Committee Bay

Overview

Fury Gold Mines owns a 100%* interest in the Committee Bay gold project located in Nunavut, Canada.

Committee Bay Gold Project Highlights

High-grade gold endowment and an established high-grade gold resource at the Three Bluffs Deposit
Existing exploration infrastructure
Mining-friendly jurisdiction
Over 250,000 hectares with district-scale discovery opportunities

*The Committee Bay project is held 100% by Fury subject to a 1% Net Smelter Royalty (“NSR”) on the entire project and an additional 1.5% NSR on a small portion of the project. The 1.5% NSR is payable on 7,596 hectares and is buyable within two years of the commencement of commercial production for $2,000,000 for each one-third (0.5%) of the NSR

Location and Infrastructure

The Committee Bay gold project is located in Nunavut, Canada. It includes over 250,000 hectares situated along the Committee Bay Greenstone Belt (CBGB).

The CBGB is located approximately 180 kilometres (km) NE of Agnico Eagle Mines’ Meadowbank mine and extends more than 300km northeast to the shores of Committee Bay, within Nunavut.

The project benefits from existing infrastructure, which includes:

Three Fury owned drill rigs
Heated drill water system
Heavy equipment on site
100-person camp at the Three Bluffs deposit area and three satellite camps along the belt

Project Geology

The CBGB comprises one of a number of Archean aged greenstone belts occurring withing the larger Western Churchill province of north-eastern Canada. The character and history of rock packages, and the timing and nature of mineralization occurring withing the CBGB is considered to be equivalent to that of other significant gold bearing Archean greenstones within the Western Churchill Province, which hosts deposits such as Meadowbank and Meliadine.

Aug Cb Geology 01jun2023 — Committee Bay Project Geology

Mineral Resource Estimate

High-grade gold occurrences are found throughout the 300km strike length of the Committee Bay Gold Bet with the most significant being the Three Bluffs deposit that contains resources as listed in the table below: *(Refer to NI43-101 report “Technical Report On The Committee Bay Project, Nunavut Territory, Canada” dated September 11, 2023 filed under Fury’s profile on SEDAR+ at www.sedarplus.ca).

Cb 3b Lsect 11may2023 01.1024x0 — Long Section of Three Bluffs Resource

Table 1: Current Mineral Resources for the Three Bluffs Deposit as of September 11, 2023

Classification	Mining Scenario	Au Cutoff (g/t)	Tonnes (000 t)	Average Gold (g/t)	Contained Au (troy ounces)
Indicated	OP	3	1,761.90	7.72	437,467
	UG	4	313	8.57	86,368
	Total		2,075	7.85	523,835

Inferred	OP	3	592.4	7.57	144,126
	UG	4	2342	7.65	576,238
	Total		2,934	7.63	720,364

Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability, although, as per CIM requirements, the Mineral Resources reported above have been determined to have demonstrated reasonable prospects for eventual economic extraction.
The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
The Mineral Resources Committee Bay Gold Project was initially reported in Ross (2017) – QP David A. Ross, M.Sc., P.Geo, effective date of May 31, 2017.
The resources reported above are reviewed in detail within this Report and are accepted as current by the Qualified Person, Mr. Andrew J. Turner, B.Sc., P.Geol., of APEX Geoscience Ltd.
The Cutoff grades were determined using average block grade values within the estimation domains and an Au price of US$1,200/oz, and Process Recovery of 93%, Open Pit mining costs of C$10.00/t, Underground mining costs of C$70.00/t, Process and G&A costs of approximately C$75/t and an exchange rate of 1.25 US$/C$.
A bulk density values value of 3.15 t/m3 was assigned based on available SG measurements.
Differences may occur in totals due to rounding.
Cautionary Note to U.S. Investors, please see the following link: SEC Cautionary Language Rider for Mining Disclosure

Three Bluffs deposit remains open for expansion both along strike and at depth and is considered to have excellent exploration upside to significantly increase the resource base within 5km of the currently defined deposit trend.

Exploration

In 2021, significant gold mineralization associated with crenulated metasediments within a regional shear zone running sub-parallel to the iron formation host of the Three Bluffs deposit was identified. Shear zone hosted gold mineralization represents a style of gold mineralization that has been historically under-explored within the Project. Exploration historically has focused on magnetic iron formation stratigraphy up ice of gold in till or gold bearing boulder occurrences. Across the Committee Bay supracrustal belt there are several significant gold in till anomalies that have yet to be explained and do not appear to be sourced from nearby iron formation units. There is good potential to discover additional mineralization and to add to the resource base within the Project.

