Fury Gold (FURY) Metallurgical Testwork Could Define Eau Claire Economics

Fury Gold Mines (TSX and NYSE American: FURY) has started a new metallurgical testwork program at its Eau Claire gold project in Quebec, engaging SGS Canada Inc. to run it. The three-month program is designed to fill the data gaps between the project’s preliminary economic assessment (PEA) and a full feasibility study. The outcome will determine whether Fury builds a mill on site or contracts toll milling – a decision that directly affects capital requirements, operating costs, and the project’s path to production.

For holders of FURY stock, this testwork is the next concrete catalyst. The company has a clear timeline and a defined set of objectives. Success would reduce the discount that junior developers carry relative to producers. Failure or ambiguous results would push the feasibility timeline into 2027 and raise questions about the project’s economics.

Eau Claire’s Three-Month Metallurgical Program

The program covers roughly three months, with results expected in the second half of 2026. SGS Canada operates laboratories across 115 countries, giving Fury access to world-class testing capacity. The scope follows the initial work done for the PEA released on September 2, 2025. The four primary objectives are:

• Confirm and improve gold recovery – repeatability of the 2025 PEA results is the first test. Higher-than-assumed recovery would directly boost the project’s net present value.
• Optimize grind size – finer grinding improves recovery but increases power and capital costs. The testwork will find the balance.
• Investigate variability – ore bodies are never uniform. Variability testing across different zones determines whether the process flowsheet holds across the deposit.
• Provide data for feasibility – missing information at the pre-feasibility level, including reagent consumption, leaching kinetics, and tailings characteristics, will be filled.

CEO Tim Clark framed the work as an economics game. “By focusing on optimizing ore processing and confirming a robust process flowsheet, we continue to enhance project economics and demonstrate the strong value opportunity for investors,” he said.

Fury (FURY) Investor Exposure to Feasibility Risk

Fury is a well-financed Canadian explorer with a single flagship asset – Eau Claire – that it owns 100%. The company also holds a 5.8% equity position in Contango Silver and Gold Inc. , the bulk of the valuation rests on Eau Claire’s feasibility outcome.

For investors, the key exposure is timeline and capital intensity. If the testwork confirms that a stand-alone mill is viable, the project’s internal rate of return improves and Fury becomes a more credible takeover target. If the results point to toll milling, the required capital drops margins are split with the mill operator, reducing leverage to the gold price.

A third scenario – poor metallurgy requiring larger grind or lower recovery – would force Fury to revise its PEA assumptions downward. That would delay the feasibility study and likely compress the stock’s valuation multiple until the company can prove the economics with additional work.

Catalyst Timeline: SGS Results Due Q3 2026

The program started in May 2026 and runs for three months. Assuming normal laboratory turnaround, results should be available in August or September 2026. Fury will then have the data to decide on the feasibility study scope.