Mr. Tim Clark reports

FURY INTERCEPTS UP TO 279 G/T GOLD OVER 1.5M AT PERCIVAL MAIN

Fury Gold Mines Ltd. has released results for the first five 2023 core drill holes from the Percival Main prospect, located 14 kilometres east of the high-grade Eau Claire gold deposit in the Eeyou Istchee territory in the James Bay region of Quebec. Drill hole 23KP-015 targeted a 70-metre stepout from the 2022 drilling on the eastern flank of the known Percival Main mineralization and intercepted 279 grams per tonne gold over 1.5 metres, 5.0 m of 2.68 g/t gold and 7.5 m of 2.31 g/t gold (see an attached table). Drill hole 23KP-015 is on the easternmost section completed to date at Percival Main, which remains open in all directions.

Three drill holes targeted the westerly continuation of the high-grade intercept reported from drill hole 22KP-008 (13.5 m of 8.05 g/t Au -- see news release dated Dec. 21, 2022). These drill holes intercepted 22.5 m of 0.52 g/t gold from 23KP-009, 19.5 m of 0.66 g/t gold from 23KP-010 and 52.5 m of 0.34 g/t gold from 23KP-011 (see an attached table). Results for a single hole testing the easterly continuation of the same 2022 intercept encountered additional broad zones of mineralization, including 48.5 m of 0.86 g/t gold, 16.5 m of 1.42 g/t gold, including 11.55 g/t gold over 1.5 m, and 14 m of 1.09 g/t gold from 23KP-012 (see an attached table). Notably, the intercepts reported from drill hole 23KP-012 occur approximately 125 m down plunge to the east of the reported 2022 drill intercept of 8.05 g/t gold over 13.5 m (see news release dated Dec. 21, 2022).

"The Percival prospect has been an important focus for Fury given its potential for additional discovery. Today's results are exciting in that they represent the third-highest-grade intercept reported for the entire Eau Claire project and the furthest stepout to the east, giving us renewed confidence in our geological assumptions," commented Tim Clark, chief executive officer of Fury. "Looking forward, we have an additional 3,700 m of drill results still pending from Percival, including two holes targeting biogeochemical anomalies further east of Percival Main along the highly prospective Cannard deformation zone. As for the Eau Claire resource, our drill remains in operation, with additional results expected in the coming weeks and months."

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. Gold mineralization at Percival Main 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 2023 drilling targeted down-plunge extensions of the high-grade mineralization reported in 2022 in drill holes 22KP-008 (13.5 m of 8.05 g/t gold, including three m of 25.8 g/t Au) and 22KP-005 (7.5 m of 4.38 g/t Au). Drill hole 23KP-015 targeted the eastern flank of Percival Main and intercepted 279 g/t gold over 1.5 m in a 70 m stepout from previous drilling. The three drill holes to the west successfully extended the gold-mineralized zone by 65 m with intercepts of up to 52.5 m of 0.34 g/t gold from 23KP-011 and 19.5 m of 0.66 g/t gold from drill hole 23KP-010 (see an attached table). Drill hole 23KP-012 was drilled to the east of 22KP-008 and intercepted three large zones of gold mineralization across 100 m of core length, with highlights of 48.5 m of 0.86 g/t gold, including 6.5 m of 2.06 g/t gold and 6.0 m of 1.96 g/t gold, along with 16.5 m of 1.42 g/t gold, including 1.5 m of 11.55 g/t Au.

Results are pending for an additional 2,050 m of drilling completed at Percival Main as well as over 1,600 m of drilling testing biogeochemical anomalies along the Percival trend to the east of Percival Main. All pending drill holes have intercepted zones of sulphide-bearing, silicified breccia underlying the gold biogeochemical anomalies.

"The 2023 Percival drill program has proven the concept that the mineralized system persists along a planar structure despite the geology being structurally complex. We have intercepted extremely high-grade gold as well as broad zones of gold mineralization, which speak to the strength of the mineralized system at Percival and the overall potential of the 100 km long Cannard deformation zone. Our entire team is excited about the remaining results pending from Percival Main and the exploration holes testing targets out to the east, which have all intercepted the targeted silica-rich, sulphide-bearing breccia bodies," stated Bryan Atkinson, senior vice-president of exploration at Fury.

Sampling and assaying disclosure

Analytical samples for the drill program were taken by sawing NQ-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. (22 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.

We seek Safe Harbor.