Fury Announces Results of Preliminary Economic Assessment for the Eau Claire Gold Deposit with a Base Case After-Tax NPV (5%) of $554M and After-Tax IRR of 41%

2025-09-02

TSX - Toronto Stock Exchange · Gold · Tellurium · Silver · Lithium · Arsenic · Canada

TORONTO, Sept. 02, 2025 (GLOBE NEWSWIRE) -- Fury Gold Mines Limited (TSX and NYSE American: FURY) (“Fury” or the “Company”) is pleased to announce results from a preliminary economic assessment (PEA) for the high-grade Eau Claire deposit located in the Eeyou Istchee Territory of the James Bay region of Quebec. The PEA represents an initial conceptual evaluation of the economic potential of Eau Claire’s mineral resources and was prepared in accordance with National Instrument 43-101 (“ NI 43-101 ”) by SGS Geological Services. All dollar amounts are in Canadian dollars unless otherwise specified .

Three scenarios, all based on the same mine plan, were evaluated, each returning an after-tax net present value at a 5% discount rate (“NPV 5 ”) and after-tax internal rate of return (“IRR”) at a gold price of US$2,400 per ounce (“oz”):

1. Full standalone operation with all processing on site (the “Base Case”) After-tax NPV 5 of $554M and after-tax IRR of 41%

2. Hybrid case starting with two years of toll milling, followed by full standalone crushing, milling, and processing on site (the “Hybrid Case”): After-tax NPV 5 of $610M and after-tax IRR of 53%

3. Full toll milling scenario, processing mineralized material off-site at a third-party facility (the “Toll Milling Case”): After-tax NPV 5 of $639M and after-tax IRR of 84%

Highlights

Total recovered gold production of 834koz gold at an average diluted head grade of 4.46 g/t gold. Average annual production projected to be approximately 76k oz gold over an 11-year life of mine (“LOM”) at an all-in sustaining cost (“AISC”) of US$1,140/oz for the Base Case; US$1,153/oz for the Hybrid Case, and US$1,170/oz of gold for the Toll Milling Case. Low initial capital expenditures (“CapEx”) ranging from $117M in the Toll Milling Case to $217M in the Base Case. Rapid after-tax payback period of 2.5, 1.5, and 1.1 years based on the three cases, respectively. 76% of the ounces within the PEA mine plan are currently in the Measured and Indicated resource category, demonstrating a timely pathway to a prefeasibility study (“PFS”) with minimal conversion drilling required.

"The Eau Claire PEA scenarios each demonstrate an exceptional internal rate of return and net present value," commented Tim Clark, CEO of Fury. "The results validate our belief that the market has significantly undervalued the project within Fury’s broader asset portfolio. With strong infrastructure in place, including access to hydro power and roads, combined with favourable metallurgy, Eau Claire stands out as a highly attractive development opportunity with substantial exploration upside, presently hosting a combined Eau Claire and Percival resource of 6.39 Mt at 5.64 g/t gold containing 1.16Moz gold Measured and Indicated plus 5.45 Mt at 4.13 g/t gold containing 723koz gold Inferred."

PEA Summary

The PEA contemplates a primary underground mining operation complemented by 2 small open pits. Production from the underground (“UG”) mine will start in year minus 1 with a small bulk sample, with full UG operations continuing through to year 11. In total, the underground would produce 702koz gold at an average diluted head grade of 5.22 g/t gold from 4.40Mt of material (Table 1 and Figures 1 and 2). The conventional open pits (“OP”) will operate for 8 years, recovering a total of 132koz gold at an average diluted grade of 2.50 g/t gold from 1.73Mt of material (Table 1 and Figures 1 and 2). Total taxes payable over LOM at the study gold price range between $348M and $311M for the Base and Toll Milling, respectively.

