Ms. Salisha Ilyas reports

FURY ANNOUNCES UP TO C$12 MILLION BROKERED FINANCING

Fury Gold Mines Ltd. has entered into an agreement with Haywood Securities Inc., on behalf of itself and a syndicate of agents to be formed, pursuant to which the agents have agreed to sell, on a commercially reasonable efforts agency basis, any combination of: (i) national charity flow-through units at a price per charity flow-through unit of $1.21; and (ii) traditional flow-through shares at a price per traditional flow-through share of $1, for total aggregate gross proceeds of up to $12-million.

Each traditional flow-through share will be a common share of the company that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada). Each charity flow-through unit will consist of one share of the company that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada) plus one-half of one common share purchase warrant. Each warrant will also qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada). Each whole warrant will entitle the holder thereof to purchase one share at an exercise price of $1.20 for 24 months following completion of the offering. The warrant shares will not qualify as flow-through shares within the meaning of the Income Tax Act (Canada).

In addition, the company has agreed to grant to the agents an overallotment option exercisable, in whole or in part, at the sole discretion of the agents, to sell up to an additional number of charity flow-through units and/or traditional flow-through shares in any combination equal to 15 per cent of the total charity flow-through units and traditional flow-through shares issuable pursuant to the offering, at the respective issue prices for a period of up to 48 hours prior to closing of the offering.

The charity flow-through units and traditional flow-through shares will be offered to purchasers pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 in all of the provinces of Canada, excluding Quebec, and therefore will not be subject to resale restrictions pursuant to applicable Canadian securities laws.

There is an offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

The gross proceeds of the offering will be used by the company to incur Canadian exploration expenses that qualify as flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) on or before Dec. 31, 2026. All qualifying expenditures will be renounced in favour of the subscribers of the charity flow-through units and the traditional flow-through shares effective on or before Dec. 31, 2025. The exploration expenditures to be incurred will include expenditures in connection with the exploration of the company's Eau Claire and Committee Bay projects, as detailed in the LIFE offering document.

The offering is scheduled to close on or about Oct. 10, 2025, subject to customary closing conditions, including receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and NYSE American LLC. The company has agreed to pay the agents a cash commission of up to 6 per cent of the gross proceeds raised under the offering.

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 an 11.3-million-common-share position in Dolly Varden Silver Corp (12.9 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.

We seek Safe Harbor.