Tim Clark

The Gold M&A Wave Will Create 10-Baggers | Tim Clark - Fury Gold Mines

• Top takeaway Clark argues the gold cycle is still fully in gear and that M&A — not necessarily a higher gold price — is what everyone has been waiting for, with brokerage bankers doing due diligence all summer and majors like Agnico flush with cash they must deploy.
• He asserts that in past cycles the biggest money was made in juniors — 10- and 15-baggers — because once M&A deals start frothing, cashed-out investors and funds must redeploy into a small junior market, sending valuations soaring.
• He expects big companies that need to replenish ounces to acquire mid-caps that have tacked together 100,000-150,000 oz resources into 300,000-400,000 oz-per-year producers, given the scarcity of 10-million-oz deposits.
• On Fury, he lays out a catalyst-heavy 12 months as of late September 2026: fall assay results, a November metallurgical update, December resource updates for Quebec and Committee Bay, and a Q1 2027 PFS on Eau Claire that he hopes will rerate the stock and move Fury into the development phase.
• He contends Fury's PEA economics at $2,400 gold (about $550 million NPV standalone, roughly $650 million with a two-year toll mill, over $800 million with full toll milling via Eleanor) understate the assets because gold now trades far above that assumption.

Large gold producers are sitting on billions in cash but must replace depleted reserves, which Tim Clark says sets up a coming M&A wave. The guest argues junior gold stocks historically return 10 to 15 times once takeover deals start, because cashed-out investors must redeploy into a small market. Fury Gold Mines pairs the Committee Bay project in the Arctic with Eau Claire in Quebec, sited beside the Éléonore mill. Eau Claire's earlier study used $2,400 gold and showed up to $800 million with toll milling; Clark hopes higher prices lift those figures. Watch for fall drill assays, a November metallurgical update, December resource updates, and a prefeasibility study (a detailed economic study) in the first quarter.

Fury Hits 7.86 g/t Gold over 9.43m at Eau Claire during PFS Drilling - CEO Tim Clark

• Top takeaway CEO Tim Clark argues Fury is a cheap stock about to be re-rated, with a PFS and resource update targeted for the first half of next year and an updated PEA-style NPV uplift from $3,500 gold versus $2,400 previously.
• Clark says investors underestimate Dhilmar, a private producer running its Eleanore mill at a third of capacity that needs ore; with a million ounces sitting on the property line, he suggests Dhilmar could eventually take over the whole district.
• He describes a pivot from exploration to development: $20 million raised, roughly halfway through a 40,000-meter program, senior hires including project manager Mario (who built the Stornoway diamond mine), and BBA running 95% of the PFS work.
• Clark cites strong M&A conditions, noting 60% of resource companies are bought by third parties rather than neighbors, and expects major producers flush with cash to start taking out juniors, with Fury in line to be considered.
• He points to sum-of-the-parts value across Committee Bay (attractive to Agnico), Eleanore South, and Sakami (825,000 ounces), and says raising money is not a problem given Asian investor interest in real assets.

Fury Gold Mines is shifting from exploration to development at Eau Claire, targeting a pre-feasibility study (a detailed mine-development study) by the second quarter of next year. Infill drilling between existing holes returned 7.86 g/t gold over 9.43 meters, and the CEO says the deposits keep adding ounces and grade ahead of a resource update. CEO Tim Clark argues Dhilmar, the private producer next door running its Eleanore mill below capacity, is an underestimated potential buyer of the whole James Bay district. The company holds roughly $60 million in liquidity including cash and a 5.8% Contango Ore stake, and management says Asian capital is actively seeking resource exposure. Management expects the resource estimate and pre-feasibility study to be rerate catalysts, with gold-price assumption upgrades alone lifting project net present value.

Eau Claire Gold Project Advances with 11.74 g/t gold over 6.63m with Fury Gold Mines CEO Tim Clark

• Top takeaway Tim Clark argues that with a higher long-term gold price (citing around $3,500-3,750 views from BMO and H.C. Wainwright) and added ounces, Fury can lift Eau Claire production potential well over 100,000 oz/year versus the PEA's 80,000 oz/year.
• He frames Fury as fully funded — about $15-16 million in treasury, mostly flow-through — with drilling continuing into a PFS or FS in the next 12 to 18 months.
• He touts the addition of ex-Hecla CEO Phillips Baker to the board, saying Baker sees Quebec as under-valued and views Fury's cash position as highly unusual for a junior.
• He expects James Bay companies to re-rate after lagging since Newmont left the area, citing a peer stock that jumped 400% in a week after an Osisko figure joined its board.
• He says Sakami added 300,000 ounces from only six holes last summer and likely holds more ounces, though the priority remains Eau Claire.

Fury's 13,000 m Phase 1 infill drilling at Eau Claire hit 11.74 g/t gold over 6.63 m, confirming continuity between previously disconnected resource blocks. A fully financed 2026 program of roughly 35,000 m aims to convert inferred ounces ahead of a PFS or feasibility study in 12 to 18 months. Management argues that updating the PEA to current gold price assumptions near $3,500/oz could lift production potential well above 100,000 oz/year. Fury holds about $15-16 million, mostly flow-through dollars that must be spent this year, fully covering 2026 including Committee Bay and Sakami. Former Hecla CEO Phillips Baker joining the board adds senior-mining experience and, per Clark, validates Fury's cashed-up, Quebec-focused growth strategy.