US Banking Crisis Accelerates Gold Price Rally

Fury Gold Mines Limited (TSX:FURY)(NYSE-A:FURY)(TSX:FURY)(NYSE-A:FURY) is Positioned for a Potential New Discovery as Gold Regains Its Safe Haven Status

Gold prices are once again rising, reaching past $2,000 per ounce for the second time in a week¹ as the US banking crisis shocks the markets.

Over the last two weeks, the collapse of Silicon Valley Bank (SVB), which is the biggest banking collapse in the US since Washington Mutual in 2008,² followed by Silvergate,³ Signature Bank, First Republic Bank and then Credit Suisse, has highlighted how vulnerable banks are to sharp rate increases.

Despite the recent turmoil, the US Fed just raised interest rates by 25 basis points, adding fuel to the financial fire taking place.⁴

In an effort to protect themselves from more bad banking news, investors are turning to safe haven assets like gold and it’s sending the precious metal towards new record highs.

Goldman Sachs recently raised its 12-month gold price forecast by $100 per ounce to $2,050, joining Citibank, Commerbank and ANZ in increasing targets. Like many others, Goldman Sachs believes gold is the best hedge against financial risks and nothing sounds riskier than the current state of the US banking system.

The recent string of banking collapses is really just the tip of the iceberg. With a debt of over $31 trillion,⁵ it’s clear that the problems facing the US economy are deep and fundamental, meaning long-term challenges that could lead to a gold bull run.

Market analyst Peter Grandich, who correctly predicted the stock market crash last year, expects undervalued assets like gold to outperform⁶ and sees mining companies as the real opportunity because mining shares relative to gold haven’t been this cheap in decades.

Junior mining companies in particular are poised for success, making companies like Fury Gold Mines Limited (TSX:FURY)(NYSE-A:FURY)(TSX:FURY)(NYSE-A:FURY) so appealing. Fury is a well-financed high-grade gold exploration company strategically positioned in some of Canada’s most prolific mining regions.

The targeted approach and revised exploration plan has led to an expanded footprint of high-grade gold, with discoveries exceeding 22 grams per ton (g/t) gold over 1.5 metres and a hit rate of nearly 55%.

But that’s really just the tip of the iceberg. Let’s dive into the many reasons to be excited about this junior mining explorer.

5 Reasons Fury Gold Mines Limited (TSX:FURY)(NYSE-A:FURY)(TSX:FURY)(NYSE-A:FURY) is on the Cusp of Something Big

Canadian-Focused, High-Grade Gold Explorer: Fury Gold Mines has strategically maneuvered its way to an advanced high-grade, gold portfolio in low-risk jurisdictions across three projects, with two major projects in the mining-friendly jurisdiction of Quebec.
Actively Drilling Multiple Robust Exploration Projects in Quebec: Fury has been active through the drill bit, intercepting multiple zones of high-grade gold expanding the Eau Claire deposit footprint and the Percival Prospect.
Experienced Management Team with a Proven Record of Success: Since appointing Tim Clark as CEO in 2021, Fury Gold Mines is focusing on its best in class projects in Quebec, reducing costs by 30% and strengthening the company’s balance sheet.
Strong Balance Sheet: After completing the most recent private placement in March 2023, Fury Gold Mines (TSX:FURY)(NYSE-A:FURY)(TSX:FURY)(NYSE-A:FURY) is arguably one of the best financed junior exploration companies in the sector with C$16.8 million in its treasury and owning 59.5m shares of Dolly Varden Silver worth approximately C$55M and free trading.
Additional Blue-Sky Potential in Nunavut: Fury Gold Mines has 100% ownership of the Committee Bay project, where there is significant resource expansion and discovery potential. This high-grade gold endowment is located in the mining-friendly jurisdiction of Nunavut, Canada where there is major mine development underway in the surrounding area.

Gold Price Rally Fuels M&A in Canada and Creates Upside Potential for Gold Juniors

The global banking crisis and rising interest rates may be creating uncertainty in the markets, but it’s doing wonders for gold.

Gold prices have continued rallying over the last two months, defying analysts expectations for price weakness. In turn, traders are pushing the volume of bullish gold options bets close to record highs.⁷

Massive gold purchases by central banks paired with active buying by individual traders and reduced outflows from ETFs has created the highest annual demand for gold in 11 years.

