EXHIBIT 99.1

(An exploration company)

CONDENSED INTERIM 

CONSOLIDATED FINANCIAL STATEMENTS 

(Unaudited)

FOR THE THREE MONTHS ENDED MARCH 31, 2023

Fury Gold Mines Limited
Condensed Interim Consolidated Statements of Financial Position
(Expressed in thousands of Canadian dollars – Unaudited)
			At March 31			At December 31
	Note		2023			2022
Assets
Current assets:
Cash			$	16,541		$	10,309
Marketable securities		3		1,395			582
Accounts receivable				313			369
Prepaid expenses and deposits				583			602
				18,832			11,862
Non-current assets:
Restricted cash				144			144
Prepaid expenses and deposits				99			42
Property and equipment				845			931
Mineral interests		4		144,644			145,190
Investments in associates		5		41,848			42,430
				187,580			188,737
Total assets			$	206,412		$	200,599
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities			$	895		$	1,148
Lease liability				150			160
Flow-through share premium liability		6		3,889			-
				4,934			1,308
Non-current liabilities:
Lease liability				189			227
Provision for site reclamation and closure				4,435			4,271
Total liabilities			$	9,558		$	5,806
Equity:
Share capital		8	$	310,365		$	306,328
Share option and warrant reserve		9		20,995			20,309
Accumulated other comprehensive loss				(4	)		(3	)
Deficit				(134,502	)		(131,841	)
Total equity			$	196,854		$	194,793
Total liabilities and equity			$	206,412		$	200,599

Commitments (notes 5c, 13)

Approved on behalf of the Board of Directors:

“Forrester A. Clark”	“Steve Cook”
Chief Executive Officer	Director

The accompanying notes form an integral part of these condensed interim consolidated financial statements.

Fury Gold Mines Limited 1

Fury Gold Mines Limited
Condensed Interim Consolidated Statements of Loss (Earnings) and Comprehensive Loss (Income)
(Expressed in thousands of Canadian dollars, except per share amounts – Unaudited)
Three months ended March 31
	Note		2023			2022
Operating expenses:
Exploration and evaluation	7 & 9		$	861		$	1,272
Fees, salaries, and other employee benefits		9		880			758
Insurance				168			193
Legal and professional				103			236
Marketing and investor relations				170			218
Office and administration				81			136
Regulatory and compliance				65			69
				2,328			2,882
Other expense (income), net:
Unrealized net gain on marketable securities		3		(188	)		(45	)
Net gain on disposition of mineral interests		5		-			(48,390	)
Net loss from associate		5		582			449
Amortization of flow-through share premium		6		-			(403	)
Accretion of provision for site reclamation and closure				34			17
Interest expense				22			21
Interest income				(121	)		(4	)
Foreign exchange loss				4			2
				333			(48,353	)
Loss (earnings) before taxes				2,661			(45,471	)
Exploration tax credits refunded				-			(165	)
Net loss (earnings)			$	2,661		$	(45,636	)
Other comprehensive loss, net of tax
Unrealized currency loss on translation of foreign operations				1			-
Total comprehensive loss (income)			$	2,662		$	(45,636	)
Loss (earnings) per share:
Basic and diluted loss (earnings) per share		12	$	0.02		$	(0.36	)

The accompanying notes form an integral part of these condensed interim consolidated financial statements.

Fury Gold Mines Limited 2

Fury Gold Mines Limited
Condensed Interim Consolidated Statements of Equity
(Expressed in thousands of Canadian dollars, except share amounts – Unaudited)
	Number of common shares		Share capital		Share option and warrant reserve		Accumulated other comprehensive loss			Deficit			Total
Balance at December 31, 2021		125,720,950	$	295,464	$	18,640	$	-		$	(156,749	)	$	157,355
Total comprehensive income		-		-		-		-			45,636			45,636
Share-based compensation		-		-		499		-			-			499
Balance at March 31, 2022		125,720,950	$	295,464	$	19,139	$	-		$	(111,113	)	$	203,490
Balance at December 31, 2022		139,470,950	$	306,328	$	20,309	$	(3	)	$	(131,841	)	$	194,793
Total comprehensive loss		-		-		-		(1	)		(2,661	)		(2,662	)
Shares issued pursuant to offering, net of share issue costs and flow-through liability (note 8)		6,076,500		4,037		-		-			-			4,037
Share-based compensation (note 9(a))		-		-		686		-			-			686
Balance at March 31, 2023		145,547,450	$	310,365	$	20,995	$	(4	)	$	(134,502	)	$	196,854

The accompanying notes form an integral part of these condensed interim consolidated financial statements.

