Q4 report for the period ending Dec 31, 2025 AIF

FURY GOLD MINES LIMITED

FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2025

DATED MARCH 31, 2026

TABLE OF CONTENTS

INTRODUCTORY NOTES 1

Cautionary Note Regarding Forward-Looking Statements 1

Cautionary Note to United States Investors Regarding Mineral Disclosure 2

Change in Reporting Forms for United States Investors 4

Canadian Resource Category (Classification) Definitions 4

CORPORATE STRUCTURE 5

Name, Address and Incorporation 5

Inter-corporate Relationships 6

GENERAL DEVELOPMENT OF THE BUSINESS 7

Business of Fury Gold and Three-year History 7

Three-year Overview 7

2022 Acquisition of Shares of Dolly Varden Silver Corporation 7

2022 to 2024 Unification of the Éléonore South Gold Project 7

2025 Acquisition of Quebec Precious Metals Corp. and its Projects 7

2025 Preliminary Economic Assessment of Eau Claire Project 8

Fiscal 2023 8

Eau Claire Exploration Program 8

2023 Changes to Management and the Board 9

2023 Financings 9

2023 Corporate developments 9

Fiscal 2024 9

2024 Eau Claire Exploration 9

2024 Éléonore South Exploration Program 10

2024 Committee Bay Exploration 11

2024 Management and Board Changes 11

2024 Financing 12

Fiscal 2025 - March 2026 12

2025 Acquisition of Quebec Precious Metals ("QPM") 12

2025 Eau Claire Exploration 12

2025 Éléonore South Exploration 13

2025 Sakami and Elmer East 13

2025 Elmer East Project 14

2025 Committee Bay (Nunavut Territory, Canada) Exploration 15

2025 Financings 16

2025 Changes to the Board 16

BUSINESS DESCRIPTION 17

General 17

Specialized Skill and Knowledge 17

Competitive Conditions 17

Cyclical and Seasonal 17

Intangible Properties 18

Environmental Protection 18

Employees 18

Social and Environmental Policies 18

Indigenous and Local Community Engagement 19

Cultural Awareness 19

Ecologo Certificate 19

THE COMPANY'S MINERAL PROJECTS 20

Overview of Four Material Mineral Properties 20

Eau Claire Property 20

Land Tenure 21

Local Resources and Infrastructure 21

Accessibility and Climate, Physiography 22

History 22

Pre 2002 Exploration 22

2002 - 2019 Eastmain Resources Exploration 23

Geology and Mineralization 24

Exploration 25

Historical Drilling 25

Extension Drilling 27

Percival Drilling 27

Historical QA/QC Sample Preparation, Analyses and Security 27

Fury Sampling, Analysis, Data Management and QA/QC 28

Mineral Processing and Metallurgical Testing 29

2024 Mineral Resource Estimate 30

Drill Hole Database 31

Total Drill Hole and Channel Sample Database for the Eau Claire Project 31

Combined Mineral Resource Estimate for the Eau Claire Project, May 10, 2024 31

Eau Claire Deposit Mineral Resource Estimate, May 10, 2024 32

Highlights of the 2024 Percival Mineral Resource Estimate are as follows 32

2024 Eau Claire and Percival Deposits Mineral Resource Estimate Notes: 33

Eau Claire Project 2025 Preliminary Economic Assessment ("PEA") 34

Highlights of the PEA 34

Eau Claire PEA Sensitivity Analysis to Economic Inputs 38

Qualified Person ("QP") Recommendations from PEA 39

Estimated Budget for Eau Claire Resource Expansion Drilling 40

Post-PEA Eau Claire Exploration 41

Eau Claire Regional Exploration- Serendipity Prospect 41

Committee Bay Project 42

2023 Technical Report 42

Description and Location 42

Access, Climate, Local Resources, Infrastructure and Physiography 42

Geology, Mineralization and Deposit Types 43

History 43

Committee Bay Sampling, Analyses and Data Verification 44

Mineral Processing and Metallurgical Testing 45

2023 Committee Bay Mineral Resource Estimate 46

Exploration Program Recommendations 48

2015 through 2021 Committee Bay Exploration by Fury 49

Raven Prospect 50

Three Bluffs Deposit 50

2022 and 2023 Committee Bay Project Exploration Program 51

2024 Committee Bay Project Exploration Program 51

2025 Committee Bay Project Exploration Program 52

Éléonore South Property, Québec, Canada 52

2024 Technical Report 52

Location and Size 53

Access, Climate, Local Resources, Infrastructure and Physiography 54

Geology, Mineralization and Deposit Types 55

Property History 55

Royalties 56

Sampling, Analyses and Data Verification 56

Mineral Processing and Metallurgical Testing 57

Mineral Resource Estimates 57

2024 Éléonore South Exploration Program 57

Éléonore South Future Exploration 58

Sakami Property, Québec, Canada 60

2025 Technical Report 60

Property Description, Location 60

Geology and Mineralization 61

Location of the Project with Regional Geology 61

Methodology 62

Drilling and Exploration 62

Mineral Resource Estimate MRE) 62

RISK FACTORS 64

Exploration Activities May Not Be Successful 64

Commodity Price Fluctuations and Cycles 65

Additional Funding Requirements and Shareholder Equity Dilution 65

Negative Cash Flow 66

Indirect Economic Interest in the Homestake Ridge Project 66

Price Volatility of Publicly Traded Securities 66

Mineral Resource Estimates 66

Inflation 67

Property Commitments 67

Environmental Regulatory, Health & Safety Risks 67

Relationships with Local Communities and Indigenous Organizations 68

Environmental Protection 68

Climate Change 69

Changes in Government Mining, Permitting, Environmental Regulation 69

Competitive Conditions 69

Local Community Uncertainties 70

Acquisitions May Not Be Successfully Integrated 70

Changes in the Market Price of Common Shares 70

Properties May Be Subject to Defects in Title 70

Reliance on Contractors and Experts 71

Qualified and Experienced Employees, Management, and Board Members 71

Legal and Litigation Risks 71

Risks Relating to Statutory and Regulatory Compliance 71

Under-insured or Uninsurable Insurance Risks 72

Limited Business History and No History of Earnings 72

Claims by Investors Outside of Canada 72

No-Dividends Policy 72

Disclosure and Internal Controls 72

Cybersecurity Risks 73

Social Media Risks 73

Liabilities relating to Past Issuances of Flow-Through Shares 74

DESCRIPTION OF CAPITAL STRUCTURE 74

Attributes of Common Shares 74

Authorized Preferred Shares- Nil issued 75

MARKET FOR SECURITIES 75

Trading Price and Volume on TSX 75

Trading Price and Volume of Common Shares on the NYSE American 75

Prior Sales-2025 Issuances of Common Shares or Equivalents 76

DIRECTORS AND EXECUTIVE OFFICERS 76

Name, Principal Occupation and Province or State of Residence 76

Directors and Executive Officers 77

Management Security Holdings 78

No Management History of Cease Trade Orders, Bankruptcies etc. 79

Potential Conflicts of Interest 79

Audit Committee 80

Audit Committee Charter 80

Composition of the Audit Committee 80

Relevant Education and Experience of Audit Committee Members 80

Pre-Approval Policies and Procedures 80

External Auditor Service Fees 81

Other Board Committees 81

No Legal Proceedings 81

INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS 81

SHARED SERVICES PROVIDER 82

TRANSFER AGENT AND REGISTRAR 82

AUDITOR 82

MATERIAL CONTRACTS 83

INTERESTS OF EXPERTS 83

ADDITIONAL INFORMATION 84

Graphics

Graphic 1 Fury Gold Mines Limited, Subsidiaries and Mineral Projects Organization Chart Graphic 2 Eau Claire Project Location Map and Claims

Graphic 3: Long Section and Cross Section views of the proposed Eau Claire OP and UG mine plan. Graphic 4: Eau Claire PEA Base Case Sensitivities.

Graphic 5: Eau Claire Hybrid Case Sensitivities.

Graphic 6: Eau Claire PEA Toll Milling Case Sensitivities. Graphic 7: Committee Bay Project Location and Claims Graphic 8: Three Bluffs Drilling - Long Section

Graphic 9: Éléonore South Project Location and Claims Graphic 10: Sakami Local Geology

Tables

Table 1: Eau Claire Project Drill Hole Database

Table 2: 2024 Eau Claire Combine Mineral Resource Estimate Table 3: 2024 Eau Claire Deposit Mineral Resource Estimate Table 4: 2024 Percival Deposit Mineral Resource Estimate

Table 5: Eau Claire PEA Key Economic Assumptions and Results Table 6: Potentially Mineable Portion of the Eau Claire Resource Table 7: Eau Claire PEA Capital and Operating Cost Summary Table 8: Eau Claire PEA Sensitivity Analysis

Table 9: Estimated Budget for Eau Claire Resource Expansion Drilling Table 10: 2023 Committee Bay Mineral Resources

Table 11: CommitteeBay Future Drilling Budget Table 12: Éléonore South Future Exploration Budget Table 13: 2025 Sakami Inferred Resource Estimate Table 14: 2025 TSX Trading Summary

Table 15: 2025 NYSE American Trading Summary

Table 16: 2025 Issuances of Treasury Shares or Equivalents Table 17: Directors and Officers Summary Information Table 18: 2024/25 External Auditor Fees

Table 19: 2023-2025 Shared Service Provider Costs

‌INTRODUCTORY NOTES

In this Annual Information Form (the "AIF") the "Company", "Fury Gold", "we", "us" or "our" refers to Fury

Gold Mines Limited on a consolidated basis together with its subsidiaries unless otherwise expressly provided.

This AIF is dated March 31, 2026. Except as otherwise indicated, all information contained herein is as at December 31, 2025. In this AIF, unless otherwise indicated, all dollar amounts and references to "C$" or "$" are to Canadian dollars and references to "US$" are to U.S. dollars. All dollar amounts are expressed in thousands (000s) of Canadian dollars unless otherwise indicated.

Certain statements made in this AIF contain forward-looking information within the meaning of applicable Canadian and United States securities laws ("forward-looking statements"). These forward-looking statements are presented for the purpose of assisting the Company's securityholders and prospective investors in understanding management's intentions and views regarding future outcomes and are inherently uncertain and should not be heavily relied upon. When used in this AIF, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, identify such forward-looking statements. Specific forward-looking statements in this AIF include:

• exploration and financing plans and potential sources of financing;

• estimated mineral resources or their potential economics;

• estimates which reference future price of minerals, especially gold and other precious metals;

• the potential for resource expansion and ultimately mine development of the Company's projects,

• ability to use harmonized disclosure forms for U.S. purposes (see 40F discussion below)

• exploration permitting timelines and possible delays;

• local indigenous and other affected communities engagement; and

• any objectives, expectations, intentions, plans, results, levels of activity, goals or achievements;

  The forward-looking statements contained in this AIF represent the Company's views as of the date hereof. The assumptions related to these plans, estimates, projections, beliefs and opinions may change without notice and in unanticipated ways. Many assumptions may prove to be incorrect, including:

• budgeting plans, expected costs, assumptions regarding capital and commodity market conditions and other factors upon which the Company has based its expenditure and funding expectations;

• ability to raise additional capital to proceed with its exploration, development and operations plans and attracting finance for exploration studies will be possible;

• ability to obtain or renew the licenses, permits and regulatory approvals necessary for its planned exploration and securing support of locally affected communities;

• exploration plans will not be adversely impacted by declines in prices of precious metals, investment ,market conditions, and consequent impairment of the Company's ability to finance its operations

• that operations and financial markets will not in the long term be adversely impacted by wars, pandemics or other natural or man-made disasters;

• extreme weather events, water scarcity, and seismic events, and the Company's strategies to deal with these

  issues;

• ability to recruit and retain qualified personnel to pursue its business operations;

• mineral resource estimates, and the assumptions upon which they are based, are reasonably accurate;

• ability to comply with current and future environmental, safety and other regulatory requirements and to obtain and maintain local community support.

Risks and other factors are discussed in more detail in the section entitled "Risk Factors" in this AIF. Investors and others should carefully consider these risks and other factors and not place heavy reliance on the forward-looking statements. The Company only updates its forward-looking statements, to the extent required by applicable securities laws.

This AIF uses the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource", which are Canadian mining terms as defined in, and required to be disclosed in accordance with, National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on mineral resources and mineral reserves ("CIM Definition Standards"), adopted by the CIM Council, as amended. Mining disclosure under U.S. securities law was previously required to comply with SEC Industry Guide 7 ("SEC Industry Guide 7") under the United States Securities Exchange Act of 1934, as amended. The SEC has adopted rules to replace SEC Industry Guide 7 with mining disclosure rules under sub-part 1300 of Regulation S-K of the U.S. Securities Act ("Regulation S-K 1300"). Under Regulation S-K 1300, the SEC now recognizes estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources". In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to CIM and other similar international standards. Readers are cautioned that despite efforts to harmonize U.S. mining disclosure rules with NI 43-101 and other international requirements, there remain differences between the terms and definitions used in Regulation S-K 1300 and mining terms defined by CIM and used in NI 43 101. There is no assurance that any mineral reserves or mineral resources that an owner or operator may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the owner or operator prepared the reserve or resource estimates under the standards of Regulation S-K 1300.

The following is a summary of certain material differences between NI 43-101 and S-K 1300:

1. Qualified Person / Qualified Person Requirements

   Under NI 43-101, all scientific and technical disclosure must be based on, and prepared by or under the supervision of, a "Qualified Person" as defined under NI 43-101. A Qualified Person under NI 43-101 is an individual who is a member or licensee in good standing of a professional organization and has at least five years of relevant experience in the field of activity for which they are assuming responsibility. S-K 1300 also requires disclosure to be prepared by, or under the supervision of, a "Qualified Person," as defined therein; however, the specific qualifications, professional association requirements, and definitions differ between the two regimes, and the two terms are not necessarily equivalent.

2. Classification of Mineral Resources and Mineral Reserves

   Both NI 43-101 and S-K 1300 use the mineral resource and mineral reserve classification terminology of the CIM Definition Standards on Mineral Resources and Mineral Reserves ("CIM Standards") and the SEC's own corresponding standards, respectively. While S-K 1300 was largely modeled on and harmonized with international standards (including those developed by the Committee for Mineral Reserves International Reporting Standards ("CRIRSCO")), and uses categories of Measured, Indicated, and Inferred Mineral Resources, and Proven and Probable Mineral Reserves, there remain differences in the specific definitions, thresholds, and methodologies applied. Canadian issuers should note that classification and categorization of resources and reserves under NI 43-101 may not be directly comparable to those disclosed by issuers subject to S-K 1300.

3. Preliminary Economic Assessments

   NI 43-101 permits the disclosure of a "Preliminary Economic Assessment" ("PEA"), which is a study that includes an economic analysis of the potential viability of mineral resources that is prepared prior to, and without the need for, Mineral Reserve estimation. S-K 1300 does not recognize a PEA as a distinct category of technical study for purposes of SEC disclosure. Under S-K 1300, technical studies that are roughly analogous to a PEA may be disclosed only in limited circumstances and are subject to different requirements. Accordingly, PEA disclosure that may be included herein may not have a directly corresponding disclosure category under S-K 1300. The Company has filed a PEA in regards to its Eau Claire Project discussed herein.

