Latest news with #spodumene
News.com.au
12 hours ago
- Business
- News.com.au
Suspension of giant Chinese mine another lift for lithium revival
CATL's giant Jianxiawo lepidolite mine suspended for at least three months over permits Lithium prices have gained on supply concerns amidst speculation suspension could last up to 12 months Australian spodumene producers have marked big gains today on the news Lithium tailwinds are looking increasingly stronger with news that China's largest lithium battery producer CATL has been forced by Chinese regulators to suspend operations at the giant Jianxiawo lepidolite mine in Jiangxi province. The suspension – the second time the mine was shut in less than a year – will reportedly last for at least three months and is due to non-compliance with permitting requirements. Interesting that @catl_official is learning they aren’t more powerful than regulators. China will retain controlling influence over #lithium price for at least a few more years but it is clear the Middle Kingdom knows price has to rise. â€' Joe Lowry (@globallithium) August 10, 2025 Shutting Jianxiawo is expected to have a noticeable impact on lithium supplies with sources flagging that it supplies anywhere from 3% to 6% of the world's refined lithium supply while UBS is estimated it provides feedstock for 8% of China's lithium carbonate production. The suspension could also last longer than three months with MST Financial saying that it was due to CATL not renewing its kaolin mining licence following scrutiny over state control of strategic resources under the updated Mineral Resources Law, which is aimed at countering practices that lead to destructive pricing practices. MST believes this could result in the suspension lasting up to 12 months, which reflects the timeline of a review process of CATL's mining licence renewal. Supply and pricing Capital Markets said it had already factored in some closures of higher cost lepidolite operations into its modelling, noting previously that it expects to see lepidolite supply of ~85,000t lithium carbonate equivalent vs reported capacity of between 120,000t and 150,000t LCE but recovering to 120,000t LCE in 2026. However, should the suspension extend through to 2026, it expects its modelled small surplus to be at risk, which will put continued upward pressure on pricing. Any impact on lepidolite supply will be welcomed by Australian spodumene producers as it would mean greater demand for their product. This is particularly true since global demand for battery electric vehicle have grown this year, which has in turn raised demand for lithium. Lithium prices have already moved with lithium carbonate futures on the Guangzhou Futures Exchange rising 8% by mid-day on Monday to 80,560 yuan ($17,196) per tonne. Spodumene supply from Australian producers is also likely to be welcome by Chinese refiners given that they have a well-deserved reputation for reliable supply. This is important as the refiners need feedstock to maintain their production of lithium-ion batteries to meet growing BEV and energy storage demand. Australian lithium plays rising The news is seen as largely positive for the lithium sector in Australia with shares of the major lithium producers all seeing significant gains. Liontown Resources (ASX:LTR) jumped 17.75% on Monday to close at 99.5c despite having just raised $316m through a two-tranche placement last week while Pilbara Minerals (ASX:PLS) took the skies with a 19.17% gain to $2.30. Mineral Resources (ASX:MIN) had a somewhat more subdued rise of 11.68% to $37.95 while IGO (ASX:IGO) lagged behind its peers with a 8.6% rise to $5.43. Meanwhile, Piedmont Lithium (ASX:PLL), which is in the process of acquiring Sayona Mining (ASX:SYA), rose 15.39% to 15c. Advanced explorers such as Lake Resources (ASX:LKE), Core Lithium (ASX:CXO) and Argosy Minerals (ASX:AGY), which have feasibility studies in place or which are progressing towards an investment decision have also seen big gains. AGY soared 31.03% to 3.8c, CXO gained 12.5% to 11.3c and LKE is up 10.26% to 4.3c.
