Fury Intersects 3.88 g/t Gold over 17.8 Metres, including 18.78 g/t Au over 3.30 m, at Three Bluffs, Returning Wide Mineralized Intervals in All Five Holes

Fury Gold Mines Limited (FURY) has released initial assay results from the 2026 Committee Bay diamond drilling program in Nunavut. The program, which comprises 11 holes totaling 4,219 meters, includes five infill holes at the Three Bluffs deposit detailed in this release. One hole was abandoned, and assays are pending for five additional holes, two of which are described as extension holes.

The reported intervals, stated as true widths per the company, are as follows:

• Hole 26TB158: 220.00–241.60 m, 21.60 m core length = 17.82 m true width @ 3.88 g/t Au; including 233.00–237.00 m, 4.00 m core = 3.30 m TW @ 18.78 g/t. Also 1.00 m @ 0.65 g/t (214–215 m), 1.00 m @ 0.41 g/t (256–257 m), and 46.00 m core = 38.97 m TW @ 0.39 g/t (265–311 m).
• Hole 26TB161: 230.00–408.00 m, 178.00 m core = 98.60 m TW @ 0.77 g/t; including 401.00–402.00 m, 1.00 m core = 0.56 m TW @ 65.60 g/t. Described as the widest mineralized interval drilled to date at Three Bluffs.
• Hole 26TB160: 248.00–303.00 m, 55.00 m core = 31.45 m TW @ 0.92 g/t; incl. 2.00 m core = 1.18 m TW @ 12.35 g/t. And 333.00–380.00 m, 47.00 m core = 28.83 m TW @ 0.99 g/t; incl. 6.00 m core = 3.65 m TW @ 2.17 g/t and 3.00 m core = 1.85 m TW @ 3.50 g/t. Plus 6.00 m core = 3.35 m TW @ 1.13 g/t (225–231 m).
• Hole 26TB163: 309.00–385.00 m, 76.00 m core = 36.58 m TW @ 0.72 g/t; incl. 7.00 m core = 3.31 m TW @ 2.65 g/t.
• Hole 26TB162: 226.00–258.00 m, 32.00 m core = 17.36 m TW @ 0.67 g/t; and 272.00–310.00 m, 38.00 m core = 20.98 m TW @ 0.45 g/t.

The Three Bluffs deposit currently holds an NI 43-101 resource of 524,000 ounces indicated (2.1 Mt @ 7.85 g/t) and 720,000 ounces inferred (2.9 Mt @ 7.64 g/t), effective 11 September 2023. These results are to be folded into an upcoming resource update. All five reported holes are explicitly infill, drilled inside the main portion of the existing resource to raise confidence.

Fury Gold Mines Limited (FURY) reported a cash position of C$15.3 million and C$54.8 million in marketable securities, including Contango shares, alongside C$70.7 million in working capital as of 31 March 2026. The company held no debt, with total equity at C$116.7 million and a book value of C$0.61 per share. For the fiscal year 2025, operating cash burn was C$16.7 million, while exploration spending in the first quarter of 2026 totaled C$4.8 million. The reported first quarter 2026 financial table presented an inconsistency, showing net income of C$15.1 million against an earnings per share of −C$0.08. Management attributed the profit to a C$19.2 million non-cash gain resulting from the Dolly Varden/Contango share exchange.

The Three Bluffs project, located in Nunavut, remains a secondary asset with a 2023-vintage estimate of 1.24 million ounces. It is not included in any economic study. The company’s primary valuation narrative centers on the Eau Claire project, which holds 1.16 million ounces of measured and indicated resources at 5.64 g/t, plus 0.72 million ounces inferred. Eau Claire’s preliminary economic assessment indicates an after-tax NPV5% of C$554 million and a 41% internal rate of return at US$2,400/oz. A pre-feasibility study with SGS and BBA is underway, targeting completion in 2027. Additionally, the Sakami project holds 825,000 ounces of inferred resources at 1.07 g/t. Against a market capitalization of C$131 million, the recent drilling results at Three Bluffs do not alter the perceived scale, grade, or probability of the Eau Claire case.

