Fury Intersects 14.95 g/t Gold over 4.25 Metres at Eau Claire, Extending High-Grade Mineralization 60 Metres Up-Dip

Fury Gold Mines Limited (FURY) has released additional Phase 2 assay results from its Eau Claire Gold Project in James Bay, Quebec. The company clarified that the current programme is focused on resource conversion rather than discovery, with all reported holes located within areas currently classified as Inferred. The objective is to convert these Inferred resources to Indicated for a resource update tied to a pre-feasibility study targeted for 2027.

The Phase 2 programme comprises approximately 25,000 meters of diamond drilling. As reported, 46 holes totaling 21,857 meters have been completed, including five abandoned and three in progress. Assay results are currently available for 26 holes, representing 13,374 meters.

Significant intercepts, reported as true width, from Table 1 include: - Hole 26EC-131: 14.95 g/t Au over 4.25 m true width (412.0–416.5 m drilled; 4.5 m drilled thickness) - Hole 26EC-130: 13.15 g/t Au over 1.50 m true width (573.5–575.0 m) - Hole 26EC-132: 6.81 g/t Au over 1.39 m true width (290.5–292.0 m) - Hole 26EC-122: 7.03 g/t Au over 1.50 m true width (206.0–207.5 m)

Additional lower-grade intervals reported include: - 26EC-131: 1.50 g/t over 1.37 m (189.0–190.5 m); 1.81 g/t over 1.41 m (380.0–381.5 m); 1.72 g/t over 2.35 m (390.5–393.0 m); 1.74 g/t over 1.41 m (404.5–406.0 m) - 26EC-130: 1.57 g/t over 1.50 m (539.0–540.5 m); 1.56 g/t over 1.50 m (551.0–552.5 m) - 26EC-132: 6.56 g/t over 1.40 m (304.0–305.5 m)

Hole 26EC-131 is described as approximately 60 meters up-dip from historical hole ER15-572, which returned 6.18 g/t Au over 5.05 meters. ER15-572 is cited for continuity context and is not a fresh 43-101 assay.

Fury Gold Mines Limited (FURY) has released drill results that reinforce the continuity of high-grade shoots modeled within the Inferred resource, supporting the conversion of Inferred to Indicated resources ahead of the 2027 Preliminary Feasibility Study (PFS). The company noted that the release does not add new ounces, a new zone, a new depth extent, or new scale, as every hole in the release lies inside the existing resource footprint.

The Phase 2 conversion thesis, the Preliminary Economic Assessment (PEA) metrics of $554 million NPV, 41% IRR, and $2,400/oz, the PFS engagement, and the metallurgical programme have all been public for months. Consequently, there is nothing in this release the market did not already expect from an ongoing conversion campaign, with no changed resource, no new metallurgy, and no new discovery.

The best previous result on the same Zone was hole 26EC-115, which returned 7.01 g/t over 21.0 m (~147 g·m), reported July 13–14, 2026. That anchor is not embedded in the current stock performance; the stock did not re-rate on it, having drifted from ~$0.76 to $0.68 and now sitting at its 52-week low. Because this release is infill/resource-definition and all four headline intercepts are at or above the deposit's resource grade (M&I ~5.6 g/t; Inferred ~4.1 g/t), the results serve as a confirmation at or above resource grade.

Fury is a well-financed developer/explorer at ~C$129M market cap, advancing a defined resource toward PFS. A resource-conversion hole is far less price-moving than a discovery hole at a grassroots explorer, and this release supplies no new scale.

Fury Gold Mines Limited (TSX and NYSE American: FURY) is a Canadian-focused gold explorer and developer. The company’s portfolio includes the Eau Claire project in Quebec’s James Bay region, which is 100% owned and combines open pit and underground resources. As of May 10, 2024, the resource estimate at cutoff grades of 0.50 g/t for open pit and 2.50 g/t for underground includes 1,612 kilotonnes of measured resources grading 5.67 g/t for 294,000 ounces, 4,781 kilotonnes of indicated resources grading 5.64 g/t for 866,000 ounces, and a combined measured and indicated total of 6,393 kilotonnes grading 5.64 g/t for 1,160,000 ounces. Additionally, there are 5,445 kilotonnes of inferred resources grading 4.13 g/t for 723,000 ounces. The Percival project is integrated with Eau Claire and is also in the resource stage.

In Nunavut, the company owns 100% of the Committee Bay project, which holds 524,000 ounces of indicated resources grading 7.85 g/t and 720,000 ounces of inferred resources grading 7.64 g/t, as reported on September 11, 2023. The Sakami project in Quebec contains 825,000 ounces of inferred resources grading 1.07 g/t, all located within 400 meters of surface, as of December 8, 2025. The Éléonore South project in Quebec is in the exploration stage with no work planned for 2026, while the Kipawa project in Quebec focuses on rare earth elements.

A preliminary economic assessment for Eau Claire, released in September 2025 using a base case gold price of US$2,400/oz, projects an after-tax net present value at a 5% discount rate of C$554 million and an after-tax internal rate of return of 41%. The project requires an initial capital expenditure of C$217 million, features an 11-year mine life, and is expected to recover 834,367 ounces at an average rate of approximately 75,800 ounces per year. The life-of-mine all-in sustaining cost is estimated at US$1,140/oz, with a recovery rate of approximately 95% and a strip ratio of 7.73x. Alternative scenarios include a hybrid toll-milling model with an NPV of C$610 million and an IRR of 53%, and a full toll-milling model with an NPV of C$639 million and an IRR of 84%.

As of the first quarter of 2026, the company reported total equity of C$116.7 million and a book value per share of C$0.61 based on 190,123,861 shares outstanding. The balance sheet included C$15.3 million in cash and C$54.8 million in marketable securities, resulting in working capital of C$70.7 million and no debt. First-quarter 2026 net income was C$15.1 million, driven by a one-time C$19.2 million gain on the Dolly Varden to Contango share exchange rather than operational performance, while operating cash flow was negative C$6.0 million. The company holds a 5.8% stake in Contango Silver & Gold Inc.

Management includes CEO Tim Clark, CFO Phil Van Staden, VP Geology and Qualified Person Valérie Doyon, and SVP Exploration and Qualified Person Bryan Atkinson. Prior financings included an upsized flow-through offering of C$18 million and a C$4.3 million private placement from Agnico Eagle.