National Post
4 days ago
- Business
- National Post
Piedmont Lithium Reports Q2 2025 Results
Article content Piedmont recorded shipments of approximately 20,200 dmt of spodumene concentrate and recorded revenue of $11.9 million in Q2'25 NAL produced 58,533 dmt and recorded 93% mill utilization and 73% lithium recovery in Q2'25 Piedmont had $56.1 million in cash and cash equivalents as of June 30, 2025 Piedmont adjourned its Special Meeting of Stockholders related to the proposed merger with Sayona Mining to August 11, 2025 to allow additional time for shareholders to vote Article content BELMONT, N.C. — Piedmont Lithium Inc. ('Piedmont,' the 'Company,' 'we,' 'our,' or 'us') (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today reported its second quarter 2025 financial results. Article content Piedmont shipped approximately 20,200 dry metric tons ('dmt') of spodumene concentrate (~5.3% Li 2 O) and recognized $11.9 million in revenue in Q2'25. The Company's realized price per dmt was $587 in Q2'25. Piedmont expects to ship approximately 113,000 to 125,000 dmt of spodumene concentrate in 2025 1. Planned production at North American Lithium ('NAL') supports the Company's 2025 shipment guidance. Article content NAL achieved a new quarterly production record of 58,533 dmt of spodumene concentrate in Q2'25, with lithium recovery averaging 73% and mill utilization of 93% – both representing new performance records since the restart of operations in 2023. Unit operating costs improved to A$1,232 (US$791) per dmt sold, declining 10% quarter-over-quarter with the increase in production and operating efficiencies. 2 At our joint venture Ewoyaa Lithium Project ('Ewoyaa'), revised terms of the Mining Lease are being negotiated by Ghana's Cabinet ahead of being presented for review by Parliament. Development of the project remains subject to the outcome of the mining lease ratification, additional regulatory approvals, prevailing market conditions, and project financing. Article content As of June 30, 2025, Piedmont reported cash and cash equivalents of $56.1 million. The Company remains focused on disciplined capital allocation in response to current lithium market conditions. At the Carolina Lithium Project, Piedmont adjusted near-term land acquisitions to conserve capital while continuing to advance critical permits, including the project's air permit application and North Carolina General Stormwater permit. With respect to the proposed merger with Sayona Mining, Piedmont adjourned its Special Meeting of Stockholders (the 'Special Meeting') to August 11, 2025 in order to provide shareholders additional time to vote on the transaction. Article content 'NAL continued to demonstrate strong operational performance in the second quarter amidst a challenging lithium market,' said Keith Phillips, President and CEO of Piedmont Lithium. 'NAL achieved record lithium recovery and mill utilization rates, resulting in record quarterly production and sales, which include over 20,000 tons delivered to and sold by Piedmont. As we approach our Special Meeting on August 11, we encourage all shareholders to vote on the proposed merger with Sayona Mining, which we believe is a strategic step toward enhancing long-term value.' Article content Proposed Merger of Piedmont Lithium and Sayona Mining Article content Piedmont Lithium and Sayona signed a definitive merger agreement on November 19, 2024 to combine the two companies (the 'Merger') to create a leading North American lithium business. Article content Piedmont convened a Special Meeting of Stockholders (the 'Special Meeting') on Thursday, July 31, 2025 for shareholders to vote on the Merger. At the time of the Special Meeting, a total of 41.52% of the common stock outstanding and entitled to vote were present at the Special Meeting which fell short of the requirement for a majority of shares of common stock outstanding and entitled to vote to reach a quorum and approve the Merger. At the time of the Special Meeting, 97.86% of the votes cast were in favor of the Merger. Article content The Company adjourned the Special Meeting until Monday, August 11, 2025 to provide additional time for shareholders to participate in the vote. Piedmont remains committed to pursuing the Merger and strongly encourages all shareholders to vote. Article content Sayona also held an Extraordinary General Meeting (the 'Sayona EGM') for Sayona shareholders to vote on the Merger on July 30, 2025. Sayona shareholders voted to approve the Merger at the Sayona EGM with 97.34% of votes cast in favor. Article content Units Q2'25 Q1'25 Q2'24 Sales Concentrate shipped