Table 1: Eau Claire PEA Key Economic Assumptions and Results

| Production | | | | | | PEA Life of Mine (LOM) | Years | 11 | | | | LOM Production Resource Tonnes | Tonnes | 6.1M | | | | LOM diluted head grade | g/t Au | 4.46 | | | | Average Diluted Grade (OP) | g/t Au | 2.5 | | | | Average Diluted Grade (UG) | g/t Au | 5.22 | | | | Average Gold Recovery | % | 95 | | | | Contained Gold | oz | 878,281 | | | | Recovered Gold | oz | 834,367 | | | | Average Annual production | oz | 75,852 | | | | OP LOM Strip Ratio | | 7.73 | | | | Capital Costs | | | | | | | | Base Case | Hybrid | Toll Milling | | Initial CapEx (incl UG development) | C$ | $217M | $216M | $117M | | Sustaining Capital | C$ | $66M | $66M | $66M | | Contingency included in Capital | C$ | $36M | $36M | $10M | | Total Capital | C$ | $283M | $282M | $184M | | Total Operating Costs | C$ | $1,019M | $1,036M | $1,153M | | Cash Costs (LOM) | USD/oz | $892 | $906 | 1,009 | | AISC (LOM) 1 | USD/oz | $1,140 | $1,153 | $1,170 | | Financial Summary | | | | | | Gold Price | USD | $2,400 | | | | Exchange Rate | USD/C$ | 0.73 | | | | After-Tax NPV(5%) | C$ | $554M | $610M | $639M | | After-Tax IRR | % | 41 | 53 | 84 | | After-Tax Payback | Years | 2.5 | 1.5 | 1.15 | | | | | | |

1. AISC is calculated as the sum of treatment and refining charges, onsite operating costs, sustaining capital costs, and closure costs, divided by the quantity of ounces sold.

Figure 1: Long Section and Cross Section views of the proposed Eau Claire OP and UG mine plan.

The PEA is subject to a number of assumptions and risks, including, among others, that all required permits and other rights will be obtained in a timely manner, that development of the Eau Claire deposit will have the support of the First Nations, stakeholders, and government, and that geotechnical, hydrogeological, and metallurgical assumptions will be confirmed. The Company has not confirmed whether any toll milling arrangements will be reached with any facility within a reasonable distance from the project. The Toll milling assumptions used in the PEA includes provision for on-site crushing, an on-site sample tower, one-way 205 km road haulage, and toll milling costs with life of mine costs ranging between $61.89/tonne and $58.21/tonne for the Hybrid and Toll Milling Cases, respectively.

Figure 2: Annual Gold Production

Eau Claire Mineral Resource Estimate

The PEA is based on the current Mineral Resource Estimate for Eau Claire with an effective date of May 10, 2024, and is reported using a gold price of US$1,900/oz (Table 2), see Eau Claire NI43-101 report titled “Mineral Resource Estimate Update for the Eau Claire Project, Eeyou Istchee James Bay Region of Quebec, Canada” dated June 25, 2024 filed under Fury’s profile on SEDAR+.

“When Fury acquired the Eau Claire project in October 2020, we saw a clear pathway for the existing deposit to grow significantly and the potential to define additional deposits within the project area through systematic, disciplined exploration. The steepening of the vein model in the eastern portion of the Eau Claire deposit has opened additional targets throughout the resource area itself and bodes well for the next stage of the project. This PEA will act as a road map for further growth and derisking of not only the Eau Claire Deposit itself, but the entire 55,000-hectare land package,” stated Bryan Atkinson, SVP of Exploration at Fury.

Table 2: Mineral Resource Estimate for the Eau Claire Deposit

| | Category | Tonnes | Au g/t | Contained Au (oz) | | Open Pit (base case cut-off grade of 0.5 g/t Au) | Measured | 1,157k | 5.19 | 193k | | Indicated | 1,291k | 4.19 | 174k | | | Measured & Indicated | 2,448k | 4.66 | 367k | | | Inferred | 69k | 4.39 | 10k | | | Underground (base case cut-off grade of 2.5 g/t Au) | Measured | 455k | 6.9 | 101k | | Indicated | 3,490k | 6.17 | 692k | | | Measured & Indicated | 3,945k | 6.25 | 793k | | | Inferred | 2,566k | 6.08 | 502k | | | Combined Open Pit and Underground | Measured | 1,612k | 5.67 | 294k | | Indicated | 4,781k | 5.64 | 866k | | | Measured & Indicated | 6,393k | 5.65 | 1,160k | | | Inferred | 2,635k | 6.04 | 512k | |