4. Inferred Mineral Resources

   Both NI 43-101 and S-K 1300 permit the disclosure of Inferred Mineral Resources. Under NI 43-101, Inferred Mineral Resources may be cited in a PEA, subject to certain cautionary statements. Under S-K 1300, Inferred Mineral Resources may not be included in technical studies for economic analysis purposes. Accordingly, any economic analysis that includes Inferred Mineral Resources may not meet the requirements for corresponding disclosure under S-K 1300.

5. Technical Report Requirements

   NI 43-101 prescribes detailed requirements for the preparation and filing of a technical report (a "Technical Report") in specified circumstances, including upon initial disclosure of mineral resources or mineral reserves, upon the completion of certain studies, and in connection with certain securities transactions. While S-K 1300 requires an initial assessment or a pre-feasibility or feasibility study to support disclosure of mineral resources and mineral reserves, respectively, the form, content, filing trigger events, and other requirements applicable to technical reports under NI 43-101 differ materially from those applicable to technical study summaries filed under S-K 1300.

6. Feasibility and Pre-Feasibility Studies

   Under S-K 1300, disclosure of Proven or Probable Mineral Reserves must be supported by a pre-feasibility or feasibility study. Under NI 43-101, Mineral Reserves must similarly be supported by a study demonstrating, among other things, a Qualified Person's determination that economic extraction can be reasonably justified; however, the specific levels of study, definitions, and criteria applicable under the two regimes may differ in certain respects.

7. Materiality and Disclosure Thresholds

The materiality standards and thresholds applicable to the disclosure of mineral resource and mineral reserve estimates, as well as other technical information, may differ between NI 43-101 and S-K 1300.

The Company has no mineral reserves (which require that the estimated resources be demonstrated to be economic in at least a pre-feasibility study). Accordingly, investors are cautioned not to assume that any "measured mineral resources", "indicated mineral resources" or "inferred mineral resources" that the Company reports are or will be economically or legally mineable. Although in Canada, "inferred mineral resources" are subject to an expectation that there must be a reasonable probability of upgrading a majority of an inferred resource into a measured or indicated category, inferred resources have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the "inferred mineral resources" exist. In accordance with Canadian securities laws, estimates of "inferred mineral resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101. Accordingly, information contained in this AIF describing the Company's mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

Previously, the Company filed its annual report with the U.S. Securities and Exchange Commission (the "SEC") on Form 20-F as a foreign private issuer. Effective December 31, 2025, the Company determined that it satisfies the eligibility requirements to register its securities and file its annual report under the Multijurisdictional Disclosure System ("MJDS") established jointly by the SEC and the Canadian Securities Administrators ("CSA").

Accordingly, the Company has transitioned from filing its annual report on Form 20-F to filing on Form 40-F under the MJDS. Commencing with the annual report for the fiscal year ended December 31, 2025 the Company will file its annual report with the SEC on Form 40-F, which permits eligible Canadian issuers to satisfy their SEC reporting obligations primarily by incorporating by reference disclosure documents prepared in accordance with Canadian securities laws and filed on the System for Electronic Document Analysis and Retrieval ("SEDAR+").

To qualify for the MJDS and file on Form 40-F, the Company must, among other things, be incorporated or organized under the laws of Canada or a Canadian province or territory, be a "reporting issuer," or the equivalent, in at least one Canadian province or territory for a minimum period of 12 months prior to filing, have an aggregate market value of its public float of at least US $75 million (as measured by the applicable threshold under General Instruction B(1) of Form 40-F); and not be an "ineligible issuer" as defined under SEC rules. The Company has confirmed that it meets each of these criteria as of the date of this filing.

Under the MJDS, the Company's annual disclosure will continue to be prepared in accordance with applicable Canadian securities laws and will be filed on SEDAR+ in Canada. That disclosure will be incorporated by reference into the Company's Form 40-F filed with the SEC and will therefore be available to U.S. investors through the SEC's Electronic Data Gathering, Analysis and Retrieval system ("EDGAR"). The transition from Form 20-F to Form 40-F is not expected to result in any material change to the nature or scope of the Company's public disclosure obligations except that for the fiscal years for which the Company filed using form 20-F, it was required to provide disclosure on its mineral properties under US Regulation S-K 1300 and will now provide technical disclosure compliant with Canadian NI 43-101 and the Canadian Institute of Mining and Metallurgy (CIM) Standards. The Company remains subject to the continuous and timely disclosure requirements of applicable Canadian securities laws, as well as the reporting obligations arising from the registration of its securities under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

The Company's common shares are registered under Section 12(g) of the Exchange Act. The Company will continue to comply with all applicable obligations arising under the Exchange Act, including the filing of annual reports on Form 40-F, the filing of Reports on Form 6-K to furnish material information to the SEC on an ongoing basis; and compliance with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder, to the extent applicable to MJDS filers.

The discussion of mineral deposit classifications in this AIF adheres to the CIM Definition Standards developed by the CIM. Estimated mineral resources fall into two broad categories dependent on whether the economic viability of them has been established and these are "mineral resources" (potential for economic viability) and "mineral reserves" (viable economic production is feasible). Resources are sub-divided into categories depending on the confidence level of the estimate based on level of detail of sampling and geological understanding of the deposit. The categories, from lowest confidence to highest confidence, are inferred mineral resource, indicated mineral resource and measured mineral resource. Reserves are similarly sub-divided by order of confidence into probable (lowest) and proven (highest). The Company at this time has not classified any of its mineral deposits as mineral reserves. These classifications can be more particularly described as follows:

A "mineral resource" is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. The Company has no projects for which mineral reserves are claimed.

An "inferred mineral resource" is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. It has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

An "indicated mineral resource" is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. It has a lower level of confidence than that applying to a measured mineral resource and may only be converted to a probable mineral reserve.

A "measured mineral resource" is that part of a mineral resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of modifying factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. It has a higher level of confidence than that applying to either an indicated mineral resource or an inferred mineral resource. It may be converted to a proven mineral reserve or to a probable mineral reserve.

A "mineral reserve" is the economically mineable part of a measured and/or indicated mineral resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of modifying factors, which are considerations used to convert mineral resources to mineral reserves and include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The reference point at which mineral reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported. The public disclosure of a mineral reserve must be demonstrated by a pre-feasibility study or feasibility study.

A "probable mineral reserve" is the economically mineable part of an indicated, and in some circumstances, a measured mineral resource. The confidence in the modifying factors applying to a probable mineral reserve is lower than that applying to a proven mineral reserve. The Company has not determined that any of its properties contain any probable mineral reserves.

A "proven mineral reserve" is the economically mineable part of a measured mineral resource. A proven mineral reserve implies a high degree of confidence in the modifying factors. The Company has not determined that any of its properties contain any proven mineral reserves.

‌CORPORATE STRUCTURE

The Company was incorporated under the Business Corporations Act (British Columbia) (the "BCBCA") on June 9, 2008 the Common Shares began trading on the TSXV in 2011. On October 15, 2013, the Company changed its name to Auryn Resources Inc. On November 1, 2016, the Company completed its graduation to the TSX and the Common Shares began trading on the TSX. In connection with the Company's graduation to the TSX, the Common Shares were voluntarily delisted from the TSXV. On July 17, 2017, the Common Shares also commenced trading on the NYSE American. On October 9, 2020 Auryn resources were renamed Fury Gold Mines Limited as part of a reorganization and acquisition transaction that closed on the same day.

Fury Gold is a reporting issuer in all of the provinces and territories of Canada. In addition, the Common Shares are registered under Section 12(b) of the U.S. Exchange Act by virtue of being listed on the NYSE American. The

Company's legal registered and records office is in care of its attorneys at 1500-1055 West Georgia Street, Vancouver, BC, V6E 4N7, and its mailing office is located at 401 Bay Street, 16thFloor, Toronto, ON M5H 2Y4.

Fury Gold conducts its business through a number of wholly-owned subsidiaries The following diagram depicts the Company's corporate structure as of December 31, 2025, and its material subsidiaries, including the name, jurisdiction of incorporation. Each is 100% owned (graphic does not show immaterial investments in two service provider entities see- Shared Service Provider herein).

BC, Canada

ON, Canada

100%

100%

100%

100%

Federal, Canada

100% 100%

Legend

‌GENERAL DEVELOPMENT OF THE BUSINESS

Fury Gold Mines is a Canadian-focused high-grade gold exploration company strategically positioned in two prolific mining regions: the Eeyou Istchee James Bay Region of Quebec and the Kitikmeot Region in Nunavut. Fury Gold has a portfolio of mineral properties of which four are considered material at this time: the Eau Claire property located in the Eeyou Istchee James Bay Region of Northern Quebec (the "Eau Claire Project"), the Committee Bay gold project located in the Kitikmeot Region of Nunavut (the "Committee Bay Project") and the Éléonore South property ("Éléonore South Project") and Sakami project (the "Sakami Project") both located in the Eeyou Istchee James Bay Region of Northern Quebec.

‌2022 Acquisition of Shares of Dolly Varden Silver Corporation

On February 25, 2022, the Company announced the completion of the sale of the Homestake Ridge project to Dolly Varden Silver Corporation ("Dolly Varden"), a publicly traded corporation listed on the TSX Venture Exchange. Pursuant to the Homestake Purchase Agreement entered into on December 6, 2021, Dolly Varden acquired 100% of Homestake Resource Corporation from Fury in exchange for a $5M cash payment and the issuance of 76,504,590 common shares of Dolly Varden. Since then, the Company has sold a number of these shares for total proceeds of

$20.6M and holds as of December 31, 2025 common shares representing a 12.3% interest in Dolly Varden.

On March 17, 2026, an earlier announced merger of equals between Dolly Varden and Contango ORE Inc ("Contango") was approved at a shareholders meeting. Dolly Varden received regulatory approval on March 23, 2026 while the merger closed on March 26, 2026. The Company's shareholding in Dolly Varden was converted into shares of Contango at a rate of 0.1652 Contango shares for each Dolly Varden share while converting from an investment in associate to marketable securities. The fair value of the Contango shares was $43.3M as at March 23, 2026. The carrying value of the Dolly Varden investment in associate was $25.9M as at December 31, 2025. The Company's shareholding in Contango represents roughly 5.8% ownership and does not constitute significant influence.

‌2022 to 2024 Unification of the Éléonore South Gold Project

On September 12, 2022, the Company and its joint venture partner Newmont Corporation ("Newmont"), through their respective subsidiaries, completed the acquisition of the remaining approximately 23.77% participating interest of Azimut Exploration Inc. in the Éléonore South Joint Venture ("ESJV"), on a pro-rata basis. Following the completion of the transaction, the 100% ESJV participating interests were then held 50.022% by the Company and 49.978% by Newmont. On February 29, 2024, the Company completed the purchase of Newmont's 49.978% interest in the Éléonore South Gold Project in Quebec ("Éléonore South") for $3,000,000. As a result of the consolidation, Fury Gold is the 100% owner of Éléonore South.

The Company also acquired Newmont's 30,392,372 common shares or 10.98% of Sirios Resources Inc. ("Sirios") as part of the transaction for an additional $1,300,000. Sirios shares have been acquired for investment purposes, and Fury will evaluate its investment in Sirios on an ongoing basis with respect to any possible additional purchases or dispositions. In March 2024, the Company sold 1,514,000 common shares of Sirios, resulting in the Company's interest in Sirios being reduced to 10.4%. Following further dilutive equity financings completed by Sirios in 2024, the Company's holding interest in Sirios as at December 31, 2024 was less than 9.9%.

‌2025 Acquisition of Quebec Precious Metals Corp. and its Projects

On April 28, 2025, the Company announced the completion of its acquisition of Quebec Precious Metals Corporation (QPM), initially announced on February 26, 2025. Fury acquired all outstanding common shares of QPM by issuing 8,349,045 Fury shares at closing, valued at approximately $4.533 million. As part of the acquisition the Company paid $750,000 in cash. Through this acquisition, the Company gained three prospective projects: the Sakami gold project in Eeyou Istchee James Bay, Québec; the Elmer East gold and lithium project, also in Eeyou Istchee James

Bay; and a 68% interest in the Kipawa rare earths project and full ownership of the Zeus heavy rare earths project, both located in the Témiscamingue region of Québec. These projects were not individually material to Fury at the time. Since the QPM acquisition did not meet the thresholds for a significant acquisition under National Instrument 51-102, no business acquisition report was required to be filed.

‌2025 Preliminary Economic Assessment of Eau Claire Project

See below under Eau Clair Project.

A more detailed three-year history is as follows:

‌Eau Claire Exploration Program

On February 13, 2023, Fury Gold provided an update on targeting the wholly owned Lac Clarkie project immediately to the east of its 100% owned Eau Claire project in the Eeyou Istchee Territory in the James Bay region of Quebec. The Company has defined a total of eight gold targets through the completion of a B-horizon soil sampling program (Figure 1). Six of the targets lie along the Cannard Deformation Zone, which hosts numerous gold occurrences along its >100 kilometre (km) mapped extent, including Fury's Eau Claire Deposit and Percival Property. Fury prioritized these newly defined targets for follow-up in 2023 with the aim of advancing a number of these targets.

In April 2023, Fury Gold commenced a drilling program at the Eau Claire Deposit, comprising of 10,000 to 15,000 metres (m), with the goals of i) continuing expansion of the high-grade Eau Claire resource; ii) following up on the 2022 success at the Percival Prospect 14 km to the east of Eau Claire; and iii) advancing several early-stage exploration targets along the Cannard Deformation Zone to the drill ready stage.

On July 10, 2023, the Company announced its 2023 summer exploration program and the restart of all exploration activities, which had been interrupted since June 5, 2023, due to a governmental emergency fire evacuation order.

On August 3, 2023, Fury announced results for the first three 2023 core drill holes at the high-grade Eau Claire gold project. The 2023 drill program focused on the continued expansion of the Hinge Target located immediately west of the Eau Claire Deposit. Drilling at the Hinge Target continues to return multiple stacked zones of gold mineralization from each drill hole, including 5.0m of 3.6 g/t Au within a broader interval of 14.0m of 2.37 g/t Au. Additional drill intercepts include 6.5m of 2.66 g/t Au, 6.0m of 2.77 g/t Au and 1.0m of 10.35 g/t Au.

On October 3, 2023, the Company reported the results for an additional two infill core drill holes from the Hinge Target at the Eau Claire Project. The 2023 drill program continued to focus on infill drilling at the Hinge Target located immediately west of the Eau Claire Deposit. Every hole completed at the Hinge Target to date had intercepted two corridors of stacked gold-bearing quartz tourmaline veins and alteration, including 3.5m of 5.73 g/t gold and 11.27 g/t Tellurium and 7.43g/t gold over 2.5m within a broader interval of 4.65g/t gold and 8.72 g/t Tellurium over 4.5m. Drill holes 23EC-065 and 23EC-068 represent the continuation of a series of infill drill holes designed to tighten up the spacing of the 2022 Hinge Target drilling to a nominal spacing of 60-80m. The stacked intercepts through these new holes continued to exhibit the overall strength of the mineralized system within the Hinge Target.

