Fury Gold Mines Limited Announces Share Sale Agreement with Institutional Investors

Fury Gold Mines Limited, a Canadian-focused exploration company, has announced entering into an agreement with Haywood Securities Inc. This partnership designates Haywood Securities as Fury's exclusive agent for the sale of up to 5,450,000 common shares of Dolly Varden Silver Corp., priced at C$0.735 per share, aiming to raise up to C$4,005,750. The transaction is scheduled to close around March 14, 2024, and is intended to fund further exploration of the Eau Claire and Éléonore South projects in Quebec and provide general working capital.

The deal anticipates reducing Fury's holdings in Dolly Varden Silver Corp. from 22.0% to 19.99%, adjusting post the closing of Dolly Varden's private placement. Despite this decrease, Fury remains strategically invested in Dolly Varden, with the potential to adjust its stake in the future based on investment evaluations. The securities offered in the transaction will not be registered under the U.S. Securities Act or any state securities laws and are aimed for sale in private, off-market transactions.

Completion of the sale is subject to binding purchase commitments and specific closing conditions. Fury Gold Mines will revise its Early Warning Report to reflect the adjustment in ownership and continues to view its stake in Dolly Varden as a strategic investment, subject to future evaluations and rights under the existing Investor Rights Agreement.