Mr. Tim Clark reports

FURY REPORTS ENCOURAGING METALLURGICAL TEST RESULTS FROM THE NINAASKUMUWIN LITHIUM DISCOVERY AT ELMER EAST

Fury Gold Mines Ltd. has released preliminary metallurgical test results on its Ninaaskumuwin lithium discovery in the Eeyou Istchee James Bay territory of Northern Quebec. The objective of the metallurgical testwork was to characterize the mineralogy and metallurgical properties of the spodumene-bearing pegmatite intercepted in drilling. Results from the preliminary testwork indicate that the Ninaaskumuwin lithium mineralization is amenable to conventional lithium extraction techniques with heavy liquid separation resulting in recovery of 62.2 per cent lithium and a concentrate grade of 5.59 per cent lithium oxide from a single composite sample. The metallurgical testwork paired with the recently released drilling results of 32.35 metres of 1.16 per cent Li2O (see news release dated July 9, 2025) indicates that the Ninaaskumuwin lithium discovery warrants additional work.

Highlights from the testwork:

• Samples analyzed contain up to 42 per cent spodumene.
• Spodumene is the sole lithium-bearing mineral identified.
• The pegmatite intercepted is free of impurities, indicating that lithium concentrates suitable for lithium carbonate and lithium hydroxide battery-grade products could possibly be produced.
• The Ninaaskumuwin pegmatite is a highly fractionated and fertile lithium, cesium and tantalum pegmatite.
• Grades of the 85 samples analyzed range from 0.02 per cent to 3.71 per cent Li2O and 0.36 per cent to 6.30 per cent Fe2O3.
• Recoveries of 62.2 per cent Li and a concentrate grade of 5.59 per cent Li2O were received from a single composite.

"We are encouraged by the metallurgical results from our newly acquired lithium asset in Quebec," commented Tim Clark, chief executive officer of Fury. "This project, as well as the others acquired through the Quebec Precious Metals transaction, is a positive addition to our portfolio of mineral exploration assets and warrants future follow-up work to realize the full potential of the project."

Mineralogical analysis

A mineralogical study of 58 samples selected from drill holes EE24-002 and EE24-003 was performed using an Ecore hyperspectral drill core scanner. The mineralogical compositions are summarized below:

• High percentage of spodumene (up to 42 per cent);
• Abundance of albite (up to 70 per cent), K-feldspar (up to 42 per cent) and quartz (up to 99 per cent), and muscovite (up to 19 per cent);
• Traces of beryl, calcite, columbite, manganese-columbite, elbaite, fluorapatite, amphibole, pyrite, spessartine and iron oxides;
• Impure lithium-bearing minerals (lepidolite and petalite) were not identified, indicating that the mineralized pegmatite could possibly produce lithium concentrates suitable for lithium carbonate and lithium hydroxide battery-grade products; and
• Cesium and tantalum levels and generally low potassium/rubidium ratios indicate a high degree of magma fractionation and a high potential for lithium, cesium and tantalum.

Metallurgical tests

Tests were performed on 27 samples from the spodumene-bearing pegmatite intercepted in drill hole EE24-001 (127 to 151.85 m). Sample lengths ranged from 0.65 m to 1.05 m. Results are summarized below:

• Average density: 2.70 grams per cubic metre;
• Sieve analysis of 2,000 to 20 micrometres shows that lithium-bearing spodumene is evenly distributed across all size fractions;
• Four grinding tests were conducted over a time range of five, 15, 30 and 40 minutes to obtain a P80 (particle size range) using a laboratory ball mill (sample: 500 g; balls: 10 kilograms; and water: 250 millilitres). After filtration of the mill output, wet sieving was performed using a 212-micrometre sieve. The results show that, under the grinding conditions, a grinding time of 40 minutes is necessary to obtain a product ground at 80 per cent passing 212 micrometres;
• A test was conducted by grinding a sample prepared to 100 per cent passing 3.36 millimetres to generate a stable closed circuit at the ball mill level with a circulating load of 250 per cent; from the tested material, the ball mill work index was calculated to be 11.35 kilowatt-hours per tonne. This is classified as a medium BWI.

Heavy liquid separation

HLS tests were performed on one metallurgical sample from a composite sample from EE24-001. The composite sample was crushed to 100 per cent less than three mm. The minus-three-millimetre- and plus-0.02-millimetre-size fraction was submitted for two stages of HLS testing at d equals 2.96 and d equals 2.8. A spodumene concentrate with 5.59 per cent Li2O, recovering 62.2 per cent of the lithium in 11.4 per cent of the mass, was achieved.

Elmer East

The Ninaaskumuwin lithium prospect is located on Fury's 100-per-cent-owned Elmer East project, which covers approximately 45,735 hectares. Ninaaskumuwin is easily accessible from the paved Billy Diamond Highway, approximately 60 kilometres north of the km 381 rest area, where accommodation, catering, fuel and power are available. The discovery sits approximately 50 km north of Rio Tinto PLC's Galaxy lithium project, acquired in March, 2025, as part of the acquisition of Arcadium Lithium PLC for $6.7-billion (U.S.).

Drilling targeted a spodumene-bearing pegmatite outcrop, which returned surface samples of up to 3.92 per cent Li2O. Highlights from the drill campaign include 32.35 m of 1.16 per cent Li2O from EE24-003 and 22.48 m of 1.19 per cent Li2O from EE24-002 (see news release dated July 9, 2025). The lithium mineralized spodumene-bearing pegmatite remains open at depth and along strike, warranting additional drilling.

"These preliminary results for lithium illustrate the very clean metallurgical character of the spodumene mineralization intercepted to date at Elmer East. We look forward to continuing to advance this promising discovery," commented Bryan Atkinson, senior vice-president, exploration, of Fury.

Technical and scientific information disclosed from the neighbouring Galaxy project does not necessarily apply to the Elmer East project.

To carry out the metallurgical testwork, financial assistance was provided by the ministere des Ressources naturelles et des Forets. This financial support was granted as part of the fourth call for projects of the mineral exploration support program for critical and strategic minerals. This program supports companies in the mineral exploration sector in carrying out their projects aimed at developing MCS deposits in Quebec.

Mineralogical analysis and metallurgical tests were conducted by IGS Impact Global Solutions Inc. in its laboratory in Delson, Que. Metallurgical testwork was completed by analyzing one-half HQ drill core samples prepared using IGS's procedure P/SMu/02 ISO-17025-version 2017 as follows:

• Drying;
• Weighing;
• Crushing P80 equals two mm;
• Splitting (one-half, one-fourth, one-eighth, one-16th a and one-16th b);
• Preparation of a representative composite and division into subsamples of 500 grams each for testing.

Valerie Doyon, PGeo, senior project geologist at Fury, is a qualified person within the meaning of Canadian mineral project disclosure standard instrument 43-101, and has reviewed and approved the technical disclosures in this press release.

About Fury Gold Mines Ltd.

Fury Gold 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 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 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.

We seek Safe Harbor.