On November 28, 2023, the Company reported additional results from the 2023 infill drilling program at the Hinge Target at the Eau Claire Project. Drilling continued to intercept multiple zones of gold mineralization, including 5.5m of 4.52 g/t gold and 3.0m of 3.34 g/t gold from 23-EC-069; 1.0m of 20.20 g/t gold and 3.5m of 3.51 g/t gold from 23EC-070; 1.0m of 19.55 g/t gold from 23EC-066; and 3.5m of 3.82 g/t gold from 23EC-067.

‌2023 Changes to Management and the Board

On February 22, 2023, the Company announced that its Board of Directors appointed Brian Christie as an Independent Director, effective immediately. Mr. Christie most recently served as Vice President, Investor Relations at Agnico Eagle Mines Limited, prior to which Mr. Christie worked for over 17 years as a precious and base metals mining analyst and brings with him extensive experience in the capital markets and the mining industry. On May 15, 2023, the Company announced the appointment of Mr. Christie as Board Chair, replacing Mr. Jeffrey Mason, who was appointed Board Chair on January 11, 2023 and continued to serve as independent Director of Fury Gold until his resignation on June 26, 2024. The Company also announced that Michael Henrichsen, Chief Geological Officer, resigned from his role to pursue other interests.

On June 23, 2023, Phil van Staden, having previously served as the Company's Corporate Controller since 2020, was appointed Interim Chief Financial Officer of the Company and brings over 15 years of diverse international experience in various accounting roles and industries throughout South Africa and Canada. He holds B. Commerce and B. Commerce Honours degrees, respectively, from the University of Pretoria and the University of South Africa. Mr. van Staden, took over from Dr. Lynsey Sherry, who had been the Chief Financial Officer since November 2020. Mr. van Staden was appointed (permanent) Chief Financial Officer effective January 1, 2024.

On September 5, 2023 Fury announced that it had appointed Ms. Isabelle Cadieux as an Independent Director, and she served until her resignation from the Board on March 24, 2025.

‌2023 Financings

In March 2023, the Company closed a bought-deal private placement of 6,076,500 Common Shares of the Company that qualify as "flow-through shares" (the "FT Shares") at a price of C$1.44 per FT Share for aggregate gross proceeds of approximately $8.750 million. The proceeds from the March 2023 Offering are being used to incur "flow-through mining expenditures" in connection with the exploration of the Company's Eau Claire and ESJV projects. As at December 31, 2023, the Company had approximately $544,000 available to incur flow-through mining expenditures before December 31, 2024.

‌2023 Corporate developments

On October 12, 2023, the Company filed a short form base shelf prospectus (the "Shelf Prospectus") with the securities commissions or similar regulatory authorities in all of the provinces and territories of Canada and has filed a corresponding registration statement on Form F-10 with the United States Securities and Exchange Commission. As a result of the completion of these filings, the Company is permitted to publicly offer up to $75 million of common shares, subscription receipts, warrants, and units or any combination thereof to investors in Canada and the United States during the 25-month period from October 12, 2023, that the Shelf Prospectus is effective.

‌2024 Eau Claire Exploration

On January 17, 2024, the Company reported results from the 2023 drilling program at the Hinge Target at the Eau Claire Project. Highlights from the seven drill holes include 31.77 g/t gold over 3.50m from 23EC-077; 65.0 g/t gold over 0.50m and 14.25 g/t gold over 1.0m from 23EC-074; 2.56 g/t gold over 7.50m from 23EC-068; and 3.41 g/t gold over 6.50m and 5.0 g/t gold over 3.50m from 23EC-075.

On February 6, 2024, the Company announced the final set of results from the 12,000m 2023 drilling program at the Hinge Target, part of the high-grade Eau Claire Project. Highlights from these last five drill holes include 17.62 g/t gold over 3.50m, including 29.80 g/t gold over 2m, and 22.20 g/t gold over 0.50m from 23EC-079; and 5.49 g/t gold over 3.50m from 23-EC-078. The reported intercepts from drill hole 23EC-082 of 17.62 g/t gold over 3.50m is within 135m of surface and is completely open to surface and to the west, above the rest of the Hinge Target.

On March 13, 2024, Fury Gold announced the results for the five remaining 2023 core drill holes from the Percival Prospect located 14 kilometers east of the Eau Claire Project. Highlights from the drill holes include 15.0 m of 0.88 g/t Au including 3.0 m of 2.81 g/t Au from 23KP-016; 18.0m of 0.50 g/t Au from 23KP-014; and 14.50m of 1.05 g/t Au including 1.0m of 10.70 g/t Au from 23KP-013.

On May 14, 2024, the Company announced an updated Mineral Resource Estimate for the high-grade Eau Claire deposit as well as a Maiden Mineral Resource Estimate for the Percival deposit. The Eau Claire project now contains a combined mineral resource of 1.16Moz gold (Au) at a grade of 5.64 g/t Au in the Measured and Indicated category as well as an additional 723koz gold at a grade of 4.13 g/t Au in the Inferred Category. The 2024 updated Mineral Resource Estimate indicates an increase in the Measured and Indicated category by 307koz (a 36.0% increase) and adds 223koz Au (a 44.6% increase) to the Inferred category.

On June 19, 2024, the Company commenced a 3,500m drill program at the Serendipity Project at Eau Claire, focusing on three target areas.

On June 28, 2024, the Company announced the filing of a Technical Report for the Increased Mineral Resource Estimate for the high-grade Eau Claire deposit as well as a Maiden Mineral Resource Estimate for the Percival deposit located in the Eeyou Istchee Territory of the James Bay region of Quebec. The Eau Claire project now contains a combined mineral resource of 1.16Moz gold (Au) at a grade of 5.64 g/t Au in the Measured and Indicated category as well as an additional 723koz gold at a grade of 4.13 g/t Au in the Inferred Category. Gold mineralization remains open for expansion in all directions at both the Eau Claire and Percival deposits through additional drilling.

On September 9, 2024, the Company announced results from the diamond drilling program at the greenfield Serendipity Prospect on its wholly owned Eau Claire project in the Eeyou Istchee Territory in the James Bay region of Quebec. The Serendipity Prospect lies within the same prospective geological setting as the Company's Percival Deposit. In total 3,871 metres (m) were drilled in 10 holes across five distinct targets at Serendipity. Drill hole 24SD-009 targeted a biogeochemical anomaly overlying the easterly extension of the structure controlling the mineralization at Serendipity and intercepted 12.16 g/t gold over 3.0 m (Figures 1 and 2, Table 1). Drill hole 24SD-002 targeted a biogeochemical anomaly at the hinge of an interpreted fold within volcanic stratigraphy and intercepted 5.27 g/t gold over 1.0 m. The two noted intercepts above are separated by over 2 kilometres (km) indicating the potential for a large mineralizing system at Serendipity. The Company is in the process of planning follow-up drilling at Serendipity for 2025.

‌2024 Éléonore South Exploration Program

On March 5, 2024, Fury Gold announced that is had identified a robust geochemical gold anomaly within the same sedimentary rock package that hosts Newmont's Éléonore Mine at the Éléonore South gold project located in the Eeyou Istchee Territory in the James Bay region of Quebec. The orientation level biogeochemical sampling survey was designed to target an interpreted fold nose within the Low Formation sediments in an area where conventional soil or till sampling was not possible due to the ground conditions. The targeted area exhibited similar geological, geophysical, and structural characteristics to those present at the nearby Éléonore Mine. The identified anomaly is up to 200x the background value in gold and outlines the folded sedimentary package

On March 20, 2024, the Company announced a drilling program at its owned Éléonore South gold project located in the Eeyou Istchee Territory in the James Bay region of Quebec, in early April 2024, comprising of 2,000 metres (m) focusing on the Moni showing trend. Previous drilling intercepted up to; 53.25 m of 4.22 g/t gold (Au); 6.0 m of 49.50 g/t Au including 1.0 m of 294 g/t Au and 23.8 m of 3.08 g/t Au including 1.5 m of 27.80 g/t Au, several of which remain open.

On June 4, 2024, Fury announced the results of its spring 2024 diamond drilling program and the summer 2024 exploration plans for the project. The 2,331.4 metres (m) drilling program was completed with seven diamond drill holes testing 2.3 kilometres (km) of strike along the JT - Moni Trend. The drilling targeted 100 to 125 m downdip extensions from historical drilling. All seven drill holes intercepted anomalous gold mineralization including 137.5 m of 0.44 g/t gold and 18.7 m of 0.97 g/t from drill hole 24ES-161, 115.5 m of 0.50 g/t gold from drill hole 24ES-162 and, 28.0 m of 0.47 g/t gold from drill hole 24ES-160. During the summer of 2024, Fury plans to complete the biogeochemical sampling grid where a robust geochemical gold anomaly within the same sedimentary rock package

that hosts Newmont's Éléonore Mine has been identified. The completion of the biogeochemical grid will allow Fury

to finalize drill targeting.

On October 7, 2024, the Company announced the discovery of high-grade lithium outcrop on the western claim block of its 100% owned Éléonore South project in the Eeyou Istchee Territory in the James Bay region of Quebec. The outcrop sampling program targeted the historical Fliszar showing lepidolite bearing pegmatite as well as new rock exposures over an area of approximately 1000 x 500 metres (m) resulting in the collection of 34 samples. Seven samples returned high-grade values above 1.75% lithium oxide (Li2O) with a peak value of 4.67% Li2O. The Company's focus remains on the gold prospectivity of the Éléonore South project. However, the announced lithium results provide additional exploration targets as the overall project is advanced.

On November 12, 2024, the Company announced the finalization of drill targeting at the Éléonore South gold project in the Eeyou Istchee Territory in the James Bay Region of Quebec. Drilling will target robust geochemical gold anomalies within the same sedimentary rock package that hosts Newmont's Éléonore Mine. The completed biogeochemical sampling survey covered an interpreted fold nose within the Low Formation sediments where an orientation level study identified a large-scale gold anomaly in a similar geological, geophysical, and structural setting to that of the nearby Éléonore Mine. Six priority drill targets across over 3 kilometres (km) of prospective folded sedimentary stratigraphy have been identified. These six targets encompass multi point gold anomalies above the 90th percentile of the data and correlate with moderate pathfinder elemental anomalies, most notably arsenic which is associated with gold mineralization at the Éléonore Mine. The Company intends to mobilize crews in Q1 2025 for an initial fully funded 3,000 - 5,000 metre (m) diamond drilling program.

On November 20, 2024, the Company announced that it has finalized drill targeting after completing a surficial geochemical survey at the Éléonore South gold project located in the Eeyou Istchee Territory in the James Bay region of Quebec. Six priority drill targets across over 3 kilometres (km) of prospective folded sedimentary stratigraphy have been identified. These six targets encompass multi point gold anomalies above the 90th percentile of the data and correlate with moderate pathfinder elemental anomalies, most notably arsenic, which is associated with gold mineralization at the Éléonore Mine.

‌2024 Committee Bay Exploration

On October 24, 2024, the Company announced the results from the summer exploration program at its 100% Committee Bay project in the Kitikmeot Region of Nunavut. The 2024 exploration program defined three drill ready shear zone hosted targets advanced through a combination of till sampling, rock sampling and geological mapping:

• Three Bluffs Shear, where drilling in 2021 intercepted 13.93 g/t Au over 10 metres (m) (see news release dated December 1, 2021);

• Raven Shear where 7 rock samples have averaged 16.12 g/t gold; and

• Burro West where a 300 by 300 m discrete >90th percentile gold in till anomaly has been defined with a peak value of 50 ppb gold.

‌2024 Management and Board Changes

On January 10, 2024, the Company announced the appointment of Phil van Staden, then Interim CFO of the Company, to the position of Chief Financial Officer effective as of January 1, 2024.

On June 27, 2024, as a result of the voting at its Annual General Meeting ("AGM") of Shareholders held on June 26, 2024, the Company confirmed that each director nominee listed in the Company's management information circular dated May 14, 2024, pertaining to the AGM were re-elected as directors of the Company and that Deloitte LLP was re-appointed as the Company's auditor. Mr. Mason did not stand for re-election as a director in 2024.

‌2024 Financing

On June 13, 2024, the Company closed the $5 million financing announced on May 23, 2024. The Company issued 5,320,000 common shares of the Company that qualify as "flow-through shares" as defined under subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec) (the "FT Shares") at a price of C$0.94 per FT Share for total gross proceeds to the Company of C$5,001.

‌2025 Acquisition of Quebec Precious Metals ("QPM")

On April 28, 2025, the Company announced the completion of the corporate acquisition of QPM originally announced on February 26, 2025. Fury acquired all of the issued and outstanding common shares of QPM by issuing an aggregate of 8,349,045 Fury shares on close, valued at $4.533M. As part of the acquisition the Company paid $750,000 in cash. The Company thereby acquired three prospective projects (one precious metal, one critical mineral and one base metal) which were not individually material to Fury at the time. The QPM acquisition is not a significant acquisition in accordance with National Instrument 51-102 and therefore, no business acquisition report was filed.

On October 27, 2025 Benz Mining Corp ("Benz") exercised their option to acquire the remaining 25% of the Eastmain Gold and Ruby Hill project from the Company. The additional 25% of the Eastmain Mine property was acquired by settling a cash payment of $750 and issuing common shares of Benz to the value of $250, while the acquisition of the remaining 25% of Ruby Hill was settled by a $100 cash payment.

‌2025 Eau Claire Exploration

On September 2, 2025, the Company announced the results of a PEA for the Eau Claire gold deposit. 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. 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"). The authors of this report are further described below.

The first scenario, a full standalone operation with processing conducted entirely on site (the "Base Case"), has an after-tax net present value at a 5% discount rate (NPV5) of $554 million and an after-tax internal rate of return (IRR) of 41%. The second scenario, a hybrid case involving two years of toll milling followed by full onsite crushing, milling, and processing, resulted in an after-tax NPV5 of $610 million and an IRR of 53%. The third scenario, a full toll milling operation processing mineralized material off-site at a third-party facility, produced an after-tax NPV5 of

$639 million and an IRR of 84%. On October 17, 2025, the Company filed on SEDAR.com a Technical Report in support of the September 2, 2025 PEA news release.

On October 21, 2025, the Company announced that it had commenced a 10,000m drilling program at Eau Claire and provided an update on the Kipawa Rare Earths Project. The 10,000m drilling program was based on recommendations from the Eau Claire Preliminary Economic Assessment (PEA) focusing on resource growth and enhancing the mine plan.

On March 17, 2026, the Company announced initial results from its Phase 1 13,000-metre exploration drill program at Eau Claire. The key highlight was infill drill hole 26EC-099, which targeted an inferred portion of the Eau Claire resource and intercepted 11.74 g/t gold over 6.63m approximately 40m down plunge from previous drilling. The company also announced the Phase 2 program which is anticipated to comprise of an additional 15,000 - 25,000m of drilling and is expected to continue through the spring and summer of 2026.

