Fury Announces Initial Mineral Resource Estimate for the Sakami Gold Project in Quebec

On December 8, 2025, Fury Gold Mines announced an initial NI 43-101 compliant Inferred Mineral Resource Estimate (MRE) for the La Pointe Extension target at its recently acquired Sakami gold project in Quebec. The MRE totals 825,000 ounces of gold contained within 23.9 million tonnes grading 1.07 g/t Au. The resource is conceptualized as a near-surface, open-pit deposit.

Critically, the resource is open for expansion in all directions, and the optimized pit shell used to constrain the resource was based on a gold price assumption of US$2,600 per ounce. The company notes this is a solid base for future growth, achieved less than a year after acquiring the project.

The announcement of a maiden resource at Sakami is a material positive event and a significant milestone. It successfully validates the company's acquisition of Quebec Precious Metals (QPM), which was completed in April 2025. The timeline of events demonstrates strong operational execution:

• February/April 2025: Fury acquires QPM, gaining the Sakami project.
• June 2025: Fury finalizes drill targets for a 3,000-5,000 metre program.
• August-September 2025: Fury releases initial drill results, including intercepts like 41.5m of 1.23 g/t Au and 59m of 1.59 g/t Au, confirming broad zones of mineralization.
• November 24, 2025: Fury releases the final drill results from its completed 3,685-metre program, explicitly stating the goal of advancing the project to the resource stage.
• December 8, 2025: Fury delivers the 825,000-ounce inferred resource.

This methodical progression from acquisition to resource definition in under a year is commendable. The addition of 825,000 ounces significantly increases the company's global resource inventory and provides another key asset alongside Eau Claire (Quebec) and Committee Bay (Nunavut).

However, from a critical, risk-averse perspective, several factors temper the excitement: - Low Grade: At 1.07 g/t, the grade is low for a potential open-pit project, which could challenge its economic viability, especially if metallurgical recoveries are not exceptional or strip ratios are high. - Inferred Category: The resource is entirely in the inferred category, which has the lowest level of geological confidence. Significant additional drilling will be required to upgrade these ounces to the Indicated and Measured categories. Mineral resources are not mineral reserves and have no demonstrated economic viability. - High Gold Price Assumption: The use of a US$2,600/oz gold price to constrain the pit shell is very aggressive. A more conservative gold price would almost certainly result in a smaller resource with fewer contained ounces. This represents a significant hidden risk to the reported headline number.

Despite these caveats, the news is materially positive. It converts an exploration concept into a tangible asset on the company's books, provides a foundation for future exploration and resource growth, and demonstrates management's ability to execute on its stated plans.

Fury Gold Mines is a Canadian-focused exploration and development company with a diversified portfolio of high-grade gold projects located in the tier-one jurisdictions of Quebec and Nunavut.

The company's primary projects are: 1. Eau Claire (Quebec): This appears to be the flagship asset. A September 2025 PEA outlined robust economics, particularly for a toll-milling scenario (After-tax IRR 84%, NPV5 C$639M at $2400 Au). It hosts a resource of 1.16 Moz M&I at 5.64 g/t Au and 723koz Inferred at 4.13 g/t Au. 2. Committee Bay (Nunavut): A high-grade, district-scale project hosting an Indicated resource of 524koz at 7.85 g/t Au and an Inferred resource of 720koz at 7.64 g/t Au. Exploration focuses on expanding high-grade shear zones. 3. Sakami (Quebec): Recently acquired, now hosting an initial Inferred resource of 825koz at 1.07 g/t Au with significant expansion potential. The portfolio also includes earlier-stage gold (Éléonore South) and critical minerals (Kipawa REE, Ninaaskumuwin Lithium) projects in Quebec.