Fury Commences 10,000-Metre Drill Program at Eau Claire and Provides an Update on the Kipawa Rare Earths Project

Fury Gold Mines announced the commencement of a 10,000-metre fall/winter diamond drill program at its flagship Eau Claire Gold Project in Quebec. The program will utilize two drill rigs and is designed to support resource growth and enhance the mine plan outlined in the recent Preliminary Economic Assessment (PEA). The company also provided an update on the Kipawa Heavy Rare Earths Project, stating it recognizes the project's strategic importance and will work with First Nations and local communities to evaluate the next steps.

This news is a routine and expected operational update. Following the positive PEA for Eau Claire released on September 2, 2025, and the closing of a C$18 million flow-through financing on October 14, 2025, the market fully anticipated the company would deploy this capital into drilling. The purpose of the financing was explicitly for "Canadian exploration expenses," making this announcement the logical and necessary next step.

While positive in that it demonstrates the company is executing its stated strategy, the commencement of drilling is not a material value-creating event in itself. The market has already priced in this activity. The material catalysts will be the results from this drill program, not its initiation. The brief mention of the Kipawa project is an incremental update that signals future intent but presents no concrete action or results, having a neutral impact. Therefore, this news confirms the company's operational progress but is unlikely to materially impact the stock price.

Fury Gold Mines is a Canadian mineral exploration company with a portfolio of gold and critical mineral projects in Quebec and Nunavut.

The company's flagship asset is the Eau Claire Gold Project in Quebec. A September 2025 PEA demonstrated robust economics, with a base case after-tax NPV(5%) of C$554 million and an IRR of 41% (using US$2,400/oz gold). The project has a defined resource of 1.16 Moz Au Measured & Indicated at 5.65 g/t and 0.72 Moz Au Inferred at 4.13 g/t. The current focus is on expanding this resource and de-risking the project through drilling.

Other key projects include the high-grade Committee Bay gold project in Nunavut, and several projects in Quebec acquired via the takeover of Quebec Precious Metals in April 2025, including the Sakami gold project, the Elmer East project (hosting the Ninaaskumuwin lithium discovery), and the Kipawa rare earths project.