FURY’S 2022 ACHIEVEMENTS AND NEW BOARD CHAIR

Fury Gold Mines Ltd. has provided a recap of the company’s corporate and exploration achievements from the past 12 months. Fury had a transformative 2022 with substantial drill results from the Hinge target and the Gap zone, expanding the mineralized footprint of the Eau Claire deposit by over 25 per cent, and intercepting 8.05 grams per tonne gold over 13.50 metres (m) at the Percival prospect; the consolidation of the Eleonore South joint venture (ESJV) with Newmont Corp.; and a total of $22.8-million raised through an asset sale, private placement and common share investment sale transaction.

“We are extremely pleased with the success we had this past year. Despite difficult market conditions, we were able to simplify and focus our story, strengthen our treasury, and complete a successful drill program at Eau Claire further proving that the deposit is open for significant expansion,” commented Tim Clark, chief executive officer of Fury. “We ended the year with our best drill results to date at Eau Claire out of the Percival Main target and have results still pending from the Hinge target and eastern extension along with the results of the extensive geochem work conducted at our Lac Clarkie property. We look forward to the coming months as we prepare for 2023 and are excited to expand on our recent successes and test new discoveries at our premier exploration projects.”

Highlights

Fury’s top milestones and achievements of 2022 include:

• Completing the asset sale of the Homestake Ridge gold-silver project to Dolly Varden Silver Corp., a transformational transaction that yielded Fury $5-million in cash and 76,504,590 common shares of Dolly Varden;
• Gaining Digbee ESG (environmental, social, governance) certification, an independent ESG evaluation validating the company’s existing ESG engagement and strategy;
• Closing a $11-million private equity share placement, bringing a Canadian corporate investor and a well-known U.S. institutional investor into the company’s share ownership;
• Consolidating the Eleonore South joint venture with Newmont, resulting in the updated participating interests of Fury at 50.022 per cent and Newmont at 49.978 per cent with Fury remaining the operator. The restated agreement empowers the joint venture partners to more readily advance the ESJV to drill stage in 2023;
• Extending mineralization by over 25 per cent to the west at Eau Claire, encountering multiple stacked zones of gold mineralization at the Hinge target, further demonstrating the potential to significantly expand the high-grade resource. Drilling highlights included four m of 5.75 g/t gold, one m of 21.40 g/t gold and 3.5 m of 5.86 g/t gold;
• Raising $6.8-million through the sale of 17 million Dolly Varden common shares, a mutually beneficial transaction that provided Fury with proceeds to finance continued exploration at the company’s projects in Quebec and for general working capital. Fury’s ownership interest in Dolly Varden is now 59,504,590 shares, representing 23.5 per cent of the outstanding common shares of Dolly Varden, and Fury maintains two board seats;
• Completing a 17,700 m drill program at Eau Claire, which exceeded the original 15,000 m of planned drilling for the year and fully met all income tax flow-through obligations;
• Drilling 45 g/t Au over one m in the Gap zone, further expanding the mineralized footprint at Eau Claire and demonstrating that the deposit is wide open in all directions;
• Intercepting 13.5 m of 8.05 g/t gold at the Percival prospect, a discovery that has further confirmed the expansion opportunities and ability to add overall high-grade ounces to the Eau Claire project.

Currently, there is one completed core drill hole pending assay results from the Hinge target and two core drill holes from the eastern extension. The company anticipates results from these holes to be released as received over the coming weeks along with geochemical survey results from the Lac Clarkie and Eleonore South joint venture properties. Fury also plans on announcing the 2023 exploration strategy, plans and budget with its existing strong treasury of $10.1-million.

The company is also pleased to announce the appointment of Jeffrey Mason, CPA, ICD.D, the current lead independent director of the company, to the position of chair of the board of directors, effective immediately. Mr. Mason joined Fury in October, 2020, and has extensive experience in the exploration, development, construction and operation of precious and base metals projects in the Americas, Asia and Africa, including 15 years as a principal, board director and chief financial officer for the Hunter Dickinson group of companies wherein he also specialized in merger and acquisition activity, and prior to that, six years at Homestake Mining/Barrick Gold. Over all, Mr. Mason has served as chief executive officer, chief financial officer, corporate secretary and board director for over 20 public companies listed on the Toronto Stock Exchange, TSX Venture Exchange, NYSE American and Nasdaq.

“Jeffrey’s extensive industry knowledge, experience and infectious passion to create value have been invaluable to the company, and we are very pleased with his natural progression from lead independent director to chair of the board. I look forward to continuing to work closely with Jeffrey and the board as Fury continues to aggressively explore our portfolio of mineral assets in the coming year,” stated Mr. Clark, CEO of Fury.

David Rivard, PGeo, exploration manager at Fury, is a qualified person within the meaning of Canadian mineral projects disclosure standards National 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 the country and holds a 59.5-million-common-share position in Dolly Varden Silver (23.5 per cent). 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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