Fury Advances Metallurgical Testwork Program at the Eau Claire Gold Project in Quebec

Executive Summary of Latest Release

• Fury Gold Mines has commenced a comprehensive metallurgical testwork program at its 100% owned Eau Claire gold project in Quebec.
• The company engaged SGS Canada Inc. to conduct the program, expected to last approximately three months.
• Primary objectives include optimizing ore processing, characterizing tailings management, and confirming environmental compliance to support feasibility studies.

Technical Objectives and Outcomes

• Ore Processing Optimization: Determining comminution parameters (grinding work index), evaluating grind size, and assessing beneficiation flowsheets (gravity, flotation, leaching).
• Tailings Management Support: Characterizing tailings regarding environmental performance, solid-liquid separation, rheology, and paste backfill suitability.
• Environmental Compliance: Conducting detailed testing to support regulatory requirements for the James Bay region.
• Expected Outcomes: Development of a complete process flowsheet supported by design criteria, enabling mass/water balances and equipment sizing for the process plant layout.

Management Commentary

• CEO Tim Clark stated this program plays an important role in feasibility work and continues to advance Eau Claire toward production.
• Focus on optimizing ore processing confirms project economics and demonstrates value opportunity for investors.

Evaluation of News Significance

• Expectation Alignment: This announcement is fully consistent with the Preliminary Economic Assessment (PEA) released in September 2025, which outlined metallurgical work as a key next step toward a Pre-Feasibility Study (PFS).
• No New Economics: The release does not provide new grade data, resource estimates, or revised economic metrics. It confirms execution of the previously disclosed roadmap.
• Progress Verification: Following the environmental baseline studies initiated in April 2026 and drilling results from March/April 2026, this metallurgical work represents a logical sequential milestone rather than a disruptive event.

Comparison to Historical Context

• PEA Baseline (Sep 2025): The PEA assumed gravity + CIL flowsheets with global recovery of 95%. This testwork validates those assumptions for the feasibility stage.
• Drilling Continuity: Recent drilling results (April 2026) showed high-grade intercepts outside the block model, supporting the resource growth narrative that underpins this metallurgical work.
• Financing Context: The C$18M financing closed in October 2025 was intended to fund exploration and development; this program utilizes those funds for technical advancement rather than equity dilution at this stage.

Core Business Focus

• Fury Gold Mines is an exploration and development company focused on gold assets in Quebec and Nunavut.
• The portfolio includes the Eau Claire Gold Project (Quebec), Sakami Gold Project (Quebec), Committee Bay Project (Nunavut), and Elmer East Lithium/Rare Earths project (Quebec).

Flagship Project: Eau Claire Gold Project

• Location: Eeyou-Istchee/James Bay region, Quebec. 100% owned by Fury.
• Status: Advanced exploration/Feasibility stage following PEA completion in September 2025.
• PEA Highlights (Sep 2025): Base-case NPV5% of C$554M and IRR of 41%. Mine life of 11 years with total gold recovery of 834,000 oz.
• Resource Estimate: Combined Eau Claire & Percival: 6.39 Mt @ 5.65 g/t Au (Measured/Indicated) + 5.45 Mt @ 4.13 g/t Au (Inferred).

Secondary Projects

• Sakami Gold Project: Initial inferred resource of 23.9 Mt @ 1.07 g/t Au (825,000 oz) announced December 2025. All ounces within 400m of surface.
• Committee Bay Project: High-grade gold project in Nunavut with historic resources at Three Bluffs (Indicated: 524,000 oz @ 7.85 g/t).
• Elmer East/Kipawa: Includes lithium discovery (Ninaaskumuwin) and rare earths potential (Kipawa), though Kipawa reserves are not yet re-validated by Fury.