Fury Gold Mines Launches C$12M Flow-Through Share Offering To Fund Exploration Projects

FURY GOLD MINES LIMITED (TSX:FURY, NYSE:FURY) ("Fury" or the "Company") is pleased to announce that it has entered into an agreement with Haywood Securities Inc., on behalf of itself and a syndicate of agents to be formed (collectively, the "Agents") pursuant to which the Agents have agreed to sell, on a commercially reasonable efforts agency basis, any combination of: (i) national charity flow-through units (the "Charity FT Units") at a price per Charity FT Unit of C$1.21; and (ii) traditional flow-through shares (the "Traditional FT Shares") at a price per Traditional FT Share of C$1.00, for total aggregate gross proceeds of up to C$12,000,000 (the "Offering").  

Each Traditional FT Share will be a common share of the Company (a "Share") that will qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada). Each Charity FT Unit will consist of one Share of the Company that will qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (each, a "Charity FT Share") plus one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will also qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada). Each whole Warrant will entitle the holder thereof to purchase one Share (each, a "Warrant Share") at an exercise price of C$1.20 for 24 months following completion of the Offering. The Warrant Shares will not qualify as "flow-through shares" within the meaning of the Income Tax Act (Canada).

In addition, the Company has agreed to grant to the Agents an over-allotment option exercisable, in whole or in part, at the sole discretion of the Agents, to sell up to an additional number of Charity FT Units and/or Traditional FT Shares in any combination equal to 15% of the total Charity FT Units and Traditional FT Shares issuable pursuant to the Offering, at the respective issue prices for a period of up to 48 hours prior to closing of the Offering.

The Charity FT Units and Traditional FT Shares will be offered to purchasers pursuant to the listed issuer financing exemption ("LIFE Exemption") under Part 5A of NI 45-106 in all of the provinces of Canada, excluding Québec, and therefore will not be subject to resale restrictions pursuant to applicable Canadian securities laws.

There is an offering document related to the Offering (the "LIFE Offering Document") that can be accessed under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.furygoldmines.com. Prospective investors should read this offering document before making an investment decision.

The gross proceeds of the Offering will be used by the Company to incur "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada)(the "Qualifying Expenditures") on or before December 31, 2026. All Qualifying Expenditures will be renounced in favour of the subscribers of the Charity FT Units and the Traditional FT Shares effective on or before December 31, 2025. The exploration expenditures to be incurred will include expenditures in connection with the exploration of the Company's Eau Claire and Committee Bay projects, as detailed in the LIFE Offering Document.

The Offering is scheduled to close on or about October 10, 2025, subject to customary closing conditions, including receipt of all necessary approvals including the approval of the Toronto Stock Exchange ("TSX") and the NYSE American LLC. The Company has agreed to pay the Agents a cash commission of up to 6% of the gross proceeds raised under the Offering.