Fury Gold Mines Limited 3

Fury Gold Mines Limited
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in thousands of Canadian dollars – Unaudited)
			Three months ended March 31
	Note		2023			2022
Operating activities:
Net (loss) earnings			$	(2,661	)	$	45,636
Adjusted for:
Interest income				(121	)		(4	)
Items not involving cash:
Depreciation				87			86
Unrealized net gain on marketable securities		3		(188	)		(45	)
Net gain on disposition of mineral interests		5		-			(48,390	)
Net loss from associates		5		582			449
Amortization of flow-through share premium		6		-			(403	)
Accretion expense				34			17
Share-based compensation		9a		686			499
Interest expense				22			21
Changes in non-cash working capital		11		(242	)		(564	)
Cash used in operating activities				(1,801	)		(2,698	)
Investing activities:
Interest received				121			4
Option payment received				50			-
Proceeds from disposition of mineral interests, net of transaction costs		5		-			4,479
Cash provided by investing activities				171			4,483
Financing activities:
Proceeds from issuance of flow-through shares, net of costs		8		7,926			-
Lease payments				(63	)		(46	)
Cash provided by (used in) financing activities				7,863			(46	)
Effect of foreign exchange on cash				(1	)		-
Increase in cash				6,232			1,739
Cash, beginning of the period				10,309			3,259
Cash, end of the period			$	16,541		$	4,998

Supplemental cash flow information (note 11)

The accompanying notes form an integral part of these condensed interim consolidated financial statements.

Fury Gold Mines Limited 4

Note 1: Nature of operations

Fury Gold Mines Limited (the “Company” or “Fury Gold”) was incorporated on June 9, 2008, under the Business Corporations Act (British Columbia) and is listed on the Toronto Stock Exchange and the NYSE-American, with its common shares trading under the symbol FURY. The Company’s registered and records office is at 1500-1055 West Georgia Street Vancouver, BC, V6E 4N7 and the mailing address is 1630-1177 West Hastings Street, Vancouver, BC, V6E 2K3.

The Company’s principal business activity is the acquisition and exploration of resource projects in Canada. At March 31, 2023, the Company had two principal projects: Eau Claire in Quebec and Committee Bay in Nunavut, and also holds a 50.022% interest in the Eleonore South Joint Venture (“ESJV”), with the remaining 49.978% held by Newmont Corporation (“Newmont”). Additionally, the Company holds a 23.5% interest in Dolly Varden Silver Corporation (“Dolly Varden”), which owns the Kitsault project in British Columbia and a 25% interest in Universal Mineral Services Limited (“UMS”), a private shared-services provider (note 5).

Response to COVID-19

While the Company continues to monitor developments with regards to COVID-19 and permitted activities, there were no impacts to the Company’s operating activities during the first three months of 2023 arising from COVID-19.

Note 2: Basis of presentation

Statement of compliance

These unaudited condensed interim consolidated financial statements (the “interim financial statements”) have been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”). Certain disclosures included in the Company’s annual consolidated financial statements (the “consolidated financial statements”) prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB and interpretations issued by the IFRS Interpretations Committee (“IFRICs”) have been condensed or omitted herein. Accordingly, these interim financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2022. These interim financial statements were approved and authorized for issuance by the Board of Directors of the Company on May 10, 2023.

Basis of preparation and consolidation

These interim financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control exists when the Company has power over an investee, exposure or rights to variable returns from its involvement with the investee, and the ability to use its power over the investee to affect the amount of the Company’s returns. The Company’s interim results are not necessarily indicative of its results for a full year.

