Announcement • Jun 23
Fury Gold Mines Limited Announces Metallurgical Test Results for Ninaaskumuwin Lithium Discovery with Potential Direct Shipping Ore Concentrate Fury Gold Mines Limited has announced the final metallurgical test results on its Ninaaskumuwin lithium discovery located on the Elmer East project, in the Eeyou Istchee James Bay Territory of Northern Quebec. The objective of the metallurgical test work was to characterize the mineralogy and metallurgical properties of the spodumene-bearing pegmatite intercepted in drilling. Analyzed 85 samples contain up to 42% spodumene. Sample grades range from 0.02% to 3.71% Li2O and from 0.36% to 6.30% Fe2O3. Spodumene is the only identified lithiferous mineral and the intercepted pegmatite is free of impurities, suggesting the potential for producing lithium concentrates suitable for manufacturing lithium carbonate and lithium hydroxide for batteries. Tests carried out demonstrated the feasibility of producing a Direct Shipping Ore concentrate grading 6.024% Li2O5 while recovering 76.66% of the lithium in 22.97% of the mass, through a single Dense Media Separation step applied to the coarsest crushed feed. The results obtained clearly support the use of DMS on crushed high-grade ore to be potentially sourced from the Ninaaskumuwin lithium discovery and to produce a DSO marketable Spodumene Concentrate (SC6). The quality of the intercepted LCT pegmatite indicates that the processing of the mineralized material as highly derisked. The Ninaaskumuwin lithium prospect is located on Fury’s 100% owned Elmer East project, which covers approximately 45,700 hectares. Ninaaskumuwin is easily accessible from the paved Billy Diamond highway, approximately 60 kilometres north of the ‘km 381’ rest stop where accommodation, catering, fuel, and power are available. The discovery sits approximately 50 km north of Rio Tinto plc’s Galaxy Lithium project, acquired in March 2025 as part of the acquisition of Arcadium Lithium plc for USD 6,700 million. Technical and scientific information disclosed from neighbouring Galaxy project does not necessarily apply to the Elmer East project. To carry out the metallurgical test work financial assistance was provided by the ministère des Ressources naturelles et des Forêts (MRNF). This financial support was granted as part of the fourth call for projects of the Mineral Exploration Support Program for Critical and Strategic Minerals (MCS). This program supports companies in the mineral exploration sector in carrying out their projects aimed at developing MCS deposits in Quebec. Mineralogical analysis and metallurgical tests were conducted by IGS, in their laboratory in Delson, Quebec. Metallurgical test work was completed by analysing ½ HQ drill core samples prepared using IGS’s procedure, complying with ISO-17025-version 2017. Valérie Doyon, P.Geo, Senior Project Geologist at Fury, is a “qualified person” within the meaning of Canadian mineral projects disclosure standards instrument 43-101 and has reviewed and approved the technical disclosures in this press release. New Risk • Jun 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$135.0m (US$96.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 93% per year for the foreseeable future. High level of non-cash earnings (57% accrual ratio). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$135.0m market cap, or US$96.8m). Announcement • Jun 03
Fury Gold Mines Limited Reports Assay Results from Phase 1 and Phase 2 Drilling at Eau Claire Gold Project Fury Gold Mines Limited has announced the final batch of assay results from its Phase 1, 13,000-metre drill program, as well as the initial assay results from its ongoing Phase 2, 15,000–25,000-metre drill program at the Eau Claire gold project, located in the Eeyou Istchee Territory in the James Bay Region of Northern Quebec. Phase 1 drilling focused on expanding mineral resources along high-grade shoots and improving continuity within the existing resource, particularly outside the stopes identified in the preliminary economic assessment. A total of 21 drill holes, comprising of 12,700m, were completed, and all assay results have now been received. The last two holes of the Phase 1 program (26EC-102 and 26EC-103), which totals 1,330m. Phase 2 drilling is currently ongoing and aimed at converting inferred mineral resources into higher-confidence categories and expanding the indicated mineral resource. To date, 14 drill holes totalling approximately 7,100m have been completed, with assay results currently available for 720m (holes 26EC-107 and 26EC-109). The most significant result from this batch of drilling is returned from expansion drill hole 26EC 103, which tested approximately 45m down plunge of a historic intercept within the inferred portion of the Eau Claire mineral resource. The hole intersected 7.86 g/t gold over 9.43m, confirming the continuity of mineralization within the modelled zone. In addition, drill hole 26EC 102, which also targeted mineralization within an inferred portion of the Eau Claire mineral resource, returned an intercept of 13.83 g/t gold over 1.97m. Drill hole 26EC 107 was designed to test the continuity of mineralization between two areas currently classified as inferred resources and to support potential upgrading of the resource classification. The hole intersected 3.79 g/t gold over 7.25m, located approximately 50m up plunge from drill holes 26EC 099 and 26EC 096, and demonstrate continuity of the mineralized zone between these intercepts. The Phase 2 drill program at Eau Claire is advancing in accordance with design, with 14 diamond drill holes completed totalling approximately 7,100m. The objective of the program is to systematically infill and upgrade portions of the current inferred mineral resource category to the indicated category, as well as to refine the geological model and improve grade continuity within key mineralized domains. The fully funded Phase 2 campaign will continue through the summer of 2026, with ongoing assay results anticipated to support resource conversion and future economic evaluation of the Eau Claire deposit. Analytical samples for the Drill Program were taken by sawing HQ diameter core into equal halves on site with one half sent to ALS Chemex in Val D’or, Quebec, Canada for preparation and analysis. All samples were assayed using a 50 g nominal weight fire with assay atomic absorption finish (Au-AA24) and multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61). Where Au-AA24 results were greater than 10 ppm by Au-AA24 were re-assayed with 50 g nominal weight fire assay with gravimetric finish (Au-GRA22). QA/QC programs using internal standard samples and blanks, field and lab duplicates, and lab standards and blanks indicate good overall accuracy and precision. 
