Mr. Tim Clark reports

FURY REVIEWS 2023 ACHIEVEMENTS AND APPOINTS CFO

Fury Gold Mines Ltd. has recapped the company's corporate and exploration achievements from the last 12 months. Fury had an active 2023, with substantial drill results from the Hinge target and the Percival prospect, continuing to expand the mineralized footprint of the Eau Claire deposit, and intercepting 279 grams per tonne (g/t) gold over 1.5 metres at the Percival prospect, the addition of Brian Christie and Isabelle Cadieux to the board of directors, and $8.75-million raised through an equity private placement to further strengthen the company's treasury.

"This past year was focused on adding significant ounces at the Eau Claire resource, improving our pipeline of targets for discovery, and adding new talent and experience to the board," commented Tim Clark, chief executive officer of Fury. "Thus far, we have had impressive drill intercepts, including one of our top three historical intercepts at Percival Main, with additional results still pending from the Hinge and Percival prospect."

Highlights

Fury's top milestones and achievements of 2023 include:

• Appointing two new board directors -- Brian Christie, formerly of Agnico Eagle Mines, and Isabelle Cadieux, formerly of Quebec-based SIDEX -- further strengthening the overall diversified skillset of Fury's board.
• Closing of an $8.75-million bought-deal equity private placement, strengthening Fury's treasury and financing further exploration at the company's Quebec projects.
• Completing an 18,800-metre drill program at Eau Claire, which exceeded the original 15,000 m of planned drilling for the year and coming in at approximately $1-million under budget.
• Continuing to intercept multiple zones of gold mineralization at the Hinge target through infill drilling.
• Intercepting 1.5 m of 279 grams per tonne gold at the Percival Main target, representing the third-highest-grade intercept reported for the entire Eau Claire project to date.
• Conducting a second annual Digbee ESG (environmental, social and governance) certification, an independent ESG evaluation that continues to validate the company's existing ESG engagement and strategy.
• Finishing the 2023 year with $7.3-million in cash, no debt, approximately $600,000 (subject to year-end accounting in process) of flow-through obligation required to be spent by Dec. 31, 2024, and $52.8-million in publicly traded securities.

Pending upcoming news:

• Eleven core drill holes pending assay results from the Hinge target and five core drill holes at the Percival prospect;
• Two thousand twenty-four exploration program announcement;
• Pending biogeochemical results from the Eleonore South joint venture (ESJV);
• Eau Claire mineral resource update upon compiling and analyzing the final results from the 2023 exploration program.

The company is also pleased to announce the appointment of Phil van Staden, the current interim chief financial officer of the company, to the position of chief financial officer, effective as of Jan. 1, 2024. Mr. van Staden joined Fury in 2020, and brings over 15 years of diverse international experience in various accounting roles and industries throughout South Africa and Canada. He holds bachelor of commerce and bachelor of commerce (honours) degrees, respectively, from the University of Pretoria and the University of South Africa.

"Phil has been an important member of the Fury team over the last few years, and we are extremely pleased to have him as CFO of the company. I look forward to continuing to work closely with Phil as Fury continues to explore our portfolio of mineral assets this year," stated Tim Clark, chief executive officer of 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. 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.

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