Mr. Dev Shetty reports

FURA COMPLETES ACQUISITION OF AUSTRALIAN MINING COMPANY

Fura Gems Inc. has successfully completed the company's previously announced acquisition of all of the issued and outstanding shares of Great Northern Mining Pty. Ltd., a mining company located in Australia. The assets of the target consist of 73 mining leases, each located in Australia, as well as certain buildings, plants, fixtures, tools and other equipment related to the tenements. Please see the company's press release dated Aug. 7, 2020, for further details.

In consideration for the acquisition, Fura paid $2,459,219 (Australian) (approximately $2,335,000) to the vendor, Mosley Mining Pty. Ltd., $239,060 (Australian) (approximately $227,000) to an Australian bank to release a security interest on certain of the target's assets and $262,067 (Australian) (approximately $249,000) to Queensland Treasury as a cash surety in connection with rehabilitation obligations related to the tenements. In addition, the $293,093 (Australian) (approximately $278,000) that was previously paid to the vendor as a deposit was released.

The acquisition was an arm's-length transaction for the purposes of the policies of the TSX Venture Exchange and the company understands that the acquisition qualifies as an exempt transaction under TSX-V Policy 5.3. Fura did not pay any finders' fees in connection with the acquisition. The foreign investment review board of the Australian government has indicated that it has no objection to the acquisition.

About Fura Gems Inc.

Fura Gems is a gemstone mining and marketing company, which is engaged in the mining, exploration and acquisition of gemstone licences. Fura owns ruby, emerald and sapphire resource properties in Mozambique, Colombia and Australia, respectively. Fura's headquarters are located in Toronto, Canada, and its administrative headquarters are located in the Burjuman Business Tower, Dubai.

We seek Safe Harbor.