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

About this update from Fury Gold Mines Limited

TORONTO, June 23, 2026 (GLOBE NEWSWIRE) -- Fury Gold Mines Limited (TSX and NYSE American: FURY) (“Fury” or the “Company”) is pleased to announce the final metallurgical test results on its Ninaaskumuwin lithium discovery (the “Discovery”) located on the Elmer East project, in the Eeyou Istchee James Bay Territory of Northern Quebec. The objective of the metallurgical test work was to characterize the mineralogy and metallurgical properties of the spodumene-bearing pegmatite intercepted in drilling. Preliminary test work based on an initial drilling program on the Discovery indicated that work was warranted (see press releases dated July 9, 2025 and July 22, 2025). Test Results Highlights “We are very encouraged by the strong metallurgical results achieved, which demonstrate the potential of the mineralization to respond well to conventional processing methods,” commented Tim Clark, CEO of Fury. “We look forward to identifying opportunities to unlock value at the Ninaaskumuwin discovery for our shareholders.” “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.” stated Ahmed Bouajila, President & CEO of IGS Impact Global Solutions Inc. (“IGS”). Elmer East Project The Ninaaskumuwin lithium prospect is located on Fury’s 100% owned Elmer East project, which covers approximately 45,700 hectares. Ninaaskumuwin is easily accessible from the paved Billy Diamond highway, approximately 60 kilometres (km) north of the ‘km 381’ rest stop where accommodation, catering, fuel, and power are available. The discovery sits approximately 50 km north of Rio Tinto plc’s Galaxy Lithium project, acquired in March 2025 as part of the acquisition of Arcadium Lithium plc for US$6.7 billion. Technical and scientific information disclosed from neighbouring Galaxy project does not necessarily apply to the Elmer East project. Figure 1: Elmer East Location Map To carry out the metallurgical test work financial assistance was provided by the ministère des Ressources nature...

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