During the PDAC 2025 in Toronto, Fury Gold Mines CEO Tim Clark discussed the current challenges in the mining sector with TNM host Devan Murugan. He emphasized how excessive spending and stretched financing among project developers can lead to significant discounts even for strong projects.

A prime example of this situation is the Committee Bay greenstone belt in Nunavut, which stretches over 300 kilometers. This site boasts a full camp and contains nearly 1.3 million ounces of gold resources. Specifically, the resources include an indicated 2 million tonnes at 7.9 grams of gold per tonne, translating to about 524,000 ounces of gold, and 2.9 million tonnes inferred at 7.6 grams per tonne, equating to around 720,000 ounces. This asset is considered valuable, particularly as major companies look to mergers and acquisitions to replace depleted reserves.

Clark pointed out, “Our property at Committee Bay is not worth zero; our share price is zero today.” He believes that if a single company were to support and validate the asset, it could lead to substantial upside for Fury’s stock price.

The company’s other significant asset, the Eau Claire deposit in Quebec, has garnered attention following the recent acquisition of Quebec Precious Metals. This location benefits from strong infrastructure and high-grade potential. The Eau Claire and Percival project features a combined measured and indicated resource of 6.4 million tonnes at 5.6 grams of gold per tonne, amounting to approximately 1.2 million ounces.

For more insights, watch the full interview with Devan Murugan below.

Note: Joint venture videos are paid-for content arranged with The Northern Miner.