Mr. Marcel Robillard reports

PUMA EXPLORATION MAKES ANOTHER GOLD DISCOVERY - TRENCHING RETURNS 60.10 AND 25.20 G/T AU AT THE COUGAR GOLD ZONE

The grab* samples collected at Puma Exploration Inc.'s Cougar gold zone (CGZ) at its 100-per-cent-owned Williams Brook gold project in northern New Brunswick, have returned up to 60.10 grams per tonne Au (gold) in an initial stripping program.

The Cougar gold zone hosts high-grade gold in quartz veins discovered in three small areas recently uncovered by stripping. Other grab samples returned 25.20 g/t Au, 5.76 g/t Au and 3.17 g/t Au. Similarly to the Lynx gold zone, the gold is found in quartz veins along a rhyolite-sediment contact. This fall's stripping program at the CGZ aimed to test soil anomalies, trenching and one drill intercept of 54.20 g/t Au over 2.8 metres conducted by previous operators in 2008.

* The reader is cautioned that grab samples are selective by nature and may not be representative of the true metal content of the mineralized zone.

Marcel Robillard, president and chief executive officer, commented: "Today's results are very exciting. They confirm that another significant high-grade gold zone, similar to the Lynx gold zone, four km away, is present at Williams Brook. We conducted very little work here over the past three years, but the results from this initial small stripping program remind me of our first stripping at Lynx and our subsequent discovery success there.

"We've suspected that gold mineralization at Williams Brook is extensive and that many gold-mineralized zones are likely on the 46,000 ha project. We will continue to apply our successful formula to build the gold inventory here. Puma is well positioned to develop northern New Brunswick's newest gold camp," added Mr. Robillard.

The Cougar gold zone -- a second lynx gold zone

The Cougar gold zone is located about four kilometres northeast of the Lynx gold zone and one km southeast of the newly discovered Jaguar gold zone (JGZ) (see Oct. 20, 2022, news release). It bears many similarities to the Lynx gold zone (LGZ), where Puma made its initial gold discovery in 2020. The gold is also found in quartz veins near a rhyolite/sediment contact.

The CGZ likely represents another major felsic dome at Williams Brook. Gold mineralization occurs in high-grade gold veins within a larger altered/lower-grade envelope, with several grab samples returning anomalous gold values sometimes exceeding 0.20 g/t Au. So far, the rhyolite has been traced on surface over 2.0 km by 350 metres.

The work completed at the CGZ is part of Puma's continuing strategy to build a gold camp at the Williams Brook gold project by testing highly prospective areas on the large land package while prioritizing the development of the Lynx gold zone. Trenching at the CGZ is continuing and news will be forthcoming.

About the Williams Brook gold project

The Williams Brook project comprises six claim blocks covering more than 46,000 hectares in an established and mining-friendly jurisdiction, near paved roads and with excellent infrastructure nearby. The land package is located near the Rocky Brook Millstream fault (RBMF), a major regional structure formed during the Appalachian Orogeny and a significant control for gold deposition in the region.

The Lynx gold zone is Puma's main area of focus. It was discovered in 2020 by high-grade surface samples and later recognized at depth in 2021 by hole WB21-02 that intersected 5.55 grams per tonne Au over 50.15 m from surface, including two high-grade gold veins with 9.88 g/t Au over 8.60 m and 46.94 g/t Au over 3.85 m. A follow-up 10,000 m (113 holes) drilling program identified several new high-grade veins at Lynx, including 51.73 g/t gold over 1.85 m (WB 22-66), 34.93 g/t gold over 3.00 m (WB22-23) and 22.38 g/t Au over 3.20 m (WB22-36). Three specific gold enrichment zones have been delineated along the 750 m strike length stripped to date.

The LGZ is interpreted to be a mineralized felsic dome within a large gold system. The high-grade gold mineralization is characterized by finely disseminated gold in quartz (veins, veinlets, stockworks, breccias) at the contact between rhyolite and sediments. The contact allowed for the movement of gold-bearing fluids and is characterized by highly silicified iron-oxide carbonates and intense sericite alteration.

A large orogenic/epithermal gold system is present at Williams Brook. Surface exploration work has identified several additional gold targets along the extension of the OGT and other gold trends on the large land package, including the recently uncovered Cougar and Jaguar gold zones.

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 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 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 a gravity finish (Au-GRA22). Check assays are routinely performed for samples with visible gold to ascertain the gold content of the mineralization zone.

About Puma Exploration Inc.

Puma Exploration is a Canadian-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.