dmt thousands 20.2 27.0 14.0 Revenue $ millions 11.9 20.0 13.2 Realized price (1) $/dmt 587 741 945 Li 2 O content (2) % 5.3 5.4 5.5 Realized cost of sales (3) $/dmt 668 736 900 Profitability Gross profit $ millions (1.6 ) 0.1 0.6 Gross profit margin % (13.8 ) 0.7 4.7 Net loss $ millions (9.7 ) (15.6 ) (13.3 ) Diluted EPS $ (0.44 ) (0.71 ) (0.69 ) Adjusted net loss (4) $ millions (7.7 ) (10.1 ) (12.7 ) Adjusted diluted EPS (4) $ (0.35 ) (0.46 ) (0.65 ) Adjusted EBITDA (4) $ millions (7.7 ) (10.1 ) (13.2 ) Cash Cash and cash equivalents (5) $ millions 56.1 65.4 59.0 Article content ____________________________________________ (1) Realized price is the average estimated price, net of certain distribution and other fees, which includes reference pricing data up to the respective period end and is subject to final adjustment. The final adjusted price may be higher or lower than the estimated average realized price based on future price movements. (2) Weighted average Li 2 O content for shipments made during the respective period. (3) Realized cost of sales is the average cost of sales including Piedmont's offtake pricing agreement with Sayona Quebec Inc. ('Sayona Quebec') for the purchase of spodumene concentrate at a market price subject to a floor of $500 per dmt and a ceiling of $900 per dmt, adjusted for product grade, freight, and insurance. (4) See non-GAAP Financial Measures at the end of this release for a reconciliation of non-GAAP measures. (5) Cash and cash equivalents are reported as of the end of the period. Article content Second Quarter and Recent Business Highlights Article content Shipped approximately 20,200 dmt (~5.3% Li 2 O) of spodumene concentrate from NAL to customers in Q2'25 and recognized $11.9 million in revenue with an average realized sales price of $587 per dmt. On an SC6 equivalent basis, our realized price per metric ton was $668. Piedmont remains committed to pursuing the proposed merger with Sayona Mining and adjourned the Special Meeting on July 31, 2025 to August 11, 2025 to allow stockholders additional time to vote their shares. At the original time of the meeting, 97.86% of the votes cast were in favor of the transaction with 41.52% of the common stock outstanding and entitled to vote represented. For the merger proposal to pass, Piedmont requires a quorum of more than 50% of the shares of common stock outstanding to vote in favor. In April 2025, Piedmont announced key regulatory approvals for the merger were received in the United States and Canada. In April 2025, Piedmont announced the signing of a revised merger agreement with Sayona which incorporated, among other things, an updated exchange ratio to incorporate the terms of a proposed reverse stock split to be undertaken by Sayona as part of the merger, subject to Sayona shareholder approval. Article content In Q2'25, NAL achieved quarterly production of 58,533 dmt and shipped approximately 67,000 dmt, with approximately 20,200 dmt sold to Piedmont. Production increased approximately 35% compared to the prior quarter and saw the benefit from new quarterly records for lithium recoveries (73%) and mill utilization (93%). In April 2025, the final results from the 2024 NAL drilling program were released. The results reinforce the potential for a future expansion at NAL and will be incorporated into an updated Mineral Resource Estimate, which is expected to be released in the coming weeks. Concentrate shipped by Piedmont and produced and shipped by NAL: Article content ____________________________________________ (1) Concentrate produced represents 100% of NAL's production. (2) Concentrate shipped represents 100% of NAL's shipments, inclusive of shipments to Piedmont. Note: The table above reports quarterly and year-to-date information in accordance with Piedmont's fiscal year reporting, which is on a calendar-year basis. Concentrate produced and concentrate shipped (above) are reported in the periods in which activities occurred. For financial statement purposes, Piedmont reports income (loss) from its 25% ownership in Sayona Quebec, which includes NAL, on a one-quarter lag. Article content Ewoyaa Lithium Project (Ghana) Article content In June 2025, our joint venture partner Atlantic Lithium announced changes to its corporate leadership team and other initiatives focused on cost-cutting. As part of the initiatives, day-to-day management of Atlantic Lithium was consolidated under Chief Executive Officer Keith Mueller. In July 2025, Atlantic Lithium provided an update related to ongoing negotiations related to the Mining Lease for the Ewoyaa Lithium Project. The update noted