Mr. Tim Clark reports

FURY REVIEWS 2025 ACHIEVEMENTS AND OUTLINES 2026 EXPLORATION PRIORITIES

Fury Gold Mines Ltd. has provided a review of 2025 corporate and technical achievements, including exploration drilling across four gold properties (Eleonore South, Sakami, Committee Bay and Eau Claire), meaningful portfolio expansion in Quebec via the acquisition of 100 per cent of Quebec Precious Metals (QPM), advancement of the Eau Claire gold project (Eau Claire) through the publication of a preliminary economic assessment (PEA), completion of a $18-million upsized brokered financing and the publication of an initial mineral resource estimate (MRE) at the Sakami gold project (Sakami) in Quebec.

2025 achievements

Technical derisking and value creation

• The Eau Claire gold deposit (Quebec) demonstrated a base-case after-tax NPV 5 per cent (net present value, 5-per-cent discount rate) of $554-million and after-tax IRR (internal rate of return) of 41 per cent at a $2,400/ounce gold price. Over a 11-year mine life, Eau Claire showed total gold recovered of 834,000 ounces at a life-of-mine all-in sustaining cost of $1,140/ounce, and an estimated initial capex (capital expenditure) of $217-million, demonstrating a highly capital efficient project.
• The MRE for the Sakami gold project was published in December, 2025, after launching the company's inaugural drill campaign in June, 2025, completing 2,778 metres (m) during the year. Fury reported an initial inferred mineral resource estimate of 23.9 million tonnes grading 1.07 grams per tonne gold for 825,000 ounces, with all ounces projected to be in-pit within 400 metres of surface.

Portfolio expansion and strategic support

• The April, 2025, acquisition of QPM added several prospective gold and critical minerals exploration assets in Quebec -- including Sakami, Elmer East and Kipawa -- expanding Fury's Quebec exploration portfolio to over 157,000 hectares. Fury is the largest gold focused explorer in the Eeyou Istchee Territory in the James Bay region of Northern Quebec. In 2025, the company drilled over 18,000 metres across the entire Fury portfolio with approximately 15,200 m drilled in Quebec.

Funding and capital markets execution and strategic support

• Fury closed an $18.0-million brokered flow-through financing to advance exploration and development work at committee Bay and Eau Claire in 2025/2026, strengthening the company's balance sheet. The company's capital resources are greatly enhanced by its ownership of 11.3 million shares in Dolly Varden Silver.
• The company also secured an additional equity investment from Agnico Eagle Mines Ltd. via a $4.3-million private placement.

"We are excited to begin 2026 after completing a strong base of technical work at Committee Bay, Eau Claire and Sakami. This critical work will support us as we advance drilling at Eau Claire, with a goal of derisking the project and moving towards development stage," commented Tim Clark, chief executive officer of Fury Gold Mines. "These technical milestones were made possible by our strong balance sheet and shareholders that understand our vision of becoming a mid-tier gold producer. We look forward to continuing this momentum as we execute our 2026 drill programs."

2026 outlook

Fury commenced winter drilling at Eau Claire announcing a 10,000 m program in October, 2025, which focuses on expanding mineral resources along high-grade shoots (highlighted in the PEA mineable portion of the mineral resource); connecting the current mineral resource outside of the PEA mineable portion to bring more of the existing gold ounces into a future development scenario; and identifying additional mineral resource growth opportunities. Approximately, 6,600 m have been drilled to date and the company anticipates completing between 12,000 m and 13,000 m prior to the completion of the program at the end of February. Fury is also assessing its environmental, permitting and sustainability needs as part of the next step in moving Eau Claire toward development.

In addition, 2026 exploration planning is being finalized for the Committee Bay gold project in Nunavut, which would include an up to 5,000 m drill program to further test the high-grade mineralization at the Three Bluffs deposit and drill test advanced regional targets.

Qualified person

Valerie Doyon, PGeo, senior project geologist at Fury, is a qualified person within the meaning of Canadian mineral projects disclosure standards instrument 43-101 and has reviewed and approved the technical disclosures in this press release.

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 11.3 million common shares of 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, and first nations engagement and sustainable mining.

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