Fury Gold (Ticker: FURY) and certain affiliates of Newmont have entered into an agreement whereby Fury will purchase Newmont’s 49.978% interest in Éléonore South Gold Project for C$3M. As part of the consolidation of Éléonore South, Fury has also agreed to purchase Newmont’s 30,392,372 shares of Sirios Resources Inc. for C$1.3M. The Sirios shares will be acquired for investment purposes and Fury will evaluate its investment in Sirios on an ongoing basis with respect to any possible additional purchases or dispositions. Completion of the purchase is subject to certain conditions precedent and is expected to close in late February or early March 2024.
Tim Clark shared that this 100% consolidation of interest in the Eleonore South Gold Project increases the possibility of Fury as a consolidation target in the region; especially in the eyes of the buyer of the adjacent producing Eleonore Mine (215k AuOz/yr) which Newmont has recently announced they are selling. The Eleonore Mill is currently not running at full capacity and the new, future operator will need new ore. Fury’s Eau Claire project is also only 57km away from the Eleonore Mine.
Fury CEO Tim Clark stated: “We value the strong relationship with Newmont and are confident that this transaction is a positive outcome for both companies. Our team has historically ranked the ESJV as one of our more prolific targets for discovery. As such, we are excited to now have 100% ownership as we expect this to provide a clearer pathway for more exploration and potential upside in returns for our investors from this project consolidation and investment in Sirios.”
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