Mr. Tim Clark reports

FURY CONTINUES TO EXPAND THE HINGE TARGET WITH MULTIPLE DRILL INTERCEPTS, CONDUCTS BOARD OF DIRECTORS AND MANAGEMENT SITE VISIT

Fury Gold Mines Ltd. has released results for the first three 2023 core drill holes at the high-grade Eau Claire gold project, located in the Eeyou Istchee territory in the James Bay region of Quebec. The 2023 drill program to date has focused on the continued expansion of the Hinge target, located immediately west of the Eau Claire deposit, with the goal of updating the Eau Claire mineral resource estimate at the end of the season. Drilling at the Hinge target continues to return multiple stacked zones of gold mineralization from each drill hole, including 5.0 metres of 3.6 grams per tonne gold within a broader interval of 14.0 m of 2.37 g/t Au. Additional drill intercepts include 6.5 m of 2.66 g/t Au, 6.0 m of 2.77 g/t Au and 1.0 m of 10.35 g/t Au (see an attached table).

Drill holes 23EC-063 and 23EC-064 have expanded the Hinge target gold mineralization 50 m up dip and 75 m to the west, respectively. Drill hole 23EC-064 represents the first of a series of infill drill holes designed to tighten up the spacing of the 2022 Hinge target drilling to a nominal spacing of 60 m to 80 m. Importantly, the broad intercepts of 14.0 m at 2.37 g/t Au, 6.0 m at 2.77 g/t Au and 6.5 m at 2.66 g/t Au continue to show the overall strength of the mineralized system within the Hinge target.

These initial results provide confidence in the modelled subvertical geometry of the veining at the Hinge target as the company works toward a meaningful update to the currently defined Eau Claire resource, which was last estimated in 2018 at 853,000 ounces gold at an average grade of 6.18 g/t gold in the measured and indicated category and 500,000 oz gold at 6.35 g/t gold in the inferred category.

"Fury is pleased to announce the initial drill results from our 2023 drill program at Eau Claire, as these results further confirm our thesis that the Eau Claire resource is open for significant expansion. Importantly, we have continued to extend the mineralized footprint at the Hinge target and confirmed our geologic model," commented Tim Clark, chief executive officer of Fury. "The results of the first three 2023 drill holes at Eau Claire are also important as we prepare for our resource update at year-end. As for the impact of the forest fire, we had a four-week hold on operations, but we are now actively drilling at full capacity with a helicopter and two drills turning on the property. Investors should expect a steady flow of news through year-end from Eau Claire, Percival and a number of strong prospective anomalies to the east. With a recent directors and management site visit behind us, the three takeaways were: the reminder of the incredible infrastructure backdrop that exists in the James Bay region, the visual size and scale of the Eau Claire project today, and the tremendous potential for discovery surrounding the 30 kilometres of the Cannard deformation zone."

Western Hinge target

The 2023 exploration program at the Hinge target is focusing on the continued expansion of the gold mineralization to the west and up dip while tightening up the drill spacing to 70 m to 80 m to prove continuity. The reported intercepts at the Hinge target are defined by two 100 m wide corridors of mineralization, with each hosting multiple subvertical quartz-tourmaline veins. A total of 19 discrete veins have been modelled within the two corridors to date. The Hinge target remains open in all directions.

"The results from these first three 2023 drill holes build on the 2022 success at the Hinge target. We have confirmed both continuity of the vein corridors as well as that the system remains open. The broad widths of mineralization, which we do not see typically within the core of the deposit, indicate the mineralization event at the Hinge target was particularly intense. We look forward to additional results as the drill moves east towards the defined Eau Claire resource," stated Bryan Atkinson, senior vice-president of exploration.

Sampling and assaying disclosure

Analytical samples for the drill program were taken by sawing HQ-diameter core into equal halves on site, with one-half sent to ALS Chemex in Val d'Or, Que., Canada, for preparation and analysis. All samples were assayed using a 50 g nominal weight fire assay with inductively coupled plasma/atomic emission spectrometry finish (Au-ICP22) and a multielement four-acid digest ICP-AES/ICP-MS method (ME-MS61). Where Au-ICP22 results were greater than 0.5 part per million Au, the assay was repeated with a 50 g nominal weight fire assay with atomic absorption finish (Au-AA24). Samples containing more than 10 ppm by Au-AA24 were reassayed with 50 g nominal weight fire assay with gravimetric finish (Au-GRA22). Quality assurance/quality control programs using internal standard samples, field and lab duplicates and blanks indicate good overall accuracy and precision.

David Rivard, PGeo, exploration manager at Fury, a qualified person within the meaning of National Instrument 43-101, has reviewed and approved the technical disclosure 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. It also holds a 59.5-million-common-share position in Dolly Varden Silver Corp. (23.4 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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