Mr. Normand Champigny of Quebec Precious reports

URY GOLD MINES AND QUEBEC PRECIOUS METALS UPDATE MERGER PROCESS

Following the Feb. 26, 2025, announcement of Fury Gold Mines Ltd. and Quebec Precious Metals Corp.'s arrangement agreement (see news release dated Feb. 26, 2025), the acquisition of Quebec Precious is moving forward on schedule with an anticipated completion prior to April 30, 2025. Quebec Precious has now secured the required no-objection letter from Corporations Canada as well as the interim order from the Quebec Superior Court in connection with convening the Quebec Precious shareholders meeting scheduled for April 22, 2025.

Fury has secured the conditional approval of the Toronto Stock Exchange and NYSE American. Quebec Precious's shareholder meeting circular has been filed at SEDAR+, and provides details of the merger as well as updated information about Fury including disclosure of a non-cash impairment charge expected to be effective Dec. 31, 2024, to align the carrying value of Fury's mineral properties to its prevailing market capitalization. As well Fury announces that director Isabelle Cadieux has resigned from the Fury board of directors to pursue other opportunities. Fury thanks Ms. Cadieux for her service over the last 18 months.

Quebec Precious and critical minerals project portfolio

Gold and lithium

Quebec Precious holds a highly prospective land package covering approximately 70,900 hectares largely within the emerging James Bay gold camp. The road-accessible Sakami project is host to a 23-kilometre-long gold-bearing structural corridor. Drilling to date at the La Pointe and La Pointe extension targets within this trend has identified gold mineralization across widths of up to 75 metres and to a depth of up to 500 m with reported intercepts of 2.51 grams per tonne gold (Au) over 54.65 m from drill hole EX-10; 9.22 g/t Au over 12.55 m from drill hole EX-19 and 2.52 g/t Au over 48.55 m from drill hole PT-16-92. The identified gold mineralization at both La Pointe and La Pointe extension remains open to depth and along strike. Farther south along the same gold-bearing structure lies an intriguing undrilled coincident gold in soil geochemical anomalies and induce polarization (IP) geophysical chargeability anomaly with similar signature to the La Pointe and La Pointe extension targets.

The Elmer East project is host to an undrilled 4.2 km long east-west oriented gold and base metal bearing structural trends known as the Lloyd showing where grab samples have returned results of up to 68.10 g/t gold, 7.99 per cent zinc and 7,660 ppm (parts per million) copper.

Spodumene-bearing pegmatites have been identified throughout the Quebec Precious land package with a recently completed drilling campaign at the Ninaaskumuwin project where plus 20 m spodumene-bearing pegmatites with vertical continuity of up to 150 m were intercepted in drilling late 2024 (analytical results are pending at this time).

Rare earths

The heavy rare-earth elements (HREE) Kipawa project (68 per cent Quebec Precious, 32 per cent Investissement Quebec), 50 kilometres east of Temiscaming in southwestern Quebec, is host to a historical 2013 proven and probable reserves of 19.8 million tonnes grading 0.411 per cent total rare-earth oxides (TREO). The road-accessible project covers an area of 4,300 hectares with good access to local infrastructure.

Normand Champigny, Eng, chief executive officer and director of Quebec Precious, is a qualified person within the meaning of National Instrument 43-101 on standards of disclosure for mineral projects. He has reviewed and approved the technical information contained in this press release.

About Fury Gold Mines Ltd.

Fury Gold Mines is a Canadian-focused exploration company positioned in two prolific mining regions across the country and holds an approximate 51 million common share position in Dolly Varden Silver Corp. (approximately 16 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.

About Quebec Precious Metals Corp.

Quebec Precious has a large land position in the highly prospective Eeyou Istchee James Bay territory, Quebec, near Dhilmar Ltd.'s (formerly owned by Newmont Corp.) Eleonore gold mine. Quebec Precious focuses on advancing its Sakami gold project and its newly discovered, drill-ready Ninaaskuwin lithium showing on the Elmer East project. In addition, Quebec Precious holds a 68-per-cent interest in the Kipawa rare-earths project located near Temiscaming, Que.

We seek Safe Harbor.