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FURY GOLD MINES LTD

For the period ended Dec 31, 2023. Filed May 7, 2024.

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About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2023 · Filed May 7, 2024

FURY$0.51+1.2%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

** ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**

OR

** ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the fiscal year ended** December 31,2023 **

OR

** ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

OR

** ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of event requiring this shell company report

For the transition period from to

Commission File No.** 001-38145 **

** Fury Gold Mines Limited **

(Translation of registrant's name into English)

British Columbia, Canada

(Jurisdiction of incorporation or organization)

** 1630 - 1177 West Hastings Street **

** Vancouver, BC, V6E 2K3 Canada **

(Address of principal executive office)

** Phil van Staden, Chief Financial Officer, +1 (647) 673-7664,**** phil.vanstaden@furygoldmines.com **

** 1630 - 1177 West Hastings Street, Vancouver, BC, Canada, V6E 2K3 **

(Name, telephone, email and/or facsimile number and address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Shares, no par valueFURYNYSE American and TSX

Securities registered or to be registered pursuant to Section 12(g) of the Act:None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:None

Indicate the number of outstanding shares of each of the issuer's classes of capital or stock as of the closing of the period covered by the Annual Report:145,744,795 Common Shares

Indicate by check mark if the registration is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

☒Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, and/or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐Accelerated filer ☐Non-accelerated filer ☒
Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP☐
International Financial Reporting Standards as issued by the International Accounting Standards Board☒
Other☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

TABLE OF CONTENTS

Cautionary Note Regarding Forward-Looking Statements1
Emerging Growth Company ("EGC") Status4
Currency4
Part I5
Item 1 - Identity of Directors, Senior Management, and Advisers5
Item 2 - Offer Statistics and Expected Timetable5
Item 3 - Key Information5
A. [Reserved]5
B. Capitalization and indebtedness5
C. Reasons for the offer and use of proceeds5
D. Risk factors5
Item 4 - Information on the Company20
A. History and development of the company20
B. Business Overview27
C. Organizational Structure31
D. Property, plant and equipment and Exploration and Evaluation Assets32
Eau Claire Project32
Property Description and Location32
Accessibility, Climate, Local Resources, Infrastructure and Physiography33
Geology and Mineralization34
Mineral Resources35
Sample Preparation, Analyses and Security36
Sampling, Analysis and Data Verification36
Mineral Processing and Metallurgical Testing37
2023 Mineral Resource Estimate38
Conclusions39
Recommendations40
Regional Exploration:43
Committee Bay Project44
Description and Location44
Access, Climate, Local Resources, Infrastructure and Physiography45
Geology, Mineralization and Deposit Types46
History46
Sampling, Analyses and Data Verification47
Committee Bay RAB Drilling QA/QC Disclosure47
Committee Bay Diamond Drilling QA/QC Disclosure47
Committee Bay Grabs QA/QC Disclosure:48
Mineral Processing and Metallurgical Testing49
Committee Bay Mineral Resource Estimates50
Exploration Program Recommendations52
2015 through 2021 Committee Bay Exploration by Fury53
2018 Committee Bay Exploration Program53
2019 Committee Bay Exploration Program54
2021 Committee Bay Project Drill and Exploration Program54
2022 and 2023 Committee Bay Project Exploration Program55
Item 4A. Unresolved Staff Comments56
Item 5 - Operating and Financial Review and Prospects57
A. Operating results57
B. Liquidity and capital resources59
C. Research and development, patents and licenses, etc62
D. Trend information62
E. Critical Accounting Estimates63
Item 6 - Directors, Senior Management, and Employees65
A. Directors and senior management65
B. Compensation70
C. Board practices74
D. Employees76
E. Share ownership77
Item 7 - Major Shareholders and Related-Party Transactions92
Geographic Breakdown of Shareholders93
Control93
Item 8 - Financial Information95
Item 9 - The Offer and Listing96
Item 10 - Additional Information96
Item 11 - Quantitative and Qualitative Disclosures About Market Risk118
Item 12 - Description of Securities Other than Equity Securities120
Part II120
Item 13 - Defaults, Dividend Arrearages, and Delinquencies120
Item 14 - Material Modifications to the Rights of Security Holders and Use of Proceeds120
Item 15 - Controls and Procedures120
Item 16 - [Reserved]122
Item 16A - Audit committee financial expert122
Item 16B - Code of Ethics122
Item 16C - Principal Accountant Fees and Services123
Item 16D - Exemptions from the Listing Standards for Audit Committees.123
Item 16E - Purchases of Equity Securities by the Issuer and Affiliated Purchasers.123
Item 16F - Change in Registrant's Certifying Accountant123
Item 16G - Corporate Governance123
Item 16H - Mine Safety Disclosure124
Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections124
Item 16J. Insider Trading Policy125
Item 16K. Cybersecurity125
Part III125
Item 17 - Financial Statements125
Item 18 - Financial Statements126
Item 19 - Exhibits127
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.