| (1) | | The effective date of the Eau Claire project Mineral Resource Estimates (“MREs”), including the Eau Claire and Percival deposit estimates, is May 10, 2024. | | (2) | | The Mineral Resource Estimates were estimated by Maxime Dupéré, B.Sc., géo. of SGS Geological Services and is an independent Qualified Person as defined by NI 43-101. | | (3) | | The classification of the current Mineral Resource Estimates into Measured, Indicated and Inferred mineral resources is consistent with current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves. | | (4) | | All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding. | | (5) | | The mineral resources are presented undiluted and in situ, constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction. | | (6) | | Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. | | (7) | | The Project mineral resource estimates are based on a validated database which includes data from 1202 surface diamond drill holes totalling 406,431 m, and 426 surface channels (Eau Claire deposit) for 1,345 m. The resource database totals 273,402 drill hole assay intervals representing 267,721 m of data and 2,254 channel assays for 1,316 m. | | (8) | | The MRE for the Eau Claire deposit is based on 280 three-dimensional (“3D”) resource models representing the 450, 850 and hinge zones. The MRE for the Percival deposit is based on 29 3D resource models representing high grade and lower grade halo zones. | | (9) | | Grades for Au were estimated for each mineralization domain using 1.0 metre capped composites assigned to that domain. To generate grade within the blocks, the inverse distance cubed (ID 3 ) interpolation method was used for all domains of the Eau Claire deposit and ID 2 for Percival deposit. An average density value was assigned to each domain. | | (10) | | Based on the location, surface exposure, size, shape, general true thickness, and orientation, it is envisioned that parts of the Eau Claire and Percival deposits may be mined using open-pit mining methods. In-pit mineral resources are reported at a base case cut-off grade of 0.5 g/t Au. The in-pit resource grade blocks are quantified above the base case cut-off grade, above the constraining pit shell, below topography and within the constraining mineralized domains (the constraining volumes). | | (11) | | The pit optimization and base-case cut-off grade consider a gold price of $1,900/oz and considers a gold recovery of 95%. The pit optimization and base case cut-off grade also considers a mining cost of US$2.80/t mined, pit slope of 55⁰ degrees, and processing, treatment, refining, G&A and transportation cost of USD$19.00/t of mineralized material. | | (12) | | The results from the pit optimization, using the pseudoflow optimization method in Whittle 4.7.4, are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade. A Whittle pit shell at a revenue factor of 0.52 was selected as the ultimate pit shell for the purposes of this mineral resource estimate. | | (13) | | Based on the size, shape, general true thickness, and orientation, it is envisioned that parts of the Eau Claire and Percival deposits may be mined using underground mining methods. Underground mineral resources are reported at a base case cut-off grade of 2.5 g/t Au. The mineral resource grade blocks were quantified above the base case cut-off grade, below surface/pit surface and within the constraining mineralized wireframes (considered mineable shapes). Based on the size, shape, general thickness, and orientation of the mineralized structures, it is envisioned that the deposits may be mined using a combination of underground mining methods including sub-level stoping (SLS) and/or cut and fill (CAF) mining. | | (14) | | The underground base case cut-off grade of 2.5 g/t Au considers a mining cost of US$65.00/t mined, and processing, treatment, refining, G&A and transportation cost of USD$19.00/t of mineralized material. | | (15) | | The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. | | | | |

Mining

The Eau Claire deposit extends over 1.4 km along a northwest–southeast trend. It consists primarily of a series of en echelon quartz-tourmaline veins, with individual veins reaching up to 1 metre (m) in thickness. This moderately dipping vein system outcrops at surface and extends to depths beyond 600 m. The mineralized widths, including closely stacked veins and mineralized alteration haloes, range from 1.8 m to 12 m, with an average thickness of approximately 3.0 m.

Given its vein-like nature and vertical extent, underground mining is considered the most suitable extraction method, except for the portion near the surface that will be mined by open pit. The selected approach for this study proposes a hybrid mining approach that combines longitudinal longhole stoping for the underground portion with backfill and conventional open-pit mining (Table 3). In the underground operation, all material will be hauled to surface using a fleet of 40-tonne underground trucks via a ramp, at a rate of 1,200 tonnes per day (“tpd”) once the mine reaches full production. The PEA is based on contract mining.

Parameters used to optimize OP and UG mineability of the Eau Claire resource are summarized in Table 3 and Figure 3. The OP and UG optimization parameters utilized resulted in a potentially mineable portion of the resource shown in Table 4 and Figure 3.

Table 3: Mining Parameters

Table 4: Potentially Mineable Portion of the Resource

| | Category | Tonnes | Diluted Au g/t | Contained Ounces Au (oz) | | Underground | Measured Resource | 549k | 4.83 | 85k | | Indicated Resource | 2,711k | 5.11 | 446k | | | Measured & Indicated | 3,260k | 5.06 | 531k | | | Inferred Resource | 1,143k | 5.68 | 209k | | | In-pit | Measured Resource | 1,292k | 2.55 | 106k | | Indicated Resource | 423k | 2.40 | 33k | | | Measured & Indicated | 1,715k | 2.51 | 139k | | | Inferred Resource | 12k | 1.59 | 597 | | | | | | | |

Figure 3: Eau Claire PEA Model.