that Ghana's Minister of Lands and Natural Resources confirmed that revised terms of the Mining Lease were being negotiated in light of the lithium price environment. Article content Carolina Lithium (North Carolina) Article content Piedmont continues to pursue an air permit application currently under review by North Carolina's Division of Air Quality, which would allow for up to 60,000 tons per year of lithium hydroxide production at Carolina Lithium, and a North Carolina General Stormwater permit. Article content Under our offtake agreement with Sayona Quebec, Piedmont has the right to purchase the greater of 50% of production or 113,000 dmt per year. Based on the production projection, customer requirements, and per the Company's offtake agreement, Piedmont currently expects to ship 23,000 to 27,000 dmt in Q3'25 and approximately 113,000 to 125,000 dmt in full-year 2025. Piedmont and Sayona Mining are continuing to explore commingling shipments to achieve material transport cost savings and improve profitability. Article content We expect to spend less than $1 million in capital expenditures in Q3'25, the majority of which relate to permitting efforts at Carolina Lithium. Investments in and advances to affiliates reflect cash contributions to Sayona Quebec and advances to Atlantic Lithium for the Ewoyaa Lithium project. Against the backdrop of a challenging lithium price environment, we increased our outlook for full year cash contributions but continue to maintain operational discipline at NAL and progress approvals at Ewoyaa. Despite the increased outlook, we expect payments to affiliates to substantially reduce in 2025 compared to 2024. Our outlook for forecasted capital expenditures and investments in and advances to affiliates is subject to market conditions. Article content Safety and Sustainability Article content The Company continued policy development and training to support the long-term objective of establishing a robust safety and health management system. Employee engagement in safety events remained strong and identification and reporting of hazards, unsafe acts, conditions, and safety observations, and near misses continued to improve. Article content About Piedmont Article content Piedmont Lithium Inc. (Nasdaq: PLL; ASX: PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our projects include our Carolina Lithium project in the United States and partnerships in Quebec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic Lithium (AIM: ALL; ASX: A11). We believe these geographically diversified operations will enable us to play a pivotal role in supporting America's move toward energy independence and the electrification of transportation and energy storage. Article content Cautionary Note to U.S. Investors Article content Piedmont's public disclosures are governed by the U.S. Exchange Act of 1934, as amended, including Regulation S-K 1300 thereunder, whereas NAL discloses estimates of 'measured,' 'indicated,' and 'inferred' mineral resources as such terms are used in the JORC Code and Canada's National Instrument 43-101. Although S-K 1300, the JORC Code, and NI 43-101 have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, they at times embody different approaches or definitions. Consequently, investors are cautioned that public disclosures by NAL prepared in accordance with the JORC Code or NI 43-101 may not be comparable to similar information made public by companies, including Piedmont, subject to S-K 1300 and the other reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder. Article content The statements in the link below were prepared by, and made by, NAL. The following disclosures are not statements of Piedmont and have not been independently verified by Piedmont. NAL is not subject to U.S. reporting requirements or obligations, and investors are cautioned not to put undue reliance on these statements. NAL's original announcements can be found here: Forward-Looking Statements This press release contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding exploration, development, construction, and production activities of Sayona Mining, Atlantic Lithium, and Piedmont; current plans for Piedmont's mineral and chemical processing projects; Piedmont's potential acquisition of an ownership interest in Ewoyaa; and strategy. Such forward-looking statements involve substantial and known and unknown risks, uncertainties, and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance, or achievements and other factors to be materially different from the future timing of events, results, performance, or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others: (i) that Piedmont, Sayona Mining, or Atlantic Lithium may be unable to commercially extract mineral deposits, (ii) that Piedmont's, Sayona Mining's, or Atlantic Lithium's properties may not contain expected reserves, (iii) risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing, and operating mining projects, environmental hazards, industrial accidents, weather, or geologically related conditions), (iv) uncertainty about Piedmont's ability to obtain required capital to execute its business plan, (v) Piedmont's ability to hire and retain required personnel, (vi) changes in the market prices of lithium and lithium products, (vii) changes in technology or the development of substitute products, (viii) the uncertainties inherent in exploratory, developmental, and production activities, including risks relating to permitting, zoning, and regulatory delays related to our projects as well as the projects of our partners in Quebec and Ghana, (ix) uncertainties inherent in the estimation of lithium resources, (x) risks related to competition, (xi) risks related to the information, data, and projections related to Sayona Mining or Atlantic Lithium, (xii) occurrences and outcomes of claims, litigation, and regulatory actions, investigations, and proceedings, (xiii) risks regarding our ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, our ability to obtain sufficient financing to develop and construct our projects, our ability to comply with governmental regulations, and our ability to obtain necessary permits, (xiv) risks related to the completion of our proposed merger with Sayona Mining and related capital raises, and (xv) other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission ('SEC') and the Australian Securities Exchange, including Piedmont's most recent filings with the SEC. The forward-looking statements, projections, and estimates are given only as of the date of this press release and actual events, results, performance, and achievements could vary significantly from the forward-looking statements, projections, and estimates presented in this press release. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont disclaims any intent or obligation to update publicly such forward-looking statements, projections, and estimates, whether as a result of new information, future events or otherwise. Additionally, Piedmont, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities. Article content Six Months Ended June 30, Cash flows from operating activities: 2025 2024 Net loss $ (25,369 ) $ (36,943 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation expense 1,873 4,640 Loss from equity method investments 6,074 10,350 Loss on sale of equity method investments — 13,886 Loss (gain) on equity securities 3,944 (1,594 ) Deferred taxes — (6,246 ) Depreciation and amortization 119 156 Noncash lease expense 85 532 Loss on sale of assets 212 656 Unrealized foreign currency translation gains (318 ) (36 ) Changes in assets and liabilities: Accounts receivable 1,513 (12,725 ) Other assets 268 1,950 Operating lease liabilities (82 ) (472 ) Accounts payable (3,948 ) (25 ) Payables to affiliates (1,588 ) (93 ) Deferred revenue — 24,347 Other liabilities and accrued expenses (4,111 ) (27,164 ) Net cash used in operating activities (21,328 ) (28,781 ) Cash flows from investing activities: Capital expenditures (1,646 ) (8,622 ) Advances to affiliates (2,310 ) (8,226 ) Proceeds from sale of marketable securities — 45 Proceeds from sale of shares in equity method investments — 49,103 Additions to equity method investments (5,129 ) (14,966 ) Net cash (used in) provided by investing activities (9,085 ) 17,334 Cash flows from financing activities: Proceeds from Credit Facility 14,116 — Settlements of Credit Facility (14,116 ) — Payments of debt obligations and insurance premiums financed (828 ) (651 ) Payments to tax authorities for employee stock-based compensation (525 ) (654 ) Net cash used in financing activities (1,353 ) (1,305 ) Net decrease in cash (31,766 ) (12,752 ) Cash and cash equivalents at beginning of period 87,840 71,730 Cash and cash equivalents at end of period $ 56,074 $ 58,978 Article content Non-GAAP Financial Measures Article content The following information provides definitions and reconciliations of certain non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. The non-GAAP financial measures presented do not have any standard meaning prescribed by GAAP and may differ from similarly-titled measures used by other companies. We believe that these adjusted measures provide meaningful information to assist management, investors, and analysts in understanding our financial condition and the results of operations. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to, our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. Article content The following are non-GAAP financial measures for Piedmont: Article content Adjusted net (loss) income Article content is defined as net (loss) income, as calculated under GAAP, plus or minus the gain or loss from sale of equity method investments, gain or loss on sale of assets, gain or loss from equity securities, gain or loss from foreign currency exchange, restructuring charges including severance and severance related costs and exit costs, and certain other adjustments we believe are not reflective of our ongoing operations and performance. These items include acquisition costs and other fees, and shelf registration costs. Article content Adjusted diluted earnings per share (or adjusted diluted EPS) Article content is defined as diluted EPS, as calculated under GAAP, before gain or loss on sale of equity method investments, gain or loss on sale of assets, gain or loss from equity securities, gain or loss from foreign currency exchange, restructuring charges including severance and severance related costs and exit costs, and certain other costs we believe are not reflective of our ongoing operations and performance. Article content EBITDA Article content is defined as net income (loss) before interest expenses, income tax expense, and depreciation. Article content Adjusted EBITDA Article content is defined as EBITDA plus or minus the gain or loss on sale of equity method investments, gain or loss on sale of assets, gain or loss from equity securities, gain or loss from foreign currency exchange, restructuring charges including severance and severance related costs and exit costs, and certain other adjustments we believe are not reflective of our ongoing operations and performance. Article content Below are reconciliations of non-GAAP financial measures on a consolidated basis for adjusted net (loss) income, adjusted diluted EPS, EBITDA, and adjusted EBITDA. Article content ______________________________________________________ (1) Loss (gain) on equity securities represents realized and unrealized gains on our equity security holdings in Atlantic Lithium and Ricca Resources. (2) Loss from foreign currency exchange primarily relates to currency fluctuations in our foreign bank accounts denominated in Canadian dollars and Australian dollars and marketable securities denominated in Australian dollars. (3) Restructuring charges relate to severance and reorganization related costs and exit costs related to our 2024 Cost Savings Plan. (4) Other costs include legal and transactional costs related to certain strategic transactions and shelf registration costs. (5) No income tax impacts have been given to any items that were recorded in jurisdictions with full valuation allowances. Article content Three Months Ended (in thousands) June 30, 2025 March 31, 2025 June 30, 2024 Net loss $ (9,738 ) $ (15,631 ) $ (13,332 ) Interest income, net (5 ) (139 ) (577 ) Income tax benefit — — (2 ) Depreciation and amortization 56 — 75 EBITDA (9,687 ) (15,707 ) (13,836 ) Loss on sale of assets 132 80 656 Loss (gain) on equity securities (1) 304 3,640 (210 ) Loss from foreign currency exchange (2) (290 ) 195 (158 ) Restructuring charges (3) 401 283 314 Other costs (4) 1,459 1,369 81 Adjusted EBITDA $ (7,681 ) $ (10,140 ) $ (13,153 ) Article content ______________________________________________________ (1) Loss (gain) on equity securities represents realized and unrealized gains on our equity security holdings in Atlantic Lithium and Ricca Resources. (2) Loss from foreign currency exchange primarily relates to currency fluctuations in our foreign bank accounts denominated in Canadian dollars and Australian dollars and marketable securities denominated in Australian dollars. Article content Article content Article content Article content Article content Contacts Article content Michael White Article content Article content Chief Financial Officer Article content Article content Article content E: Article content mwhite@ Article content John Koslow Article content Article content Investor Relations Article content Article content Article content Article content
ABC News
6 days ago
- Business
- ABC News
What's behind the recent lithium surge?
Pilbara Minerals chief executive Dale Henderson says it's too early to call a major shift in the market after the price of lithium spodumene surged more than 30 per cent during July. The price is down 86 per cent since January 2023.