High-priority target areas were identified in 2020 following a reinterpretation of magnetics and geological data from across the 300-kilometre greenstone belt. Two significant fold hinge targets at the Anuri and Amautik prospects will be advanced to drill stage through ground-based geophysical surveys.

2019 Drilling - Hole 19SH001 — 2019 Drilling – Hole 19SH001

2019 Drill Program

The 2019 summer drill program resulted in the Company drilling a new gold-bearing hydrothermal system and making significant progress in geophysical targeting. At the Shamrock target Auryn intersected 30 metres (m) of 0.67 g/t gold, including 1.5m of 5.03 g/t gold, which is characterized by quartz veining within gabbroic rocks. The Shamrock target is located 2.5km to the southwest of the Aiviq target where the Company drilled 10.5km of 1.22 g/t gold this summer.

Table 1: 2019 Summer Drill Results

Significant Intercepts 2019*
Prospect	Hole ID	From (m)	To (m)	Interval (m)	Au (g/t)
Shamrock	19SH001	10.5	40.5	30	0.67
	Incl.	39	40.5	1.5	5.03
		97.5	100.5	3	0.78
		108	109.5	1.5	0.81
		165	166.5	1.5	1.12
Aiviq	19RG020	39	40.5	1.5	0.31
		159	169.5	10.5	1.22
	Incl.	159	160.5	1.5	6.20
		246	247.5	1.5	1.32
*Significant Intercepts – 2019 (minimum grade 0.25ppm, minimum width 1m, max. internal dilution 6m); True widths of mineralization are unknown based on current geometric understanding of the mineralized intervals

Importantly, a high quality pipeline of targets exists within the CBGB that are both drill ready and can quickly be advanced to drill stage. The most advanced of these targets are high-grade occurrences that have been defined through initial diamond drill testing. These include the Inuk, West Plains, and Raven targets that have the following drilling highlights listed in the table below. Collectively, these advanced targets demonstrate the potential to define additional high-grade resources within the CBGB.

Prospect	Hole ID	Depth from (m)	Depth to (m)	Length (m)	Grade (g/t Au)
Inuk	3I001B1*	62.00	74.60	12.60	16.04
Inuk	07IN0062*	67.00	78.00	11.00	11.18
West Plains	05WP0043*	56.85	65.58	8.73	14.76
West Plains	06WP0064*	109.00	117.00	8.00	13.14
Raven	05RV0015*	102.38	107.79	5.49	12.60
Raven	05RV0025*	38.81	41.24	2.43	36.22
* Please see press releases dated 1 September 2nd, 2003, 2 September 5th, 2007, 3 August 25th, 2005, 4 October 6th 2006, and 5 May 19th, 2005 filed on SEDAR+ (and is availalbe at www.sedarplus.ca) under Niblack Mineral Development Inc. ** True width of intercept unknown Exploration work on the Committee Bay Property is supervised by Bryan Atkinson, P. Geol., SVP of Exploration at Fury and a Qualified Person as defined by NI 43-101. Unless otherwise indicated, Mr. Atkinson has reviewed and is responsible for the technical information contained in this website in relation to the Committee Bay Project.

High-resolution till sampling has become an integral layer of data for six targets at Committee Bay, Nunavut. These targets include the previously disclosed Aiviq sampling, which was drilled in 2017.

Gold assay results from the high-resolution (100 metre by 100 metre spacing) till surveys across nine regional targets demonstrate greater precision for identifying the potential source areas of high-grade gold mineralization seen throughout the belt. The results of the surveys have delineated gold-in-till anomalies that are consistent with the size of potential deposit footprints and will form the basis of future drill campaigns at Committee Bay.

Machine Learning:

The Computational Geoscienes Inc. machine learning platform will generate additional targets across the ‘Three Bluffs playing field’ –a 1,600 square kilometre area, which includes the Three Bluffs Deposit and the 20km shear zone hosting the Aiviq and Kallulik targets where significant gold mineralization has been encountered. The platform will process the vast amount of data (collected through extensive surface geochemical sampling, geological mapping, geophysical surveys, and drilling) from work Auryn and prior explorers have completed on the project.

To produce optimal results there needs to be extensive experience in the aforementioned fields of geoscience data processing, data interpretation, and artificial intelligence, and between Auryn and CGI, there exists a world-class team of experts across these disciplines.

Communities and the Environment

Fury Gold Mines understands the shared value that mining can bring but also understands its risks and the importance of responsible and sustainable development. The company strives to maintain the highest standards of environmental protection and community engagement throughout all of its projects.

Fury is focused on bringing this shared value approach to the arctic.