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Related Party Balances and Transactions

12 Months Ended

Dec. 31, 2020

All transactions with related parties have occurred in the normal course of operations. All amounts are unsecured, non-interest bearing, and have no specific terms of settlement, unless otherwise noted.

Related parties

	Years ended December 31
	2020		2019
Universal Mineral Services Ltd.(1)
Exploration and evaluation costs:
Québec	$	157	$	-
Nunavut		200		301
British Columbia		106		154
Peru		152		221
Fees, salaries and other employee benefits		284		346
Insurance		-		3
Legal and professional fees		12		2
Marketing and investor relations		141		85
Office and administration		460		327
Project investigation costs		170		44
Total transactions for the year	$	1,682	$	1,483

(1) Universal Mineral Services Ltd. (“UMS”) is a private company with one director in common, Mr. Ivan Bebek. UMS provides geological, financial, and transactional advisory services as well as administrative services to the Company on an ongoing, cost recovery basis. Having these services available through UMS, on an as needed basis, allows the Company to maintain a more efficient and cost-effective corporate overhead structure by hiring fewer full-time employees and engaging outside professional advisory firms less frequently. The agreement has an indefinite term and can be terminated by either party upon providing due notice.

The outstanding balance owing at December 31, 2020, was $109 (December 31, 2019 – $235) which is included in accounts payable. In addition, the Company had $150 on deposit with UMS as at December 31, 2020 (December 31, 2019 – $150) which is included in prepaid expenses and deposits.

Key management personnel

Pursuant to the Transaction and the creation of the Company, key management personnel was redefined to include Fury Gold’s board of directors and certain executive officers of the company, including the Chief Executive Officer and Chief Financial Officer.

The remuneration of the Company’s directors and other key management personnel was as follows:

	Years ended December 31
	2020		2019
Short-term benefits provided to executives (1)(2)	$	1,985	$	1,469
Directors’ fees paid to non-executive directors		313		154
Share-based payments (2)		1,998		2,244
Total (3)	$	4,296	$	3,867

(1) Short-term employee benefits include salaries, bonuses payable within twelve months of the date of the consolidated statement of financial position, and other annual employee benefits.

(2) As a result of the Transaction and the formation of a new board of directors and management team, certain former key management personnel of the Company were provided with transition contracts to support the formation of Fury Gold. For the period from October 9, 2020 to December 31, 2020, $79 of short-term benefits and $283 of share-based payment expense was recognized in respect of these transition arrangements.

(3) The renumeration for key management personnel in the table is the combined total for both continuing operations and the discontinued operation of the Peru properties transferred to the Spincos (note 4i).