Mr. Marcel Robillard reports

PUMA EXPLORATION RAISES $922,200 IN NON-BROKERED PRIVATE PLACEMENT

Further to the closing of its brokered $5-million private placement announced on Dec. 17, 2021, Puma Exploration Inc. has closed a non-brokered private placement of hard-dollar units for total gross proceeds of $922,200. As part of the offering, the company issued 2,305,500 units at the price of 40 cents per unit, with each unit comprising one common share and one-half common share purchase warrant. Each warrant entitles the holder to acquire one common share of the company at 65 cents per share until Dec. 30, 2023.

Two insiders of the company acquired a total of 70,500 units in the offering, which is considered a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101 in respect of such insider participation.

In consideration of their services, finders received a cash commission of $17,570 and were issued 26,425 non-transferable compensation warrants. Each compensation warrant is exercisable into one common share of the company for 40 cents for 24 months from the date of closing of the offering.

The net proceeds from this offering will be used for general working capital purposes. The offering is subject to regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued and issuable in the offering are subject to a hold period of four months and one day from closing.

Following the holiday break, Puma's technical team will be back on site in early January to finalize preparations for its fully financed 10,000-metre drilling program on the Williams Brook property. The company's proposed 2022 exploration strategy and program are outlined in its Dec. 21, 2021, news release.

About Puma Exploration Inc.

Puma Exploration is a Canadian-based mineral exploration company with precious metals projects in early to advanced stages located in the famous Bathurst mining camp (BMC) 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.