearing zones? Yeah, exactly. that's what it suggests and we do repeat that kind of pattern in several holes so it's not just something that is uh it's it's most of the time the case we have multiple veining so they're all parallel we think and when the hole drill through so we hit a bunch of veining which is great because uh you got a lot of a lot grade in one hole so it is good for the resource That's something that we like to see a lot. Yeah. I mean, so, Tim, we're in the process of putting out a resource update on Eau Claire. SGS is the engineering company, and they have our data. But Valerie is going to continue to drill as we want to promote the broader resource. and uh the goal is to put out eventually a pfs on this we did the pea last september we had great results and then and the goal here is the last year of drilling has really been to convert inferred into indicated and and that's what we've been doing but now we're starting to turn towards adding exploration on onto our drill program which is what producers want to see and expanding the project not just converting and putting ounces into the resource pfs so we've got our hands full and it's really the primary focus for the company right now is eau claire okay a couple of assay results are still pending when do you expect to get the final results we still have a bunch of i think we have almost 25 holes right now at the lab that haven't been processed so it's uh i think it's going to be something that's going gonna be continuing in time uh we drill and as long as we don't stop drilling we're gonna have assays at the lab and it's something that's gonna just get rolling so we've got a little over half the assays back from this year's drilling and half are still pending at the labs and we'll get out get them out in batches and uh as long as we don't stop drilling uh we're going to continue to have assay labs on eau claire okay tim you already mentioned a pre-feasibility study which is targeted for the next year so 2027 and from a geological perspective what would you say are the most important milestones that need to be achieved before then and then how will the current drilling results feed into the updated resource model and the pre-feasibility study well look the reason why we're pushing towards the pre feasibility study has been investors have been asking for it for years. They want to see a pathway to production. And that's why we put out the PEA a year ago. That's why мы raised the $20 million to keep adding and pulling in inferred into indicated. We've got another 30,000 meters to go to keep doing that for the project for what we just already have, let alone what more exploration there is. So in order to get out the PFS, We need, we've been walking through a lot of the process with BBA, which is an engineering company in North America, and we've been hitting milestones in terms of environmental studies. We've got a metallurgical study that should be out on the chemistry of Eau Claire in November. That's a big one because that will tell us how complex or what we're going to need to do, what kind of processing we're going to need to have potentially toll milling ability to, you know, places like Elyon or Mill. And that could change a lot. And if you look in the PEA last year as a standalone, you know, we were worth 550 million net present value. But as a toll millING agreement, it's worth 850,000. So the IRR almost doubles if you can toll mill this. It's huge. And so Some of those things, including bulk samples next year, which would be in front of the FS as we go along, are things and milestones you're going to look for. But the reality is that our goal was to get in as many ounces into that pre-feasibility study to give analysts and investors an idea of how profitable this resource is. and what a lot of people may underestimate is we only used $2,400 gold a year ago to make those calculations and it's going to gold price has gone up significantly it's gonna really change the outcome and the value of Eau Claire overnight when we put this out and the goal is to put this out somewhere in the in the first half of next year the earlier the better and the truth is we just majority of it is we're waiting on these resource updates, which we've already submitted to SGS. So, um, you know, it's going to be exciting. I think it's gonna be an opportunity to re-rate the company when we do that. Good. So Valerie, when I had a look on your vita, I had the feeling that you have seen and developed quite a few projects throughout your career particularly in ontario and quebec where also fury gold mines is active how would you assess eau claire now right now yeah i've seen a couple of gold project in my career and i think eau clare is one of the is one OF THE GOOD ONE i've SEEN it's a high quality asset the project is well located it is close of infrastructure and we get power not so far with hydro quebec we do have an airport at an hour from camp so it's easy to do shift change it's easy to bring people in camp it's fast too i mean you can say you're on the project in a day it's and the other thing is that it's easier access because we got a road so it is easy to go to the property by pickup truck which is not very common i would say in James Bay most of the project gonna need an helicopter so we're lucky because of that and the most important is that we have a great mineralized system on the on the property so those all make a thing good for going toward the preface ability so it's all get in the pot so it's a good thing the other thing is that, we can drill year round two at Eau Claire we drill on the ground so no need of an helicopter there the machine