At Kipawa, the Company is currently reviewing the project and engaging with local stakeholders.

‌2025 Éléonore South Exploration

On February 3, 2025, the Company announced the commencement of a diamond drilling program on the greenfield exploration Éléonore South gold project located in the Eeyou Istchee Territory in the James Bay region of Northern Quebec. Drilling targeted robust multi-faceted geological, geophysical, and geochemical gold anomalies within the same sedimentary rock package that hosts the Éléonore Mine. The fully funded first phase drilling campaign comprised approximately 4,000 - 6,000 metres (m) targeting an interpreted fold nose within the Low Formation sediments. Within the prospective folded stratigraphy were six undrilled priority targets spanning over 3 kilometres (km) of strike length that had been identified through a combination of biogeochemical sampling and interpretation of magnetics and electromagnetics survey data. The first phase of drilling was focused within a northwest-southeast structural corridor where a strong correlation between anomalous gold, stratigraphy, and structure had been identified. The drill targets occurred in a structurally complex setting with little to no outcrop exposure and the targeting model evolved with each hole drilled. The Company planned to complete approximately 15 of the 77 permitted drill holes as part of the first phase of drilling and guided additional drilling based on the results and observations from this phase.

On June 16, 2025, the Company announced the results of the Spring 2025 diamond drilling program. The first phase of drilling targeted axial planar structures within the core of a fold within the prospective Low Formation sediments. The program comprised 12 diamond drill holes totaling approximately 4,930 m of drilling within a 2x3 km target area. Four of the twelve drill holes intercepted low-grade gold mineralization across widths of up to 5 m with up to five zones in a single drill hole (25ES-170). The low-grade gold mineralization intercepted lies within an east-west, steeply southerly dipping structural corridor with quartz veining and associated strong, broad zones of carbonate + silica + tourmaline +/- diopside alteration. The structural corridor is interpreted to be an axial planar feature related to broad regional scale folding within the favourable Low Formation sedimentary package. Gold is associated with bismuth and tellurium within altered bedded wackes and argillites of the Low Formation.

The first phase of drilling did not intercept arsenopyrite, which is a primary indicator of gold mineralization at the Éléonore Mine. Moderate arsenic anomalism was used in the targeting of the initial drilling in order to filter out the high background arsenic in the regional sedimentary package. Future drilling will target moderate to high arsenic anomalism with associated gold anomalism within the identified structural corridor in order to filter out the right concentration of arsenic associated with mineralization and not primary arsenic associated with lithology.

In addition to the Éléonore style biogeochemical targets, several gold in-till anomalies remain undrilled throughout the project. These gold in-till anomalies have similar geological and geochemical characteristics to the Cheechoo style of mineralization.

‌2025 Sakami and Elmer East

The Sakami project was acquired as part of the Quebec Precious Metals Corp acquisition completed in 2025. The winter road accessible Sakami project covers approximately 14,250 hectares (ha), 30 km to the east of the paved Billy Diamond Highway. The Project straddles the prospective structural corridor marking the contact between the Opinaca and La Grande Geological sub-provinces, where gold mineralization has been identified across over 23 km. Gold mineralization is located at the base of a sulphide rich horizon located along and proximal to regional-scale shearing, marking the contact between the two geological sub-provinces.

On June 16, 2025, the Company announced that it had finalized a number of drill targets at the Sakami gold project. The initial phase of drilling is scheduled to start in late June 2025, with approximately 3,000 to 5,000 metres planned. The three priorities include evaluating a 23-kilometre-long gold-bearing structural corridor at the Juliette target, confirming previous mineralized intercepts at the La Pointe and La Pointe Extension targets, and conducting step-out drilling along strike and down plunge of a high-grade corridor identified at La Pointe Extension.

On August 12, 2025, the Company announced the initial results from the inaugural drill campaign at the Sakami gold project. Drill hole 25SK-001, the first of six holes drilled to date, was designed to test the down plunge extension of gold mineralization intercepted in historical drilling and intercepted five distinct zones of gold mineralization across a 140-metre drilled length; 4.7 m of 2.72 g/t gold; 0.5 m of 10.2 g/t gold; 1.5 m of 5.17 g/t gold and; 11.8 m of 1.28 g/t gold and; 41.5 m of 1.23 g/t gold. Within the two broader intercepts of 11.8 m and 41.5 m, hosted within intense pervasive silicification, there is a high-grade core that includes intercepts of up to 7 m of 3.15 g/t gold.

On September 4, 2025, the Company announced the results from two additional drill holes at the Sakami gold project. Drill hole 25SK-002 was drilled 140 m below drill hole 25SK-001, where drill hole 25SK-003 was drilled 200 m below previous shallow drilling and 100 m to the west of the previously announced drill hole 25SK-001. Highlights from the additional two drill holes include 49.5 m of 0.6 g/t gold and 22.7 m at 1.47 g/t gold from drill hole 25SK-002, as well as 59 m of 1.59 g/t gold and 9.1 m of 0.92 g/t gold from drill hole 25SK-003. The reported intercepts leave the mineralization at La Pointe Extension open at depth and along strike to the west. Results from the remaining four drill holes are pending.

On November 24, 2025, the Company announced final results from its inaugural drill campaign at the Sakami gold project located in the Eeyou Istchee Territory of the James Bay region of Northern Quebec. The 2025 diamond drill program resulted in the completion of 3,685m in seven holes of which six drill holes totaling 2,965m targeted extensions and gaps at the La Pointe Extension prospect and one hole (720m) targeted an induced Polarization chargeability anomaly at the Juliette prospect. Drill hole 25SK-005, the southwestern most drill hole completed by the Company, intercepted 26.0m of 0.71 g/t gold including 6.5m of 1.76g/t gold. The intercept in drill hole 25SK-005 is 185m to the SW of drill hole 25SK-003, which intercepted 59m of 1.59 g/t gold. Drill hole 25SK-007 intercepted

22.2m of 0.83g/t gold including 2.9m of 1.71g/t gold and 1m of 8.62g/t gold in a shallow gap between two pods of mineralization.

In addition to the drilling results the Company also announced the results of the regional 2025 soil sampling program which was completed along a regional fault splay some 10km to the west of La Pointe Extension. The soil grid resulted in the collection of 237 samples identifying six structurally controlled gold anomalies for potential follow up.

On December 8, 2025, the Company announced an initial inferred mineral resource estimate for the La Pointe Extension target on the Sakami gold project, located in the Eeyou Istchee Territory of the James Bay region in Northern Quebec. The initial inferred mineral resource comprised 23.9 million tonnes grading 1.07 g/t gold for 825,000 gold ounces. The entirety of the inferred mineral resource is contained within a conceptual open pit with a maximum depth of 400m. The La Pointe inferred resource remains open in all directions with immediate opportunities for expansion to the NE and SW as well as below the shallow portion of the conceptual open pit where drilling is limited to 175m below surface.

In addition to the inferred mineral resource at La Pointe Extension, the Company released a Mineral Exploration Target for the La Pointe prospect which ranges between 8.1 and 14.7 million tonnes grading from 1.11 to 1.57 g/t gold.

La Pointe Extension Resource Estimate technical report: The La Pointe Extension resource estimation was completed in a technical report authored by Olivier Vadnai-Leblanc, P. Geo., Geologist with SGS Geological Services ("Initial Mineral Resource Estimate for the Sakami Project, Eeyou Istchee Territory, James Bay Region of Quebec, Canada" which is dated January 21, 2026, has an effective date of November 11, 2025, and is filed on SEDAR+).

‌2025 Elmer East Project

The Elmer East property, also acquired as part of the QPM acquisition, covers approximately 45,735 ha and is easily accessible from the paved Billy Diamond highway. The project is located approximately 60 km north of the "km 381" rest stop where accommodations, fuel catering and power are available. The property is host to an undrilled 4.2 km long east-west oriented gold and base metal bearing structural trends known as the Lloyd showing where grab samples have returned results of up to 68.10 g/t gold, 7.99% Zinc and 7,660 ppm Copper.

Spodumene bearing pegmatites have been identified throughout the QPM land package with a recently completed drilling campaign at the Ninaaskumuwin project where +20 m spodumene bearing pegmatites with vertical continuity of up to 150 m were intercepted in drilling late 2024.

On July 9, 2025, the Company announced the results of the 2024 diamond drilling campaign targeting spodumene bearing pegmatites at Elmer East. The program comprised 825 m of diamond drilling in 5 drill holes. The drilling targeted a spodumene-bearing pegmatite outcrop, which returned surface samples of up to 3.92% Li2O. Highlights from the drill campaign include 32.35 m of 1.16% Li2O from EE24-003 and 22.48 m of 1.19% Li2O from EE24-002.

Drilling confirmed the vertical continuity of lithium mineralization from surface down to 150 m. The lithium mineralized spodumene-bearing pegmatite intercepted remains open at depth and along strike. This new lithium discovery sits approximately 50 km north of Rio Tinto plc's Galaxy Lithium project, acquired in March 2025 as part of the broader acquisition of Arcadium Lithium plc for US$ 6.7 billion.

On July 22, 2025, the Company announced the results from metallurgical test work completed on the lithium mineralized pegmatite intercepted in the 2024 drill campaign. The objective of the metallurgical test work was to characterize the mineralogy and metallurgical properties of the spodumene-bearing pegmatite intercepted in drilling. Results from the preliminary test work indicate that the Ninaaskumuwin lithium mineralization is amenable to conventional lithium extraction techniques with Heavy Liquid Separation resulting in recovery of 62.2% Lithium and a concentrate grade of 5.59% Li2O from a single composite sample.

Results from the recent test work indicate that the analyzed samples contain up to 42% spodumene, with spodumene identified as the sole lithium-bearing mineral. The intercepted pegmatite is free of impurities, suggesting that lithium concentrates suitable for lithium carbonate and lithium hydroxide battery-grade products could potentially be produced. The Ninaaskumuwin pegmatite is characterized as a highly fractionated and fertile lithium-cesium-tantalum (LCT) pegmatite. The grades of the 85 samples analyzed range from 0.02% to 3.71% Li₂O and from 0.36% to 6.30% Fe₂O₃. Additionally, a single composite sample yielded lithium recoveries of 62.2% with a concentrate grade of 5.59% Li₂O.

The drilling program completed in 2024, along with the metallurgical test work carried out in 2025, was partially funded through a government grant covering 50% of eligible costs awarded to QPM.

‌2025 Committee Bay (Nunavut Territory, Canada) Exploration

The Committee Bay project comprises of a series of mineral claims and leases covering approximately 250,000 hectares situated along the entire 300 km long Committee Bay Greenstone Belt, located in the eastern Kitikmeot region of Nunavut, Canada and located 180 km northeast of the Meadowbank mine operated by Agnico Eagle Mines Limited. The Committee Bay belt comprises one of a number of Archean-aged greenstone belts occurring within the larger Western Churchill province of northeastern Canada. The Committee Bay project is held 100% by the Company, subject to a 1% Net Smelter Return ("NSR"), and an additional 1.5% NSR payable on only 7,596 hectares which may be purchased within two years of the commencement of commercial production for $2,000 for each one-third (0.5%) of the NSR.

Three Bluffs MRE was completed by APEX Geoscience Ltd. ("APEX") (see the Technical Report on the Committee Bay Project, Nunavut Territory, Canada, dated September 11, 2023, and filed under Fury's SEDAR+ profile). It supersedes all previous Committee Bay technical reports.

On June 3, 2025, the Company announced its 2025 exploration plans for the Committee Bay project, which commenced in early July 2025 and comprised of 7 - 10 diamond drill holes totaling approximately 5,000 metres (m).

Drilling had three primary goals, including the expansion of the Three Bluffs Shear Zone target, testing regional shear zones along the southern contact of the 8 kilometre (km) long Raven shear zone, and testing regional shear zones at Burro West.

On July 14, 2025 Fury announced that the 2025 exploration drilling program had commenced at the Committee Bay project, located in the eastern Kitikmeot region of Nunavut, Canada. The 2025 drilling program comprised 7 - 10 diamond drill holes totaling approximately 5,000 metres (m) focused on: expansion of the Three Bluffs Shear Zone target, testing regional shear zones along the southern contact of the 8 kilometre (km) long Raven shear zone, and testing regional shear zones at Burro West.

On November 10, 2025, the Company announced the results from the 2025 exploration drilling program at the Committee Bay project. The 2025 drilling program comprised six (6) diamond drill holes totaling approximately 2,778 metres (m). Four of the drill holes (2,041m), targeting expansion of the Three Bluffs Shear Zone intercepted gold mineralization across 315m of strike with mineralized widths of up to 19.5m, including 5.73 grams per tonne (g/t)

gold across 3.0m within a broader interval of 1.18 g/t gold over 19.5m (Hole 25TB155), which ended in the mineralized zone. The remaining two drill holes, which totaled 737m, tested the southern contact of the 8 kilometre (km) long Raven Shear Zone, which historically returned drill intercepts of up to 12.60 g/t gold over 5.49m and 31.1 g/t gold across 2.8m with outcropping gold mineralization defined over 1.4 km. Hole 25RV015, which was a 330m step-out from previous drilling intercepted 4.59 g/t gold over 1.5m.

‌2025 Financings

On May 27, 2025, the Company entered into a subscription agreement with Agnico Eagle pursuant to which Agnico Eagle had acquired, on a non-brokered private placement basis, 6,728,000 units in the capital of the Company ("Units") at C$0.64 per Unit for gross proceeds of $4,306 (the "AEM Private Placement"). Each Unit consists of one common share of Fury and one common share purchase warrant. Each common share purchase warrant is exercisable to purchase one Share at C$0.80 for a 36-month period from the date of issuance on May 26, 2025, subject to accelerated expiry after 24 months if the market price of the Shares closes above C$0.80 for twenty consecutive trading days. This investment increased Agnico Eagle's basic ownership to 6.3% of Fury's issued shares and its defined "ownership interest" to 9.9% calculated on a "partially diluted" basis. $3.9 Million of this investment is allocated for exploration under the Company's 2025 exploration program at the Committee Bay project and the remainder is available for other projects and general corporate purposes.

On June 20, 2025, the Company closed a $3.08 Million financing (the "June 2025 Offering") previously announced on June 5, 2025. The Company issued 3,999,701 common shares of the Company that qualify as "flow-through shares" as defined under subsection 66(15) of the Income Tax Act (Canada) ("FT Shares") at a price of C$0.77 per FT Share.

In connection with the June 2025 Offering, Agnico Eagle Mines Limited ("Agnico Eagle") exercised its existing participation right and acquired 440,000 common shares of the Company at a price of C$0.67 per Share for gross proceeds of $295 ("AEM June Private Placement"). The Common Shares acquired in AEM June Private Placement do not qualify as "flow-through shares". AEM June Private Placement, together with the June 2025 Offering, resulted in the Company raising aggregate gross proceeds of $3,375. The proceeds from AEM June Private Placement was used to advance the Company's Committee Bay exploration program.

