On February 26, 2025, Fury Gold Mines Limited (TSX: FURY, NYSE American: FURY) announced it will acquire all outstanding shares of Quebec Precious Metals Corporation (TSXV: QPM) in an all-share transaction under a court-approved plan of arrangement. QPM shareholders will receive 0.0741 Fury shares per QPM share, representing a 33% premium to QPM’s closing price on February 25, 2025, and valuing each QPM share at C$0.04.

The transaction consolidates over 157,000 hectares of gold and critical mineral exploration assets in Quebec, including QPM’s Sakami project and the Kipawa heavy rare earth project. Fury will continue to trade under its existing name and symbols, with the Toronto head office remaining unchanged. Upon closing, Fury shareholders will own approximately 95% and QPM shareholders about 5% of the combined company. No changes are planned to Fury’s board, though QPM’s CEO, Normand Champigny, will join as a strategic advisor for the Kipawa project.

The boards of both companies unanimously approved the deal and recommend shareholder support. The transaction is expected to close by the end of April 2025, pending shareholder, court, and regulatory approvals. QPM shares will be delisted following completion. Legal counsel for Fury is McMillan LLP, while QPM is advised by BCF Business Law. Evans and Evans Inc. provided a fairness opinion to QPM’s board confirming the transaction is fair from a financial perspective. A C$0.2 million termination fee applies under certain conditions.

The transaction closed on April 28, 2025.