Mr. Marcel Robillard reports

PUMA EXPLORATION REPORTS UP TO 371 G/T GOLD IN SURFACE ROCK SAMPLES*

Puma Exploration Inc. has identified additional high-grade gold targets at its Williams Brook gold project located in New Brunswick, Atlantic Canada. A grab sample returned 371.00 grams per tonne gold (1), the highest gold grade reported to date. Today's results are part of Puma's fall 2021 stripping program at the O'Neil gold trend (OGT), where many new quartz veins were discovered and sampled. Based on the company's previous success drilling high-grade gold areas identified at surface (grab sample (1) of 240.00 g/t Au returned 5.55 g/t Au over 50.15 metres at depth, see Sept. 15, 2021, news release), this high-grade gold area is the first priority target of Puma's 2022 10,000-metre drilling program.

"The consistent discovery of high-grade gold mineralization at Williams Brook is very exciting considering the imminent launch of our 2022 10,000-metre drilling program. The presence of significant and pervasive gold at surface along the favourable lithological contact at the O'Neil gold trend indicates that our model is sound," noted Rejean Gosselin, executive chairman and director of Puma Exploration.

The Williams Brook gold project is located within a potential new gold district with highly prospective but underexplored areas. The quartz veins containing the high-grade gold are similar over the entire 750-metre-long OGT. The high-grade samples reported today (370.00 g/t Au, 60.60 g/t Au, 28.40 g/t Au and 24.90 g/t Au) (1) are part of 150 new assay results received from the lab. Results from another 550 surface samples collected in the past fall are pending and will be released when received.

                 SELECTED NEW HIGH-GRADE SURFACE SAMPLES COLLECTED AT THE OGT (1)
 
Sample       Au-AA24   Au-GRA22     Sample    Au-AA24   Au-GRA22     Sample    Au-AA24   Au-GRA22
                  Au         Au                    Au         Au                    Au         Au
               (g/t)      (g/t)                 (g/t)      (g/t)                 (g/t)      (g/t)

                                              greater
                                                 than
D248023         1.92               D248253      10.00      29.60    D248327       8.16
D248025         3.43               D248254       9.45               D248346       1.17
                                              greater
                                                 than
D248027         3.66               D248255      10.00      24.90    D248350       2.74
                                              greater                          greater
                                                 than                             than
D248029         5.42               D248256       1.63               D248353      10.00      11.30
             greater                          greater
                than                             than
D248032        10.00      24.80    D248258      10.00      15.45    D248354       3.45
             greater
                than
D248033        10.00      15.35    D248262       7.59               D248360       1.45
                                              greater                          greater
                                                 than                             than
D248049         2.17               D248293      10.00      60.60    D248362      10.00     371.00
             greater
                than
D248050        10.00      13.40    D248309       5.98               D248366       9.84
             greater
                than
D248251        10.00      28.40                                     D248367       3.66


(1) The reader is cautioned that grab samples are selective by nature and 
may not represent the true metal content of the mineralized zone.

Mobilization for Puma's fully financed 2022 exploration program has already begun. The 10,000-metre drilling program at Williams Brook will target the most promising high-grade gold zones of the O'Neil gold trend discovered in 2021 through surface exploration work. Following the initial set-up of the pump, the on-site core shack and drill pads, the drill is expected to be turning before the end of the week.

"We are very excited to test the areas that have returned very high-grade gold at surface. This could parallel the success of our inaugural 2021 drilling program. We drilled at depth the area at the Lynx zone that had returned 240.00 g/t Au, and we hit the best intercept in the area with 5.55 g/t Au over 50.15 m," commented Marcel Robillard, president and chief executive officer of Puma Exploration.

Stock option plan

The company further announces that it has increased its fixed less-than-10-per-cent stock option plan from 8.3 million shares to 9.9 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 receipt of acceptance from the TSX Venture Exchange.

Qualified person

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

On-site quality assurance/quality control (QA/QC) measures

Grab samples were bagged, sealed and sent to the facility of ALS in Moncton, N.B., where each sample was dried, crushed and pulped before being fire assayed (Au-ICP21). The remaining coarse reject portions of the samples remain in storage for further work or verification as needed. As part of its QA/QC program, the company inserts external gold standards (low to high grade) and blanks for every batch of surface samples. All samples over 10 g/t gold or with abundant visible gold are analyzed with gravity finish (Au-GRA22). Check assays are routinely performed for samples with visible gold to ascertain the gold content of the mineralization zone.

COVID-19 precautions

Puma has developed and implemented precautions and procedures compliant with Quebec and New Brunswick's health guidelines. Strict protocols are in place to ensure the safety of all staff, thereby reducing the potential for community contact and spreading of the virus.

About Puma Exploration Inc.

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

We seek Safe Harbor.