Mr. Dev Shetty reports

FURA TO RELY ON EXTENSION OF TIME TO FILE FINANCIAL STATEMENTS

Fura Gems Inc. will be relying on the extension granted by various securities commissions as a result of the COVID-19 pandemic in respect of the following filing requirements:

• The requirement to file audited financial statements for the year ended Dec. 31, 2019, within 120 days of the company's financial year-end as required by Section 4.2(b) of National Instrument 51-102, Continuous Disclosure Obligations;
• The requirement to file management's discussion and analysis (MD&A) for the period covered by the financial statements within 120 days of the company's financial year-end as required by Section 5.1(2) of NI 51-102;
• The requirement to file certifications of the financial statements pursuant to Section 4.1 of NI 52-109, Certification of Disclosure in Issuers' Annual and Interim Filings.

In addition, the company also intends to rely on this extension period to extend the date by which it must, under applicable securities laws, deliver an annual request form as required pursuant to sections 4.6(1) of NI 51-102 and the annual filings as required pursuant to sections 4.6(3), 4.6(5), 5.6(1) and 5.6(3) of NI 51-102.

The company is continuing to work diligently and expeditiously to file and deliver the annual filings and annual request form on or before June 15, 2020. In the interim, management and other insiders of the company are subject to a trading blackout policy that reflects the principles in Section 9 of National Policy 11-207, Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

Since the date of the company's interim financial statements and management's discussion and analysis for the third quarter of fiscal 2019 to the date of this news release, the following significant events have occurred and have been previously announced:

• On Dec. 31, 2019, the company completed the acquisition of an Australian sapphire mining project consisting of 100-per-cent interests in two mining permits and three mining licences for a sapphire mining project in Queensland, Australia.
• On Feb. 10, 2020, the company announced that it had entered into a $5.5-million (U.S.) loan agreement with a control person of the company.
• On Feb. 10, 2020, the company announced that it had entered into a share purchase agreement and non-competition agreement with Gemrock Company Ltd., pursuant to which the company was to acquire interests in three ruby mining licences/concessions in the Cabo Delgado province of Mozambique and certain rights to explore in various countries without competition from Gemrock.
• On Feb. 11, 2020, the company announced that it had entered into a revised and restated merger of ruby assets agreement in respect of certain ruby licences/concessions located in Mozambique.
• On March 10, 2020, the company announced that it had arranged a long-term loan facility with the lender, pursuant to which the company borrowed $21-million (U.S.) (inclusive of the principal amount and accrued interest outstanding on the $5.5-million (U.S.) previously advanced by the lender, as announced on Feb. 10, 2020), with an additional $7.6-million (U.S.) being available for drawdown at a later date.
• On April 23, 2020, the company announced that it had drawn down an additional $3.5-million (U.S.) under the facility.
• On April 23, 2020, the company announced that it had received ministry approval and had completed the acquisition of two of the three ruby licences contemplated in the Gemrock transaction.

About Fura Gems Inc.

Fura is a gemstone mining and marketing company that is engaged in the mining, exploration and acquisition of gemstone licences. Fura's headquarters are located in Toronto, Canada, and its administrative headquarters are located in the Gold Tower, Dubai.

Fura is engaged in the exploration of resource properties in Colombia and owns a 76-per-cent interest in the Coscuez emerald mine in Boyaca, Colombia. Fura is involved in the exploration and mining of sapphires in Australia through its 100-per-cent interests in two mining permits (EPM 25973 and EPM 25978) and three mining licences (ML 70419, ML 70447 and ML 70451), and rubies in Mozambique through its 80-per-cent effective interest in four ruby licences (4392L, 3868L, 3869L and 6811L), and its 100-per-cent interests in ruby licences 5572L and 7414L and ruby concession 8955C.

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