On-Site Mineral Processing and Metallurgical Testing

Metallurgical test programs conducted on the Eau Claire Project have demonstrated that the ore is amenable to a gravity plus cyanidation carbon-in-leach (“CIL”) processing strategy, achieving consistently high gold recoveries and confirming the robustness of the selected flowsheet.

Overall gold recoveries of 96%–98% were achieved under optimized cyanidation conditions, with rapid leaching kinetics (within 8 to 24 hours), moderate reagent consumption 1.25 kg/t NaCN, and minimal preg-robbing risk. Gravity recovery tests (“GRG”) showed a GRG value of 39%, with bulk gravity separation recovering 24% of the gold, underscoring the importance of including a gravity circuit as a primary step in the flowsheet. For the purposes of the PEA, a conservative global gold recovery of 95% was assumed.

Comminution testing yielded a Bond Ball Mill Work Index (BWI) of 11.2 kWh/t, classifying the ore as moderately soft and suitable for conventional grinding circuits with low energy requirements. Environmental assessments confirmed that the tailings are non-acid-generating (NP/AP = 3.4), with strong alkaline buffering, low metal mobility, and negligible leaching risks. These findings support the safe re-use of tailings as backfill under both neutral and acidic conditions, complying with Canadian and international environmental standards.

Based on the test work results, the recommended flowsheet for Eau Claire includes primary gravity recovery using Knelson and Mozley units, followed by cyanidation of gravity tailings in a CIL circuit. Elution, electrowinning, and doré smelting are proposed for final gold recovery (Figure 3). Further work is recommended to fine-tune cyanide and lime dosages, optimize pre-aeration time, assess CIL vs. carbon-in-pulp (“CIP”) performance, and characterize preg-robbing potential across variable ore types. Overall, the metallurgical performance supports a robust and economically viable gold recovery strategy for the Eau Claire Project.

Given the relatively conventional processing and recoveries of the Eau Claire mineralization, recoveries of 95% were assumed for the toll milling included in the Hybrid and Toll Milling Cases. Further test work to determine the actual recoveries at existing mills in the region is required.

Figure 4: Conceptual Flow Sheet for the Eau Claire Deposit.

Figure 5: Annual Mining Schedule of Resource Material and Grade Profile

Infrastructure

The infrastructure required for the Eau Claire Project will include:

Haulage roads and site roads; Two portals and ventilation raises; Waste dump and overburden stockpile; Sampling tower (Toll Milling Case); Overall water management plan; Water management structures; Electrical site reticulation; and Warehouse, offices, facilities, weighing scale, and other services.

The property is accessible, year-round, by the _Route du Nord _an all-season gravel road extending from the town of Chibougamau to the Cree village of Nemaska (and onto Hydro Québec's installation at EM-1). Road access to the project involves crossing the Eastmain Reservoir and the EM-1 spillway via an all-season road installed and maintained by Hydro Québec. Access beyond the Hydro Quebec spillway is along a 6 km long resource road maintained by the Company. An existing 40-person camp is operational but is planned for relocation to add capacity.

The main infrastructure will be located on the east side of the pits, and a planned process plant platform is to be located south of the pits. The waste rock stockpile with a capacity of 17 Mt will be located on the north side of the pits, which is sufficient to accommodate waste from the pits and underground waste from development. A haul road is planned to connect the pits to the waste stockpile, overburden stockpile, process plant, and tailings storage facility (Figure 6).

Figure 6: Haul road connecting the pits to the waste stockpile, overburden stockpile, process plant, and tailings storage facility.

Tailings Management

For the on-site process milling option in the Base and Hybrid Cases, the Tailings Storage Facility (“TSF”) design will take advantage of the existing topographic and ground conditions in the western part of the Project site. In a TSF, the percentage of tailings used for underground backfill can vary significantly, but it is common to see a range from 25% to 75% being backfilled underground, while the remainder is stored on the surface. This percentage is influenced by factors like specific mine needs, capacity of the underground workings, and characteristics of the tailings and waste rock.

The Eau Claire TSF is initially designed with a capacity of 880,000 cubic metres. Further study will be undertaken for the use of the tailings as backfill material for the underground stopes to reduce the tailings footprint. A tailings deposit basin will be created by building a perimeter road and berm at an elevation of 248 masl. The process plant tailings will be pumped to the TSF through an approximate 2 km pipeline and will be thickened before deposition. The reclaimed water system will consist of a reclaim barge equipped with reclaim water pumps.