On October 14, 2025, the Company closed a brokered private placement which it initially announced on September 22, 2025. There was 9,915,000 flow-through units sold to charity purchasers (the "Charity FT Units") at a price per Charity FT Unit of C$1.21; and 6,003,000 flow-through shares (the "FT Shares") at a price per FT Share of C$1.00, for total aggregate gross proceeds of $18 million. The Charity FT Units are comprised of one "flow-through" share (each, a "Charity FT Share"), and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one non-flow through common share (a "Warrant Share") at a price of $1.20 per Warrant Share for a period of 24 months from the date of the closing.

On November 12, 2025 the Company closed a private placement of 1,494,253 units of the Company (the "Units") at a price of $0.87 per Unit for gross proceeds of $1.3 million. The Units were comprised of one share, and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one common share (a "Warrant Share") at a price of $1.20 per Warrant Share for a period of 24 months from the date of the closing.

‌2025 Changes to the Board

On March 26, 2025, the Company announced that director Isabelle Cadieux had resigned from the Fury Board of directors to pursue other opportunities. On June 27, 2025, the Company announced the voting results from its Annual General Meeting ("Meeting") of Shareholders held on June 26, 2025. The Company confirmed that each director nominee listed in the Company's management information circular dated May 12, 2025 were re-elected as directors of the Company and that Deloitte LLP was re-appointed as the Company's auditor.

On January 26, 2026, the Company announced the appointment of Mr. Phillips Baker to its Board of Directors as an independent director.

‌BUSINESS DESCRIPTION

Fury Gold Mines is a Canadian-focused high-grade gold exploration company strategically positioned in two prolific mining regions: the Eeyou Istchee James Bay Region of Quebec and the Kitikmeot Region in Nunavut.

Fury Gold has a portfolio of mineral properties, four of which are currently considered material: the Eau Claire property (the "Eau Claire Project"), the Éléonore South property (the "Éléonore South Project"), and the Sakami property (the "Sakami Project"), all situated in the Eeyou Istchee James Bay Region of Northern Quebec, and the Committee Bay gold project located in the Kitikmeot Region of Nunavut (the "Committee Bay Project"). Fury's portfolio of mineral properties also includes the Elmer East gold and lithium project, located in Eeyou Istchee James Bay territory in Québec; and the Kipawa-Zeus rare earths project, both situated in the Témiscamingue region of Québec, which are currently not considered material.

The Company has been actively exploring its mineral projects with the goal of identifying new areas of significant mineralization. As discussed in relevant project sections below, the majority of this work has taken place away from the known deposit areas in the form of regional exploration and prospect drilling at satellite targets. Though this work has yet to lead to the discovery of any commercial mineral deposits, it has strengthened the Company's understanding of the geological systems and provided new evidence with respect to the projects' continued perspectivity. The Company expects to continue its exploration on the Eau Claire Project and Committee Bay this year.

The Company has not yet determined whether any of its mineral property interests contain economically recoverable mineral reserves. The Company's continuing operations and the underlying value of the Company's mineral property interests are entirely dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain the necessary financing to complete the exploration of its mineral property interests, obtaining the necessary mining permits, and on future profitable production or the proceeds from the disposition of the exploration and evaluation assets. See "Risk Factors" for further information.

‌Specialized Skill and Knowledge

Most aspects of the Company's business require specialized skills and knowledge. Such skills and knowledge include the areas of geology, mining, metallurgy, engineering, environment issues, permitting, social issues, capital markets, financing and accounting. While competition in the resource mining industry can make it difficult to locate and retain competent employees in such fields, the Company has been successful in finding and retaining personnel for the majority of its key processes. See "Risk Factors - Specialized Skill and Knowledge".

In addition, Fury Gold's technical and management teams have a track record of successfully monetizing assets for all stakeholders and local communities in which it operates. Fury Gold conducts itself to the highest standards of corporate governance and sustainability.

‌Competitive Conditions

The mineral exploration industry is competitive, and Fury Gold will be required to compete for the acquisition of project opportunities. As a result of this competition Fury Gold may not be able to acquire or retain prospective mineral projects, technical experts that can find, develop and mine such mineral properties and interests, workers to operate its mineral properties, and capital to finance exploration, development and future operations. The Company competes with other mining companies, some of which have greater financial resources and technical facilities, for the acquisition of mineral property interests, the recruitment and retention of qualified employees and for necessary investment capital with which to fund its operations and projects. See "Risk Factors - Competitive Conditions".

‌Cyclical and Seasonal

The Company's mineral exploration activities may be subject to seasonality due to adverse weather conditions

affecting exploration including, without limitation, incremental weather, frozen ground and restricted access due to

snow, ice or other weather-related factors. Further, the mining business, and particularly the precious metals industry, including the gold industry, is subject to metal price cycles. Moreover, the mining and mineral exploration business is subject to global economic cycles effecting, among other things, the marketability and price of gold products in the global marketplace. See "Risk Factors - Commodity Price Fluctuations and Cycles".

‌Intangible Properties

The Company's intangible property, including its mineral and surface rights, is described elsewhere in this AIF. The Company's business is not materially affected by intangibles such as business or commercial licenses, patents and trademarks or other intellectual property.

‌Environmental Protection

Exploration activities are subject to numerous and often stringent environmental laws and regulations. Compliance with such laws and regulations increases the costs of, and delays planning, designing, drilling and developing the Company's properties. To the best of management's knowledge, the Company is in compliance in all material respects with all environmental laws and regulations applicable to its exploration and drilling activities. Fury Gold is committed to meeting or surpassing all applicable environmental legislation, regulations, permit and license requirements, and to continuously improving its environmental performance and practices. The Company embraces safe, socially and environmentally responsible and sustainable work practices during all activities. Fury Gold seeks to utilize innovative technologies and techniques to reduce its environmental footprint across all of the Company's projects. This includes awarding drill contracts to an EcoLogo certified contractor at Eau Claire, the use of Rotary Air Blast (RAB) drilling at the Committee Bay Project, which reduces water usage, footprint and time on the ground, and the use of drone imagery to allow targeted ground-based follow up of outcrop. Current costs associated with compliance are considered to be normal. See "Risk Factors - Environmental Regulatory, Health & Safety Risks and "Risk Factors -Environmental Protection".

‌Employees

As at December 31, 2025, the Company had approximately 9 equivalent full-time employees located primarily in Canada. The Company shares certain technical and administrative functions provided by Vancouver-based Universal Mineral Services Ltd on a full-cost recovery basis (See "Agreement with Universal Mineral Services Ltd.). The Company also relies on consultants and contractors to carry on many of its business activities and, in particular, to supervise and carry out mineral exploration and drilling on its mineral properties. No management functions of Fury Gold are performed to any substantial degree by a person other than the directors or executive officers of Fury Gold.

‌Social and Environmental Policies

Building and maintaining good corporate citizenship is an important component of Fury Gold's business practices. The Company has adopted several social and environmental policies and codes of conduct that are essential to its operations. The Company's operating practices are governed by the principles set out in its Code of Business Conduct and Ethics, Diversity Policy, Insider Trading Policy, Indigenous Relations Policy, Disclosure Policy and Whistle-Blower Policy.

Fury Gold endeavours to contribute to the communities in which it operates by focusing on activities that can make meaningful, positive and lasting differences to the lives of those affected by its presence. Fury Gold prioritizes creating mutually beneficial and long-term partnerships with the communities where it operates, respecting their interests as our own. Fury Gold establishes constructive local partnerships to contribute to local priorities and interests and to have communities benefit both socially and economically from its activities. The Company seeks opportunities to maximize employment and procurement for local communities through the provision of suitable training opportunities and resources.

Fury Gold endeavours to engage in open and transparent dialogue with governments, local communities, Indigenous peoples, organizations and individuals on the basis of respect, fairness and meaningful consultation and participation.

Further information regarding Fury Gold's corporate governance policies and charters can be found on its website at https://www.furygoldmines.com/about -us/governance.

‌Indigenous and Local Community Engagement

Fury Gold respects and engages meaningfully with Indigenous and local communities at all of its operations. The Company is committed to working constructively with local communities, government agencies and Indigenous groups to ensure that exploration work is conducted in a culturally and environmentally sensitive manner. The Company's engagement with Indigenous and local communities is governed by the principles set out in its Indigenous and Community Relations Committee Charter. Moreover, Fury Gold is committed to:

• sharing information about its projects and operations, providing meaningful opportunities for input and dialogue and involving local and Indigenous communities in archaeological work, environmental assessments and related studies;

• making meaningful efforts to reach agreements with local and Indigenous groups on the preferred method of participation and engagement processes;

• exploring opportunities for local and Indigenous communities to benefit from its projects and activities, which may include employment, contracting, training, community benefits and agreements, as appropriate to the type and stage of activity being undertaken; and

• engaging in candid and respectful dialogue with a view to resolving or minimizing any disagreements and ensuring full communication in respect of any unresolved issues.

Fury Gold is committed to responsible mineral exploration. The Company is dedicated to collaborating with Indigenous peoples and communities to establish and maintain effective, lasting, and mutually beneficial relationships. To achieve this commitment, we strive for relationships based on transparency, mutual respect, and trust. Accordingly, Fury implemented an Indigenous Relations Policy in 2025, which can be found on the Company's website at https://www.furygoldmines.com/about-us/governance. In 2026 Fury hired a full time Community Liaison Officer who is a Cree speaking aboriginal.

‌Cultural Awareness

In 2024, employees and the board of directors completed additional cultural awareness training which focused on the Indigenous communities in the regions of its projects in Quebec. Fury, in partnership with the Cree Hunters Economic Security Board and 15 other mining and exploration companies, contributed to a voluntary fund totaling C$750,000 for the Reconstruction Initiative Forest Fires Fund 2023. This initiative aimed to support the rebuilding of cabins destroyed by the 2023 wildfires in the Eeyou Istchee James Bay territory of Quebec.

‌Ecologo Certificate

Additionally, during the first quarter of 2022, the Company undertook a qualitative environmental, social and governance ("ESG") assessment with Digbee, a technology company which provides qualitative assessment tools to mining companies to track their ESG achievements. Fury Gold received an overall score of BB with a range of CC to A broken down into a corporate score of BB with a range of B to A and a project score of BB with a range of CC to A for both the Eau Claire and Committee Bay projects. These results are considered strong for an exploration company and the Company is continually evaluating and implementing initiatives to improve future scores. Fury Gold conducted a second annual Digbee ESG Certification in 2024, and achieved an overarching score of BBB with a range of CC to AA as of June 2024. A corporate score of A with a range of BB to A was obtained, which is considered to be strong for an Exploration company. The Eau Claire project achieved a score of BB with a range of CC to AA. Fury achieved an overarching score of BBB with a range of CCC to AA as of April 2025. A corporate score of BBB with a range of BB to A was obtained, which is considered to be strong for an Exploration company. The Eau Claire project achieved a score of BBB with a range of CCC to AA. The Company continues to evaluate and implement initiatives to improve future scores.

During the year ended December 31, 2025, the Company received its Ecologo certification for mineral exploration. Ecologo is the first comprehensive certification for mineral exploration companies and their service providers that features third-party certification of environmental, social and economic practices in Quebec.

During 2023, 2024 and 2025, the Company's subsidiary Eastmain entered into a Services Agreement with Stajune Ventures Inc., a business entity of the Cree Nation of Eastmain, which provided for the local First Nation personnel to provide services for the summer exploration activities at the Eau Claire project during those years.

Fury Gold's Indigenous and Community Relations Committee Charter can be viewed on its website at https://www.furygoldmines.com/about -us/governance.

‌THE COMPANY'S MINERAL PROJECTS

At December 31, 2025, the Company had four material mineral projects: Eau Claire, Sakami and Éléonore South all in Quebec, Canada and Committee Bay in Nunavut territory, Canada.

The Eau Claire Project is a resource stage project, 100% held and operated by Fury, comprised of 446 claims, totaling 23,284 hectares(ha). Located in 1:50,000 scale NTS map sheets 33B04 and 33B05, approximately 320 km northwest of the town of Chibougamau and 800 km north of Montreal in the Eeyou Istchee James Bay Region of Quebec. The centre of the property is located at approximately 75.78 degrees longitude west and 52.22 degrees latitude north.

The Sakami project is a winter road accessible project which covers approximately 14,250 hectares (ha), 30 km to the east of the paved Billy Diamond Highway in Quebec. The Project straddles the prospective structural corridor marking the contact between the Opinaca and La Grande Geological subprovinces, where gold mineralization has been identified across over 23 km. Gold mineralization is located at the base of a sulphide rich horizon located along and proximal to regional-scale shearing, marking the contact between the two geological subprovinces.

The early exploration stage Éléonore South Project, 100% held and operated by Fury, comprises 282 claims, totaling 14,760 hectares (ha). Located in 1:50,000 scale NTS map sheets 33B12 and 33C09, approximately 200 km east of the Cree community of Wemindji, 330 km northwest of the town of Chibougamau and 800 km north of Montreal in the Eeyou Istchee James Bay Region of Quebec. The centre of the property is located at approximately 75.98 degrees longitude west and 52.58 degrees latitude north. It is located in the immediate vicinity of the Éléonore gold mine and mill now owned by Dhilmar Ltd.

The Committee Bay Project, 100% held by Fury, is a resource stage project comprising 156 claims and 57 crown leases, totaling 254,623.05 hectares (ha). located in 1:250,000 scale NTS map sheets 56J, 56K, 59O and 56P, approximately 430 km northwest of the town of Rankin Inlet in Canada's north The approximate centre of the Project is located at Universal Transverse Mercator (UTM) co-ordinates 7,400,000m N and 570,000m E (NAD 83, Zone 15N).

The Eau Claire Project is located in the Eeyou Istchee James Bay Territory of Northern Quebec, approximately 320 km northwest of the town of Chibougamau and 800 km north of Montreal.

Its approximate center is located at Universal Transverse Mercator (UTM) coordinates 5,786,800 m N and 453,000 m E (NAD 83, Zone 18N). The approximate UTM coordinates for the centre of the currently defined Eau Claire deposit are 5,785,100 m N and 444,600 m E. The Project is located within National Topographic System (NTS) 1:50,000 scale map-areas; 33B04 and 33B05.

‌Land Tenure

As of December 31, 2025, the Project consisted of 446 map-designated Quebec mineral claims covering 23,284.5 ha, 100% owned by Eastmain Resources Inc., a wholly owned subsidiary. The claims are in good standing as of the date of this AIF. The boundaries of the claims have not been legally surveyed. The mineral rights exclude surface rights, which belong to the Quebec government.

The Eau Claire Project is located north of the 52nd parallel (52ºN) and as such is subject to the provisions of the James Bay and Northern Quebec Agreement (1975), and the Paix des Braves Agreement (2002). The Eau Claire Project falls within the Eeyou Istchee Territory of the Eastmain Cree First Nation, including trap line VC36 held by Dr. Ted Moses as the Cree Tallyman. The Eau Claire project is located on Category III lands, as established under the James Bay and Northern Quebec Agreement.