Canada, which is the third largest gold producer in the world, is gaining a ton of attention from gold majors and investors alike.

There’s been a surge in mega gold M&A deals in the region as industry giants look to solidify their spot in the booming market. In Q3 2022 alone there was a total of $562.8M worth of M&A deals in Canada.⁸

First, Kinross Gold acquired Great Bear Resources for $1.44B, then Agnico Eagle and Kirkland Lake Gold completed a $10B merger to become the third-largest gold producer in the world.⁹

In March, Australia’s Newcrest Mining bought Pretium Resources and its Brucejack project in BC’s Golden Triangle for $2.8B.¹⁰

Newcrest (Market Cap $16B) has even become an acquisition target for Newmont as gold producers look to diversify their assets and boost production numbers.

After a flurry of mega deals among the majors, many are turning their attention towards junior exploration companies with a lot of promise like Fury Gold Mines (TSX:FURY)(NYSE-A:FURY)(TSX:FURY)(NYSE-A:FURY).

Last spring, billionaire gold investor Eric Sprott made his largest investment to date into early-stage exploration company New Found Gold, which he believes could uncover “the greatest gold discovery in the history of Canada.”¹¹

But New Found Gold is far from the only gold opportunity in the Great White North. In fact, elevated gold prices are injecting more capital into the exploration space and creating some exciting possibilities for companies like Fury Gold Mines.

Probe Gold, which owns the Novador Gold and the Detour Gold projects in Québec, just closed a $15M bought deal to fund its exploration.¹² Mayfair Gold just brought in $8.4M to fund further exploration at its Fenn-Gib gold project in Ontario.

Fury has also gained a ton of investment interest over the last year, closing a placement for C$8.75 million in March,¹³ bringing the company’s treasury to C$16.8 million.

Yet, according to the chart below, Fury (TSX:FURY)(NYSE-A:FURY)(TSX:FURY)(NYSE-A:FURY) is priced well below its peers despite offering a sizable resource and the highest grades among the group.

Fury’s James Bay Flagship Gold Project - Eau Claire

Fury Gold Mines has wasted no time at all getting to work on its flagship Eau Claire project, which already had a Preliminary Economic Assessment (PEA) completed earlier in 2018.

The project comes with an M&I Resource of 808,000 oz of gold at 6.65 g/t Au, and an additional Inferred Resource of 458,000 oz at 7.48 g/t Au.

Quebec is famously hospitable to mining operations, and very desirable to producers with its hydroelectric power that’s already 30% cheaper than any other G7 country, as well as an added discount rate that’s given to the mining industry.¹⁹

Last year,²⁰ Fury (TSX:FURY)(NYSE-A:FURY)(TSX:FURY)(NYSE-A:FURY) set off to demonstrate the potential to significantly expand the deposit in all directions at its Hinge Target.

In August 2022, intercepted multiple zones of gold mineralization, with one hole exhibiting four zones of high grade and broad widths of more moderate grade, including:

3.50m of 4.79 g/t gold
1.00m of 14.19 g/t gold
3.50m of 5.86 g/t gold
1.00m of 20.6 g/t gold
17.50m of 1.29 g/t Au.²¹

Two months later, Fury Gold Mines shared results for six core drill holes which tested five target areas at Eau Claire, significantly expanding the mineralized footprint. Highlights of the drilling included:

4.0m of 5.75 g/t gold
1.0m of 21.40 g/t gold
3.5m of 5.86 g/t gold.²²

The multiple stacked zones of gold mineralization clearly demonstrate that Eau Claire remains open to the west and has the potential to be expanded significantly with approximately a 25% increase to the mineralized footprint realized to date.

In January 2023, Fury Gold Mines (TSX:FURY)(NYSE-A:FURY)(TSX:FURY)(NYSE-A:FURY) announced results for the final three 2022 core drill holes at Eau Claire²³ successfully expanding the high-grade gold mineralized footprint in the Hinge Target, Gap Zone, and eastern expansion target zones.

To date, all eleven holes drilled into the Hinge Target have yielded a hit rate over 55% above the Eau Claire underground M&I resource grade of 6.3 g/t gold and more than 80% higher than the underground cut-off grade of 2.5 g/t gold, a greater than 20% increase from the historical hit rate. These findings have provided a clear focus for deposit expansion going ahead through 2023.

