TSX-listed Fury Gold Mines and TSX-V-listed Quebec Precious Metals are progressing on schedule with their previously announced merger, with completion expected before April 30.

Following the February 26 arrangement agreement, QPM has secured the required no-objection letter from Corporations Canada and an interim order from the Quebec Superior Court to convene a shareholder meeting on April 22. 

Fury has obtained conditional approval from the TSX and NYSE American, while QPM’s shareholder circular detailing the merger has been filed on SedarPlus.

As part of the merger update, Fury disclosed a forthcoming non-cash impairment charge, effective December 31, 2024, to align the carrying value of its mineral properties with its market capitalisation. 

Further, Fury announced the resignation of director Isabelle Cadieux, who is stepping down to pursue other opportunities. The company expressed gratitude for her contributions over the past 18 months.

QPM’s land package spans 70 900 ha within the James Bay gold camp. The Sakami project features a 23-km-long gold-bearing structural corridor, with notable drill results including 2.51 g/t gold over 54.65 m and 9.22 g/t gold over 12.55 m. The mineralisation at La Pointe and La Pointe Extension remains open at depth and along strike.

The Elmer East project hosts the Lloyd showing, where grab samples have returned high-grade results of up to 68.10 g/t gold, 7.99% zinc, and 7 660 parts per million copper. Additionally, spodumene-bearing pegmatites have been identified throughout QPM’s holdings, with recent drilling at the Ninaaskumuwin project intersecting pegmatites exceeding 20 m in width and extending vertically up to 150 m.

QPM also has a 68% stake in the Kipawa heavy rare earth elements project in south-western Quebec, which holds historical proven and probable reserves of 19.8-million tonnes grading 0.411% total rare earth oxides. The 4 300-ha project benefits from road access and proximity to infrastructure.

The merger with Fury is expected to consolidate and advance these assets, strengthening Fury’s position in the precious and critical minerals sectors.