Zawya
23-07-2025
- Business
- Zawya
Zimbabwe's spodumene exports surge 30% despite weak lithium prices
Africa's top lithium producer exported 586,197 metric tons of spodumene concentrate between January and June, compared to 451,824 metric tons during the same period last year, according to statistics from the Minerals Marketing Corporation of Zimbabwe (MMCZ) obtained by Reuters on Monday. © Copyright The Zimbabwean. All rights reserved. Provided by SyndiGate Media Inc. (
Yahoo
09-07-2025
- Business
- Yahoo
Fury Intercepts 32.35m of 1.16% Li2O at the Ninaaskumuwin Discovery
TORONTO, Canada, July 09, 2025 (GLOBE NEWSWIRE) -- Fury Gold Mines Limited (TSX and NYSE American: FURY) ('Fury' or the 'Company') is pleased to announce drill results from the maiden drill program, totaling 825 metres (m) in 5 holes, on its Ninaaskumuwin lithium discovery at the Elmer East project located in the Eeyou Istchee James Bay region of Quebec (Figure 1). The drilling targeted a spodumene-bearing pegmatite outcrop, which returned surface samples of up to 3.92% Li2O. Highlights from the drill campaign include 32.35m of 1.16% Li2O from EE24-003 and 22.48m of 1.19% Li2O from EE24-002 (Table 1). The lithium mineralized spodumene-bearing pegmatite remains open at depth and along strike, warranting additional drilling. Highlights: Thick spodumene-bearing pegmatite (>32 m in thickness) was intersected in three holes with individual sample grades of up to 3.70% Li2O; Drill results confirm the vertical continuity of lithium mineralization to 150 m below surface; and The lithium-bearing pegmatite remains open along strike and to depth. 'We are pleased with the positive drill results out of the Ninaaskumuwin lithium discovery from our newly acquired Elmer East project in Quebec,' commented Tim Clark, CEO of Fury. 'These results continue to demonstrate the value created through our acquisition of Quebec Precious Metals earlier this year, and we look forward to continued exploration and potential discovery across our extensive land package in the James Bay region.' Table 1: 2024 Elmer East drilling highlights. Hole ID From To Length (m) Li (ppm) Li2O (%) EE24-001 127.95 150.85 22.9 3662 0.79 EE24-002 72.8 95.28 22.48 5519 1.1972.8 80 7.2 8755 1.50 EE24-003 88.6 120.95 32.35 5372 1.1690.1 96.1 6 10891 2.34104 105 5 11044 2.38 Downhole thickness was used due to the uncertainty in the orientations of the mineralized pegmatite bodies. Elmer East The Ninaaskumuwin lithium discovery is located on Fury's 100% owned Elmer East project, which covers approximately 45,735 hectares (ha). Ninaaskumuwin is easily accessible from the paved Billy Diamond highway, approximately 60 kilometres (km) north of the 'km 381' rest stop where accommodation, catering, fuel, and power are available (Figure 1). The discovery sits approximately 50 km north of Rio Tinto plc's Galaxy Lithium project, acquired in March 2025 as part of the acquisition of Arcadium Lithium plc for USD 6.7 billion. Figure 1: Location map of the Elmer East Project The drilling campaign targeted a spodumene-bearing pegmatite outcrop where limited sampling returned values of 1.10% to 3.92% Li2O from nine samples (Figure 2) (see Quebec Precious Metals Corporation News Release dated January 18, 2024). Geophysics and geological mapping indicate that the spodumene-bearing pegmatite has a potential strike length of up to 3.8 km. All five drill holes intersected highly fractionated pegmatite with spodumene mineralization observed in three of the holes. The spodumene mineralization observed is evenly distributed throughout the intersected pegmatite. The pegmatite is composed of quartz, plagioclase, potassic feldspar, and spodumene with a lesser proportion of muscovite, tourmaline, and garnet. The spodumene is light greenish-white and occurs as large and elongated crystals averaging 2 x 5 cm and up to 2 x 15 cm. A portion of the pegmatite is albite altered, in which spodumene is concentrated in bands of fine-grained crystals. The pegmatite is hosted in metasedimentary units, mainly matrix-supported conglomerate interbedded with wacke and coarse-grained sandstone. Figure 2: Plan map of the Ninaaskumuwin lithium discoveryshowing the locations of 2024 drill holes in relation to the surface expression of the pegmatite dyke. For original disclosure on the 2023 surface grab samples see Quebec Precious Metals Corporation news releases dated January 18, 2024Figure 3: Cross-section of drill hole EE24-001 to EE24-003 showing the down-dip continuity of lithium mineralization from surface down to 150m depth. 