The figure below presents property location and claims comprising the Eau Claire Deposit:

‌Local Resources and Infrastructure

Fury, through its Eastmain subsidiary, maintains a forty-person camp to support exploration activities at the Eau Claire project. The closest infrastructure to the Eau Claire deposit includes a number of hydroelectric complexes and associated infrastructure, including the EM-1 hydroelectric complex. The EM-1 complex is located within 15 km of the Eau Claire gold deposit. Hydro Québec has established a 600-person camp at EM-1 that includes fuel and medical services. More major necessities such as skilled labour and specialized equipment are sourced from Val-d'Or or

Chibougamau. Many services are now available through numerous Cree owned businesses and partnerships in Mistissini, Eastmain and Nemaska.

‌Accessibility and Climate, Physiography

The Project is located 350 km north of the town of Chibougamau and borders the northern shore of the EM-1 Hydro Quebec reservoir in the James Bay region (NTS Map sheet 33B04 and 33B05). The exploration camp is located 2.5 km east of the Eau Claire deposit at 52.22 degrees north and 75.79 degrees west. A Property location map is illustrated in Figure 5-1 below.

The property is accessible, year-round, by the Route du Nord and is located 100 km north of Nemaska, serviced by commercial flights twice per week. The Route du Nord from the town of Chibougamau is a 350 km all-season gravel road extending from the town of Chibougamau to the Cree village of Nemaska (and onto Hydro Québec's installation at EM-1). Beyond EM-1, road access to the project involves crossing the Eastmain Reservoir and the EM-1 spillway via an all-season road installed by Hydro Québec.

The climate is typical of northern Quebec and is characterized by temperate to subarctic conditions. The average summer temperatures vary from 10 to 25 degrees Celsius during the day and 5 to 15 degrees Celsius at night (June to September). Winter temperatures range from -35 to -10 degrees Celsius. Winter season can start in late October and can continue until May. Precipitation varies during the year reaching an average of 2 metres annually and is characterized by snow cover in the winter months and moderate rainfall in the summer months. Exploration activities can be carried out year-round.

‌History

The following is taken from Armitage and Hafez (2017) and describes work completed in the general vicinity of the Project prior to 2017. Work completed after 2017 is summarized from previously submitted assessment reports.

‌Pre 2002 Exploration

Exploration on the Project dates back to the early 1970s when SEREM Quebec Inc. (SEREM) and Société de Développement de la Baie-James (SDBJ) completed airborne electromagnetic surveys and limited core drilling in search for volcanogenic massive base metal sulphide deposits (Chartier and Ravenelle, 2015).

In 1984, Westmin and Eastmain initiated a comprehensive gold and base metal exploration program that covered the former Eastmain Greenstone Belt. From 1984 through 1989, Westmin and Eastmain completed a multi-staged exploration program which included airborne geophysical surveys, line cutting, geochemical rock and soil surveys, ground geophysical surveys, prospecting, geological mapping, and core drilling.

A property-wide airborne electromagnetic and magnetic survey contracted by Westmin formed the basis of a comprehensive exploration program that led to the discovery of the Eau Claire gold deposit in 1987. The joint venture conducted a systematic soil sampling program over all known electromagnetic anomalies on the property. Flagged and cut grids were completed on isolated electromagnetic anomalies along with prospecting, geological mapping, and rock sampling. A large gold-in-soil geochemical anomaly was detected in the south-western portion of the property proximal to the outcropping gold-bearing quartz- tourmaline vein, currently identified as the B Vein in the 450 West zone.

Sampling and mapping were conducted on local area cut grids focusing on short strike-length airborne geophysical conductors. Westmin collected 1,036 rock samples that were assayed for gold only. The rock sample data ranges from less than 5 parts per billion to 22.2 g/t Au.

Soil surveys were completed over small, localized grids using a grub hoe to sample the soil's B-horizon. Samples were assayed for gold only.

Westmin completed a total of 54 core boreholes (5,922 metres) from 1987 to 1989, which resulted in the discovery of several gold-bearing quartz-tourmaline veins. The presence of these veins (including veins currently known as VEIN B, C, D, F and G) demonstrated continuity in three dimensions within the upper portion of the Eau Claire gold deposit.

The property was dormant from 1990 to 1995.

From 1996 through 2001, SOQUEM managed the exploration activities on the Clearwater property, which included ground geophysical surveys, line cutting, prospecting, geological mapping, trenching and core drilling. A comprehensive soil sampling program covered the entire property on a 100 by 500 metre grid. In 1996, SOQUEM commissioned Sigma Geophysics Inc. (Sigma) to complete ground magnetic and induced polarization (IP) surveys over four grid areas. The surveys were completed over the Rosemary, Eau Claire, Aupapiskach, and Natel areas. In total, Sigma completed 168.5 line km of ground magnetic survey and 130.9 line km of IP surveys. The magnetic data were collected on 100 metre line and 12.5 metre station spacing using an EDA Omniplus instrument. Magnetic, resistivity, and chargeability data were presented on 1:5,000 scale map sheets for each grid area. The Eau Claire Deposit was not detected from the geophysical surveys.

Between 1996 and 2001, SOQUEM collected 556 rock samples for analysis. The principal area of interest defined by the SOQUEM rock sampling was the surface expression of the 450 West Zone. SOQUEM also found gold-bearing quartz-tourmaline veins 2 km east of Eau Claire at the Snake Lake prospect.

In 1999, a backhoe was brought to the property to expedite surface trenching. Extensive surface trenching in 1999 exposed multiple high-grade, quartz-tourmaline veins (currently known as VEIN P, JQ, R, and S) at the 450 West zone. Surface stripping demonstrated lateral continuity of these veins for up to 200 metres and variable thicknesses, from less than 0.5 metres to 3.2 metres. Systematic channel sampling across these veins at 5 to 10 metre intervals yielded gold intercepts ranging from less than 1.0 to 406.5 g/t Au. SOQUEM completed 95 core boreholes (19,639 metres) on the property between 1996 and 2001.

‌2002 - 2019 Eastmain Resources Exploration

On October 9, 2020, Fury acquired all the issued and outstanding shares of Eastmain Resources Inc. which was a publicly traded company at the time. Eastmain had completed campaign style ground exploration programs from 2002 through to 2013. Little groundwork aside from drilling was completed post 2013. The groundwork completed by Eastmain included outcrop and trench mapping, soil sampling, ground and airborne geophysical surveying and trenching.

Soil sampling across the Project identified a number of anomalous targets. Several of these targets; Rosemary, Spider, Boomerang, Snake Lake and Clovis are located along the Cannard Deformation Zone within the Eau Claire deposit trend. On the eastern side of the property the Natel, Knight and Serendipity prospects were identified early on. The Percival prospect was not identified until 2018 through prospecting. Percival does not have a gold in soil anomaly associated with the near surface gold mineralization from the historical Eastmain work.

Airborne geophysical surveys were completed in 2005 (VTEM and magnetics with 100 m line spacing), 2012 (Magnetics with 25 - 50 m line spacing) across the entire property. A VTEM and magnetics grid targeting the Knight - Serendipity trend which includes Percival was completed in 2019. The airborne geophysical data was utilized to refine the structural and geologic models for the entire property.

In 2012 an airborne light detection and ranging (LiDAR) and aerial photography survey was flown over the entire Project. Digital elevation models and high resolution orthophoto imagery was provided. The LiDAR survey identified several new structural and stratigraphic features while also providing confirmation of the structural interpretations based off of the airborne geophysical data.

The combined LiDAR and magnetics interpretation showed the main stratigraphic units within the Project area are controlled by east-west oriented D2 structures.

From 2002 to 2019 Eastmain completed a substantial amount of exploration and resource delineation drilling on the Eau Claire Project. In total, Eastmain completed 877 drill holes for 302,610.5 metres during this period.

2023

In 2023 Fury and SGS restated the Mineral Resource Estimate, for the portion of the deposit considered in the previous 2018 MRE and PEA, reporting approximately 0.9 Mt of Measured Mineral Resources grading 6.63 g/t Au containing 193,000 ounces gold, Indicated Mineral Resources of 3.39 Mt grading 6.06 g/t Au containing 660,000 ounces gold and 2.38 Mt of inferred Mineral Resources at an average grade of 6.53 g/t Au containing 500,000 ounces gold.

2024

In 2024, Fury released its Mineral Resource Estimate update for the Eau Claire Project and in 2025 the PEA.

‌Geology and Mineralization

The Eau Claire project is contained within the La Grande volcano-plutonic Sub-province (2,752 to 2,696 Ma) of the Superior Province approximately 30 km south of the contact with the metasedimentary Opinaca Subprovince (2700 to 2648 Ma). Portions of the La Grande Subprovince were formerly referred to as the Eastmain Greenstone Belt. Depending on the literature, the Eastmain Greenstone Belt has retained its title as a distinct greenstone belt lying within the La Grande Subprovince.

The La Grande Subprovince consists of four volcanic cycles erupted between 2,752 and 2,705 Ma (Kauputauch, Natel, Anatacau-Pivert, and Komo-Kasak formations). The supracrustal rocks of the region are intruded by syn-volcanic (2747 to 2710 Ma) and post or late-tectonic (2,697 to 2,618 Ma) tonalitetrondhjemite- granodiorite (TTG) suites.

The Eastmain Greenstone Belt consists of a 5 to 10 km wide by 150 km long succession of Archean bimodal volcanic rocks. The volcanic sequence includes lowermost mafic volcanic rocks overlain by felsic pyroclastic to volcaniclastic rocks, intercalated facies of iron formation, shaly and graphitic sedimentary units.

The Eau Claire deposit straddles the contact on the south limb of an anticline between lowermost felsic volcaniclastic rocks overlain by mafic volcanic flows. Gold-bearing quartz-tourmaline veins from the Eau Claire deposit crosscut the volcanic/sedimentary rock contact and in turn are crosscut by late northeast trending mafic dikes. The contact between volcanic and sedimentary rocks is a marker horizon that forms a broad open fold along the north limb and a tight fold closure immediately west of the deposit, as well as an east-west trending south limb that has been traced for several kilometres. Iron formation occurs along the southern limb of the antiform east of Eau Claire and is locally isoclinally folded.

Gold mineralization at the Eau Claire gold deposit is generally located within approximately EW trending structurally controlled, high-grade en-echelon quartz-tourmaline veins and adjacent altered wall rocks, as well as variable width ESE trending sheared and foliated alteration zones. The alteration zones are parallel to the overall foliation and are thus believed to represent an altered stratigraphic unit. The vein systems are predominantly hosted within a thick sequence of massive and locally pillowed mafic volcanic flows, interbedded with narrow intervals of volcaniclastic meta-sedimentary rocks. Both gold bearing vein sets may occur with as narrow intervals with tourmaline and develop into thick quartz-tourmaline veins with zoned tourmaline+/-actinolite+/-biotite+/-carbonate alteration halos which can measure up to several metres in thickness.

The Eau Claire deposit is a structurally controlled gold deposit. Mineralization occurs primarily in a series of sheeted en-echelon quartz-tourmaline veins and associated metre scale alteration zones. Carbonate within the veins is associated with gold mineralization. The overall trend of the mineralized veins is controlled by a structural corridor sub-parallel to the D2 Cannard Deformation Zone. Individual veins are up to 1 metre thick and extent for at least 100 metres along strike.

Veins are composed of quartz and tourmaline; the ratio between quartz with accessory calcite to tourmaline can vary from 100 percent quartz to 100 percent tourmaline. The quartz-tourmaline veins are massive, banded and/or brecciated. Pyrite, pyrrhotite, chalcopyrite and rare molybdenite generally constitute less than 1.5 percent of the composition of these veins but can be upwards of 20% locally. Commonly, brecciated veins contain angular blocks of tourmaline, ranging in size from less than one to more than 25 centimetres in size. Fragments are cemented by a quartz-carbonate matrix. Breccia textures locally form a "piano key" pattern with angular tourmaline blocks aligned perpendicular to the vein walls. This texture is due to protracted deformation that affected already formed veins and generated new veins (tension gash veins developed on pre-existing laminated veins). The piano-key breccia has been observed throughout the deposit at all scales in tourmaline veins of less than 1 centimetre to more than 1 metre thick. A "ladder vein" texture has also been observed in outcrop at the 450 West Zone consisting of massive tourmaline layers with quartz-carbonate "ladders" aligned perpendicular to the vein walls.

Gold occurs as isolated grains or as clusters of fine-grained particles. Irregular to sub-angular shaped gold grains range in size from less than 10 micrometres to 1 millimetre. In rare instances, grains up to 1 centimetre in size have been observed. Locally, veins contain micrometre-size clusters of visible gold particles. Tellurobismuthite (Bi2Te3) occurs throughout the deposit. Gold and tellurides occur within micro fractures in quartz, interstitial to granular tourmaline grains, at the contact between massive aphanitic tourmaline and quartz bands, and along tourmaline laminations.

Gold mineralization also occurs within altered host rock without veining, occurring as centimetre to several metre wide tourmaline-actinolite ± biotite ± calcite replacement zones around vein selvages. The two major vein areas discovered to date in the resource area (the 450 West and 850 West zones) forma crescent-shaped mineralized, surface projected footprint 1.8 km long by more than 100 metres wide, which has been traced to date to a vertical depth of 900 metres. Veins within the 450 West zone typically strike 85 degrees and dip 50 to 65 degrees to the south. Veins within the 850 West zone typically strike 60 degrees and dip subvertically.

‌Exploration

From 2020 to 2023, Fury Gold has completed systematic exploration programs with the goals of advancing known prospects through to the drill stage and identifying new prospects. The Company deployed biogeochemical sampling techniques to image the Percival mineralization, completed ground geophysical surveys at the Eau Claire Deposit Trend and along the Percival trend. Additionally, Fury compiled all historic exploration data into a single accessible database, reprocessed and reinterpreted the historical property scale geophysics data. The work completed by Fury to date has resulted in a refined targeting process and identification of areas and targets overlooked by previous explorers. The Company to continue its exploration with the testing of regional targets like Percival, Serendipity and Agua Clara and with a view to seeking to expand the Eau Claire deposit area with the 2020-2023 drilling at the Hinge.

‌Historical Drilling

Drilling throughout the Eau Claire Project has taken place intermittently from 1972 through 2023. A total of 406,376.8 metres of drilling has been completed in 1,204 diamond drill holes across the entire Project area.

2002 - 2013 Drilling

Between 2002 and 2013 Eastmain completed 177,713 metres of diamond core drilling in 534 drill holes. The drilling was completed within an area measuring approximately 2,200 metres east-west and 900 metres north-south has. The drilling pattern was designed to intersect the gold-tellurium mineralization. The majority of boreholes were drilled with a dip between 45 and 60 degrees, and an azimuth of 355 degrees. The 2007 and 2009 drill campaign focussed on tightly spaced, 12.5 metre infill drilling at the 450 West Zone. 2010 drilling successfully confirmed the lateral continuity of the 850 West Zone underneath surface quartztourmaline veining identified in surface trenching. Regional drilling at Boomerang and Snake Lake was also completed in 2010. Broad zones of 1 g/t Au were intersected from the 2010 regional program. Drilling in 2011 through to 2013 focused on the 450 West Zone and proximal strike extensions.