Drill hole 22EC-059 encountered eight zones of gold mineralization over a length of 350 meters (m), including:

1.50m of 22.77 g/t gold
1.50m of 15.30 g/t gold
1.50m of 6.46 g/t gold

Importantly, the reported intercept of 1.50m of 22.77 g/t gold at a downhole depth of 181.5m, approximately 155m below surface, is one of the shallowest high-grade intercepts to date inside the Hinge Target zone.

In February 2023, Fury shared an update on targeting at its fully owned Lac Clarkie project, which is located directly to the east of its Eau Claire project.²⁴ Through the conclusion of a B-horizon soil sampling program, the company has defined a total of eight gold targets.

Six of the targets are located along the Cannard Deformation Zone, which contains numerous gold occurrences along its >100 km mapped extent, including FURY‘s Eau Claire Deposit and the Percival Prospect.

In mid-December 2022, Fury announced results from eight core drill holes at Percival, including an 85m step-out from historical high-grade mineralization that intercepted 13.5m of 8.05 g/t gold and a 150m step-out that intercepted 7.5m of 4.38 g/t gold, (including 3m of 8.7 g/t gold, and 3m of 5.5 g/t gold.)

This discovery further validated the Eau Claire project’s expansion opportunities to add overall high-grade ounces. Fury Gold Mines (TSX:FURY)(NYSE-A:FURY)(TSX:FURY)(NYSE-A:FURY) is already preparing a second phase of drilling with the intention of significantly increasing high-grade mineralization down plunge and to the west, thanks to these promising results.²⁵

Joint Venture with Newmont

To the Northwest of the Eau Claire project is the 14,000-hectare Éléonore South JV, where Fury Gold Mines Limited is working with +$33-billion Newmont Corporation.

As per the terms of the JV, Fury retains 50.022% and Newmont 49.978%, with Fury Gold Mines acting as operator.

The project is certainly interesting, as it’s a large-scale high-grade untested gold in till anomaly. The JV parties “see a tremendous amount of exploration upside” moving forward.^[1]

Cashed Up with Other Sources of Cash to Draw From

Back in April 2022, Fury Gold Mines (TSX:FURY)(NYSE-A:FURY)(TSX:FURY)(NYSE-A:FURY) completed a private placement that brought an additional C$11 million in cash.

In February of the same year, Fury completed the sale of its Homestake Ridge project to Dolly Varden Silver, of which they received C$5 million in cash and 76.5 million common shares.

After the deal, FURY held two Dolly Varden’s board seats. They’re not the only miners with an interest in the buyer, as +$2-billion miner Hecla Mining also owns a 10% equity position in Dolly Varden Silver.

In October, Fury Gold Mines raised C$6.8 million through the sale of 17 million Dolly Varden Silver common shares to a well-known US mutual fund institutional investor, providing even more capital for exploration at Eau Claire and the Éléonore South JV.²⁷

Fury’s ownership interest in Dolly Varden is now sitting at 59.5 million shares, representing 23.5% of Dolly Varden’s outstanding common shares.

The value of FURY’s shares in Dolly Varden as of January 16, 2023, are worth approximately C$55 million. Dolly Varden is also in the process of making discoveries, having hit “Bonanza Grade” silver in BC’s Golden Triangle recently in August 2022.²⁸

In March 2023, Fury closed another private placement for C$8.75 million in cash,²⁹ further strengthening the company’s treasury which now sits at C$16.8 million.

Experienced Management and Leadership

In the gold mining game, it takes a strong team of explorers, developers, and financial wizards to make it all work—and for all that Fury Gold Mines (TSX:FURY)(NYSE-A:FURY) (TSX:FURY)(NYSE-A:FURY)ticks every box. This is an experienced management team with a proven record of success. FURY’s leadership team includes:

Tim Clark

CEO and Non-Independent Director

Clark brings 23 years of global capital markets experience with numerous US, European and Canadian banks, including Barclays Capital, National Bank Financial, Merrill Lynch, Deutsche Bank and most recently BMO Capital Markets, where he held the role of Managing Director, Institutional Equity Sales. Over the years, he has developed strong working relationships with Tier 1 institutional investors throughout the USA providing corporate strategy, and peer and financial analysis and insights on corporates within the materials, commodities and mining sectors. Clark holds a Bachelor of Economics from the University of Massachusetts (Amherst) and a Master of Business Administration in Finance and Accounting from Vanderbilt University.

