Fury Announces Metallurgical Test Results for the Ninaaskumuwin Lithium Discovery with Potential Direct Shipping Ore Concentrate of 6.0% Li2O5 and 77% Recovery

Fury (TSX/NYSE American:FURY) reported final metallurgical results for the Ninaaskumuwin lithium discovery at its 100%-owned Elmer East project in Quebec.

Rhea-AI Summary

Fury (TSX/NYSE American:FURY) reported final metallurgical results for the Ninaaskumuwin lithium discovery at its 100%-owned Elmer East project in Quebec.

Tests on 85 drill core samples suggest potential to produce a direct shipping ore concentrate grading 6.0% Li₂O₅ with 77% lithium recovery using a single dense media separation step.

Spodumene is the only lithium-bearing mineral identified, with low impurities that may suit battery-grade products. The work, performed by IGS under ISO-17025-compliant procedures, received financial support from Quebec’s mineral exploration support program.

Positive

• DSO concentrate of 6.0% Li₂O₅ at about 77% lithium recovery
• Single dense media separation step on coarse crushed feed deemed feasible
• Spodumene identified as sole lithium-bearing mineral with low impurities
• Potential suitability of concentrates for lithium carbonate and hydroxide production
• Elmer East project is 100% owned and road-accessible via Billy Diamond highway
• Metallurgical work supported financially by Quebec MRNF critical minerals program

Negative

• None.

Argus Jun 23 session

-1.85% close to close Open Argus

Details

News Market Reaction – FURY

On Jun 23, the day this news came out, FURY closed 1.85% below the previous close.

Data tracked by StockTitan Argus for the Jun 23 session.

Market Context

This announcement highlights promising lithium metallurgy at Ninaaskumuwin alongside Fury’s gold-foc...

Analysis

This announcement highlights promising lithium metallurgy at Ninaaskumuwin alongside Fury’s gold-focused history. The strong concentrate grade and recovery are key positives; ongoing funding requirements and project execution across assets remain important to monitor.

Key Figures

Samples analyzed: 85 samples Spodumene content: up to 42% Lithium grade range: 0.02% to 3.71% Li₂O +5 more

Samples analyzed

85 samples

Metallurgical test program at Ninaaskumuwin discovery

Spodumene content

up to 42%

Maximum spodumene content in analyzed samples

Lithium grade range

0.02% to 3.71% Li₂O

Sample grades at Ninaaskumuwin discovery

Iron oxide range

0.36% to 6.30% Fe₂O₃

Sample grades at Ninaaskumuwin discovery

DSO concentrate grade

6.024% Li₂O₅

Single-step DMS Direct Shipping Ore concentrate

Lithium recovery

76.66%

Lithium recovered in DSO concentrate from coarsest crushed feed

Recovered mass fraction

22.97% of mass

Portion of feed mass reporting to DSO concentrate

Elmer East size

45,700 hectares

Area of Fury’s 100% owned Elmer East project

Historical Context

5 past events · Latest: Jun 09

5 events

1. Jun 09

   Pre-feasibility work

   24h Move

   -1.0%

   Engaged consultants to advance Eau Claire gold project pre-feasibility work.

2. Jun 02

   Drill results

   24h Move

   +0.6%

   Reported strong gold intercepts and funded Phase 2 drilling at Eau Claire.

3. May 19

   Met testwork update

   24h Move

   -3.0%

   Advanced metallurgical program to optimize processing at Eau Claire project.

4. May 12

   Management appointment

   24h Move

   +3.7%

   Appointed Senior Director, Environment and Permits for Eau Claire project.

5. Apr 28

   Environmental studies

   24h Move

   -1.8%

   Initiated two-year environmental baseline study at the Eau Claire gold project.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

spodumene, pegmatite, direct shipping ore, dense media separation, +2 more

6 terms

spodumene technical

"metallurgical properties of the spodumene-bearing pegmatite intercepted in drilling"

Spodumene is a hard mineral that contains much of the world’s recoverable lithium, the key metal used in rechargeable batteries for electric cars and grid storage. For investors it matters because spodumene deposits and the mines that produce them influence lithium supply, costs and company valuations—think of it as a pantry of battery ingredients whose size, quality and accessibility affect prices and the profitability of battery- and EV-related businesses.

pegmatite technical

"spodumene-bearing pegmatite intercepted in drilling"

A pegmatite is a type of coarse‑grained igneous rock that forms when the last, water‑rich portion of magma cools, often producing very large mineral crystals like a batch of cookie dough with oversized chocolate chips. It matters to investors because pegmatites frequently host concentrations of valuable and strategic minerals (for example lithium, tantalum, and rare earth elements), making them prime exploration targets and potential sources of high‑value mining projects that can affect commodity supply and company valuations.

direct shipping ore technical

"feasibility of producing a Direct Shipping Ore (“DSO”) concentrate grading 6.024% Li₂O₅"

