Mr. Marcel Robillard reports

PUMA EXPLORATION REPORTS UP TO 121.50 G/T GOLD IN GRAB SAMPLES* FROM LAST 2021 SURFACE EXPLORATION RESULTS

Puma Exploration Inc. has noted that additional surface samples collected at its Williams Brook gold project in New Brunswick, Canada, last fall have returned high-grade gold. Four grab samples that graded above 100 grams per tonne gold (greater than three ounces per ton) are located above Puma's current drilling area. Results from the last 566 grab samples collected as part of Puma's fall 2021 stripping program at the O'Neil gold trend (OGT) have now been received. High-grade gold results will continue to be used to identify drilling targets in the company's continuing 10,000-metre drilling program.

From the last 566 samples collected at the OGT last fall and reported today, 66 (11.6 per cent) show gold grades above one gram per tonne. Of these, 21 returned gold grades above 10 grams per tonne (see attached table). The average grade of this last batch (all 566) of results, ranging from below detection limit up to 121.50 grams per tonne gold, is 2.01 grams per tonne gold.

Based on the company's previous success drilling high-grade gold areas identified at surface (grab samples of 241 grams per tonne gold, 199 grams per tonne gold and 57.40 grams per tonne gold returned 5.55 grams per tonne gold over 50.15 metres at depth; see Sept. 15, 2021, news release), today's results confirm and expand Puma's priority targets in its continuing 10,000-metre drilling program.

Update on current drilling program

The objective of the 2022 drilling program is to test the OGT along its 750-metre strike length and confirm the depth extension of the high-grade gold-bearing quartz veins found on surface. To date, 19 holes have been drilled for a total of 2,390 metres.

The holes, so far, were collared northeast of the Lynx gold discovery, where a wide gold-mineralized zone was identified by drilling last summer, including the intersection of 5.55 grams per tonne gold over 50.15 metres in hole WB 21-02 (see Sept. 15, 2021 news release). The drilling targets areas where surface samples have returned significant gold grades (greater than one gram per tonne gold). Two thousand five hundred core samples have been sent to the laboratory for assaying. Results are pending and will be released when received.

The systematic drilling will continue toward the O'Neil gold zone, located 250 metres southwest of the Lynx gold zone, targeting the contact between the sediments and the rhyolite.

Qualified person

Dominique Gagne, PGeo, a qualified person as defined by 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 Chemex 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 grade to high grade) and blanks for every batch of surface samples. All samples over 10 grams per tonne 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 Canadian-based mineral exploration company with precious metal projects located near 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.