Mr. Tim Clark reports

FURY INTERCEPTS 5.73 G/T GOLD AND 11.27 G/T TELLURIUM OVER 3.5 METRES AT THE HINGE TARGET

Fury Gold Mines Ltd. has released results for an additional two infill core drill holes from the Hinge target 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 continues to focus on infill drilling at the Hinge target located immediately west of the Eau Claire deposit. Every hole completed at the Hinge target to date has intercepted two corridors of stacked, gold-bearing quartz tourmaline veins and alteration, including 3.5 metres of 5.73 grams per tonne gold and 11.27 g/t tellurium as well as 7.43 g/t gold over 2.5 m within a broader interval of 4.65 g/t gold and 8.72 g/t tellurium over 4.5 m (see an attached table). These results continue to highlight the importance of the Hinge target to the overall expansion of the Eau Claire deposit to the west.

Drill holes 23EC-065 and 23EC-068 represent the continuation 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. The stacked intercepts through these new holes continue to exhibit the overall strength of the mineralized system within the Hinge target. These results provide confidence in the continuity of the modelled subvertical veining at the Hinge target. In addition to gold, the Eau Claire deposit is rich in tellurium, a mineral present on the list of critical and strategic elements. Tellurium can be used in the manufacturing of stainless steel, batteries and solar panels.

"We are pleased to be back reporting results after experiencing longer-than-usual wait times with the assay labs. These assays come on the back of what, we believe, were two strong conferences for Fury at Precious Metals Beaver Creek and Gold Forum Americas," commented Tim Clark, chief executive officer of Fury. "As a result, we remain confident that Fury is one of the best-positioned companies in the junior exploration sector with our significant cash, Dolly Varden Silver equity stake, and optionality for upside both at the discovery level and resource development."

Western Hinge target

The 2023 exploration program at the Hinge target focuses on tightening the drill spacing to 60 m to 80 m, to demonstrate confidence in the continuity of the mineralized vein corridors identified to date. The Hinge target is defined by two 100 m wide corridors of mineralization, each hosting multiple subvertical quartz tourmaline veins. To date, 19 discrete veins have been modelled within the two corridors and remain open in all directions.

"The results from the 2023 drill holes received to date demonstrate a remarkable continuity to the gold-bearing veins within the Hinge target. We are intersecting the veins within a metre or two of where we have modelled them from the wide-spaced 2022 drilling, which gives our team a lot of confidence moving forward with the current drill program. We have been active throughout the property package in 2023, and we are eagerly anticipating the first round of results from the follow-up drilling at Percival and the exploration work out along the Cannard deformation zone," 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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