Michael Henrichsen

Chief Geological Officer

Henrichsen is a structural geologist (P.Geo.) and worked formerly as a global structural geologist at Newmont where he significantly increased their reserves and resources base in Ghana. Henrichsen also worked extensively at other major gold camps in South America, the Carlin Trend, Guinea and Canada.

Lynsey Sherry

Chief Financial Officer

Sherry is a fellow of the Institute of Chartered Accountants in England and Wales and acquired a PhD from the University of Manchester. She spent eight years with Goldcorp, and as Vice President, Controller, was part of the management team that successfully completed Goldcorp’s merger with Newmont in April 2019, creating the world’s largest gold mining company.

Bryan Atkinson

SVP Exploration

Atkinson has been involved in mineral exploration globally for +15 years with a focus on orogenic lode gold and intermediate sulphidation epithermal deposits. In his role as an Exploration Manager he oversaw the successful completion of over 45,000m of exploration drilling across three projects in a 6-month period with an overall budget of $40M. Atkinson has also developed a valuable background in community relations as the manager of all First Nations engagement across Auryn Resources’ North American project portfolio.

David Rivard

Exploration Manager

Rivard is an exploration geologist with over 20 years of mineral exploration experience, mostly in Archean terrain. Rivard was previously a Senior Exploration Geologist with Newmont Corporation and was responsible for overseeing the exploration of Newmont’s Quebec-based assets, including the Éléonore mine region. Rivard was also Vice-President of Exploration for Beaufield Resources between 2007 and 2013. He was part of the exploration team responsible for the discovery of the Éléonore Gold Deposit, Discovery of the year by AEMQ (Quebec Mineral Exploration Association) in 2004. He was also part of the geological team awarded Discovery of the year by AEMQ in 2015 for the Eau Claire Gold Deposit.

RECAP: 5 Reasons to Seriously Look Into Fury Gold Mines (TSX:FURY)(NYSE-A:FURY)(TSX:FURY)(NYSE-A:FURY)

Canadian-Focused, High-Grade Gold Explorer: Fury Gold Mines has strategically maneuvered its way to an advanced high-grade, gold portfolio in low-risk jurisdictions across three projects, with two major projects in the mining-friendly jurisdiction of Quebec.
Actively Drilling Multiple Robust Exploration Projects in Quebec: Fury has been active through the drill bit, intercepting multiple zones of high-grade gold expanding the Eau Claire deposit footprint and at the Percival Prospect.
Experienced Management Team with a Proven Record of Success: Since appointing Tim Clark as CEO in 2021, Fury Gold Mines is focusing on its best in class projects in Quebec, reducing costs by 30% and strengthening the company’s balance sheet.
Strong Balance Sheet: Fury is arguably one of the best financed junior exploration companies in the sector with C$16.8 million in its treasury and owning 59.5m shares of Dolly Varden Silver worth approximately C$55m and free trading.
Additional Blue-Sky Potential in Nunavut: Fury Gold Mines has 100% ownership of a 300 km greenstone belt known as the Committee Bay project, where there is significant resource expansion and discovery potential.

As previously stated, significant developments occur rapidly for new discoveries in the mining industry, and Fury Gold Mines is already active with numerous drills targeting multiple targets in favorable mining districts in Quebec.

Be certain to continue following the Fury Gold Mines (TSX:FURY)(NYSE-A:FURY)(TSX:FURY)(NYSE-A:FURY) story by obtaining all company-issued news and updates.

