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 235,000 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 235,000 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

Cb Miningjurisdictiondetail 16jun2026 — Mining Jurisdiction

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.

Cb Geology — 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.

The 2026 exploration program is underway, with approximately 5,000 metres of diamond drilling focused on expanding the Three Bluffs deposit and advancing the nearby Antler prospect.

Cb Targets Rock Boulder 16jun2026 — Gold in Boulders & Tills

Cb Anuri Geosketch 16jun2026 — Anuri Fold Hinge Targets

Cb 19sh001 16jun2026 — 2019 Drilling – Hole 19SH001

Recent Drilling

In 2025, the company conducted a drilling program at Committee Bay comprised of six diamond drill holes (four at the Three Bluffs gold deposit and two at the Raven prospect) totaling approximately 2,778 metres. The 2025 drilling at Three Bluffs targeted the sub-parallel shear zone as well as the iron formation itself with four step-outs from the 2021 intercept (see figure below). All four drill holes intercepted broad zones of sulphide bearing silica-sericite alteration within sheared metasediments. Gold mineralization was intercepted across 315 metres of strike. Hole 25TB155, which ended in mineralization (due to drilling complications) intercepted 1.18 g/t over 19.5 metres, including 5.73 g/t gold across 3.0 metres. The mineralization intercepted to date within the Three Bluffs Shear Zone runs sub parallel to the over 4 km long Three Bluffs gold deposit. The 2025 drilling at Three Bluffs has shown that the sheared metasediments are mineralized across broad widths and significant strike extent. Further drilling will utilize the 2021 and 2025 results to vector in on higher grade shoots within the shear zone.

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.