The subsidiaries (with a beneficial interest of 100%) of the Company at March 31, 2023 were as follows:

Subsidiary	Place of incorporation	Functional currency
North Country Gold Corp.	BC, Canada	CAD
Eastmain Resources Inc.	ON, Canada	CAD
Eastmain Mines Inc. (a)	Canada	CAD
Fury Gold USA Limited (b)	Delaware, U.S.A.	USD

^(a) Company incorporated federally in Canada.

^(b) Fury USA provides certain administrative services with respect to employee benefits for US resident personnel.

Fury Gold Mines Limited Notes to Q1 2023 Condensed Interim Consolidated Financial Statements (Expressed in thousands of Canadian dollars, except where noted – Unaudited) 5

Investments in associates and joint arrangements

These interim financial statements also include the following joint arrangement and investments in associates:

Associates and joint arrangement	Ownership interest	Location	Classification and accounting method
Dolly Varden	23.5%	BC, Canada	Associate; equity method
UMS	25.0%	BC, Canada	Associate; equity method
ESJV	50.022%	Quebec, Canada	Joint operation

These interim financial statements have been prepared on a historical cost basis except for certain financial instruments that have been measured at fair value (note 13). All amounts are expressed in thousands of Canadian dollars unless otherwise noted. Reference to US$ are to United States dollars. All intercompany balances and transactions have been eliminated.

Segmented information

The Company’s operating segments are reviewed by the key decision maker to make decisions about resources to be allocated to the segments and to assess their performance. The Company operates in one reportable operating segment, being the acquisition, exploration, and development of mineral resource properties, and in one geographical location, Canada.

Critical accounting estimates, judgements, and policies

The preparation of financial statements in accordance with IFRS requires management to select accounting policies and make estimates and judgments that may have a significant impact on consolidated financial statements. Estimates are continuously evaluated and are based on management’s experience and expectations of future events that are believed to be reasonable under the circumstances. Actual outcomes may differ from these estimates.

In preparing the Company’s interim financial statements for the three months ended March 31, 2023, the Company applied the material accounting policy information and critical accounting estimates and judgements disclosed in notes 3 and 5, respectively, of its consolidated financial statements for the year ended December 31, 2022.

Application of new and revised accounting standards:

On May 7, 2021, the IASB issued Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). The amendments narrow the scope of the initial recognition exemption (“IRE”) so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognize a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. The adoption of the new standard did not impact the financial statements of the Company.

On February 12, 2021, the IASB issued Definition of Accounting Estimates (Amendments to IAS 8). The amendments require the disclosure of material accounting policy information rather than disclosing significant accounting policies and clarifies how to distinguish changes in accounting policies from changes in accounting estimates. The adoption of the new standard did not impact the financial statements of the Company.

On February 12, 2021, the IASB issued Disclosure Initiative – Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements). The amendments help companies provide useful accounting policy disclosures. The adoption of the new standard did not impact the financial statements of the Company.

Fury Gold Mines Limited Notes to Q1 2023 Condensed Interim Consolidated Financial Statements (Expressed in thousands of Canadian dollars, except where noted – Unaudited) 6

Note 3: Marketable securities

The marketable securities held by the Company were as follows:

	Total
Balance at December 31, 2021	$	605
Additions		110
Unrealized net loss		(135	)
Balance at December 31, 2022	$	582
Additions (note 4)		625
Unrealized net gain		188
Balance at March 31, 2023	$	1,395

Purchases and sales of marketable securities are accounted for as of the trade date.

Note 4: Mineral interests

The Company’s resource properties are located in Canada. A summary of the carrying amounts is as follows:

	Quebec			Nunavut		British Columbia			Total
Balance at December 31, 2021	$	125,094		$	19,139	$	16,460		$	160,693
Sale of Homestake Resources Corporation (note 5)		-			-		(16,460	)		(16,460	)
Acquisition of additional ownership interest in ESJV		1,281			-		-			1,281
Option payment received		(310	)		-		-			(310	)
Change in estimate of provision for site reclamation and closure		(409	)		395		-			(14	)
Balance at December 31, 2022	$	125,656		$	19,534	$	-		$	145,190
Option payment received		(675	)		-		-			(675	)
Change in estimate of provision for site reclamation and closure		48			81		-			129
Balance at March 31, 2023	$	125,029		$	19,615	$	-		$	144,644

