Mr. Marcel Robillard reports

PUMA EXPLORATION CLOSES C$5,000,000 BROKERED PRIVATE PLACEMENT

Puma Exploration Inc. has completed its previously announced brokered private placement. Pursuant to the offering, a total of 10 million flow-through common shares of the company were sold at a price of 50 cents per flow-through share for total gross proceeds of $5-million. Desjardins Capital Markets acted as sole bookrunner and agent.

"I am so proud of Puma's excellent and dedicated work on the Williams Brook property this year. Our discovery hole at the Lynx gold zone of the O'Neil gold trend was outstanding. I expect to continue to provide positive results in 2022 following this successful $5-million raise, where proceeds will be allocated to pursuing further exploratory work. With a robust exploration budget, Puma is set to advance the Williams Brook project in 2022 with the launch of a 10,000-metre drilling campaign early in the new year," commented Marcel Robillard, president and chief executive officer of Puma Exploration. "I want to personally thank Desjardins Capital Markets for their support and assistance in successfully closing our private placement. Their commitment to Puma has been exceptional."

The gross proceeds of the flow-through shares sold under the offering will be used to explore Puma's Williams Brook gold project, located in New Brunswick. The company agrees that an amount equal to the gross proceeds received by the company will be used to incur Canadian exploration expenses that will qualify as flow-through mining expenditures (each as defined in the Income Tax Act (Canada)) related to the exploration program of the company. The company will renounce such qualifying expenditures with an effective date of no later than Dec. 31, 2021. The flow-through shares sold under the offering will be subject to a statutory hold period lasting four months and one day following Dec. 17, 2021.

One insider of the company acquired 40,000 flow-through shares pursuant to the offering. Such participation is considered a related party transaction, as defined under Multilateral Instrument 61-101.

The company is relying on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the offering by insiders does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101. The company did not file a material change report more than 21 days before the expected closing of the offering, as the details of the offering were not settled until shortly prior to closing, and the company wished to close on an expedited basis for sound business reasons and in a time frame consistent with usual market practices for transactions of this nature.

As consideration for its services in connection with the offering, the company has paid to the agent a cash commission of 7 per cent of the gross proceeds of the offering and issued to the agent warrants equal to 5 per cent of the number of flow-through shares sold under the offering. Each broker's warrant will entitle the holder thereof to acquire one common share of the company at the offer price for a period of 24 months from the closing date.

The TSX Venture Exchange has conditionally approved the issuance of securities in the offering, but the issuance remains subject to TSX-V final approval.

About Puma Exploration Inc.

Puma Exploration is a Canadian-based gold exploration company with early-stage precious metal projects in the famous Bathurst mining camp in New Brunswick, Canada. The company is committed to its DEAR (development, exploration, acquisition and royalties) strategy to generate maximum value for shareholders with low share dilution.

We seek Safe Harbor.