Direct shipping ore is high‑grade mineral material that can be sold and transported to metal buyers or processors without needing on‑site crushing, concentration or complex treatment. For investors, it matters because it typically generates revenue faster and with much lower upfront processing costs—like selling ripe fruit at market instead of investing in a kitchen to prepare it—so projects with direct shipping ore can show quicker cash flow and lower capital risk, though such deposits may be smaller or deplete sooner.

dense media separation technical

"through a single Dense Media Separation (“DMS”) step applied to the coarsest crushed feed"

Dense media separation is a mineral-processing method that mixes mined rock with a heavy liquid so less-dense material floats and denser material sinks, allowing a physical sorting of ore from waste much like dropping stones into syrup where heavier ones sink. For investors, it matters because the technique affects how much saleable product a mine produces, the costs and energy use of processing, and environmental controls — all of which influence profitability and capital needs.

iso-17025 technical

"procedure, complying with ISO-17025-version 2017"

ISO-17025 is an international standard that sets requirements for the technical competence and quality management of testing and calibration laboratories, essentially a formal way to show a lab produces reliable and consistent results. For investors, ISO-17025 matters because test data used in product safety, regulatory approvals, performance claims, or supply-chain quality checks is more trustworthy when it comes from an ISO-17025–assessed lab—think of it as a certified recipe that reduces the risk of bad data driving business or regulatory decisions.

instrument 43-101 regulatory

"qualified person within the meaning of Canadian mineral projects disclosure standards instrument 43-101"

A Canadian regulatory standard that sets strict rules for how mining companies must report exploration results, mineral resources and reserves. It requires qualified experts to follow a consistent ‘blueprint’ and disclose methods, assumptions and risks, so investors can compare projects more reliably—like using the same recipe and lab notes to judge whether different products are likely to perform as advertised.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, June 23, 2026 (GLOBE NEWSWIRE) -- Fury Gold Mines Limited (TSX and NYSE American: FURY) (“Fury” or the “Company”) is pleased to announce the final metallurgical test results on its Ninaaskumuwin lithium discovery (the “Discovery”) located on the Elmer East project, in the Eeyou Istchee James Bay Territory of Northern Quebec. The objective of the metallurgical test work was to characterize the mineralogy and metallurgical properties of the spodumene-bearing pegmatite intercepted in drilling. Preliminary test work based on an initial drilling program on the Discovery indicated that work was warranted (see press releases dated July 9, 2025 and July 22, 2025).

Test Results Highlights

• Analyzed 85 samples contain up to 42% spodumene;
• Sample grades range from 0.02% to 3.71% Li₂O and from 0.36% to 6.30% Fe₂O₃;
• Spodumene is the only identified lithiferous mineral and the intercepted pegmatite is free of impurities, suggesting the potential for producing lithium concentrates suitable for manufacturing lithium carbonate and lithium hydroxide for batteries; and
• Tests carried out demonstrated the feasibility of producing a Direct Shipping Ore (“DSO”) concentrate grading 6.024% Li₂O₅ while recovering 76.66% of the lithium in 22.97% of the mass, through a single Dense Media Separation (“DMS”) step applied to the coarsest crushed feed. This result is very promising and suggests a selective exploration and mining approach.

“We are very encouraged by the strong metallurgical results achieved, which demonstrate the potential of the mineralization to respond well to conventional processing methods,” commented Tim Clark, CEO of Fury. “We look forward to identifying opportunities to unlock value at the Ninaaskumuwin discovery for our shareholders.”

“The results obtained clearly support the use of DMS on crushed high-grade ore to be potentially sourced from the Ninaaskumuwin lithium discovery and to produce a DSO marketable Spodumene Concentrate (SC6). The quality of the intercepted LCT pegmatite indicates that the processing of the mineralized material as highly derisked. This is in sharp contrast with other hard rock lithium projects that are challenged to produce profitable and marketable concentrates.” stated Ahmed Bouajila, President & CEO of IGS Impact Global Solutions Inc. (“IGS”).

Elmer East Project

The Ninaaskumuwin lithium prospect is located on Fury’s 100% owned Elmer East project, which covers approximately 45,700 hectares. Ninaaskumuwin is easily accessible from the paved Billy Diamond highway, approximately 60 kilometres (km) north of the ‘km 381’ rest stop where accommodation, catering, fuel, and power are available. The discovery sits approximately 50 km north of Rio Tinto plc’s Galaxy Lithium project, acquired in March 2025 as part of the acquisition of Arcadium Lithium plc for US$6.7 billion. Technical and scientific information disclosed from neighbouring Galaxy project does not necessarily apply to the Elmer East project.

