Mr. Tim Clark reports

FURY INTERCEPTS 31.77 G/T GOLD AND 8.07 G/T TELLURIUM OVER 3.5 METRES AT THE HINGE TARGET

Fury Gold Mines Ltd. has released the fourth set of results from the 2023 drilling program at the Hinge target, part of the high-grade Eau Claire gold project located in the Eeyou Istchee territory in the James Bay region of Quebec. The Hinge target continues to produce multiple stacked zones of gold-mineralized quartz tourmaline veins. Highlights from the seven drill holes include: 31.77 grams per tonne gold over 3.5 metres from 23EC-077; 65.3 g/t gold over 0.5 m and 14.25 g/t gold over one m from 23EC-074; 2.56 g/t gold over 7.5 m from 23EC-068; and 3.41 g/t gold over 6.5 m and five g/t gold over 3.5 m from 23EC-075 (see an attached table). The 2023 Hinge drilling has increased confidence in the geological model and potential for expansion of the Eau Claire resource to the west. Results from an additional five drill holes are still pending for the Hinge target.

"Recent results out of the Hinge target continue to remain impactful to the overall resource at Eau Claire," commented Tim Clark, chief executive officer of Fury. "Going forward, we're excited for results from the remaining five holes at the Hinge target and five holes at the Percival prospect. Once the final results have been received and processed, we will be able to include them in the Eau Claire mineral resource update, which is expected to be released at the end of Q1 or early Q2."

Western Hinge target

The Hinge target is immediately adjacent and contiguous to the western edge of the high-grade Eau Claire gold deposit, extending the mineralized footprint by over 400 m. Drilling to date has identified 19 discrete subvertical quartz tourmaline veins concentrated in two 100 m wide corridors. Vertical continuity of the veining within the Hinge target has been demonstrated over 300 m through drilling. The Hinge veins remain open both to the west as well as up and down dip. These drill holes are part of a series of infill drill holes designed to tighten up the drill hole spacing within the Hinge target to a nominal 60 m to 80 m. The continued interceptions of stacked mineralized veins through these new holes exhibit the overall continuity and robustness of the mineralized system within the Hinge target.

"The consistent and predictable nature of the gold mineralization within the Hinge target is extremely encouraging as we move towards the inclusion of the Hinge target in an overall resource update for the Eau Claire project. Fury's technical team is looking forward to receiving the final results from the 2023 Hinge drilling program in the coming weeks," stated Bryan Atkinson, senior vice-president of exploration at Fury.

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 the multielement four-acid digestion 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, is a qualified person within the meaning of National Instrument 43-101. Mr. Rivard 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 holds a 59.5-million-common-share position in Dolly Varden Silver Corp. (22 per cent of issued shares). 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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