Fury Gold Mines – Strategic Acquisition of Quebec Precious Metals and Exploration Outlook For Quebec Projects
In this KE Report company update, I feature a deep-dive discussion on Fury Gold Mines (NYSE:FURY – TSX:FURY) recently announced all-share acquisition of Quebec Precious Metals (TSX.V:QPM – OTCQB:CJCFF) valued at just over C$4 million. This strategic acquisition will significantly expand Fury’s land position in Quebec’s James Bay region to over 157,000 hectares, pending deal completion in late April.
Joining me to break down the transaction and exploration plans are:
- Tim Clark, President & CEO of Fury Gold Mines
- Bryan Atkinson, SVP of Exploration at Fury
- Normand Champigny, CEO of Quebec Precious Metals
Key Highlights from the Interview:
- Deal Rationale & Strategic Fit:
Tim Clark explains how the deal came together after ongoing conversations with Normand Champigny. The consolidation provides operational efficiencies, expands Fury’s footprint in a highly prospective district, and positions the company for long-term growth in Quebec. - Expanding James Bay Exposure:
The acquisition nearly doubles Fury’s land package in James Bay, placing it in proximity to the Éléonore Mine, now owned by private Indonesian firm Delmar. The region is seeing rising M&A interest with recent ~$7.5B in M&A activity. - Project Overview – Quebec Precious Metals:
Normand provides insight into QPM’s key assets, especially the flagship Sakami Project, with over 50,000 meters of historical drilling and strong gold potential. The project also includes lithium targets (notably Elmer East, next to Rio Tinto’s Galaxy project) and the advanced-stage Kipawa Rare Earths Project, jointly held with Investissement Québec. - Exploration Plans & Priorities:
Brian Atkinson outlines Fury’s next steps:
- Potential near-term maiden resource at Sakami through confirmation and extension drilling.
- Review and prioritization of newly acquired properties in June through field visits.
- Potential near-term maiden resource at Sakami through confirmation and extension drilling.
Upcoming results from Éléonore South will help define 2025 drill plans, including possible follow-ups at Committee Bay and Eau Claire.
If you have any follow up questions for Tim or Bryan please email me at Fleck@kereport.com.
Yeah, I figured that had the potential of happening this year (the suspension of mining operations at Los Filos). At the VRIC I swung by the Equinox booth and talked to them, and they were mentioning that labor groups there, (who had been paid off by prior operators) got used to sticking their hands out and demanding more and more pay. It got to the point where demands for more pay was impacting the profitability of the mine.
Equinox had a strong policy against bribes, and wanted to instead negotiate fair wages openly and transparently, but many splinter groups within the workers just wanted more and more. They were apparently warned that Equinox was willing to walk away if they couldn’t come to reasonable terms. Looks like they got to that tipping point, the workers wouldn’t back down asking for more and more money, and EQX said fine, we’re done here.
It’s really a shame as most of the groups there were fine with the wages being offered, along with a small royalty in place that benefited the communities. I believe it was one of the four groups that was demanding a larger royalty… well, now they get $0.
I sold out of my EQX on March 14th, rationalizing that I had the larger Calibre position that would transfer over to become Equinox shares in the new pro-forma company. Now many are unsure if the business combination will get enough votes to go through. I’m fine with either outcome as I’d love to see Calibre stay an independent company and get into production at the Valentine Mine and really take advantage of the higher gold prices. However, I see the rationale now for the larger combined company transitioning up to a Major producer and getting a better valuation metric along with the optimization on the Equinox assets as another value driver.
Hi Ex, thanks for the in-depth view, much appreciated. DT
Been purchasing Fury over months hoping for an acquisition or merger. Let’s just hope it’s for a premium.
EQUINOX GOLD SUSPENDS OPERATIONS ON THE LOS FILOS MINE:
Vancouver, British Columbia–(Newsfile Corp. – April 1, 2025) – Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) (“Equinox Gold” or the “Company”) has indefinitely suspended operations at its Los Filos Mine in Guerrero, Mexico, following the expiry of its land access agreement with the community of Carrizalillo on March 31, 2025.
I never did like the merger of Equinox and Calibre! DT