¹ https://www.kitco.com/charts/interactive-charts/
² https://www.ctvnews.ca/business/comparing-the-svb-collapse-to-2008-crisis-why-one-professor-says-the-two-are-different-1.6321985
³ https://www.cnbc.com/2023/03/08/silvergate-shutting-down-operations-and-liquidating-bank.html
⁴ https://www.nbcnews.com/business/economy/inflation-federal-reserve-bank-collapse-fears-rcna75736
⁵ https://www.pewresearch.org/fact-tank/2023/02/14/facts-about-the-us-national-debt/
⁶ https://www.kitco.com/news/2023-01-11/Gold-will-hit-new-highs-in-2023-but-the-stock-market-will-suffer-for-years-Peter-Grandich.html
⁷ https://www.ft.com/content/f2fb5fe0-9c59-40ca-80d9-f536660e8f7f
⁸ https://www.mining-technology.com/deals-analysis/metals-mining-industry-ma-deals-total-562-8m-in-canada-in-q3-2022/
⁹ https://www.mining.com/agnico-eagle-kirkland-lake-create-new-gold-giant-in-13-5bn-merger/
¹⁰ https://www.mining-technology.com/news/newcrest-mining-pretium-resources-acquisition/
¹¹ https://financialpost.com/commodities/mining/eric-sprott-makes-his-biggest-bet-yet-on-what-he-believes-could-be-the-greatest-gold-discovery-in-the-history-of-canada
¹² https://themarketherald.ca/probe-gold-completes-15-million-bought-deal-private-placement-2-2023-03-27/
¹³ https://furygoldmines.com/news-and-media/news/fury-announces-closing-of-c-8.75-million-financing/
¹⁴ https://furygoldmines.com/site/assets/files/6426/fury_2-pager_27jan2023_final.pdf
¹⁵ https://www.equinoxgold.com/reserves-and-resources/
¹⁶ https://wp-probegold-2023.s3.ca-central-1.amazonaws.com/media/2023/03/13.03.2023-Corporate-Presentation-Probe-Gold.pdf
¹⁷ https://mayfairgold.ca/wp-content/uploads/2021/06/Mayfair-Gold-JDS-Fenn-Gib-Project-Revised-NI-43-101-Technical-Report-Feb-19-2021.pdf
¹⁸ https://o3mining.com/projects/
¹⁹ https://furygoldmines.com/sustainability/
²⁰ https://furygoldmines.com/news-and-media/news/fury-completes-c-11-000-000-private-placement/
²¹ https://furygoldmines.com/news-and-media/news/fury-drills-multiple-zones-of-high-grade-gold-at-the-hinge-target-extending-mineralization-330-metres-to-the-west-at-eau-claire/
²² https://furygoldmines.com/news-and-media/news/fury-drills-5.75-g-t-gold-over-4-metres-at-the-hinge-target-extending-mineralization-by-nearly-25-to-the-west-at-eau-claire/
²³ https://furygoldmines.com/news-and-media/news/fury-drills-multiple-zones-of-high-grade-gold-at-the-hinge-target-including-22.77-g-t-gold-over-1.5-metres/
²⁴ https://furygoldmines.com/news-and-media/news/fury-defines-six-targets-along-the-cannard-deformation-zone-at-lac-clarkie/
²⁵ https://furygoldmines.com/news-and-media/news/fury-drills-13.5-metres-of-8.05-g-t-gold-at-percival/
²⁶ https://furygoldmines.com/news-and-media/news/fury-gold-and-newmont-increase-joint-venture-interests-at-eleonore-south-gold-project-to-100/
²⁷ https://furygoldmines.com/news-and-media/news/fury-completes-the-sale-of-dolly-varden-common-shares-to-an-institutional-investor/
²⁸ https://www.streetwisereports.com/article/2022/08/11/junior-explorer-hits-bonanza-grade-silver-in-golden-triangle.html
²⁹ https://furygoldmines.com/news-and-media/news/fury-announces-closing-of-c-8.75-million-financing/

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FORWARD LOOKING INFORMATION

This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect expectations regarding Fury Gold Mines Limited future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Fury Gold Mines Limited industry; (b) market opportunity; (c) Fury Gold Mines Limited business plans and strategies; (d) services that Fury Gold Mines Limited intends to offer; (e) Fury Gold Mines Limited milestone projections and targets; (f) Fury Gold Mines Limited expectations regarding receipt of approval for regulatory applications; (g) Fury Gold Mines Limited intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Fury Gold Mines Limited expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Fury Gold Mines Limited business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Fury Gold Mines Limited ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Fury Gold Mines Limited ability to enter into contractual arrangements; (e) the accuracy of budgeted costs and expenditures; (f) Fury Gold Mines Limited ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption as a result of COVID-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Fury Gold Mines Limited to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Fury Gold Mines Limited operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as the COVID-19 pandemic may adversely impact Fury Gold Mines Limited business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Fury Gold Mines Limited business operations (e) Fury Gold Mines Limited may be unable to implement its growth strategy; and (f) increased competition. Except as required by law, the Website Host undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise.

HISTORICAL INFORMATION

Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Fury Gold Mines Limited or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Fury Gold Mines Limited or such entities and are not necessarily indicative of future performance of Fury Gold Mines Limited or such entities.