Fury Announces Results of Preliminary Economic Assessment for the Eau Claire Gold Deposit with a Base Case After-Tax NPV (5%) of $554M and After-Tax IRR of 41%

Press Release

TORONTO, Canada – September 2, 2025 – Fury Gold Mines Limited (TSX and NYSE American: FURY) (“Fury” or the “Company”) is pleased to announce results from a preliminary economic assessment (PEA) for the high-grade Eau Claire deposit located in the Eeyou Istchee Territory of the James Bay region of Quebec. The PEA represents an initial conceptual evaluation of the economic potential of Eau Claire’s mineral resources and was prepared in accordance with National Instrument 43-101 (“NI 43-101”) by SGS Geological Services. All dollar amounts are in Canadian dollars unless otherwise specified.

Three scenarios, all based on the same mine plan, were evaluated, each returning an after-tax net present value at a 5% discount rate (“NPV₅”) and after-tax internal rate of return (“IRR”) at a gold price of US$2,400 per ounce (“oz”):

1. Full standalone operation with all processing on site (the “Base Case”)
   • After-tax NPV₅ of $554M and after-tax IRR of 41%
2. Hybrid case starting with two years of toll milling, followed by full standalone crushing, milling, and processing on site (the “Hybrid Case”):
   • After-tax NPV₅ of $610M and after-tax IRR of 53%
3. Full toll milling scenario, processing mineralized material off-site at a third-party facility (the “Toll Milling Case”):
   • After-tax NPV₅ of $639M and after-tax IRR of 84%

Highlights

• Total recovered gold production of 834koz gold at an average diluted head grade of 4.46 g/t gold.
• Average annual production projected to be approximately 76k oz gold over an 11-year life of mine (“LOM”) at an all-in sustaining cost (“AISC”) of US$1,140/oz for the Base Case; US$1,153/oz for the Hybrid Case, and US$1,170/oz of gold for the Toll Milling Case.
• Low initial capital expenditures (“CapEx”) ranging from $117M in the Toll Milling Case to $217M in the Base Case.
• Rapid after-tax payback period of 2.5, 1.5, and 1.1 years based on the three cases, respectively.
• 76% of the ounces within the PEA mine plan are currently in the Measured and Indicated resource category, demonstrating a timely pathway to a prefeasibility study (“PFS”) with minimal conversion drilling required.

“The Eau Claire PEA scenarios each demonstrate an exceptional internal rate of return and net present value,” commented Tim Clark, CEO of Fury. “The results validate our belief that the market has significantly undervalued the project within Fury’s broader asset portfolio. With strong infrastructure in place, including access to hydro power and roads, combined with favourable metallurgy, Eau Claire stands out as a highly attractive development opportunity with substantial exploration upside, presently hosting a combined Eau Claire and Percival resource of 6.39 Mt at 5.64 g/t gold containing 1.16Moz gold Measured and Indicated plus 5.45 Mt at 4.13 g/t gold containing 723koz gold Inferred.”

PEA Summary

The PEA contemplates a primary underground mining operation complemented by 2 small open pits. Production from the underground (“UG”) mine will start in year minus 1 with a small bulk sample, with full UG operations continuing through to year 11. In total, the underground would produce 702koz gold at an average diluted head grade of 5.22 g/t gold from 4.40Mt of material (Table 1 and Figures 1 and 2). The conventional open pits (“OP”) will operate for 8 years, recovering a total of 132koz gold at an average diluted grade of 2.50 g/t gold from 1.73Mt of material (Table 1 and Figures 1 and 2). Total taxes payable over LOM at the study gold price range between $348M and $311M for the Base and Toll Milling, respectively.

Table 1: Eau Claire PEA Key Economic Assumptions and Results

1. AISC is calculated as the sum of treatment and refining charges, onsite operating costs, sustaining capital costs, and closure costs, divided by the quantity of ounces sold.

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