can mobilize from one side to the other side very easily so it's a good project it's easy access it's perfect for work for us it's less logistic a little bit than something that you're going to go with an helicopter it's more thinking but it's very easy to work yeah and uh yeah that's good no that's i think that sums it up pretty well valerie and uh i would say the other part of it that a lot of people ask about is the financing and um because we have so much in the treasury and with the katango gold and silver ownership uh we're probably arguably one of the best finance juniors in the space still. And it gives us a lot of ability to go out and raise money. Raising money has never been a concern of mine. It's been bringing this project forward and executing from the drill point of view. And Valerie has taken over for Brian. Brian left to go run his own company. And Valérie has been working in Quebec for a long, long time. She's been here at the company longer than I have, and she runs a tight crew out there. And we've been extremely pleased from the board and from myself and the work she's done the last year. So we're excited. Good. So now we've talked a lot about Eau Claire, but we want to not forget that we have two or three more other great projects. such as Eleanor South and Comedy Bay. What's the current status there? So we have not been drilling at Eleanor South recently. More recently, we're up at Sakami, which is to the north of us and just on the other side of Eleanor. It's 825,000 ounces, open pit, lower grade. We'd like to go back up next summer if we can because we think there's a lot more potential and that's almost a standalone mine itself. I've been given a lot of calls on that with us asking to spin that out for other people to run. We think it's part of the land package with Fury in Quebec that isn't exciting for companies like Dilmar that own Eleanor and others. And so we're going to hang on to that and keep moving that forward. The interesting part about Eleanor South that everybody asks about is it does put us, it's like a important chess piece on the board in terms of M&A because it sits right in between Sirius and Dilmar, which is the Eleanor mine. And it's a strategic piece of property. It's a large piece of property. There's prospective drilling there. We've drilled up there before. We know there's high grade up there, especially along the Syrios border. It traps about a million ounces on the property line that they would certainly like to have. And we've been trying to, we've had open conversations with both companies. And I think it's something that we need to promote and, and, uh, figure out how to create more value for everybody around that. Um, I think it's coming to a head. I think that it's going to be interesting because our focus is really to the 50 kilometers to the South. We've got not only Eau Claire, but we got LaClarke, which is a huge perspective area to keep advancing. And then when it goes, when we talk about Committee Bay. Committee Bay is an entirely other potential company on its own if people wanted it to be. I think it belongs with a major. It's 300 kilometer Greenstone Belt. We have a huge hundred person camp up there. We've got a lot of equipment, earth moving equipment. We got our own drills um and uh it's it's an important piece of the north for some companies and i would point to agnico for example because agniko has the metal bank mines up there b2 gold has looked at it but agnigo has been financing our drilling program for the last couple years and uh they've taken ownership of fury so they own six percent of fury right now and uh and then the delmar group owns four percent of fury they bought out newmont shares last winter so we're we're in bed with two really great companies and i and i i would re-emphasize the quality of the management teams at both companies that we really like and these are the partnerships we're trying to develop and um again i i don't know exactly how we'll monetize those assets but um you know again i think it should be pretty clear to investors that our our focus is on taking eau claire to production as fast as we can and if we can use those properties to do it great and but we're not going to give away those properties for free either um and like anybody who goes out to sell their house uh you know you put some lipstick on it and you keep drilling and you uh clean it up and make it look nice and you make it make it so it's got some value and that's what we've done the last four or five years with all of our properties yeah that's great to hear so wonderful thanks very much for sharing these insights here with us um on eau claire but also on the other the two projects there are a lot of stuff to come in the next couple of weeks and months and yeah we are very eager to see here the next drill results and further developments on all the projects thank you very much for taking time no tim and keep an eye out for press releases we're going to have some out soon so keep an eyes on those and we look forward to updating you as they come out. That's what we want to see and want to hear. Thank you very much, guys, for taking the time. Ladies and gentlemen, that were Valerie Doyon and Tim Clark from Fury Goldmines. You heard it, the company is in great shape. The Fury team is working very hard here on developing Foclea, but also the other projects. There's a lot of news flow to come in the next couple of months. Drill results, mineral resource estimate and also pre-visibility study in 2027 is planned i would say yeah have a look here on fury gold mines thanks for watching and bye bye from canada the united states and switzerland