Mr. Ivan Bebek of Auryn reports

AURYN AND EASTMAIN ANNOUNCE COMPLETION OF C$23 MILLION EQUITY FINANCING

Auryn Resources Inc. has completed the equity financing announced Aug. 31, 2020, by raising $23-million through the issuance of 7.75 million subscription receipts. The bought deal financing was co-led by Canaccord Genuity Corp. and Beacon Securities Ltd. The subscription receipts will be exchanged for common shares of Fury Gold Mines Ltd. (as defined herein) concurrently with the release of the escrowed proceeds from the sale of the subscription receipts as the final step of the previously announced plan of arrangement transactions pursuant to which Auryn is reorganized and acquires Eastmain Resources Inc. Under the transaction, Auryn will acquire Eastmain after spinning out Auryn's Peruvian assets into two new companies and distributing the shares of those new companies to Auryn shareholders. The transaction will also create Fury Gold Mines, a leading developer of Canadian gold projects. The sale of the subscription receipts fulfills a principal closing condition for the transaction.

Ivan Bebek, executive chairman and a director of Auryn, stated: "This financing is an integral part of the Fury business plan of building a Canadian gold mining company. The financing fulfills one of the key closing conditions of the transaction with Eastmain, which we expect to close on Oct. 9, 2020.

"The fully funded 50,000-metre drill program at and around the Eau Claire deposit in Quebec will be a significant catalyst for investors. We appreciate the continued support of the Auryn shareholders who participated and welcome the new future Fury shareholders."

Blair Schultz, interim president and chief executive officer of Eastmain, stated, "This financing puts Fury Gold in a strong position to deliver on its plans to expand the Eau Claire deposit and explore several of the untested targets in Quebec as a first step in increasing potential value for shareholders."

Of the subscription receipts sold, five million were flow-through at a price of $3.50 each and will be exchanged for Fury Gold common shares designated as flow-through shares, while 2.75 million subscription receipts were sold as non-flow-through and will be exchanged for Fury Gold common shares. Pricing of the subscription receipts is reflective of Auryn's Peruvian assets being spun out to Auryn shareholders prior to the subscription receipts being exchanged for Fury Gold shares. The Fury Gold flow-though shares will be identical to its ordinary common shares, except that they will provide certain Canadian income tax deductions to the buyers related to the use of the proceeds for mineral exploration in Quebec.

Further details regarding the transaction, including its principal completion conditions, can be found in each of the company's and Eastmain's management information circulars dated Sept. 3, 2020, and filed under each of their profiles on SEDAR.

About Auryn Resources Inc.

Auryn Resources is a technically driven, well-financed junior exploration company focused on finding and advancing globally significant precious and base metal deposits. The company built a portfolio of six projects in Canada and Peru containing gold, silver and copper resources and exploration targets. On July 29, 2020, Auryn announced its intention to spin out its Peruvian assets into two new companies and acquire Eastmain, creating a Canadian gold-focused exploration and development company to be renamed as Fury Gold Mines. The company's two flagship Canadian properties are the Committee Bay gold project in Nunavut and the Homestake Ridge gold project in British Columbia, for which an amended preliminary economic assessment was filed effective June 24, 2020. Upon closing of the transaction, expected in October, 2020, Fury Gold's three core assets will comprise of Eau Claire in Quebec, Committee Bay and Homestake Ridge. Auryn shareholders, invested prior to the completion of the transactions, will become shareholders of Fury Gold and will also receive shares in the two new Canadian spinout companies -- one holding the Sombrero copper-gold project and the other holding both the Curibaya silver-gold project and Huilacollo gold project. Auryn's technical and management teams have an impressive record of successfully monetizing assets for all stakeholders and local communities in which it operates. Auryn conducts itself to the highest standards of corporate governance and sustainability.

About Eastmain Resources Inc.

Eastmain is a Canadian exploration company operating in the Eeyou Istchee emerging James Bay gold camp in Quebec. Eastmain holds a 100-per-cent-interest in the Clearwater property, host of the Eau Claire project, for which it issued a preliminary economic assessment in May, 2018, and the Percival discovery made in November, 2018. Eastmain is also the operator of the Eleonore South joint venture, located immediately south of Newmont's Eleonore mine, which hosts the Moni/Contact Trend discovery (2017).

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