On December 12, 2022, the Company entered into an Option Agreement (“the Ophir Agreement”), pursuant to which Ophir Gold Corp. (the “Optionee”) would acquire a 100% interest in the Radis Property through payment of certain cash and common shares over a three-year period, payments of which may be accelerated by the Optionee. The Company shall retain a 2% NSR on the property, three-quarters of which may be purchased by the Optionee for $1,500. The Agreement was subject to certain closing conditions, which were met on January 25, 2023. The first option payment, comprising a cash payment of $50 and 2,500,000 common shares of Ophir Gold with a fair value of $625, was received upon closing. The common shares of Ophir Gold have been classified as marketable securities (note 3). Further option payments are due on the next three anniversary dates of January 25, comprising cash payments totalling $325 and issuance of 2,500,000 additional common shares in accordance with the agreement.

Fury Gold Mines Limited Notes to Q1 2023 Condensed Interim Consolidated Financial Statements (Expressed in thousands of Canadian dollars, except where noted – Unaudited) 7

Note 5: Investments in Associates

(a)  Acquisition of investments in associates

(i)

On February 25, 2022, the Company completed the sale of Homestake Resources Corporation to Dolly Varden for cash proceeds of $5,000 and 76,504,590 common shares of Dolly Varden. The Company’s resulting interest in Dolly Varden represented approximately 35.3% of the issued and outstanding common shares of Dolly Varden on February 25, 2022, which has been accounted for using the equity method. The Company recognized a gain of $48,390, net of transaction costs of $589, on the date of disposition. On October 13, 2022, the Company completed the sale of 17,000,000 common shares of Dolly Varden for total gross proceeds of $6,800.

(ii)

On April 1, 2022, the Company purchased a 25% share interest in UMS, a private shared-services provider for nominal consideration. The Company funded, in addition to its nominal investment in UMS, a cash deposit of $150,000 which is held by UMS for the purposes of general working capital, and which will be returned to the Company upon termination of the UMS Canada arrangement, net of any residual unfulfilled obligations. UMS is the private company through which its shareholders, including Fury Gold, share geological, financial, and transactional advisory services as well as administrative services on a full, cost recovery basis. Many of the Company’s key personnel are now directly employed by UMS and seconded to the Company.

(b)  Summarized financial information of the Company’s investments in associates:

The carrying amounts of the Company’s investments in associates as at March 31, 2023, were as follows:

	Dolly Varden			UMS			Total
Carrying amount at December 31, 2021	$	-		$	-		$	-
Acquisition of equity investment		60,439			151			60,590
Disposal		(12,280	)		-			(12,280	)
Company’s share of net loss of associates		(5,856	)		(24	)		(5,880	)
Carrying amount at December 31, 2022	$	42,303		$	127		$	42,430
Company’s share of net loss of associates		(573	)		(9	)		(582	)
Carrying amount at March 31, 2023	$	41,730		$	118		$	41,848

The fair market value of the Company’s equity interest in Dolly Varden at March 31, 2023 was $61,290 based on the closing share price on that date.

For the three months ended March 31, 2023, the Company’s equity share of net losses of the Company’s associates on a 100% basis were as follows:

Three months ended March 31, 2023	Dolly Varden		UMS			Total
Cost recoveries	$	-	$	(1,556	)	$	(1,556	)
Exploration and evaluation		799		491			1,290
Marketing		408		128			536
Share-based compensation		420		-			420
Administrative and other		811		974			1,785
Net loss of associate, 100%		2,438		37			2,475
Average equity interest for the period		23.5%		25%
Company’s share of net loss of associates	$	573	$	9		$	582

Fury Gold Mines Limited Notes to Q1 2023 Condensed Interim Consolidated Financial Statements (Expressed in thousands of Canadian dollars, except where noted – Unaudited) 8

The Company’s equity share of net assets of associates at March 31, 2023, is as follows:

	Dolly Varden			UMS
Current assets	$	27,284		$	799
Non-current assets		154,320			2,681
Current liabilities		(4,030	)		(1,580	)
Non-current liabilities		-			(1,428	)
Net assets, 100%		177,574			472
Company’s equity share of net assets of associate	$	41,730		$	118

(c)  Services rendered and balances with UMS

	Three months ended March 31
	2023		2022
Exploration and evaluation costs	$	296	$	51
General, marketing and administration		241		118
Total transactions for the period	$	537	$	169

The outstanding balance owing at March 31, 2023, was $167 (December 31, 2022 – $240) which is included in accounts payable and accrued liabilities.

