Fury Gold Taps Veteran Phillips Baker to Steer Path to Production

TORONTO, ON – January 26, 2026

Fury Gold Mines Limited has made a significant strategic move by appointing industry heavyweight Phillips S. Baker Jr. to its Board of Directors as an independent director. The appointment, effective immediately, is more than a routine board shuffle; it is a clear signal of the exploration company's aggressive intent to transition from prospector to producer, leveraging Baker's four-decade legacy of building and running major mining operations.

A Strategic Bet on Proven Leadership

The appointment brings a figure with a formidable track record into Fury's leadership circle. Phillips S. Baker Jr. is most renowned for his transformative 21-year tenure as CEO of Hecla Mining Company, from which he retired in 2024. Under his stewardship, Hecla cemented its status as the largest silver producer in the United States and Canada. This was accomplished not through fleeting acquisitions, but by cultivating a portfolio of long-lived, high-quality assets, including the prolific Greens Creek mine in Alaska and the historic Lucky Friday mine in Idaho.

This experience is precisely what Fury's leadership is banking on. “On behalf of the Board of Directors, I am delighted to welcome Phil to Fury’s Board," commented Brian Christie, Chair of Fury Gold Mines. "Phil is widely respected across the mining industry and brings deep leadership experience from his work at Hecla, along with a strong track record in operational excellence, innovation, exploration success, safety culture, capital allocation, and stakeholder engagement.”

Christie's emphasis on operational excellence and capital allocation is key. For an exploration company like Fury, which has shown promising results but is not yet generating revenue, the discipline to manage capital effectively while navigating the complex path to production is paramount. Baker's history suggests he brings that discipline. His experience also extends directly into the gold sector, notably with the Casa Berardi gold mine in Quebec—a credential that resonates deeply with Fury's own strategic focus.

Baker's Next Chapter: From Silver King to Gold Explorer's Guide

For Phillips Baker, this move represents a new chapter after a long and distinguished career at the helm of an established producer. Having served as Chair of the U.S. National Mining Association from 2017 to 2020 and held directorships at numerous public companies since 1990, his decision to join an exploration-stage company is noteworthy. It suggests a strong belief in the underlying value of Fury's assets.

“I’ve had a long association with Fury through my relationship with Dolly Varden, and I’m excited to be joining the Board,” commented Baker. This statement points to a pre-existing familiarity with Fury's strategic investments and, by extension, its corporate strategy.

However, Baker's extensive career has not been without scrutiny. During his time as CFO at Pegasus Gold in the 1990s, the company's bankruptcy left a legacy of environmental cleanup costs in Montana. This led to a "Bad Actor" lawsuit filed by conservation groups against Hecla and Baker in 2021, a matter that cast a shadow in his later years at the company. This history underscores the complex realities of the mining industry, where operational success is often weighed against environmental and community responsibilities—an area where Fury has publicly committed to upholding the highest standards.

His move to Fury, a company focused on developing assets in Canada with its own stringent regulatory framework, places him in a position to guide a new generation of projects, applying lessons learned over a 40-year career.

Catalyzing Quebec's James Bay Gold Potential

The immediate focus of Baker's expertise will likely be Fury's portfolio in the James Bay region of Northern Quebec, a prolific mining district. The company's flagship asset, the Eau Claire project, is the centerpiece of its development strategy. A 2024 technical report showcased a significant 36% increase in the project's resource estimate, which now stands at a combined 1.16 million ounces of gold in the measured and indicated categories, plus an additional 723,000 ounces in the inferred category.

A Preliminary Economic Assessment (PEA) for Eau Claire further bolsters the case, indicating a robust after-tax Net Present Value of $554 million and an Internal Rate of Return of 41%, based on a US$1,900/oz gold price. These figures suggest a project with strong economic potential, ripe for the kind of operational guidance Baker can provide. His direct experience managing the Casa Berardi gold mine, also located in Quebec's James Bay region, gives him an invaluable, ground-level understanding of the geological, logistical, and regulatory landscape.

Baker himself sees a clear path forward. "With my experience in building and operating producing companies, I believe Fury’s assets in the James Bay region are well positioned to advance toward production—either with a stand-alone mill or through custom milling—creating meaningful shareholder value," he stated. This comment reveals he is already thinking through concrete operational strategies, weighing the merits of building dedicated infrastructure versus leveraging existing regional facilities.

The Financial Underpinnings of Ambition

A bold growth strategy requires a solid financial foundation, and Fury appears to possess just that. The company is described as "exceptionally well funded," a status derived from both a strong cash position and a significant strategic investment. Fury holds 11.3 million shares of Dolly Varden Silver Corp., representing a 12.9% stake in the silver explorer.

This investment is also the nexus of Baker's "long association" with the company. During his time at Hecla, the mining giant was a major strategic investor in Dolly Varden. Baker's intimate knowledge of the Dolly Varden assets, gained through his leadership at Hecla, gives him a unique and insightful perspective on a major component of Fury's balance sheet.

This financial cushion is critical. While investor sentiment has been strong, with Fury's stock price climbing over 118% in the past year, the company remains in a pre-revenue stage, incurring losses and negative cash flow typical of an explorer. Baker's appointment is expected to provide the steady hand needed to allocate this capital effectively, de-risk the projects, and guide the company toward generating its first revenue. His perspective will be crucial as Fury looks to advance Eau Claire and its other projects, unlocking the value that has clearly captured the attention of the market and now, one of the industry's most seasoned veterans.