Fury Announces Closing of C$8.75 Million Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / March 23, 2023 / Fury Gold Mines Limited (TSX:FURY), (NYSE American:FURY) ("Fury" or the "Company") is pleased to announce that it has closed its previously announced bought deal private placement of 6,076,500 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$1.44 per FT Share (the "Issue Price") for total gross proceeds to the Company of C$8,750,160 (the "Offering").

The Offering was conducted by a syndicate of underwriters led by Haywood Securities Inc. and including Beacon Securities Limited, BMO Capital Markets and H.C. Wainwright & Co., LLC (collectively, the "Underwriters").

The gross proceeds of the Offering will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada), and with respect to Québec resident purchasers will also qualify for inclusion in the "exploration base relating to certain Québec exploration expenses" and in the "exploration base relating to certain Québec surface mining expenses or oil and gas exploration expenses" within the meaning of the Taxation Act (Québec) (collectively, the "Qualifying Expenditures") related to the Company's projects in Québec on or before December 31, 2024. All Qualifying Expenditures will be renounced in favour of the purchasers of the FT Shares effective December 31, 2023. The exploration expenditures to be incurred will include expenditures in connection with the exploration of the Company's Eau Claire and Éléonore South Joint Venture projects, as detailed in the offering document posted on the Company's website and on SEDAR at www.sedar.com.

The FT Shares were sold to purchasers pursuant to the listed issuer financing exemption ("LIFE Exemption") under Part 5A of National Instrument 45-106 - Prospectus Exemptions and therefore are not subject to resale restrictions pursuant to applicable Canadian securities laws. In connection with the Offering, the Underwriters received compensation equal to 6.0% of the gross proceeds raised under the Offering.