As part of the UMS arrangement, the Company is contractually obliged to pay certain rental expenses in respect of a ten-year office lease entered into by UMS on July 1, 2021. As at March 31, 2023, the Company expects to incur approximately $505 in respect of its share of future rental expense of UMS for the remaining 8.25 years.

The Company issues share options to certain UMS employees, including key management personnel of the Company (note 10). The Company recognized a share-based compensation expense of $224 for the three months ended March 31, 2023 in respect of share options issued to UMS employees (March 31, 2022 - $37).

Note 6: Flow-through share premium liability

Flow-through shares are issued at a premium, calculated as the difference between the price of a flow-through share and the price of a common share at that date. Tax deductions generated by eligible expenditures are passed through to the shareholders of the flow-through shares once the eligible expenditures are incurred and renounced.

Quebec	Flow-through funding and expenditures			Flow-through Premium liability
Balance at December 31, 2021	$	7,290		$	3,124
Flow-through eligible expenditures		(7,290	)		(3,124	)
Balance at December 31, 2022	$	-		$	-
Flow-through share issuance (note 8)		8,750			3,889
Balance at March 31, 2023	$	8,750		$	3,889

On March 23, 2023, the Company completed an offering (note 8) and raised $8,750 through the issuance of 6,076,500 common shares designated as flow-through shares. The flow-through proceeds will be used for mineral exploration in Quebec. The Company is committed to incur the full exploration expenditures of $8,750 before December 31, 2024.

Fury Gold Mines Limited Notes to Q1 2023 Condensed Interim Consolidated Financial Statements (Expressed in thousands of Canadian dollars, except where noted – Unaudited) 9

Note 7: Exploration and evaluation costs

For the three months ended March 31, 2023 and 2022, the Company’s exploration and evaluation costs were as follows:

Quebec			Nunavut		Total
Assaying	$	27	$	11	$	38
Exploration drilling		16		-		16
Camp cost, equipment, and field supplies		66		48		114
Geological consulting services		7		3		10
Permitting, environmental and community costs		50		44		94
Salaries and wages		353		6		359
Fuel and consumables		13		-		13
Aircraft and travel		17		-		17
Share-based compensation		196		4		200
Three months ended March 31, 2023	$	745	$	116	$	861

	Quebec			Nunavut		British Columbia		Total
Assaying	$	162		$	18	$	2	$	182
Exploration drilling		14			-		-		14
Camp cost, equipment, and field supplies		131			58		10		199
Geological consulting services		(24	)		2		-		(22	)
Geophysical analysis		120			-		-		120
Permitting, environmental and community costs		29			59		-		88
Expediting and mobilization		2			-		-		2
Salaries and wages		443			14		1		458
Fuel and consumables		80			-		-		80
Aircraft and travel		19			-		-		19
Share-based compensation		130			1		1		132
Three months ended March 31, 2022	$	1,106		$	152	$	14	$	1,272

Fury Gold Mines Limited Notes to Q1 2023 Condensed Interim Consolidated Financial Statements (Expressed in thousands of Canadian dollars, except where noted – Unaudited) 10

Note 8: Share capital

Authorized

Unlimited common shares without par value.

Unlimited preferred shares – nil issued and outstanding.

Share issuances

In March 2023, the Company issued 6,076,500 flow-through shares for gross proceeds of $8,750 (“March 2023 Offering”) Share issue costs related to the March 2023 Offering totaled $824, which included $525 in commissions and $299 in other issuance costs. A reconciliation of the impact of the March 2023 Offering on share capital is as follows:

	Number of common shares		Impact on share capital
Flow-through shares issued at $1.44 per share		6,076,500	$	8,750
Less: flow-through share premium liability (note 6)		-		(3,889	)
Cash share issue costs		-		(824	)
Proceeds, net of share issue costs		6,076,500	$	4,037

The Company did not have any new share issuances during the three months ended March 31, 2022.