2015 Drilling

Eastmain completed 29 drill holes (ER15-553 to -581) totaling 12,898 metres at Eau Claire in 2015. The drilling was focused on expanding Measured & Indicated Open Pit and Ramp Accessible Underground gold resources, within the upper portion (top third) of the Eau Claire Deposit. Assay data from holes 553 to 573 confirms 45 gold-bearing intercepts ranging from 0.50 to 25.6 grams gold per tonne (g/t) over widths ranging from 2.0 to 11.5 metres (see Eastmain news release dated December 22, 2015 posted on SEDAR). Nineteen assay intervals exceeded cut-off grade for underground resources (2.5 g/t Au) at Eau Claire, with an average grade of 8.78 grams gold per tonne over an average width of 2.78 metres. 2015 drilling confirmed the continuation of gold mineralization laterally to the east Measured and Indicated gold resources identified in the SRK Report at Eau Claire. Several half-metre-wide high-grade vein intersections from ten of the drill holes reported herein contain very-fine-grade visible gold and range in grade from 24.5 to 98.8 g/t. Infill core sampling of previous drill holes was also completed. Infill sampling confirmed a high-grade interval from hole ER08-131, which assayed 6.65 g/t Au over 5.0 metres, from within the JQ Vein at a depth of 66.0 metres. When combined with assay results from the adjacent P Vein, the intersection provides a composite interval grading 6.75 g/t Au across 13.8 metres, lying within the 450 West Zone. A total of 1,438 infill core samples were taken during the 2015 exploration program. Infill sampling of near-surface intervals within potential open-pit areas may contribute to current mineral resources.

2016 - 2017 Drilling

The 2016 through 2017 drilling program was designed to improve upon the resource classification of the 2015 SRK Mineral Resource Estimation as well as testing the Snake Lake prospect to the east of the Eau Claire deposit. A total of 90,448.9 m was drilled in 236 drill holes. Of the total 2016-2017 drilling, 82,180 m in 206 drill holes targeted the Eau Claire deposit, the remaining 30 holes tested the Snake Lake prospect.

2018 - 2019 Drilling

The 2018 and 2019 drilling programs were mostly focus on the newly discovered Percival Prospect. A total of 16,468.6 m was drilled in 53 drill holes. Of the total 2018-2019 drilling, 13,182.6 m in 47 drill holes targeted the Percival Prospect. The remaining drilling were collared in the Serendipity area (3 DDH) and the Eau Claire deposit (3 DDH). The best results were from Hole ER18-822, ER18-823 ER19-832 returned broad intercepts of respectively 78.5 m of

1.456 g/t Au, including 8.2 m of 4.45 g/t Au, 87.0 m of 2.35 g/t Au, including 31.5 m of 3.13 g/t Au and 52.75 m of

1.8 g/t Au, including 22.0 m of 3.21 g/t Au. ER18-829 with 34.1 m of 2.05 g/t Au, including 4.5 m of 11.95 g/t Au, ER19-839 with 12.0 m of 3.04 g/t Au, including 7.0 m of 4.66 g/t Au, ER19-845 with 7.0 m of 3.13 g/t Au, including

2.0 m of 8.47 g/t Au, ER19-852 with 22.85 m of 1.18 g/t Au, including 14.85 m of 2.05 g/t Au.

2020 - 2023 Drilling (Fury Gold Mines)

From 2020 through to 2023, Fury completed a total of 110 diamond drill holes for approximately 71,774.3 m on the Project. Table 10-4 summarizes the drill holes completed by Fury. The drill program consisted of i) an extension phase focused on extensions to the known vein corridors along strike from the previous resource ("Extension Program"); ii) an exploration phase designed to test targets along the 4.5 km long deposit trend ("Exploration Program") and iii) an exploration phase of drilling designed to test targets at the Percival prospect 14 km east of the Eau Claire Deposit. Large step out drilling in 2022 increased the mineralized footprint of the Eau Claire deposit by over 450 m to the west. At Percival Fury drilling returned intersections up to 13.5 metres at 8.05 g/t gold and outlined a 500x100x300 m zone of gold mineralization. The 2020 through 2023 drilling has expanded the footprint of the Eau Claire mineralization and drilling was completed outside of the previous Eau Claire resource area. This new extension drilling by Fury, still in progress in 2023, was excluded from the August 30, 2023, MRE and has now been included in the current Mineral Resource Estimate.

The 2023 drilling campaign focused on the Hinge Target, which is located west of the deposit, adjacent to the 850 W zone, and the Percival prospect area. Results from the 2023 Hinge drilling expanded the Hinge Target gold mineralization 50 m up-dip and 75 m to the west respectively, over 450 m from the defined Eau Claire Resource as well as intercepting high grade shallow mineralization on the eastern edge of the Hinge target.

‌Extension Drilling

The Extension Program at the Eau Claire deposit is designed to target strike extensions of the known vein corridors to the west and southeast of the current mineral resource. To date, Fury Gold has drilled twenty one holes targeting the southeast extension of the Eau Claire Resource with intercepts including: 23.27 g/t Au over 7.09 m, 11.56 g/t Au over 6.04 m, 59.3 g/t Au over 0.96 m and 4.89 g/t Au over 2.94 m. Results from the four holes completed in the second quarter of 2022 were released on August 3, 2022 including 4.43 g/t Au over 1.43 m and 4.60 g/t Au over 1.25 m. Two additional holes were completed in October 2022 with results released on January 23, 2023 including 3.91 g/t Au over

2.50 m. The exploration drilling program along the Eau Claire deposit trend continues to demonstrate the potential to significantly expand the Eau Claire deposit to the west. The focus has been on the Western Hinge, and Gap Zone as well as along the north limb of the anticline. All exploration targets within the Deposit Trend have the potential to significantly expand the Eau Claire mineralized footprint. To date the footprint of gold mineralization has been increased by over 455 m or 25% at the Hinge Target alone and remains open to further expansion to the West

‌Percival Drilling

The Company completed 11,497.8 m in 18 diamond drill holes in 2022 and 2023 at Percival. Five holes targeted the parallel hinge 500 m to the east of Percival proper. All holes intercepted silicified sulphide rich breccias, however only narrow low grade gold values were returned. The remainder of the drilling tested extensions of the historical gold mineralization at Percival proper. The results from the Percival proper drilling program confirm that the high-grade core of the Percival mineralization plunges steeply to the west and remains open in all directions. Highlights included an 85 m step out from historical high-grade mineralization which intercepted 13.5 m of 8.05 g/t Au, (including 3.00 m of 25.8 g/t Au) in drill hole 22KP- 008 and a 150 m step out which intercepted 7.5 m of 4.38 g/t Au, (including 3 m of 8.7 g/t Au, and 3 m of 5.5 g/t Au) in drill hole 22KP-005 (Table 10-6). As well as 279 g/t Au over 1.5 m along the eastern edge of the defined mineralization. With the recent drilling the gold mineralization at Percival Main is represented by a 500 m by 100 m footprint with high-grade gold being defined to 300 m below surface hosted within folded sulphidized, silicified, and brecciated sediments.

‌Historical QA/QC Sample Preparation, Analyses and Security

Since initiating exploration on the Eau Claire Property in 2020, Fury has maintained a comprehensive and consistent system for the sample preparation, analysis, and security of all surface samples and drill core samples, including the implementation of an extensive QA/QC program. The current MRE includes drilling data collected by Fury and previous explorers.

The following describes sample preparation, analyses and security protocols implemented by Fury and previous explorers with analytical labs and analysis methods for gold

Aspects of sample preparation, analyses and security for the work completed during the 1972 to 2014 programs is summarized from the technical report on the Property by Chartier and Ravenelle (2015) and for the 2015 to 2017 programs from Armitage and Hafez (2017).

Since the beginning of drilling by Fury in 2020 samples have dominantly been shipped to ALS in either Val d'Or or Montreal, Quebec for preparation and sample pulps analyzed at ALS Val d'Or, Quebec or North Vancouver, British Columbia. The ALS Val d'Or, Montreal, and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified.

Samples are dried, weighed, crushed to at least 70% passing 2mm, and a 1000 g split is pulverized to at least 85% passing 75 μm (ALS Method Code PREP-31B). Gold is assayed by 50- gram fire assay with an AAS finish (ALS Method Code Au-AA24). During 2020 and 2021, samples with greater than 5 ppm gold were re-analysed by 50-gram fire assay with a gravimetric finish (ALS Method Code Au-GRA22). Since 2022, the Au-AA24 overlimit threshold for Au-GRA22 analysis was increased to 10 ppm gold. A multi-element geochemical suite is obtained using a four-acid digest with an ICP-MS analysis (ALS Method Code ME-MS61). Approximately 25% of the samples collected during this period have been sent to either Activation Laboratories ("ACT") in Val d'Or, Quebec and Thunder Bay, Ontario or to Bureau Veritas ("BV") in Timmons, Ontario and Vancouver, British Columbia where the preparation and analysis methods used have been replicated as closely as possible. Control samples comprising certified reference

samples, blanks, and duplicate samples were systematically inserted into the sample stream and analyzed as part of the Company's QA/QC protocol. Check assaying of selected sample rejects and pulps has been completed at both ALS and ACT as umpire laboratories. ALS, ACT, and BV laboratories are independent of Fury and the Authors.

Sampling QA/QC programs are set in place to ensure the reliability and trustworthiness of exploration data. They include written field procedures and independent verifications of drilling, surveying, sampling, assaying, data management, and database integrity. Appropriate documentation of quality control measures and regular analysis of quality-control data are essential for the project data and form the basis for the quality-assurance program implemented during exploration.

Analytical quality control measures typically involve internal and external laboratory control measures implemented to monitor sampling, preparation, and assaying precision and accuracy. They are also essential to prevent sample mix-up and monitor the voluntary or inadvertent contamination of samples. Sampling QA/QC protocols typically involve regular duplicate and replicate assays as well as the insertion of blanks and standards (certified reference materials -"CRMs"). Routine monitoring of quality control samples is undertaken to ensure that the analytical process remains in control and confirms the accuracy and precision of laboratory analyses. In addition to laboratory internal quality control protocols, sample batches should be evaluated for evidence of suspected cross-sample contamination, certified reference material performance evaluated relative to established warning and failure limits to ensure the analytical process remains in control while maintaining an acceptable level of accuracy and precision, duplicate and replicate assay performance evaluated, and any concerns communicated to the laboratory in a timely fashion. Check assaying is typically performed as an additional reliability test of assaying results. These checks involve re-assaying a set number of coarse rejects and pulps at a second umpire laboratory.

‌Fury Sampling, Analysis, Data Management and QA/QC

Fury Gold has adopted the historical Analytical Quality Assurance Program at Eau Claire to control and assure the analytical quality of assays. This protocol includes the systematic addition of blank samples and certified standards to each batch of samples sent for analysis at commercial laboratories. Blank samples are used to check for possible contamination in laboratories, while certified standards determine the analytical accuracy and precision of the laboratory procedure. Generally, check sample inserts approximately 10% of sample flow from project sites.

For the exploration conducted by Fury from 2020 to 2023, all drilling assay samples were collected by Fury personnel. Once verified, samples were kept in the exploration camp.

Split core samples were placed in fibre rice bags in batches and labelled for shipment to ALS, ACT, or BV laboratories. These sacks were sealed with cable ties and fibre tape and shipped by commercial transport companies directly to the lab. A control file, the laboratory sample dispatch form, includes the sample-bag numbers in each shipment. The laboratory sample dispatch form accompanies the sample shipment and is used to control and monitor the shipment. The lab sends a confirmation email with detail of samples received upon delivery.

Assay samples were collected by appropriately qualified staff at the laboratories. Sample security involved two aspects: maintaining the chain of custody of samples to prevent inadvertent contamination or mixing of samples and rendering active tampering as difficult as possible.

At ALS samples are dried, weighed, crushed to at least 70% passing 2mm, and a 1000 g split is pulverized to at least 85% passing 75 μm (ALS Method Code PREP-31B). Gold is assayed by 50-gram fire assay with an AAS finish (ALS Method Code Au-AA24). During 2020 and 2021, samples with greater than 5 ppm gold were re-analysed by 50-gram fire assay with a gravimetric finish (ALS Method Code Au-GRA22). Since 2022, the Au-AA24 overlimit threshold for Au-GRA22 analysis was increased to 10 ppm gold. A multielement geochemical suite is obtained using a four-acid digest with an ICP-MS analysis (ALS Method CodeME-MS61).

Approximately 25% of the samples collected during this period have been sent to either Activation Laboratories ("ACT") in Val d'Or, Quebec and Thunder Bay, Ontario or to Bureau Veritas ("BV") in Timmons, Ontario and Vancouver, British Columbia where the preparation and analysis methods used have been replicated as closely as

possible. The ACT Val d'Or and Thunder Bay, and BV Timmons and Vancouver facilities are ISO/IEC 17025

certified.

At ACT samples are dried, weighed, crushed to at least 80% passing 2mm, and a 1000 g split is pulverized to at least 95% passing 105 μm (ACT Method Code RX1+1000). Gold is assayed by 50-gram fire assay with an AAS finish (ACT Method Code 1A2B-50). Samples with greater than 5 ppm gold are re-analysed by 50-gram fire assay with a gravimetric finish (ACT Method Code 1A3-50). A multi-element geochemical suite is obtained using a four-acid digest with an ICP-OES analysis (ACT Method Code 1F2-Tbay).

At BV samples are dried, weighed, crushed to at least 70% passing 2mm, and a 1000 g split is pulverized to at least 85% passing 75 μm (BV Method Code PRP90-1KG). Gold is assayed by 50-gram fire assay with an AAS finish (BV Method Code FA450). Samples with greater than 5 ppm gold are re-analysed by 50-gram fire assay with a gravimetric finish (BV Method Code FA550). A multi-element geochemical suite is obtained using a four-acid digest with an ICP-MS analysis (BV Method Code MA200).

Data are verified and double-checked by senior geologists on site for data entry verification, error analysis, and adherence to strict analytical quality control protocols. Data is logged directly into the cloud-hosted MX Deposit logging software produced by Minalytix Inc. with point-of-entry data validation controls.

The QA/QC program comprises the systematic insertion of standards or CRMs, blanks, as well as field, coarse reject, and pulp duplicates. QC samples have been inserted into the sample sequence at a frequency of approximately 1 sample per 25 samples for CRMs and blanks, 1 sample per 50 samples for field duplicate samples, 1 sample per 75 samples for coarse reject duplicates, and 1 sample per 25 samples for pulp duplicates. Approximately 15.1% of samples assayed have been QC samples in the drilling programs from 2020 to 2023. All QC samples listed were analyzed by the primary analytical lab (ALS). Check sampling of selected rejects and pulps has also been completed at both ALS and ACT laboratories in 2022 and 2023.

