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Investing.com - H.C. Wainwright raised its price target on Fury Gold Mines Ltd. (NYSE:FURY) to $1.40 from $1.20 on Tuesday, while maintaining a Buy rating on the stock. The mining company, currently trading at $0.50 and sporting a market cap of $87.64 million, has shown strong momentum with a 34% gain over the past six months. According to InvestingPro data, analysts maintain a bullish consensus on the stock.
The price target increase follows Fury Gold’s Monday announcement that it has commenced its 2025 exploration drilling program at the Committee Bay Project.
According to the company, the drilling program will consist of seven to 10 diamond drill holes, totaling approximately 5,000 meters, focused on expanding the Three Bluffs Shear Zone target and testing shear zones in the Raven (NASDAQ:RAVN) shear zone and Burro West.
H.C. Wainwright noted that initial drill results are anticipated in September 2025, and the firm plans to closely monitor any discoveries that reveal new high-grade gold zones.
The research firm stated that any meaningful discovery is likely to be a significant catalyst and unlock shareholder value for Fury Gold Mines.
In other recent news, Fury Gold Mines Limited announced promising drill results from its Ninaaskumuwin lithium discovery at the Elmer East project in Quebec. The initial drilling program, covering 825 meters across five holes, revealed significant lithium mineralization, with notable intercepts of 32.35 meters at 1.16% lithium oxide and 22.48 meters at 1.19% lithium oxide. These results confirm vertical continuity of the mineralization to 150 meters below the surface, with the potential for further exploration. Meanwhile, H.C. Wainwright has maintained a Buy rating for Fury Gold Mines, setting a price target of $1.20, following the company’s strategic acquisition of Quebec Precious Metals. The merger involves an exchange of Fury common shares for all outstanding shares of Quebec Precious Metals, with QPM shareholders receiving 0.0741 Fury shares per QPM share. This exchange rate represents a 33% premium based on prior closing prices. The merger is expected to be finalized in April 2025, pending shareholder approval and conditional approvals from the Toronto Stock Exchange and the NYSE American.
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