Fury Gold Mines (TSX: FURY; NYSE American: FURY) has released a preliminary economic assessment for its Eau Claire deposit in Quebec’s James Bay region, outlining strong project economics and positioning the company for the next stage of development.
The study forecasts an average annual production of 76,000 ounces of gold over an 11-year mine life, with all-in sustaining costs of US$1,140 per ounce. At a base case of US$2,400 per ounce gold, the PEA generates an after-tax net present value of C$554 million at a 5% discount rate and an internal rate of return of 41%, with a 2.7-year payback period. Initial capital costs are estimated at C$217 million.
CEO Tim Clark told Kitco Mining that the decision to use conservative price assumptions was deliberate. “We like to outperform and not overpromise.” He added that with US$3,000 gold, “you can make an argument there’s a billion dollars as a net present value on some of these cases, or close to it.”
The company has also modeled alternate development scenarios. A toll milling option reduced upfront capital to C$117 million, lifted the IRR to 84%, and shortened the payback period to 1.2 years. Clark said the scenarios illustrate both the flexibility of Eau Claire and its readiness to advance. “It’s ready for development if we want to push it in that direction.”
Beyond economics, Clark highlighted Fury Gold’s exploration potential as a key driver of growth. The Hinge zone was not included in the current resource, and the company controls 30 kilometers of the Cannard deformation zone, which hosts multiple high-priority targets. He pointed to the combination of high-grade mineralization and established infrastructure in James Bay as a critical advantage.
The company expects several catalysts over the coming months, including results from Committee Bay in Nunavut, with supported exploration from partner Agnico Eagle, and from properties acquired through Quebec Precious Metals. Clark said investor interest has increased as gold producers seek smaller, high-grade assets with strong margins and jurisdictional stability.
With high-grade resources, development optionality, and regional exploration upside, Fury Gold is aiming to demonstrate the long-term value of Eau Claire.
For Tim Clark’s full discussion of the PEA results, development scenarios, and exploration strategy, watch the complete interview in the video above.
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