FURY GOLD MINES LTD

Certain statements made on this Form 20-F ("Annual Report") contain forward-looking information within the meaning of applicable United States securities laws ("forward-looking statements"). These forward-looking statements are presented for the purpose of assisting the Company's securityholders and prospective investors in understanding management's intentions and views regarding future outcomes and are inherently uncertain and should not be heavily relied upon. When used in this Annual Report, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, identify such forward-looking statements. Specific forward-looking statements in this Annual Report include:

• the Company's exploration and financing plans,

• the ability of the Company to realize the objectives of the Company's planned exploration programs;

• the results of the Company's exploration programs and the likelihood of discovering or expanding resources;

• the Company's estimated mineral resources;

• the future price of minerals, especially gold and other precious metals;

• the Company's future capital expenditures and requirements, and sources and timing of additional financing;

• the potential for resource expansion and ultimately mine development of the Company's Eau Claire Project,

• permitting timelines and possible delays;

• local indigenous and other communities engagement;

• government regulation of mining operations;

• environmental and climate-related risks;

• the possible impairment of mining interests;

• any objectives, expectations, intentions, plans, results, levels of activity, goals or achievements;

• the liquidity of the common shares in the capital of the Company; and

• other events or conditions that may occur in the future.

The forward-looking statements contained in this Annual Report represent the Company's views as of the date hereof. The assumptions related to these plans, estimates, projections, beliefs, and opinions may change without notice and in unanticipated ways. Many assumptions may prove to be incorrect, including:

• the Company's budgeting plans, expected costs, assumptions regarding market conditions and other factors upon which the Company has based its expenditure and funding expectations;

• the Company will be able to raise additional capital to proceed with its exploration, development and operations plans and attracting finance for precious metal exploration will be possible;

• the Company's ability to obtain or renew the licenses, permits and regulatory approvals necessary for its planned exploration;

• the Company's exploration plans will not be adversely impacted by declines in prices of precious metals and consequent impairment of the Company's ability to finance its operations

• that operations and financial markets will not in the long term be adversely impacted by wars or pandemics;

• the Company's ability to complete and successfully integrate acquisitions;

• the Company's plan of operations will not be adversely impacted by climate change, extreme weather events, water scarcity, and seismic events, and the Company's strategies to deal with these issues will be effective;

• the Company's expectations regarding the future demand for, and supply and price of, precious metals;

• the Company's ability to recruit and retain qualified personnel to pursue its business operations;

• the Company's mineral resource estimates, and the assumptions upon which they are based, are reasonably accurate;

• the Company will be able to comply with current and future environmental, safety and other regulatory requirements and to obtain and maintain local community support.

Inherent in the forward-looking statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to control or predict, that may cause the actual results, performance or achievements of the Company, or developments in the Company's business or in its industry, to adversely differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Some of the risks and other factors (some of which are beyond the Company's control) which could cause results to differ materially from those expressed in the forward-looking statements and information contained in this Annual Report include, but are not limited to:

• fluctuations in the current and projected prices for gold, other precious and base metals and other commodities (such as natural gas, fuel oil and electricity) which are needed to explore for and ultimately produce these metals;

• the Company does not earn any revenues from its business and has history of losses and negative cash flows from operations, each of which is expected to continue in the future;

• the Company may not be able to secure additional financings, including equity financings, to continue the planned exploration of its mineral properties;

• the Company's exploration programs are inherently risky as they involve uncertain geology and risk exploration failure and may overrun on costs and not be successful in achieving the targeted objectives or result in the discovery of new resources or the expansion of existing resources

• the Company's plan of operations involves risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins and flooding);

• the speculative nature of mineral exploration and development; the estimation of mineral resources, the Company's ability to obtain funding, including the Company's ability to complete future equity financings;

• environmental risks and remediation measures, including evolving environmental regulations and legislation;

• changes in laws and regulations impacting exploration and mining activities;

• the Company's mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title;

• legal and litigation risks;

• statutory and regulatory compliance;

• insurance and uninsurable risks;

• the continuation of our management team and our ability to secure the specialized skill and knowledge necessary to operate in the mining industry

• the Company's limited business history and history of losses and negative cash, which will continue into the foreseeable future;

• our inability to pay dividends, volatility in the Company's share price, the continuation of our management team and our ability to secure the specialized skill and knowledge necessary to operate in the mining industry; relations with and claims by local communities and non-governmental organizations, including relations with and claims by indigenous populations;

• the effectiveness of the Company's internal control over financial reporting;

• cybersecurity risks and other reputational risks;

• general business, economic, competitive, political and social uncertainties;