08:41 AM EDT, 09/02/2025 (MT Newswires) -- Fury Gold Mines ( FURY ) was at last look up 0.2% in US premarket trade on Tuesday after saying a preliminary economic assessment (PEA) of its Eau Claire Deposit in northern Quebec showed the site can support a mining project costing as much as $217 million while returning its costs in up to 2.5 years.

The company said the study supports construction of an underground mine and two small open pits producing 76.000 ounces of gold annually over an 11-year mine life, with an after-tax net present value of $610 million and an internal rate of return of 84%.

The PEA considers three scenarios for the mine; one with the site milling its own gold, with a $217-million price tag, another with a mill constructed two years after mining begins costing $216 million, and a third were all ores are shipped to a third-party mill costing $117 million. All-in sustaining costs for the three scenarios range from $1,140 per ounce to $1,170.

"The Eau Claire PEA scenarios each demonstrate an exceptional internal rate of return and net present value. The results validate our belief that the market has significantly undervalued the project within Fury's broader asset portfolio. With strong infrastructure in place, including access to hydro power and roads, combined with favourable metallurgy, Eau Claire stands out as a highly attractive development opportunity with substantial exploration upside," chief executive Tim Clark said in a release.

The company said it will continue exploration drilling at the deposit as it advances environmental, tailings, metallurgical and geotechnical testing.

Fury shares closed up $0.01 to $0.70 Friday on the Toronto Stock Exchange.