‌Mineral Processing and Metallurgical Testing

Metallurgical test programs conducted on the Clearwater Gold Project have demonstrated that the ore is amenable to a gravity plus cyanidation (CIL) processing strategy, achieving consistently high gold recoveries and confirming the robustness of the selected flowsheet. The most recent comprehensive testwork, led by SGS Minerals Services in 2017 and supported by earlier programs in 2010 (SGS) and 2016 (ASL), confirms that gravity concentration followed by cyanidation is preferred over flotation, particularly for representative run-of-mine materials.

The 2017 SGS study, based on a master composite of ore and hanging wall-footwall dilution, provided recovery estimates that are more aligned with actual operational expectations. Overall gold recoveries of 96%-98% were achieved under optimized cyanidation conditions, with rapid leaching kinetics (within 8 to 24 hours), moderate reagent consumption 1.25 kg/t NaCN, and minimal preg-robbing risk. Gravity recovery tests showed a GRG value of 39%, with bulk gravity separation recovering 24% of the gold, underscoring the importance of including a gravity circuit as a primary step in the flowsheet.

Comminution testing yielded a Bond Ball Mill Work Index (BWI) of 11.2 kWh/t, classifying the ore as moderately soft and suitable for conventional grinding circuits with low energy requirements. Environmental assessments confirmed that the tailings are potentially non-acid-generating (NP/AP = 3.4), with strong alkaline buffering, low metal mobility, and negligible leaching risks. These findings support the potential safe re-use of tailings as paste backfill under both neutral and acidic conditions, complying with Canadian and international environmental standards.

Metallurgical Testing:

The findings from the metallurgical tests highlight the following key recommendations:

• Gravity Separation: Implementing this method in the primary circuit would recover approximately 24% of coarse gold.

• Cyanidation of Gravity Tailings: This approach provides a superior overall recovery rate of about 96%, outperforming flotation.

• Further Testwork: Additional investigations are required to optimize leaching parameters, examine preg-robbing behavior, and evaluate variability based on ore zones, lithology, and grade.

  These recommendations aim to enhance recovery efficiency and overall process effectiveness. Environmental:

  Tailings from the cyanidation test were subjected to acid-base accounting. The modified acid base accounting (ABA) results shows a paste pH of 9.21, NP/AP ratio of 3.4, and high neutralization capacity, indicating strong buffering against acid generation. The Net Acid generation (NAG) testing confirms this classification, with a final pH of 10.7 and zero sulfuric acid consumption. The tailings are therefore categorized as Non-Acid Forming (NAF). Therefore, the metal concentrations are within acceptable environmental criteria for paste-fill reuse (based on Canadian and EU standards).

  TCLP 1311 results confirm the tailings are non-hazardous, with Pb of 0.445 mg/L and other elements well below EPA thresholds.

  Shake Flask Extraction (SFE) also shows negligible leaching in neutral conditions, i.e.,

• Confirms intrinsic metal immobility

• <0.01 mg/L for all hazardous elements

• Mimics underground neutral pH environments

  Implying, there is no leaching risk in paste backfill stopes or mine water recirculation.

  ‌2024 Mineral Resource Estimate

  The report on which the 2025 PEA relies for a mineral resource estimate for eau Claire is titled "Mineral Resource Estimate Update for the Eau Claire Project, Eeyou Istchee James Bay Region of Quebec, Canada" dated June 25, 2024, with an effective date of May 10, 2024. It supports the disclosure made by Fury in its news release titled "Fury Updates Mineral Resources at Eau Claire, Increasing Measured and Indicated Gold Ounces By 36%, And Inferred Gold Ounces by 45%". The May 2024 Mineral Resource Estimate was prepared by Maxime Dupéré, P. Geo. And essentially incorporated into the 2025 PEA which Mr Dupéré is a co-author of.

  The MREs for the Project include MREs for the Eau Claire and Percival deposits. The Eau Claire project contains a combined Mineral Resource of 1,160,000 oz of Au at a grade of 5.65 g/t in the Measured and Indicated category, and an additional 723,000 oz of Au at a grade of 4.13 g/t Au in the Inferred Category

  The following section describes the MREs for Eau Claire and Percival. Completion of the MREs involved the assessment of a validated drill hole and channel sample database, which included all data for surface drilling and surface and channel sampling completed through the end of 2023. Completion of the MREs also included the assessment of updated three-dimensional (3D) mineral resource models (mineral resource domains), 3D topographic surface models and 3D overburden surface models.

  The Inverse Distance Cubed ("ID3") and Inverse Distance Squared ("ID2") calculation methods restricted to the mineral resource domains were used to interpolate grades for Au (g/t) into block models for all deposit areas. Measured, Indicated, and Inferred mineral resources are reported in the summary tables in Section 14.11. The MREs presented below takes into consideration that the deposits may be mined by either open pit or underground mining methods.

  The reporting of the MREs complies with all disclosure requirements for Mineral Resources set out in the NI 43-101 Standards of Disclosure for Mineral Projects (2016). The classification of the MREs is consistent with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards (2014 CIM Definitions) and adheres to the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (2019 CIM Guidelines).

  ‌Drill Hole Database

  To complete the current MREs for the Project, a database comprising a series of comma delimited spreadsheets containing surface diamond drill hole information was provided by Fury. The database included hole location information, down-hole survey data, assay data, lithology data and density data. After review of the database, the validated data was then imported into GEOVIA GEMS version 6.8.3 software ("GEMS") for statistical analysis, block modeling and resource estimation. No errors were identified when importing the data. The data was validated in GEMS and no erroneous data, data overlaps or duplication of data was identified.

  The database provided by Fury and used for the MREs included data for 1,202 surface diamond drill holes totaling 406,431 m, and 426 surface channels (Eau Claire deposit) for 1,345 m (Table 14-1, Figure 14-2 to Figure 14-5. The resource database totals 273,402 drill hole assay intervals representing 267,721 m of data and 2,254 channel assays for 1,316 m. The average assay sample length from drilling is 0.98 m, and from channel sampling is 0.58 m.

  ‌Total Drill Hole and Channel Sample Database for the Eau Claire Project

  Eau Claire Project Drill Hole Database
  Coordinate System	NAD83 UTM Zone 18
  Total Number of drill holes (diamond)	1,202
  Total metres of drilling	406,431 m
  Total number of drill assay samples	273,402
  Total drill assay sample length	267,721 m
  Average drill assay sample length	0.98 m
  Total Number of channels (Eau Claire)	426
  Total metres of channels	1,345 m
  Total number of channel assay samples	2,254
  Total channel assay sample length	1,316 m
  Average channel sample length	0.58 m
  Total number of SG Samples	649

  ‌Table 1: Eau Claire Project Drill Hole Database

  ‌Combined Mineral Resource Estimate for the Eau Claire Project, May 10, 2024

  Category	Tonnes	(g/t Au)	Contained Au (oz)
  Measured	1,612,000	5.67	294,000
  Indicated	4,781,000	5.64	866,000
  Total Measured & Indicated	6,393,000	5.65	1,160,000
  Inferred	5,445,000	4.13	723,000

  ‌Table 2: 2024 Eau Claire Combine Mineral Resource Estimate

  ‌Eau Claire Deposit Mineral Resource Estimate, May 10, 2024

  	Category	Tonnes	Au g/t	Contained Au (oz)
  Open Pit (base case cut-off grade of 0.5 g/t Au)	Measured	1,157,000	5.19	193,000
  	Indicated	1,291,000	4.19	174,000
  	Measured & Indicated	2,448,000	4.66	367,000
  	Inferred	69,000	4.39	10,000
  Underground (base case cut-off grade of 2.5 g/t Au)	Measured	455,000	6.90	101,000
  	Indicated	3,490,000	6.17	692,000
  	Measured & Indicated	3,945,000	6.25	793,000
  	Inferred	2,566,000	6.08	502,000
  Combined open pit and Underground	Measured	1,612,000	5.67	294,000
  	Indicated	4,781,000	5.64	866,000
  	Measured & Indicated	6,393,000	5.65	1,160,000
  	Inferred	2,635,000	6.04	512,000

  ‌Table 3: 2024 Eau Claire Deposit Mineral Resource Estimate

• The Eau Claire deposit contains mineral resources of 1,160,000 oz of gold (6.39 million tonnes at an average grade of 5.65 g/t Au) in the Measured and Indicated category, and 512,000 ounces of gold (2.64 million tonnes at an average grade 6.04 g/t Au) in the Inferred category.

• The open pit mineral resource includes, at a base case cut-off grade of 0.5 g/t Au, 367,000 ounces of gold (2.45 million tonnes at an average grade of 4.66 g/t Au) in the Measured and Indicated category, and 10,000 ounces of gold (69 thousand tonnes at an average grade of 4.39 g/t Au) in the Inferred category.

• The underground mineral resource includes, at a base case cut-off grade of 2.5 g/t Au, 793,000 ounces of gold (3.95 million tonnes at an average grade of 6.25 g/t Au) in the Measured and Indicated category, and 502,000 ounces of gold (2.57 million tonnes at an average grade of 6.08 g/t Au) in the Inferred category.

  ‌Highlights of the 2024 Percival Mineral Resource Estimate are as follows

  	Category	Tonnes	Au g/t	Contained Au (oz)
  Open Pit (base case cut-off grade of 0.5 g/t Au)	Inferred	2,253,000	1.81	131,000
  Underground (base case cutoff grade of 2.5 g/t Au)	Inferred	557,000	4.47	80,000
  Combined open pit and Underground	Inferred	2,810,000	2.34	211,000

  ‌Table 4: 2024 Percival Deposit Mineral Resource Estimate

• The Percival deposit contains an inferred mineral resource of 211,000 oz of gold (2.81 million tonnes at an average grade of 2.34 g/t Au)

• The open pit inferred mineral resource includes, at a base case cut-off grade of 0.5 g/t Au, 131,000 ounces of gold (2.25 million tonnes at an average grade of 1.81 g/t Au).

• The underground inferred mineral resource includes, at a base case cut-off grade of 2.5 g/t Au, 80,000 ounces of gold (557,000 tonnes at an average grade of 4.47 g/t Au).

‌2024 Eau Claire and Percival Deposits Mineral Resource Estimate Notes:

1. The effective date of the Eau Claire project Mineral Resource Estimates ("MREs"), including the Eau

   Claire and Percival deposit estimates, is May 10, 2024.

2. The Mineral Resource Estimates were estimated by Maxime Dupéré, B.Sc., géo. of SGS Geological Services and is an independent Qualified Person as defined by NI 43-101.

3. The classification of the current Mineral Resource Estimates into Measured, Indicated and Inferred mineral resources is consistent with current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves.

4. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.

5. The mineral resources are presented undiluted and in situ, constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction.

6. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

7. The Project mineral resource estimates are based on a validated database which includes data from 1202 surface diamond drill holes totalling 406,431 m, and 426 surface channels (Eau Claire deposit) for 1,345 m. The resource database totals 273,402 drill hole assay intervals representing 267,721 m of data and 2,254 channel assays for 1,316 m.

8. The MRE for the Eau Claire deposit is based on 280 three-dimensional ("3D") resource models representing the 450, 850 and hinge zones. The MRE for the Percival deposit is based on 29 3D resource models representing high grade and lower grade halo zones.

9. Grades for Au were estimated for each mineralization domain using 1.0 metre capped composites assigned to that domain. To generate grade within the blocks, the inverse distance cubed (ID3) interpolation method was used for all domains. An average density value was assigned to each domain.

10. Based on the location, surface exposure, size, shape, general true thickness, and orientation, it is envisioned that parts of the Eau Claire and Percival deposits may be mined using open-pit mining methods. In-pit mineral resources are reported at a base case cut-off grade of 0.5 g/t Au. The in-pit resource grade blocks are quantified above the base case cut-off grade, above the constraining pit shell, below topography and within the constraining mineralized domains (the constraining volumes).

11. The pit optimization and base-case cut-off grade consider a gold price of $1,900/oz and considers a gold recovery of 95%. The pit optimization and base case cut-off grade also considers a mining cost of US$2.80/t mined, pit slope of 55⁰ degrees, and processing, treatment, refining, G&A and transportation cost of USD$19.00/t of mineralized material.

12. The results from the pit optimization, using the pseudoflow optimization method in Whittle 4.7.4, are used

    solely for the purpose of testing the "reasonable prospects for economic extraction" by an open pit and do not

    represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade. A Whittle pit shell at a revenue factor of 0.52 was selected as the ultimate pit shell for the purposes of this mineral resource estimate.

13. Based on the size, shape, general true thickness, and orientation, it is envisioned that parts of the Eau Claire and Percival deposits may be mined using underground mining methods. Underground mineral resources are reported at a base case cut-off grade of 2.5 g/t Au. The mineral resource grade blocks were quantified above the base case cut-off grade, below surface/pit surface and within the constraining mineralized wireframes (considered mineable shapes). Based on the size, shape, general thickness, and orientation of the mineralized structures, it is envisioned that the deposits may be mined using a combination of underground mining methods including sub-level stoping (SLS) and/or cut and fill (CAF) mining.

14. The underground base case cut-off grade of 2.5 g/t Au considers a mining cost of US$65.00/t mined, and processing, treatment, refining, G&A and transportation cost of USD$19.00/t of mineralized material.

15. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

The following disclosure relates to the Eau Claire Project which includes the Percival deposit. Disclosure regarding this is based on information derived largely from the NI 43-101 compliant technical report on the Eau Claire Project entitled "Preliminary Economic Assessment of the Eau Claire Project, Eeyou Istchee James Bay Region of Quebec, Canada" prepared by Maxime Dupéré, P.Geo, Sarah Dean, P.Geo., William van Breugel, P. Eng., Henri Gouin, P. Eng., Johnny Canosa, P. Eng., and Joseph Keane, P.E. of SGS Geological Services with an effective date of August 25, 2025 (the "PEA"). Reference should be made to the full text of the PEA, which is available electronically on the SEDAR+ website at https://www.sedarplus.ca under our SEDAR profile, filed on October 17, 2025, as the PEA contains additional assumptions, qualifications, references, reliance and procedures which are not fully described herein. The PEA, dated August 25, 2025, supersedes all previous technical reports.

The PEA is based on a 2024 Mineral Resource Estimate ("MRE") described above as well as an initial MRE for Percival. Eau Claire contains a combined mineral resource of 1.16 Moz Au at a grade of 5.64 g/t Au in the Measured and Indicated category, as well as an additional 723 koz gold at a grade of 4.13 g/t Au in the Inferred Category. Accordingly, it is presently estimated to contain mineral resources of 1,160,000 oz of gold (6.39 million tonnes at an average grade of 5.65 g/t Au) in the Measured and Indicated category, and 512,000 ounces of gold (2.64 million tonnes at an average grade of 6.04 g/t Au) in the Inferred category. The Eau Claire MRE includes an open pit and underground resource.

‌Highlights of the PEA

The PEA for the Eau Claire Gold Deposit which was conducted by the independent engineering firm of SGS Geological Services 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. The conventional open pits ("OP") would operate for 8 years, recovering a total of 132koz old at an average diluted grade of 2.50 g/t gold from 1.73Mt of material.