Mr. Tim Clark reports

FURY ANNOUNCES 2025 EXPLORATION PLANS AT COMMITTEE BAY

Fury Gold Mines Ltd. has provided an update on exploration plans for the Committee Bay project located in the eastern Kitikmeot region of Nunavut, Canada. The 2025 Committee Bay exploration program will commence in early July, 2025, and will comprise seven to 10 diamond drill holes totalling approximately 5,000 metres.

Drilling will have three primary goals:

1. Expansion of the Three Bluffs shear zone target first identified in 2021 where drill hole 21TB152 intercepted three discrete zones of high-grade gold mineralization over a 30-metre drill width, including 10.0 m of 13.93 grams per tonne gold, 3.0 m of 18.67 g/t gold and 1.0 m of 23.2 g/t gold in a 120-metre stepout from the defined mineral resource (see news release dated Dec. 1, 2021);
2. Testing regional shear zones along the southern contact of the eight-kilometre-long Raven shear zone where samples of up to 32.90 g/t gold have been returned from an undrilled outcrop (see news release dated Feb. 16, 2022);
3. Testing regional shear zones at Burro West where a 300-by-300-metre gold-in-till anomaly was identified in 2024 (see news release dated Oct. 24, 2024).

"Following the strategic investment by Agnico Eagle last week, we are pleased to announce our return to the Committee Bay project in Nunavut this summer," commented Tim Clark, chief executive officer of Fury. "The project has historically attracted strong investor interest due to previous high-grade gold discoveries and its location within a 300-kilometre greenstone belt. Our upcoming program aims to test new geological assumptions based on recent exploration work, and we look forward to unlocking further value as our exploration progresses."

2025 exploration program

The Committee Bay project spans the entire 300-kilometre-long Committee Bay greenstone belt in the eastern Kitikmeot region of Nunavut. The land package comprises a series of mineral claims and leases covering approximately 250,000 hectares, encompassing the Three Bluffs gold deposit, more than five advanced gold targets and several significant gold anomalies. The high-grade Three Bluffs gold deposit is located centrally within the project and is estimated to contain 524,000 ounces of gold at 7.85 g/t gold in the indicated mineral resource category and 720,000 oz of gold at 7.64 g/t gold in the inferred mineral resource category (see Committee Bay National Instrument 43-101 report "Technical Report on the Committee Bay Project, Nunavut Territory, Canada," dated Sept. 11, 2023). Drilling in 2021 at Three Bluffs intercepted three zones of mineralization: 13.93 g/t gold over 10 m; 18.67 g/t gold over three m; and 23.2 g/t gold over one m. The first two noted intercepts occur outside of the main iron formation in sheared metasediments with gold occurring at the apexes of the crenulations. The shear-hosted mineralization runs subparallel to the main iron formation and has not been a focus of exploration in the past. The 2021 intercept is 250 m below surface and remains open updip and downdip, as well as along strike in both directions. Drilling in 2025 will target five to six 100- to 200-metre stepouts from the 2021 intercept for a total of approximately 2,250 m.

The Raven prospect is located in the southwest third of the Committee Bay gold belt, approximately 50 kilometres west of the Three Bluffs deposit. Drilling will target a previously undrilled gold-bearing outcrop where results from seven samples collected to date average 16.12 g/t gold at Raven South with three to four drill holes totalling approximately 2,000 m. This prospect lies along the southern boundary of an eight-kilometre-long east-west-oriented shear zone where gold mineralization has been identified over a 1.4-kilometre footprint.

Infill till sampling during 2024 at the Burro West target has identified a robust multipoint 90th-plus percentile approximately 300-by-300-metre gold-in-till anomaly. The Burro West anomaly is spatially associated with a break in the regional magnetics data, which is interpreted as a sheared contact between mafic volcanics and ultramafic lithologies. Drilling during 2025 will comprise two to three drill holes for approximately 750 m.

"Recent targeting and exploration at Committee Bay has brought to light the potential for regional-scale shear zones to host significant gold mineralization. Previous exploration campaigns have been largely focused on silicified and sulphidized iron formations with success. The new focus on shear zone hosted gold mineralization is simply the next evolutionary step in targeting at Committee Bay and has reinvigorated the prospectivity of the entire 300-kilometre-long belt," stated Bryan Atkinson, senior vice-president, exploration, for Fury.

Bryan Atkinson, PGeol, senior vice-president, exploration, at Fury, is a qualified person within the meaning of Canadian National Instrument 43-101 (Standards of Disclosure for Mineral Projects), 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 an 11.8-million-common-share position in Dolly Varden Silver Corp. (approximately 14.5 per cent of the 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.

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