Fury Confirms Continuity and Extends Near Surface Gold Mineralization by 185 Metres at the Sakami Gold Project in Quebec

The most recent news release from November 24, 2025, reports on the final assay results from Fury Gold Mines Limited's inaugural drill campaign at the Sakami Gold Project in Quebec. The program completed 3,685 meters over seven holes. Key intercepts include: - Hole 25SK-004: 1.5 meters of 1.72 g/t gold from 279.0 meters, 21.5 meters of 0.35 g/t gold from 433.0 meters, and 15.0 meters of 0.46 g/t gold from 483.0 meters. - Hole 25SK-005: 26.0 meters of 0.71 g/t gold from 263.0 meters. - Hole 25SK-007: 22.2 meters of 0.83 g/t gold from 95.3 meters, and 13.5 meters of 0.61 g/t gold from 154.5 meters. The company states that the drilling confirms continuity and extends near-surface gold mineralization by 185 meters. Regional soil sampling identified 6 new gold anomalies from 237 samples. The CEO, Tim Clark, mentioned that the program delivered valuable geological insight and set a good foundation for evaluating future follow-up work, including the potential estimation of a mineral resource. SVP Exploration, Bryan Atkinson, noted consistent near-surface gold mineralization across broad widths and the goal of advancing the project to the resource stage.

This news release presents routine exploration drill results for the Sakami Gold Project. While the company spins the results as positive, confirming continuity and broad widths, the gold grades reported (ranging from 0.35 g/t to 1.72 g/t) are modest for an exploration project, especially when compared to previous intercepts announced for Sakami.

Earlier news on Sakami (September 4, 2025) reported significantly higher-grade intercepts, such as 59 meters of 1.59 g/t gold (including 3 meters of 9.32 g/t gold) and 1.5 meters of 546 g/t silver. The initial Sakami results (August 12, 2025) also included 41.5 meters of 1.23 g/t gold. When viewed in this context, the latest results represent a step down in grade and overall tenor of mineralization. They confirm the presence of gold but do not enhance the project's profile in a material way, nor do they suggest an immediate path to a high-grade resource beyond what was already indicated.

The comments from management about "valuable geological insight" and "good foundation for evaluating future follow-up work" are generic and typical for exploration updates. The aspiration to reach "resource stage in the near future" is a standard goal but is not directly supported by these particular results being exceptional. Given the previous, more impressive intercepts, these latest results are not a material positive and suggest variability in the gold system, or that the current holes did not hit the higher-grade zones as effectively. Therefore, the impact on the company and its stock is likely neutral, at best, and potentially slightly negative given the reduced excitement compared to prior Sakami updates.

Fury Gold Mines Limited (FURY) is a Canadian gold exploration company focused on expanding resources and advancing projects in premier Canadian jurisdictions: Quebec and Nunavut. The company's strategy, as outlined in its investor presentation, is centered on identifying high-grade gold deposits and leveraging its strong financial position and experienced management team. Fury is inter-listed on the TSX and NYSE American, providing strong liquidity.

The company's diverse portfolio includes several key projects:

• Eau Claire Gold Project (Quebec): This is Fury's most advanced project, positioned at the resource stage. A Preliminary Economic Assessment (PEA) announced on September 2, 2025, demonstrated robust economics, with a base case after-tax NPV(5%) of C$554 million and an IRR of 41% at a US$2400 gold price. The project has Measured & Indicated (M&I) resources of 1.16 million ounces of gold at 5.64 g/t and Inferred resources of 723,000 ounces at 4.13 g/t gold. The company commenced a 10,000-meter drilling program in October 2025, focused on resource growth and improving the mine plan.
• Committee Bay Gold Project (Nunavut): This project is also at the resource stage, with Indicated resources of 524,000 ounces at 7.85 g/t gold and Inferred resources of 720,000 ounces at 7.64 g/t gold. The company initiated a 5,000-meter drill program in July 2025, targeting expansions at the Three Bluffs shear zone and testing regional shear zones at Raven and Burro West. Recent drilling results have extended mineralization at Three Bluffs and expanded the Raven target.
• Sakami Gold Project (Quebec): Acquired through the Quebec Precious Metals Corp. transaction in April 2025, Sakami is an exploration-stage project known for a 23-kilometer-long gold-bearing structural corridor. Initial drill results in August and September 2025 revealed significant intercepts, including high-grade silver, though the most recent results indicate lower average grades. The company is working on an updated geological model to advance it to resource stage.
• Éléonore South Gold Project (Quebec): This project became 100% owned by Fury in 2024 (previously a JV with Newmont). It's an exploration project strategically located near Newmont's Éléonore mine. A 4,000-6,000-meter drilling program commenced in February 2025, targeting Éléonore-style anomalies. Initial results indicated low-grade gold mineralization, and future targeting will focus on arsenic anomalism.
• Ninaaskumuwin Lithium Discovery (Elmer East, Quebec): Also acquired via the Quebec Precious Metals Corp. transaction, this is an early-stage lithium discovery. Metallurgical tests in July 2025 showed encouraging recoveries and concentrate grades for spodumene.
• Kipawa Heavy Rare Earths Project (Quebec): A 68% owned project (with Investissement Quebec holding 32%), also acquired from QPM. It holds historical reserves of 19.8 million tonnes at 0.411% Total Rare Earth Oxides (TREO) from 2013 and is considered to be in evaluation/development.