Mr. Tim Clark reports

FURY CONSOLIDATES INTERESTS AT ELEONORE SOUTH GOLD PROJECT TO 100%

Fury Gold Mines Ltd. and certain affiliates of Newmont Corp. have entered into an agreement, whereby Fury will purchase Newmont's 49.978-per-cent interest in Eleonore South for $3-million. As part of the consolidation of Eleonore South, Fury has also agreed to purchase Newmont's 30,392,372 shares of Sirios Resources Inc. for $1.3-million. The Sirios shares will be acquired for investment purposes and Fury will evaluate its investment in Sirios on a continuing basis with respect to any possible additional purchases or dispositions. Completion of the purchase is subject to certain conditions precedent and is expected to close in late February or early March, 2024.

"We value the strong relationship with Newmont and are confident that this transaction is a positive outcome for both companies," commented Tim Clark, chief executive officer of Fury. "Our team has historically ranked the ESJV as one of our more prolific targets for discovery. As such, we are excited to now have 100-per-cent ownership as we expect this to provide a clearer pathway for more exploration and potential upside in returns for our investors from this project consolidation and investment in Sirios."

Eleonore South project

The Eleonore South project is strategically located in an area of prolific gold mineralization with Newmont's Eleonore mine to the north and Sirios's Cheechoo deposit to the east. Prospecting to date has identified two distinct styles of mineralization within the project, structurally controlled quartz veins hosted within sedimentary rocks similar to the high-grade mineralization observed at the Eleonore mine, as well as intrusion-related disseminated gold mineralization similar to that seen at the low-grade bulk-tonnage Cheechoo deposit with higher-grade potential as seen at the JT and Moni prospects on the project.

Numerous gold in-till anomalies remain undrilled throughout the project and will be a focus for Fury. The bulk of the untested gold anomalies are similar in characteristics to the Cheechoo style of mineralization. The JT and Moni prospects represent a potential higher-grade style of intrusion related gold mineralization with historical drilling intercepting 53.25 metres (m) of 4.22 grams per tonne (g/t) gold (Au), 6.0 m of 49.50 g/t Au and 23.8 m of 3.08 g/t Au. Several of the noted drill intercepts have not been followed up on and remain open.

"Given the calibre of gold anomalies that we see at Eleonore South paired with the access to infrastructure and excellent address, we are looking forward to exploring the project in 2024. The project is surrounded by over 4.5 million ounces of gold in two distinct mineralization styles, which speaks to the overall strength of the regional gold system indicative of the exploration potential. Our team is excited to apply Fury's systematic and disciplined exploration approach to Eleonore South," stated Bryan Atkinson, PGeol, senior vice-president, exploration, of Fury.

Historical JT and Moni drilling

Analytical samples were taken by sawing BTW diameter core into equal halves on site and sent one of the halves to ALS Lab in Rouyn-Noranda, Val d'Or, Que., and Sudbury, Ont., for preparation and analysis. All samples are assayed using 50-gram (g) nominal weight fire assay with atomic absorption finish (Au-AA24) and multielement four-acid digest ICP-AES/ICP-MS method (ME-MS61). Where Au-AA24 results were greater than three parts per million (ppm) Au, the assays were repeated with 50 g nominal weight fire assay with gravimetric finish (Au-GRA22). QA/QC (quality assurance/quality control) programs using internal standard samples, field and lab duplicates, and blanks indicate good accuracy and precision in a large majority of standards assayed. True widths of mineralization are unknown based on current geometric understanding of the mineralized intervals.

David Rivard, PGeo, exploration manager at Fury, is a qualified person within the meaning National Instrument 43-101 and has reviewed and approved the technical disclosures in this news release.

About Fury Gold Mines Ltd.

Fury 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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