Fury Reports Intercept of 7.0 g/t Gold over 21.0 Metres at Eau Claire and Mobilizes Third Drill Rig

Fury Gold Mines Limited has released the second batch of Phase 2 assay results from its 100%-owned Eau Claire gold project in Québec, covering eight holes totaling 5,064 meters. The headline intercept comes from hole 26EC-115, which returned 7.01 g/t Au over 21.0 m (true thickness 21.0 m), including 10.27 g/t Au over 11.0 m (true thickness 11.0 m). This represents the best hole ever drilled at Eau Claire.

The hole is located within the inferred resource, approximately 52 meters down-strike of 26EC-102 and 32 meters west of 23EC-110, confirming the continuity of a high-grade shoot. Other holes returned narrow or moderate intercepts, including 5.68 g/t over 2.97 m and 20.60 g/t over 0.85 m at the Hinge Zone, along with several short, high-grade hits at Zone 450 and the Hinge Zone.

To accelerate resource conversion and expansion, Fury has added a third diamond drill rig to the project. The company plans to test up- and down-plunge extensions of the shoot.

Fury Gold Mines Limited (FURY) is an advanced explorer with a PEA-stage deposit at Eau Claire, which carries an NPV of C$554M at $2,400/oz. The recent drill result represents infill-to-resource-conversion rather than a grassroots discovery. However, the “best-ever” intercept of 147 g·m materially improves grade-continuity confidence and could expand the inferred resource that ultimately feeds the mine plan.

The market’s revealed expectation, with the share price at approximately C$0.79 pre-news (down from approximately C$1.16 in January 2026), reflects disappointment with the resource size and growth pace amid a general junior gold sell-off. This result is positively differentiated, being substantially larger than previous holes and justifying the addition of a third rig, which indicates accelerated resource expansion.

While a single hole does not transform the NAV or immediate production timeline, for a company where the equity value sits at a fraction of the PEA NPV, each step that de-risks and enlarges the resource is material.

Fury Gold Mines Limited (FURY) is a Canadian gold explorer managing four primary gold projects: Eau Claire in Quebec, which is 100% owned and at the preliminary economic assessment (PEA) stage; Percival, which is integrated with the Eau Claire resource; Sakami, holding an inferred resource of 825,000 ounces; and Committee Bay in Nunavut, which contains 1.24 million ounces of measured and indicated plus inferred resources at high grade. The company also holds a lithium discovery at Ninaaskumuwin, a rare-earth project at Kipawa, and a 5.8% equity stake in Contango Silver & Gold.

A PEA for Eau Claire, dated September 2025, indicates an after-tax net present value (NPV) of C$554 million and an internal rate of return (IRR) of 41% at a gold price of US$2,400 per ounce. The assessment outlines an 11-year mine life with 834,000 ounces of gold recovered. The deposit remains open-ended, and Phase 2 drilling is currently focused on converting inferred resources to indicated and expanding the resource base.

The company’s balance sheet includes C$15.3 million in cash, C$54.8 million in marketable securities, and C$70.7 million in working capital. With no debt, Fury Gold Mines Limited is fully funded for its 2026 programs.