Note 9: Share option and warrant reserves

(a) Share-based compensation expense

The Company uses the fair value method of accounting for all share-based payments to directors, officers, employees, and other service providers. During the three months ended March 31, 2023 and 2022, the share-based compensation expense was as follows:

	Three months ended March 31
	2023		2022
Recognized in net loss (earnings) and included in:
Exploration and evaluation costs	$	200	$	132
Fees, salaries and other employee benefits		486		367
Total share-based compensation expense	$	686	$	499

During the three months ended March 31, 2023, the Company granted 2,893,800 (March 31, 2022 – 1,745,000) share options to directors, officers, employees, and certain consultants who provide certain on-going services to the Company, representative of employee services. The Company’s executive officer option grants are subject to vesting restrictions, representing certain performance measures to be met. As at March 31, 2023, it is not considered probable that those performance measures will be achieved, therefore those options have been excluded from the share-based compensation expense recognized.

Fury Gold Mines Limited Notes to Q1 2023 Condensed Interim Consolidated Financial Statements (Expressed in thousands of Canadian dollars, except where noted – Unaudited) 11

The weighted average fair value per option of these share options was calculated as $0.48 (March 31, 2022 - $0.43) using the Black-Scholes option valuation model at the grant date using the following weighted average assumptions:

	Three months ended March 31
	2023			2022
Risk-free interest rate		2.97	%		1.63	%
Expected dividend yield	Nil			Nil
Share price volatility		68	%		66	%
Expected forfeiture rate		2.7	%		3.0	%
Expected life in years		5.0			5.0

The risk-free interest rate assumption is based on the Government of Canada benchmark bond yields and treasury bills with a remaining term that approximates the expected life of the share-based options. The expected volatility assumption is based on the historical and implied volatility of the Company’s common shares. The expected forfeiture rate and the expected life in years are based on historical trends. 

(b) Share option plan

The Company maintains a rolling share option plan providing for the issuance of share options up to 10% of the Company’s issued and outstanding common shares at the time of the grant. The Company may grant share options from time to time to its directors, officers, employees, and other service providers. The share options typically vest as to 25% on the date of the grant and 12.5% every three months thereafter for a total vesting period of 18 months.

The number of share options issued and outstanding and the weighted average exercise price were as follows:

	Number of share options			Weighted average exercise price ($/option)
Outstanding, December 31, 2021		6,751,997		$	2.00
Granted		3,430,000			1.00
Expired		(608,237	)		4.65
Forfeited		(693,436	)		1.77
Outstanding, December 31, 2022		8,880,324		$	1.44
Granted		2,893,800			0.82
Expired		(9,723	)		2.57
Forfeited		(31,188	)		0.88
Outstanding, March 31, 2023		11,733,213		$	1.29

As at March 31, 2023, the number of share options outstanding was as follows:

	Options outstanding						Options exercisable
Exercise price ($/option)	Number of shares		Weighted average exercise price ($/option)		Weighted average remaining life (years)		Number of shares		Weighted average exercise price ($/option)		Weighted average remaining life (years)
$0.56 – $1.00		7,710,943		0.91		4.08		4,200,749		0.94		3.76
$1.00 – $1.95		1,277,639		1.72		1.55		1,277,639		1.72		1.55
$2.05 – $3.26		2,744,631		2.16		2.41		2,744,631		2.16		2.41
		11,733,213		1.29		3.42		8,223,019		1.47		2.97

Fury Gold Mines Limited Notes to Q1 2023 Condensed Interim Consolidated Financial Statements (Expressed in thousands of Canadian dollars, except where noted – Unaudited) 12

(c) Share purchase warrants

The number of share purchase warrants outstanding at March 31, 2023 was as follows:

	Warrants outstanding			Weighted average exercise price  ($/share)
Outstanding at December 31, 2021		8,211,453		$	1.27
Expired		(750,003	)		1.95
Outstanding at December 31, 2022 and March 31, 2023		7,461,450		$	1.20

The following table reflects the warrants issued and outstanding as of March 31, 2023:

Expiry date	Warrants outstanding		Exercise price ($/share)
October 6, 2024		5,085,670		1.20
October 12, 2024		2,375,780		1.20
Total		7,461,450		1.20

Note 10: Key management personnel

Key management personnel include Fury Gold’s board of directors and certain executive officers of the Company, including the Chief Executive Officer and Chief Financial Officer.

