Published: July 9, 2025 |

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Fury Gold Mines now has millions in its pockets to utilize for exploratory drilling in Nunavut this year.

Canada’s leading gold producer Agnico Eagle Mines just increased its stake in Fury Gold Mines more than two-fold by investing $31,606,812 (C$4.3 million). Agnico Eagle now has a 6.3 percent interest.

“We are pleased to have Agnico Eagle, one of Canada’s premier companies and a top global gold producer, make an additional investment that will permit Fury to advance our understanding of the exploration potential at our Committee Bay project in Nunavut,” said Tim Clark, CEO of Fury.

“We believe the Arctic is likely to become increasingly important for future mineral exploration and with this in mind, we are excited to accelerate our plans to build on past drilling success. Fury retains full ownership of this exceptional project, which spans a 300km greenstone belt — an impressive land package that is unique for a junior exploration company,” added Clark.

By boosting its stake in this Canadian gold junior, Agnico Eagle has taken an increased interest in the mining potential of the country’s northern territory. The major precious metal producer celebrated churning out 2 million ounces from its Meliadine Mine in Nunavut last fall.

In Q1 alone, Agnico Eagle produced 239,000 ounces from that mine site and its Meadowbank Complex in the Canadian north. Agnico Eagle holds the territory’s only two producing gold mines.

The Committee Bay project being explored and developed by Fury holds about 523,800 indicated gold ounces, according to a 2023 estimate. Fury once intercepted 101.4 grams per tonne gold over 3.1 metres on the property.

In 2023, gold accounted for approximately 46.7 percent of Nunavut’s GDP. Mining companies spent over $1.7 billion (C$2.3 billion) in the territory that year. Inuit employees in the industry collectively made over $46.7 million (C$64 million) during the 2023 calendar year.

The following year, then Prime Minister Justin Trudeau signed an agreement enabling the territory to collect the 50 percent of the territory’s mining royalties that previously went to the federal government. This devolution agreement gave Nunavut total sovereignty over its own resources that it previously lacked.

Canada’s leading gold producer behind Agnico Eagle at the moment is Alamos Gold. However, that will soon be changing once Calibre Mining and Equinox Gold complete their merger by the end of next month.

Between the Valentine Gold Mine in Newfoundland and the Greenstone operation in Ontario, the combined mining giant will be capable of digging up 590,000 Canadian gold ounces per year.

Source: Mugglehead Magazine

Agnico Eagle Mines is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland, and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

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