The last Committee Bay data point was reported on 10 November 2025, showing 19.5 meters at 1.18 g/t, including 3.0 meters at 5.73 g/t, when the stock traded at C$0.78. The shares are currently priced at C$0.69, down from a high of C$1.26 in January 2026. The stock price did not react to the 2025 Nunavut programme or the July 2026 Eau Claire intercept of 7.01 g/t over 21.0 meters, which saw the price move from $0.79 on 10 July to $0.76 on 13 July, and $0.73 by 15 July. The recent drilling confirms the structure within an already-defined resource at grades below the resource's cutoff.

Fury Gold Mines Limited (TSX/NYSE-A: FURY) is a Canadian gold explorer operating a resource-stage portfolio with no revenue and no reserves. The company’s flagship asset is Eau Claire in Quebec’s Eeyou Istchee/James Bay region, where it holds a 100% interest. As of 10 May 2024, the project reported measured and indicated resources of 6.393 million tonnes at 5.64 grams per tonne for 1,160,000 ounces, and inferred resources of 5.445 million tonnes at 4.13 grams per tonne for 723,000 ounces, using 0.50 grams per tonne pit and 2.50 grams per tonne underground cutoffs.

A preliminary economic assessment based on a US$2,400 per ounce gold price indicates an after-tax net present value at a 5% discount rate of C$554 million, an internal rate of return of 41%, initial capital expenditure of C$217 million, an all-in sustaining cost of US$1,140 per ounce, and an 11-year mine life. The plan projects 834,367 ounces of recovered gold at an average of 75,800 ounces per year with 95% recovery and a strip ratio of 7.73:1. Alternative toll-milling scenarios show an after-tax net present value at a 5% discount rate of C$610 million and C$639 million. The company is conducting a prefeasibility study with SGS Geological Services and BBA, targeted for 2027, while a metallurgical programme with SGS is underway and a two-year environmental baseline study was initiated in April 2026.

In Nunavut, Fury Gold Mines holds a 100% interest in approximately 235,000 to 300,000 hectares of greenstone belt at Committee Bay. The Three Bluffs property reported indicated resources of 524,000 ounces at 7.85 grams per tonne and inferred resources of 720,000 ounces at 7.64 grams per tonne as of 11 September 2023, using 3.0 grams per tonne pit and 4.0 grams per tonne underground cutoffs. Regional prospects include Raven, which returned 31.1 grams per tonne over 2.8 metres and 9.49 grams per tonne over 7.6 metres, as well as Burro Anuri, West Plains, and Antler, located less than 2 kilometres from Three Bluffs with historical intercepts of 9.9 metres at 3.19 grams per tonne and 13.0 metres at 4.0 grams per tonne. No economic study has been completed for Committee Bay.

The company acquired the Sakami project in Quebec through Quebec Precious Metals in April 2025. As of 8 December 2025, initial inferred resources total 23.887 million tonnes at 1.07 grams per tonne for 825,000 ounces, all within 400 metres of surface with a 0.4 grams per tonne cutoff, representing a discovery cost under C$9 per ounce. Exploration is also underway at Éléonore South in Quebec, where no work is planned for 2026. At Elmer East / Ninaaskumuwin, lithium testwork using dense media separation produced a 6.024% Li₂O concentrate at 76.66% recovery in 22.97% of mass. The Kipawa property in Quebec is held for rare earth elements.

Other holdings include a 5.8% stake in Contango Silver & Gold, resulting from the Dolly Varden share exchange, carried at C$54.8 million of marketable securities as of 31 March 2026. Agnico Eagle took a C$4.3 million private placement, and Fury Gold Mines closed C$18.0 million in flow-through financing in 2025. As of 31 March 2026, the company held C$15.3 million in cash, C$70.7 million in working capital, C$116.7 million in total equity, and no debt, with a fiscal year 2025 operating cash outflow of C$16.7 million.