Figure 1: Elmer East Location Map

To carry out the metallurgical test work financial assistance was provided by the ministère des Ressources naturelles et des Forêts (MRNF). This financial support was granted as part of the fourth call for projects of the Mineral Exploration Support Program for Critical and Strategic Minerals (“MCS”). This program supports companies in the mineral exploration sector in carrying out their projects aimed at developing MCS deposits in Quebec.

Mineralogical analysis and metallurgical tests were conducted by IGS, in their laboratory in Delson, Quebec. Metallurgical test work was completed by analysing ½ HQ drill core samples prepared using IGS’s procedure, complying with ISO-17025-version 2017.

Valérie Doyon, P.Geo, Senior Project Geologist at Fury, is a “qualified person” within the meaning of Canadian mineral projects disclosure standards instrument 43-101 and has reviewed and approved the technical disclosures in this press release.

About Fury Gold Mines Limited
Fury Gold Mines Limited is a well-financed Canadian-focused exploration company advancing the Eau Claire gold project towards development, which holds a 5.8% equity position in Contango Silver and Gold Inc. Led by a management team and board of directors with proven success in financing and advancing exploration assets, Fury intends to grow its gold portfolio through rigorous project evaluation and exploration excellence. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining.

For more information on Fury Gold Mines, visit www.furygoldmines.com.

For further information on Fury Gold Mines Limited, please contact:
Salisha Ilyas, Investor Relations
Tel:	(844) 601-0841
Email:	info@furygoldmines.com
Website:	www.furygoldmines.com

Forward-Looking Statements and Additional Cautionary Language

This news release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of applicable securities laws, which statements relate to the future exploration operations of the Company and may include other statements that are not historical facts. Specific forward-looking statements contained in this news release includes information relating to the Company’s ongoing exploration program at the Elmer East project.

Although the Company believes that the assumptions and expectations reflected in those forward-looking statements were reasonable at the time such statements were made, there can be no certainty that such assumptions and expectations will prove to be materially correct. Mineral exploration is a high-risk enterprise.

Readers should refer to the risks discussed in the Company’s Annual Information Form and MD&A for the year ended December 31, 2025 and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedarplus.ca and the Company’s Annual Report available at www.sec.gov. Readers should not place heavy reliance on forward-looking information, which is inherently uncertain.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d18bc418-62a1-457f-b0af-e33f22a68aef

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What metallurgical results did Fury (FURY) announce for the Ninaaskumuwin lithium discovery on June 23, 2026?

Fury reported metallurgical tests indicating potential to produce a direct shipping ore concentrate grading 6.0% Li₂O₅ with about 77% lithium recovery. According to Fury, this was achieved from coarse crushed feed using a single dense media separation step on drill core samples.

What do the Ninaaskumuwin lithium metallurgical tests mean for Fury (FURY) shareholders?

The tests suggest Ninaaskumuwin mineralization may respond well to conventional processing and yield marketable spodumene concentrate. According to Fury, this supports a potential selective exploration and mining approach, which could help advance the Elmer East lithium prospect toward future development decisions.

What grades and mineralogy were observed in Fury’s (FURY) Ninaaskumuwin lithium samples?

Analyzed samples contained up to 42% spodumene, with lithium grades from 0.02% to 3.71% Li₂O and iron from 0.36% to 6.30% Fe₂O₃. According to Fury, spodumene is the only lithium-bearing mineral identified and the pegmatite shows low impurities.

How was the metallurgical test work for Fury’s (FURY) Ninaaskumuwin lithium discovery conducted?

Metallurgical work used ½ HQ drill core samples processed by IGS in Delson, Quebec, under ISO-17025-2017-compliant procedures. According to Fury, mineralogical analysis and dense media separation testing characterized the spodumene-bearing pegmatite and evaluated the feasibility of producing a direct shipping ore concentrate.

Where is Fury’s (FURY) Ninaaskumuwin lithium prospect located within the Elmer East project?

Ninaaskumuwin is on Fury’s 100%-owned Elmer East project in the Eeyou Istchee James Bay Territory of northern Quebec, covering about 45,700 hectares. According to Fury, the prospect is road-accessible from the paved Billy Diamond highway, roughly 60 km north of the “km 381” rest stop.

Did Fury (FURY) receive government support for the Ninaaskumuwin lithium metallurgical tests?

Yes, the metallurgical test work received financial assistance from Quebec’s ministère des Ressources naturelles et des Forêts. According to Fury, funding came via the Mineral Exploration Support Program for Critical and Strategic Minerals, which backs exploration projects developing such deposits in Quebec.

How does Fury’s (FURY) Ninaaskumuwin project relate to the nearby Galaxy Lithium project?

Ninaaskumuwin lies about 50 km north of Rio Tinto’s Galaxy Lithium project acquired with Arcadium Lithium in 2025. According to Fury, technical and scientific information from the neighbouring Galaxy project does not necessarily apply to the Elmer East project’s geology or mineralization.