Mr. Tim Clark of Fury Gold reports

FURY GOLD MINES COMPLETES ACQUISITION OF QUEBEC PRECIOUS METALS CORPORATION

Fury Gold Mines Ltd. has completed its previously announced transaction with Quebec Precious Metals Corp., previously announced on Feb. 26, 2025, whereby Fury acquired all of the issued and outstanding common shares of Quebec Precious pursuant to a court-approved plan of arrangement under the Canada Business Corporations Act.

Pursuant to the arrangement, former shareholders of Quebec Precious received 0.0741 of a common share of Fury for each Quebec Precious share held. As a result of the arrangement, Fury issued an aggregate of 8,394,137 Fury shares as of the completion of the arrangement. In addition, options and warrants of Quebec Precious that were outstanding as at the time of completion of the arrangement are now exercisable for Fury shares on substantially the same terms and conditions, with the number of Fury shares issuable on exercise and the exercise price adjusted in accordance with the exchange ratio.

Transaction highlights:

• Deliver increased scale and enhanced diversification with the addition of several prospective gold and critical mineral exploration assets located in Quebec;
• Provide synergy and cost savings with Fury's board and management team with a record of capital raising, discovery, exploration success and community engagement leading the combined company.

With the completion of the acquisition of Quebec Precious, Fury now owns a gold and critical mineral exploration portfolio totalling over 157,000 hectares in Quebec. The properties acquired by Fury pursuant to the arrangement include the Sakami project, the Elmer East project and the Kipawa project. For further details with respect to the projects of Quebec Precious, refer to the news release dated Feb. 26, 2025.

Tim Clark, chief executive officer of Fury, commented: "We are pleased to officially complete this transformative transaction, which doubles Fury's footprint in the Eeyou Istchee James Bay territory. The integration of QPM's high-potential gold and critical minerals assets with Fury's existing portfolio and strong financial position creates a more robust platform for exploration and growth. We believe the combined strengths of our teams and resources will drive greater operational efficiency and unlock long-term value for shareholders."

Normand Champigny, chief executive officer and director of Quebec Precious, commented: "Completing this transaction with Fury marks an exciting new chapter for QPM's shareholders. With access to Fury's strong leadership, financial resources and permitting expertise, we are confident in the enhanced ability to accelerate exploration efforts at Sakami and beyond. This combination validates the work accomplished to date and positions the assets for meaningful advancement, offering significant upside potential in today's supportive gold market."

Trading of the Quebec Precious shares on the TSX Venture Exchange has been halted and will remain halted until the Quebec Precious shares have been delisted from the TSX-V, which is expected to be on or approximately April 30, 2025. The Quebec Precious shares will also be delisted from the Frankfurt Stock Exchange. Following the delisting, Quebec Precious intends to submit an application to the applicable securities regulators in Canada to cease to be a reporting issuer.

In connection with the arrangement, Fury will file a report on its SEDAR+ profile pursuant to National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Margaux Villalpando, investor relations of Fury, at 844-601-0841.

McMillan LLP is acting as Canadian legal adviser to Fury, and BCF Business Law is acting as Canadian legal counsel to Quebec Precious in connection with the arrangement.

About Fury Gold Mines Ltd.

Fury Gold is a Canadian-focused exploration company positioned in two prolific mining regions across the country and holds an approximate 12.8-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 expand 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 Eleonore gold mine (formerly owned by Newmont Corp.). 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 earth project located near Temiscaming, Que.

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