The remuneration of the Company’s key management personnel was as follows:

	Three months ended March 31
	2023		2022
Short-term benefits provided to executives (a)	$	272	$	232
Directors’ fees paid to non-executive directors		65		47
Share-based payments		459		313
Total	$	796	$	592

^(a) Short-term employee benefits include salaries, bonuses payable within twelve months of the date of the condensed interim consolidated statements of financial position, and other annual employee benefits.

Fury Gold Mines Limited Notes to Q1 2023 Condensed Interim Consolidated Financial Statements (Expressed in thousands of Canadian dollars, except where noted – Unaudited) 13

Note 11: Supplemental cash flow information

The impact of changes in non-cash working capital was as follows:

	Three months ended March 31
	2023			2022
Accounts receivable	$	56		$	107
Prepaid expenses and deposits		(39	)		(48	)
Accounts payable and accrued liabilities		(259	)		(623	)
Change in non-cash working capital	$	(242	)	$	(564	)
Operating activities include the following cash received:
	Three months ended March 31
	2023			2022
Exploration tax credits refunded	$	-		$	165

Note 12: Loss (earnings) per share

For the three months ended March 31, 2023, and 2022, the weighted average number of shares outstanding and (earnings) loss per share were as follows:

	Three months ended March 31
	2023		2022
Net Loss (earnings)	$	2,662	$	(45,636	)
Weighted average basic number of shares outstanding		140,011,083		125,720,950
Basic loss (earnings) per share	$	0.02	$	(0.36	)
Weighted average diluted number of shares outstanding		140,011,083		125,752,129
Diluted loss (earnings) per share	$	0.02	$	(0.36	)

All of the outstanding share options and share purchase warrants at March 31, 2023 were anti-dilutive for the periods then ended as the Company was in a loss position.

Fury Gold Mines Limited Notes to Q1 2023 Condensed Interim Consolidated Financial Statements (Expressed in thousands of Canadian dollars, except where noted – Unaudited) 14

Note 13: Financial instruments

The Company’s financial instruments as at March 31, 2023 consisted of cash, accounts receivable, marketable securities, deposits, and accounts payable and accrued liabilities. The fair values of these financial instruments approximate their carrying values, unless otherwise noted.

(a) Financial assets and liabilities by categories

	At March 31, 2023						At December 31, 2022
	Amortized Cost		FVTPL		Total		Amortized Cost		FVTPL		Total
Cash	$	16,541	$	-	$	16,541	$	10,309	$	-	$	10,309
Marketable securities		-		1,395		1,395		-		582		582
Deposits		85		-		85		25		-		25
Accounts receivable		313		-		313		369		-		369
Total financial assets		16,939		1,395		18,334		10,703		582		11,285
Accounts payable and accrued liabilities		895		-		895		1,148		-		1,148
Total financial liabilities	$	895	$	-	$	895	$	1,148	$	-	$	1,148

(b) Financial assets and liabilities measured at fair value

The categories of the fair value hierarchy that reflect the significance of inputs used in making fair value measurements are as follows:

Level 1 – fair values based on unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 – fair values based on inputs that are observable for the asset or liability, either directly or indirectly; and

Level 3 – fair values based on inputs for the asset or liability that are not based on observable market data.

The Company’s policy to determine when a transfer occurs between levels is to assess the impact at the date of the event or the change in circumstances that could result in a transfer. No transfers occurred between the levels during the period.

The Company’s financial instruments measured at fair value on a recurring basis were the Company’s marketable securities which were classified as Level 1 at March 31, 2023 (December 31, 2022 – Level 1).

During the three months ended March 31, 2023, there were no financial assets or financial liabilities measured and recognized in the condensed interim consolidated statements of financial position at fair value that would be categorized as level 2 or 3 in the fair value hierarchy.

