Mr. Marcel Robillard reports

PUMA EXPLORATION REPORTS ASSAY RESULTS FROM FALL 2022 HQ DRILLING AND CONFIRMS NON-ACID GENERATING ROCK AT THE LYNX GOLD ZONE

Puma Exploration Inc. has released assay results of up to 12.03 grams per tonne (g/t) gold (Au) over 1.5 metres in short (only six m to 18 m depth) HQ holes drilled last fall at the Lynx gold zone (LGZ). The holes were drilled as part of an expanded metallurgical test announced on Nov. 15, 2022. Static acid base accounting and total sulphur testing also determined that the rock is non-acid-generating.

"These preliminary results from our expanded metallurgical test are very positive. Our gold-bearing quartz veins contain almost no sulphide or arsenic. Bulk sampling and potential mining would therefore be non-acid-generating. These results are significant as they enable us to further derisk a potential mining operation at the Lynx gold zone," notes Marcel Robillard, president and chief executive officer of Puma Exploration.

The expanded metallurgical test was conducted to better define the gold mineralization found at surface (within the first 10 metres) at the Lynx gold zone, identify opportunities and potential challenges for gold recovery and help design the flowsheet (recipe) for processing the upcoming bulk sample. Testwork on 300 kilograms of material collected on each of the 12 main quartz veins (3,300 kg total) at the LGZ is pending and will be released in the coming weeks.

HQ drilling

Eight HQ holes, for a total of 102 metres, were drilled on three main quartz veins. Drilling targeted both high- and low-grade veins. Since the veins are known to dip, the holes were collared vertically to hit both the quartz veins at surface and the rhyolite underneath. Sampling of the quartz veins and the host rock was undertaken to corroborate the gold results of grab samples collected during surface exploration, verify their acid-generating potential, identify any negative implications of an open pit operation and provide valuable information for planning the upcoming bulk sample.

Consistent with results to date, the gold grades of the outcropping quartz veins assayed in the drill core reflect the gold grades from grab samples collected at surface as shown in holes WB22-114 with 25.2 g/t Au over 0.45 m, WB22-118 with 19.65 g/t Au over 0.9 m and WB22-117 with 7.99 over 0.90 m. Of note and as anticipated, gold mineralization was continuous from surface with assays returning 3.05 g/t Au over six m (WB22-114), 1.23 g/t over 10 m (WB22-117), and 2.52 g/t Au over 10 m (WB22-118) (see the table entitled "Assay results for the short HQ holes drilled at the Lynx gold zone").

Confirmation of non-acid-generating rock

Acid mine drainage (AMD) is a major environmental concern for mining operations. Mining companies must determine if weathering/oxidation of rock at mine site produces acid and must devise and deploy a mitigation strategy to counteract acid production if present.

RPC tested 33 selected samples from the HQ holes drilled on the surface veins and on another two holes drilled in 2022 that intercepted the sediment hanging wall. All samples were subjected to static acid base accounting (ABA) testwork. None were found to be potentially acid-producing. In addition, the total sulphur content in all samples was either very low or below the detection limit of 0.005 per cent. The ratio between neutralizing potential and acid production potential along with the total sulphur results indicate that none of the 33 submitted samples were acid-producing.

Upcoming gold investor events

Puma invites shareholders and interested parties to schedule a meeting at the upcoming conferences to discuss the company's recent news and proposed developments:

• Deutsche Goldmesse in Frankfurt:
  • May 5 to May 6, 2023.
• 121 Mining Investment Event in London:
  • May 9 to May 10, 2023.

About the Williams Brook gold project

Puma's flagship Williams Brook gold project covers more than 50,000 hectares in northern New Brunswick, an established and mining-friendly jurisdiction, near paved roads and with excellent infrastructure nearby. Since 2021, Puma has made four significant gold discoveries at Williams Brook, with gold mineralization hosted in quartz veins at surface.

An aggressive exploration program is planned for 2023, including a minimum of 6,000 m of drilling and a 4,000 T-bulk sample.

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.

About Puma Exploration Inc.

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

We seek Safe Harbor.