Mr. Tim Clark reports

FURY MOBILIZES SECOND DRILL TO THE PERCIVAL PROSPECT AND ANNOUNCES SENIOR MANAGEMENT CHANGE

A second drill has been mobilized to Fury Gold Mines Ltd.'s wholly owned Eau Claire project in the Eeyou Istchee territory in the James Bay region of Quebec. The second drill will follow up on the 2022 successes at the Percival prospect. Drilling will consist of approximately 5,000 metres seeking to further extend the high-grade gold mineralization to the west and down dip, as well as testing some of the 14 top priority targets along the Percival trend. The company also announces that Dr. Lynsey Sherry, Fury's chief financial officer (CFO), has given notice that effective June 23, 2023, she will be pursuing other professional opportunities; Phil Van Staden, currently Fury's corporate controller, will be appointed interim CFO.

"We are excited to be headed back to the Percival prospect, a target that has been very important to Fury as it shows significant room for expansion at the Eau Claire project. In addition, we are looking forward to results coming in from the Hinge target at the Eau Claire resource which are expected in the coming weeks and months," commented Tim Clark, chief executive officer of Fury. "On behalf of the Fury team, I would like to thank Lynsey for her valuable contributions over the last few years and wish her well in her future endeavours. Our newly appointed interim CFO, Phil, brings diverse international accounting experience from working in several industries, and we look forward to supporting his continued growth within the company."

Percival prospect

The Percival prospect is situated 14 kilometres east of the Eau Claire deposit along the Cannard deformation zone which is one of the primary controls on gold mineralization within the region. The Percival gold mineralization is currently represented by a 500 m by 100 m footprint with high-grade gold being defined to 300 m below surface hosted within folded sulphidized and silicified breccia bodies. The 2022 drilling targeted the newly recognized fold hinge geometry resulting in a significant expansion to the gold mineralized footprint with intercepts of 13.5 m of 8.05 grams per tonne gold (Au) (including 3.00 m of 25.8 g/t Au) in drill hole 22KP-008 from an 85 m down plunge stepout and 7.5 m of 4.38 g/t Au (including three m of 8.7 g/t Au and three m of 5.5 g/t Au) in drill hole 22KP-005, a 150 m down-dip stepout (see news release dated Dec. 21, 2022). Fury's technical team is currently advancing and prioritizing targets from the 14 biogeochemical targets where similarities in geology, geochemistry, structure and geophysical signatures with Percival are being observed. The goal is to advance several of these targets to the drill-ready stage for possible testing later in 2023.

"The success of the 2022 Percival drill campaign has opened up the entire eastern portion of the Eau Claire property for a significant discovery. Our team is excited to be heading back out to Percival with a drill rig, taking the newly developed targeting matrix and applying it to the entire six km long Percival trend," stated Bryan Atkinson, senior vice-president of exploration at Fury.

David Rivard, PGeo, exploration manager at Fury, is a qualified person within the meaning of Canadian mineral projects disclosure standards National Instrument 43-101 and has reviewed and approved the technical disclosures in this press release.

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 holds a 59.5-million-common-share position in Dolly Varden Silver Corp. (23.5 per cent). 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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