(c) Financial instruments and related risks

The Company’s financial instruments are exposed to liquidity risk, credit risk and market risks, which include currency risk and price risk. As at March 31, 2023, the primary risks were as follows:

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. The Company proactively manages its capital resources and has in place a budgeting and cash management process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its current exploration plans and achieve its growth objectives. The Company ensures that there is sufficient liquidity available to meet its short-term business requirements, taking into account its anticipated cash outflows from exploration activities, and its holdings of cash and marketable securities. The Company monitors and adjusts, when required, these exploration programs as well as corporate administrative costs to ensure that adequate levels of working capital are maintained.

Fury Gold Mines Limited Notes to Q1 2023 Condensed Interim Consolidated Financial Statements (Expressed in thousands of Canadian dollars, except where noted – Unaudited) 15

As at March 31, 2023, the Company had unrestricted cash of $16,541 (December 31, 2022 – $10,309), working capital surplus of $13,898 (December 31, 2022 –$10,554), which the Company defines as current assets less current liabilities, and an accumulated deficit of $134,502 (December 31, 2022 – $131,841). The Company notes that the flow-through share premium liability, which reduced the Company’s working capital by $3,889 (December 31, 2022 – nil), is not settled through cash payment. Instead, the flow-through share premium liability will be drawn down as the Company incurs exploration expenditures for the Eau Claire project. During the three months ended March 31, 2023, Fury Gold recognized a net loss of $2,661 (three months ended March 31, 2022 – earnings of $45,636). The Company expects to incur future operating losses in relation to exploration activities. With no source of operating cash flow, there is no assurance that sufficient funding will be available to conduct further exploration and development of its mineral properties.

The Company’s contractual obligations are as follows:

	Within  1 year		2 to 3 years		Over 3 years		At March 31 2023		At December 31 2022
Accounts payable and accrued liabilities	$	895	$	-	$	-	$	895	$	1,148
Quebec flow-through expenditure requirements		-		8,750		-		8,750		-
Undiscounted lease payments		199		206		-		405		468
Total	$	1,094	$	8,956	$	-	$	10,050	$	1,616

The Company also makes certain payments arising on mineral claims and leases on an annual or bi-annual basis to ensure all the Company’s properties remain in good standing. Cash payments of $85 were made during the three months ended March 31, 2023, in respect of these mineral claims.

During the three months ended March 31, 2023, the Company entered into a drilling services contract for the 2023 exploration program. The Company has committed to a minimum 6,000 metre drilling program with the contractor.

Credit risk

The Company’s cash and accounts receivable are exposed to credit risk, which is the risk that the counterparties to the Company’s financial instruments will cause a loss to the Company by failing to pay their obligations. The amount of credit risk to which the Company is exposed is considered insignificant as the Company’s cash is held with highly rated financial institutions in interest-bearing accounts and the accounts receivable primarily consist of sales tax receivables and a receivable from a reputable supplier of services in Canada.

Fury Gold Mines Limited Notes to Q1 2023 Condensed Interim Consolidated Financial Statements (Expressed in thousands of Canadian dollars, except where noted – Unaudited) 16

Market risk

This is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Significant market risks to which the Company is exposed are as follows:

i.	Currency risk
	The Company is exposed to currency risk by having balances and transactions in currencies that are different from its functional currency (the Canadian dollar). The Company’s foreign currency exposure related to its financial assets and liabilities held in US dollars was as follows:

	At March 31 2023			At December 31 2022
Financial assets
US$ bank accounts	$	2		$	1
Financial liabilities
Accounts payable		(27	)		(61	)
	$	(25	)	$	(60	)

A 10% increase or decrease in the US dollar to Canadian dollar exchange rate would not have a material impact on the Company’s net loss.

ii.

Price risk

The Company holds certain investments in marketable securities (note 3) which are measured at fair value, being the closing share price of each equity security at the date of the condensed interim consolidated statements of financial position. The Company is exposed to changes in share prices which would result in gains and losses being recognized in the earnings for the period. A 10% increase or decrease in the Company’s marketable securities’ share prices would not have a material impact on the Company’s net income.

Fury Gold Mines Limited Notes to Q1 2023 Condensed Interim Consolidated Financial Statements (Expressed in thousands of Canadian dollars, except where noted – Unaudited) 17