TORONTO — April 30, 2025 — Fury Gold Mines Ltd. has finalized its acquisition of Québec Precious Metals Corp. (QPM), securing control over the Sakami gold project and expanding its strategic footprint in northern Quebec. The deal, structured as a court-approved share exchange under the Canada Business Corporations Act, increases Fury’s land position in the province to more than 157,000 hectares.
Shareholders Approve All-Stock Transaction
Under the terms of the transaction, former QPM shareholders received 0.0741 of a Fury common share for each QPM share held. Fury issued 8,394,137 common shares in total, and assumed QPM’s outstanding options and warrants, adjusted according to the agreed exchange ratio.
Fury now holds 100% interest in a portfolio that includes three exploration-stage properties: the Sakami gold project, the Elmer East property, and the Kipawa rare earth project.
Sakami Gold Project Seen as Core Asset
The Sakami project—located in the Eeyou Istchee James Bay region—was the primary driver of the acquisition. The 140-kilometer mineralized corridor has shown strong early results and lies within a geological structure historically linked to major gold deposits. With QPM previously limited by capital constraints, Fury’s stronger balance sheet is expected to accelerate exploration.
“This acquisition doubles our footprint in Quebec and adds one of the most prospective assets in the region,”
— Tim Clark, CEO, Fury Gold Mines
Market analysts have taken notice.
“Sakami is quietly one of the best undrilled gold targets in Canada. This deal gives Fury scale and optionality—two things institutional investors want,”
— Laurent Picard, Mining Analyst, BMO Capital Markets
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Integration Expected to Yield Operational Synergies
Fury, which has an established technical team and permitting experience in the region, will take over all operations across the newly combined portfolio. Executives cited potential synergies in exploration, permitting, and infrastructure development.
“Combining our financial and technical strengths with QPM’s assets positions us for operational efficiency and accelerated progress,”
— Tim Clark, CEO, Fury Gold Mines
QPM’s CEO echoed the sentiment.
“This validates the years of groundwork we’ve put into Sakami. Under Fury, the project now has the resources and leadership to move forward,”
— Normand Champigny, CEO, Québec Precious Metals
Indigenous Relations and ESG Remain Central
The expanded land position overlaps with traditional Eeyou Istchee territory, making community engagement and environmental stewardship key components of the integration strategy. Both Fury and QPM have existing relationships with local Cree communities, and management emphasized continuity.
Fury’s recent ESG disclosures suggest that community consultation and responsible exploration will remain cornerstones of its Quebec strategy.
Exploration Outlook Aligned with Gold Market Strength
With gold trading near $2,300 per ounce, Fury’s timing appears fortuitous. Investor appetite for early-stage projects in stable jurisdictions is climbing, particularly for assets like Sakami that offer near-term drill targets and district-scale potential.
While the company’s broader portfolio includes critical mineral projects like Kipawa, the Sakami gold project is likely to remain the centerpiece of Fury’s exploration strategy going into 2026.
