FURY GOLD AND NEWMONT COMPLETE CONSOLIDATION OF JOINT VENTURE INTERESTS AND DEFINE NINE TARGETS AT ÉLÉONORE SOUTH GOLD PROJECT

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VANCOUVER, Canada – September 12, 2022 – Fury Gold Mines Limited (TSX: FURY, NYSE American: FURY) (“Fury” or the “Company”) is pleased to announce that the Company and Newmont Corporation (NYSE: NEM, TSX: NGT) (“Newmont”), through their respective subsidiaries, have completed the previously announced buy-out of the remaining approximately 23.77% participating interest of Azimut Exploration Inc. in the Éléonore South Joint Venture (“ESJV”), on a pro-rata basis. As a result of the transaction, the 100% ESJV participating interests are Fury 50.022% and Newmont 49.978% with Fury remaining operator under an amended and restated joint venture agreement. The cost to Fury of the 11.902% additional participating interest in the joint venture is C$1,202,663.

“We are excited to be moving forward with our valued partner and industry leader, Newmont, with an updated ESJV agreement. One of our favourite targets has been the five and a half kilometer anomaly that is hosted on the ESJV property, and we are eager to more readily advance this to drill stage next year,” said Tim Clark, CEO of Fury. “The potential for a larger scale discovery within the land package, coupled with the excellent access to roads and hydro power in the James Bay region could represent significant value and upside for shareholders.”

Targeting Update

The Company is also pleased to provide an update on targeting at the Éléonore South Joint Venture project located in the Eeyou Istchee Territory in the James Bay region of Quebec. The Company has defined nine gold targets through the completion of an infill till sampling program within a five and a half kilometer long undrilled historical gold-in-till anomaly (Figure 1). Fury and its joint venture partner are currently following up on these targets to advance them to the drill stage and exploring to develop additional targets.

There are two distinct styles of mineralization that are being targeted on the project, structurally controlled high-grade gold veins similar to the Éléonore deposit as well as bulk tonnage disseminated gold mineralization as defined at Sirios’s Cheechoo deposit and within the JT and Moni zones within the ESJV. Table 1 below characterizes both styles of mineralization.

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding Fury Gold Mines Limited.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Fury Gold Mines Limited.’s industry; (b) market opportunity; (c) Fury Gold Mines Limited.’s business plans and strategies; (d) services that Fury Gold Mines Limited. intends to offer; (e) Fury Gold Mines Limited.’s milestone projections and targets; (f) Fury Gold Mines Limited.’s expectations regarding receipt of approval for regulatory applications; (g) Fury Gold Mines Limited. intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Fury Gold Mines Limited.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Fury Gold Mines Limited.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Fury Gold Mines Limited.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Fury Gold Mines Limited.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Fury Gold Mines Limited.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Fury Gold Mines Limited. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Fury Gold Mines Limited.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Fury Gold Mines Limited.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Fury Gold Mines Limited.’s business operations (e) Fury Gold Mines Limited. may be unable to implement its growth strategy; and (f) increased competition.

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