Fury Announces Metallurgical Test Results for the Ninaaskumuwin Lithium Discovery with Potential Direct Shipping Ore Concentrate of 6.0% Li2O5 and 77% Recovery

Executive Summary

• Fury Gold Mines announced final metallurgical test results for its Ninaaskumuwin lithium discovery at the 100%-owned Elmer East project in Quebec.
• Analysis of 85 drill core samples revealed up to 42% spodumene, with Li₂O grades ranging from 0.02% to 3.71% and Fe₂O₃ from 0.36% to 6.30%, indicating high-grade, impurity-free mineralization.
• Dense Media Separation (DMS) testing successfully demonstrated the feasibility of producing a Direct Shipping Ore (DSO) concentrate grading 6.024% Li₂O with 76.66% lithium recovery in a single processing step, supporting a selective mining and processing strategy.

Key Details

• Sample Analysis: 85 samples analyzed, containing up to 42% spodumene.
• Grade Ranges: 0.02% to 3.71% Li₂O and 0.36% to 6.30% Fe₂O₃.
• Mineralogy: Spodumene is the sole identified lithiferous mineral; the pegmatite is free of impurities, indicating suitability for lithium carbonate and hydroxide production.
• Processing Results: A single Dense Media Separation (DMS) step on coarsest crushed feed yielded a DSO concentrate grading 6.024% Li₂O, recovering 76.66% of the lithium within 22.97% of the mass.
• Project Footprint: Elmer East project covers ~45,700 hectares, located ~60 km north of the 'km 381' rest stop on the Billy Diamond highway, and ~50 km north of Rio Tinto’s Galaxy Lithium project.
• Funding: Financial assistance provided by Quebec’s Ministère des Ressources naturelles et des Forêts (MRNF) under the Mineral Exploration Support Program for Critical and Strategic Minerals (MCS).
• Technical Execution: Tests conducted by IGS Impact Global Solutions Inc. in Delson, Quebec, using ISO-17025:2017 compliant procedures on ½ HQ drill core samples.
• Qualified Person: Valérie Doyon, P.Geo, Senior Project Geologist at Fury, reviewed and approved the technical disclosures per NI 43-101.

Notable Quotes

• Tim Clark, CEO of Fury Gold Mines: “We are very encouraged by the strong metallurgical results achieved, which demonstrate the potential of the mineralization to respond well to conventional processing methods.”
• Ahmed Bouajila, President & CEO of IGS Impact Global Solutions Inc.: “The results obtained clearly support the use of DMS on crushed high-grade ore to be potentially sourced from the Ninaaskumuwin lithium discovery and to produce a DSO marketable Spodumene Concentrate (SC6). The quality of the intercepted LCT pegmatite indicates that the processing of the mineralized material as highly derisked. This is in sharp contrast with other hard rock lithium projects that are challenged to produce profitable and marketable concentrates.”