Mr. Marcel Robillard reports

PUMA EXPLORATION CLOSES PRIVATE PLACEMENT OFFERINGS FOR GROSS PROCEEDS OF $1,008,035

Puma Exploration Inc. has closed the first tranche of a non-brokered placement consisting of 2,854,243 flow-through units at 18.5 cents per FT unit for gross proceeds of $528,035. Each FT unit comprises one flow-through share and one-half common share purchase warrant. Each whole warrant is exercisable to purchase one common share of the company at 22 cents per share until May 11, 2025. The company expects to close the balance of the FT private placement consisting of up to 7,145,757 FT units for gross proceeds of up to $1,321,965, in one or more additional tranches.

Puma also closed a non-brokered private placement offering of three million units of the company at 16 cents per unit for gross proceeds of $480,000. Each unit comprises one common share and one common share purchase warrant. Each warrant is exercisable to purchase one common share of the company at 22 cents per share until May 11, 2025.

The warrants are subject to an acceleration clause that entitles the company to provide notice to holders that they will expire 30 days from the date the company delivers the acceleration notice. The company can only provide the acceleration notice if the closing price of the company's common shares on the TSX Venture Exchange is equal to or greater than 45 cents for 30 consecutive trading days. The acceleration notice can be provided at any time after the statutory hold period and before the expiry date of the warrants.

The net proceeds from the units will be used for general and administrative purposes. The net proceeds of the FT units will be used to incur eligible Canadian exploration expenses and flow-through mining expenditures, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than Dec. 31, 2024. The funds will be used to advance exploration at the Williams Brook gold project and the company's assets in northern New Brunswick.

In connection with the closing of the private placement and the first tranche of the FT private placement, the company paid aggregate cash finders' fees of $40,113 and issued 225,000 non-transferable finder warrants. The finder warrants are exercisable before May 11, 2025, at 22 cents per common share.

Related parties

An insider of the company participated in the private placement and acquired an aggregate of 100,000 units. The purchases by the insider constitute related party transactions within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions.

The issuances are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as they are distributions of securities for cash, and the fair market value of the units issued to, and the consideration paid by, the insiders did not exceed 25 per cent of the company's market capitalization. No new insiders were created, nor any change of control occurred due to the private placement.

All securities issued in connection with the private placement and the first tranche of FT private placement are subject to a four-month-and-one-day hold period expiring on Sept. 12, 2023. The private placements have received conditional approval from the TSX Venture Exchange.

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 metres of drilling and a 4,000-tonne bulk sample.

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.