Ms. Salisha Ilyas reports

FURY ANNOUNCES UPSIZED C$18 MILLION BROKERED FINANCING

Fury Gold Mines Ltd., in connection with its previously announced private placement financing, has entered into an amended agreement with Haywood Securities Inc., on behalf of itself and a syndicate of agents to increase the size of the offering to: (i) up to 9,915,000 national charity flow-through (FT) units at a price per charity FT unit of $1.21; and (ii) up to 6,003,000 traditional flow-through shares at a price per traditional FT share of $1, for total aggregate gross proceeds of up to $18,000,150. In addition, the amended agreement reflects removal of the previously announced overallotment option.

Each traditional FT 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 FT 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).

The charity FT units and traditional FT shares will be offered to purchasers pursuant to the listed issuer financing exemption (LIFE) 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 amended 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 FT units and the traditional FT 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 the 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.

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