Fury Completes Sale of Dolly Varden Shares

Fury Gold Mines Limited, a Canadian-focused exploration company, has announced the successful completion of its previously disclosed sale of 5,450,000 common shares in Dolly Varden Silver Corp., totaling gross proceeds of C$4,005,750. This sale was conducted at a price of C$0.735 per share to institutional investors through Haywood Securities Inc.

The net proceeds from this sale are earmarked for further exploration of the company's Eau Claire and Éléonore South projects in Quebec, alongside general working capital needs. Post-sale, Fury’s stake in Dolly Varden has adjusted to approximately 19.99%, with an anticipated decrease to 18.99% following the close of Dolly Varden’s bought deal offering expected on March 21, 2024. Fury retains 54,054,590 common shares of Dolly Varden after this transaction.

Fury Gold Mines plans to deploy the sale proceeds in its ongoing exploration efforts and general corporate needs. The company also signaled its intention to continuously evaluate its investment in Dolly Varden, hinting at possible adjustments in its shareholding, which will depend on various factors, including its rights under the Investor Rights Agreement with Dolly Varden. Following these changes, Fury will update its Early Warning Report on SEDAR+ to reflect its new ownership position.