Mr. Tim Clark reports

FURY INTERCEPTS 17.62 G/T GOLD OVER 3.5 METRES SHALLOW AT THE HINGE TARGET

Fury Gold Mines Ltd. has provided the final set of results from the 12,000-metre (m) 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 comprises a series of stacked gold-bearing quartz tourmaline veins concentrated within a 200 m wide structurally controlled corridor. Highlights from these last five drill holes include 17.62 grams per tonne gold over 3.50 m (including 29.80 g/t gold over two m), and 22.20 g/t gold over 0.50 m from 23EC-082; 3.35 g/t gold over 8.50 m (including 5.70 g/t gold over three m), and 2.24 g/t gold over 7.50 m from 23EC-079; and 5.49 g/t gold over 3.50 m from 23EC-078. The reported intercept from drill hole 23EC-082 of 17.62 g/t gold over 3.50 m is within 135 m of surface and is completely open to surface and to the west, above the rest of the Hinge target.

"We remain encouraged by the final set of results out of the Hinge target from our 2023 exploration program, as they continue to demonstrate the growth potential at Eau Claire and will be incorporated in our upcoming updated mineral resource estimate," commented Tim Clark, chief executive officer of Fury. "Notably, these results are near surface, which easily opens the target for further expansion. With just five holes still pending from the Percival prospect remaining, we look forward to reporting the final results from our 2023 drilling program in the coming weeks."

Western Hinge target

Drilling in 2023 has confirmed that the Hinge target is the direct westerly extension of the high-grade Eau Claire gold deposit extending the mineralized footprint by over 400 m. Drilling to date has identified a series of discrete subvertical quartz tourmaline veins concentrated in two 100 m wide, structurally controlled corridors with vertical continuity now demonstrated over 400 m. The Hinge target remains open up dip, down dip and to the west. The 12,000 m of drilling completed at the Hinge target in 2023 was designed to tighten up the drill hole spacing to a nominal 60 to 80 m for use in an updated independent mineral resource estimate, which is now under way.

"This latest round of drill results have clearly demonstrated that the Hinge target connects with and will extend the defined Eau Claire gold resource. More importantly, we have intercepted high-grade gold over good widths near surface and the potential up-dip continuation of the mineralization is a compelling target for Fury to pursue. Now that all of the 2023 results for the Hinge are finalized, the technical team is working hard on updating the mineral resource estimate," stated Bryan Atkinson, senior vice-president of exploration at Fury.

The company is also pleased to announce that Fury will be participating in the upcoming BMO Global Metals & Mining Conference to be held in person from Feb. 25 to Feb. 28, 2024. Mr. Clark, CEO and director, will be in attendance meeting with investors to discuss the company's high-grade gold projects in Canada. The BMO Global Metals & Mining Conference connects mining companies with institutional funds, private equity groups, family offices and sector analysts.

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-gram nominal weight fire assay with inductively coupled plasma atomic emission spectrometry finish (Au-ICP22) and multielement four-acid digest ICP-AES/inductively coupled plasma mass spectrometry method (ME-MS61). Where Au-ICP22 results were greater than 0.5 part per million Au the assay was repeated with a 50-gram nominal weight fire assay with atomic absorption finish (Au-AA24). Samples containing more than 10 ppm by Au-AA24 were reassayed with 50-gram 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 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 and 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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