'The James Bay region has experienced a boom in lithium exploration over the past few years and is gaining attention on the world stage. The Ninaaskumuwin lithium discovery is in a great location close to established infrastructure and Rio Tinto's Galaxy Lithium project, which is in the construction phase. These initial results from the limited 2024 drilling are encouraging and warrant additional drilling to fully understand the potential of the discovery,' commented Bryan Atkinson, SVP Exploration of Fury. Valérie Doyon, Senior Project Geologist at Fury, is a 'qualified person' within the meaning of Canadian mineral projects disclosure standards instrument 43-101 and has reviewed and approved the technical disclosures in this press release. Sampling and Assaying Disclosure 2024 Drilling GeoVector Management Inc., based in Ottawa, supervised the drilling program for QPM, which includes core logging, sampling of the drill core and shipment of the samples to the laboratory facility. Drilling was performed by RJLL Drilling, based in Rouyn-Noranda. 2025 Assaying and QAQC Analytical samples were taken by sawing HQ diameter core into equal halves with one half being sent to IGS Laboratories ('IGS'), based in Delson, Quebec, an independent ISO-17025 2017 accredited laboratory. The samples were crushed to 100% passing 2 mm and pulverized to at least 85% passing 75 microns. Excess crushed and pulverized material not used for analysis have been retained for future reference. All samples were analyzed by Sodium Peroxide Fusion and ICP-OES finish using an aliquot of pulverized material. IGS used selected pegmatite/spodumene matrix matching CRMs. QAQC protocols include systematic insertion of CRM standards 1 in every 20 samples and alternating blank samples of quartz and core duplicate samples 1 in every 20 samples. Assays of quality control samples were compared with reference samples in a database and verified to be acceptable prior to use of data from analyzed batches. Technical and scientific information disclosed from the neighbouring Galaxy project does not necessarily apply to the Elmer East project. About Fury Gold Mines Limited Fury Gold Mines Limited is a well-financed Canadian-focused exploration company positioned in two prolific mining regions across Canada and holds an 11.8 million common share position in Dolly Varden Silver Corp (approximately 13.5% of issued shares). Led by a management team and board of directors with proven success in financing and advancing exploration assets, Fury intends to grow its multi-million-ounce gold platform through rigorous project evaluation and exploration excellence. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining. For more information on Fury Gold Mines, visit . For further information on Fury Gold Mines Limited, please contact:Margaux Villalpando, Investor RelationsTel: (844) 601-0841Email: info@ Website: Neither the TSX nor its Regulations Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this news release. Forward-Looking Statements and Additional Cautionary Language This release includes certain statements that may be deemed to be 'forward-looking statements' within the meaning of applicable securities laws, which statements relate to the future exploration operations of the Company and may include other statements that are not historical facts. Forward-looking statements contained in this release primarily relate to statements that may suggest that the future work at the Ninaaskumuwin lithium discovery may identify a significant mineral resource. Although the Company believes that the assumptions and expectations reflected in those forward-looking statements were reasonable at the time such statements were made, there can be no certainty that such assumptions and expectations will prove to be materially correct. Mineral exploration is a high-risk enterprise. Readers should refer to the risks discussed in the Company's Annual Information Form and MD&A for the year ended December 31, 2024, and subsequent continuous disclosure filings with the Canadian Securities Administrators available at and the Company's Annual Report available at . Readers should not place heavy reliance on forward-looking information, which is inherently uncertain. Figures accompanying this announcement are available at: in to access your portfolio
