Ms. Margaux Villalpando of Fury Gold Mines reports

FURY ENTERS INTO AGREEMENT TO PLACE SHARES OF DOLLY VARDEN SILVER CORP. WITH INSTITUTIONAL INVESTORS

Fury Gold Mines Ltd. has entered into an agreement with Haywood Securities Inc. to act as the company's exclusive agent to use commercial efforts to sell up to 5.45 million common shares at 73.5 cents per offered Dolly Varden Silver Corp. share for gross proceeds of up to $4,005,750 in one or more private, off-market transactions. In connection with the proposed sale(s), Fury has filed a Form 45-102F1 Notice of Intention to Distribute Securities under Section 2.8 of National Instrument 45-102 -- Resale of Securities to facilitate the sale. Closing of the sale is anticipated to occur on or about March 14, 2024, following the expiry of the seven-day notice period under NI 45-102.

The net proceeds from the transaction will be used for continued exploration at the Eau Claire and Eleonore South projects in Quebec and for general working capital. Following the completion of the sales, Fury will continue to hold approximately 19.99 per cent of the common shares of Dolly Varden and will be well capitalized for its upcoming exploration activities. Following the closing of Dolly Varden's bought deal private placement, which is anticipated to close on March 21, 2024, Fury would hold approximately 18.99 per cent of its common shares. Under the terms of a Feb. 25, 2022, investor rights agreement between Fury and Dolly Varden, Dolly Varden has agreed to waive its 10-business-day period to arrange purchasers for a proposed sale.

Fury has entered into an agreement with Haywood Securities Inc. to act as exclusive agent to Fury in connection with the transaction. In consideration for the services to be provided by the agent, in connection with the sale of the offered Dolly shares, the agent will receive an aggregate cash fee equal to 4.5 per cent of the gross proceeds of the transaction. Completion of the share sales is subject to securing binding purchase commitments and customary closing deliverables including an off-market transaction exemption. The targeted sale amount of $4-million may complete in whole or in part or not at all.

Upon completion of the transaction, the ownership interest of Fury in Dolly Varden will be reduced from the current 59,504,590 shares, representing 22.0 per cent of the outstanding common shares of Dolly Varden, to 54,054,590 shares, representing 19.99 per cent of the outstanding common shares of Dolly Varden. Fury will file an amendment to its current early warning report on SEDAR to reflect its change in ownership position. Fury will continue to hold its shares in Dolly Varden for investment purposes and will evaluate its investment in Dolly Varden on a continuing basis and may increase or decrease its holdings in Dolly Varden in the future, subject to its rights and obligations under the investor rights agreement, a copy of which has been filed under Fury's SEDAR profile.

About Fury Gold Mines Ltd.

Fury Gold Mines is a well-financed Canadian-focused exploration company positioned in two prolific mining regions across Canada and currently holds a 59.5-million-common-share position in Dolly Varden Silver (22 per cent 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 multimillion-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.

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