Mr. Marcel Robillard reports

PUMA EXPLORATION CONTINUES AGGRESSIVE EXPLORATION ON THE O'NEIL GOLD TREND ON ITS WILLIAMS BROOK GOLD PROPERTY, ATLANTIC CANADA

Puma Exploration Inc. has provided an update on the progress of the summer/fall 2021 exploration work program at its Williams Brook gold property in New Brunswick, Atlantic Canada.

Inaugural drilling program at Williams Brook gold project

The core-oriented maiden drill campaign was completed on Aug. 20, 2021. It consisted of 18 holes for a total of 2,360 metres that tested a 200-metre segment of the 700-metre-long O'Neil gold trend (OGT). The assay results for the six first holes were released in mid-September, 2021, and all six holes intersected significant gold mineralization, including discovery hole WB21-02, which cut 5.55 grams per tonne gold over 50.15 metres from surface, including 9.88 grams per tonne gold over 8.60 metres and 46.94 grams per tonne gold over 3.85 metres. The assays are pending for the remaining 12 drill holes.

Marcel Robillard, president and chief executive officer, stated: "We are as anxious as anyone to see the assay results of the 12 remaining drill holes, especially since visual observation has confirmed the presence of the altered and mineralized zone in each of them. Meanwhile, Puma's technical team continues to better define and extend the gold zones on surface by prospecting, trenching, stripping and intense sampling in preparation for the next drilling campaign scheduled for later in 2021."

Main exploration work completed or in progress:

• Aggressive grab sampling program completed over 400 metres along the OGT between the O'Neil and Chubby gold zones;
• Wood cutting and stripping in progress over the sediment/rhyolite contact to continue the aggressive grab sampling program for an additional 300 metres beyond Chubby along the OGT;
• Prospecting, exploration trenching and grab sampling in progress over the entire seven-kilometre northeast extension of the OGT;
• Trenching and sampling of quartz veins discovered at the lower (southeast) contact of the rhyolite;
• Metallurgical tests in preparation on different gold-mineralized zones;
• A geophysical ground IP (induced polarization) test survey in progress over the drilled area (six lines for 3.3 km);
• The completion of the heliborne VTEM (versatile time-domain electromagnetic) and new radiometric surveys in progress to cover the entire Williams Brook gold property;
• Work in progress to establish a 3-D structural model with the new data of the recent drilling campaign in collaboration with Terrane Geosciences.

Stock option plan

The company has increased its fixed, less-than-10-per-cent stock option plan from 7.4 million shares to 8.3 million shares, which remains less than 10 per cent of the company's current issued and outstanding share capital. The amended plan is subject to the receipt of acceptance from the TSX Venture Exchange.

About the O'Neil gold trend

The O'Neil gold trend is a pervasive, altered and brecciated rhyolite unit hosting significant gold showings and occurrences followed by trenching and drilling over a strike length of 700 metres. The geophysical signature of the OGT is expressed over seven kilometres. The favourable unit (rhyolite) is similar and parallel to the structures hosting the Williams 1 and Williams 2 gold zones, where a previous operator drilled 54.2 g/t Au over 2.8 metres and one g/t Au over 23 metres in 2008.

These trends are interpreted to be related to major rifting in the New Brunswick geological events and could represent a low-sulphidation epithermal gold system. Along the OGT, the width of the rhyolite varies from five metres to 250 metres, with an average apparent thickness of 150 metres.

Discovery hole WB21-02 intersected 5.55 g/t Au over 50.15 metres from surface. The mineralized and altered zone drilled includes two main high-grade intercepts of 9.88 g/t Au over 8.6 metres and 46.94 g/t Au over 3.85 metres. All six first holes intersected significant high-grade-gold quartz veins and quartz networks within the altered and mineralized rhyolite.

Selected high-grade grab sample assays on the prolific O'Neil gold trend include:

• O'Neil gold zone -- 128.5 g/t Au, 44.4 g/t Au, 38.8 g/t Au, 32.8 g/t Au and 23.1 g/t Au;
• Pepitos gold zone -- 52.1 g/t Au, 16.1 g/t Au, 15 g/t Au, 13.1 g/t Au and 4.87 g/t Au;
• Lynx gold zone -- 241 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au and 58.4 g/t Au;
• Chubby zone -- 3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au and 0.45 g/t Au;
• Moose gold zone -- 2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au and 1.1 g/t Au.

Qualified person

Dominique Gagne, PGeo, an independent qualified person as defined by National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release.

Quality assurance/quality control

Rock samples were bagged, sealed and sent to the facility of ALS Chemex in Moncton, N.B., where each sample was dried, crushed and pulped. The samples were crushed to 70 per cent less than two millimetres, riffle split off one kilogram and pulverized to better than 85 per cent passing 75 micrometres. A 30-gram subsplit from the resulting pulp was then subjected to a fire assay. Other screen sizes available. Duplicate 50-gram assay on screen undersize. Assay of entire oversize fraction.

About Puma Exploration Inc.

Puma Exploration is a Canadian-based mineral exploration company with precious metal and base metal projects in early to advanced stages located in the famous Bathurst mining camp, New Brunswick, Canada. Great efforts will be made by the company in the coming years to deploy its DEAR (development, exploration, acquisition and royalties) strategy in order to generate maximum value for shareholders with low share dilution.

We seek Safe Harbor.