Ms. Margaux Villalpando reports

FURY COMMENCES 2025 DRILL PROGRAM AT COMMITTEE BAY

Fury Gold Mines Ltd. has commenced the 2025 exploration drilling program at the Committee Bay project, located in the eastern Kitikmeot region of Nunavut, Canada. The 2025 drilling program will comprise seven to 10 diamond drill holes totalling approximately 5,000 metres (m), focused on the expansion of the Three Bluffs shear zone target, testing regional shear zones along the southern contact of the eight-kilometre-long Raven shear zone and testing regional shear zones at Burro West.

"We are thrilled to be back drilling in Nunavut, given the overall potential upside that the Committee Bay land package represents," commented Tim Clark, chief executive officer of Fury. "We will not only be looking to expand and test new concepts at the Three Bluffs resource, but we will also be stepping out at the Raven and Burro West shear zones, following up on regional testing and looking for a new discovery. We anticipate initial results in September."

Three Bluffs shear zone

The high-grade Three Bluffs gold deposit is located centrally within the project and is estimated to contain 524,000 ounces of gold in 2.1 million tonnes at 7.85 grams per tonne (g/t) gold in the indicated mineral resource category and 720,000 ounces in 2.9 million tonnes of gold at 7.64 g/t gold in the inferred mineral resource category (see the Committee Bay National Instrument 43-101 report titled "Technical Report on the Committee Bay Project, Nunavut Territory, Canada" and dated Sept. 11, 2023). Drilling in 2021 at Three Bluffs intercepted three zones of mineralization: 13.93 g/t gold over 10 metres; 18.67 g/t gold over three metres; and 23.2 g/t gold over one metre (see news release dated Dec. 1, 2021). The first two noted intercepts occur outside of the main iron formation in sheared metasediments. The shear-hosted mineralization runs subparallel to the main iron formation and has not been previously targeted. The 2021 intercepts are approximately 250 metres below surface, and remain open updip, downdip, as well as along strike in both directions. Drilling in 2025 will target the subparallel shear zone, as well as the iron formation itself with five to six stepouts from the 2021 intercept for 2,750 metres of drilling.

Raven prospect

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 (see the news release dated Feb. 16, 2022). 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 to date. The 2025 drilling will comprise two to three drill holes for approximately 1,000 metres.

Burro West

Infill till sampling during 2024 at the Burro West target has identified a robust multipoint plus-90th percentile approximately 300-by-300-metre gold-in-till anomaly (see the news release dated Oct. 24, 2024). The Burro West anomaly is spatially associated with a break in the regional magnetics data, interpreted to represent a sheared contact between mafic volcanics and ultramafic lithologies. Drilling during 2025 will comprise one to two drill holes for approximately 500 metres.

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 Gold Mines is a well-financed Canadian-focused exploration company positioned in two prolific mining regions across Canada and holds a 11.8 million common share position in Dolly Varden Silver Corp. (approximately 13.5 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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