Mr. Marcel Robillard reports

PUMA EXPLORATION SAMPLES 362 G/T GOLD AT NEWLY OPTIONED TIMM GOLD PROPERTY

Puma Exploration Inc. has entered into a property agreement to strategically increase its substantial gold landholdings at the Williams Brook gold project. The newly optioned Timm gold property, with grab samples grading up to 267 grams per tonne gold and 362 grams per tonne gold (see attached table), marks another step toward Puma's development of a major gold camp in northern New Brunswick.

Highlights:

• Strategic gold property located along national road, only 10 kilometres from St-Quentin and 25 kilometres west of Williams Brook flagship property;
• High-grade gold structure, with initial surface sampling up to 362 grams per tonne gold;
• Mineralization hosted in similar quartz veins within sedimentary package;
• Similar depositional gold environment as Williams Brook gold property.

Marcel Robillard, president and chief executive officer, commented: "Puma has an established relationship with local prospectors who frequently approach us with interesting properties. We saw an opportunity with the Timm property. It is only 10 kilometres from our St-Quentin facility, hosts the same rocks as Williams Brook, and work done by previous operators highlighted its potential. While waiting for the assay results of our 2023 drilling at Lynx, we completed our due diligence on the property with a preliminary surface exploration program. We are excited about the samples' exceptional gold grades similar to the ones discovered at Lynx in 2021. This acquisition is part of our strategy to build a gold camp in the region, and we look forward to applying our successful discovery model at Timm in the near future."

Overview of the Timm gold property

The property is located only 10 kilometres east of St-Quentin, where Puma has its exploration office, and comprises 223 claims covering 4,840 hectares. Local prospector Tim Lavoie made a gold discovery on the property in 2014. He subsequently optioned it to different junior exploration companies over the years. They completed some surface exploration work -- trenches, soil sampling, till and stream sampling, and four diamond drill holes -- that returned several anomalous gold zones and highlighted the potential for more discoveries.

The property hosts the same geology as Williams Brook and has historically been divided into three gold zones: the Bonanza, Dome and South zones. The Dome and Bonanza vein system is hosted in strongly foliated sericite schist with the gold mineralization typically associated with goethite/limonite as at the Lynx gold zone. So far, the three zones show a strike length of 625 metres with samples varying from anomalous (0.1 gram per tonne gold) up to 362 grams per tonne gold.

Option agreement

To acquire a 70-per-cent interest in the Timm property, Puma will issue 250,000 shares to the vendor and complete $100,000 worth of work over two years. Having earned a 70-per-cent interest in the Timm property, Puma will enter into a joint venture with the seller, carrying the seller for the first $1-million of work expenditure. Afterward, the seller can retain its 30-per-cent interest by contributing its share of the exploration expenses. Should the seller's interest in the property fall below 10 per cent, its interest will be converted to a 10-per-cent return on net profits from mine production.

Additional performance payments:

• Puma will make a $25,000 cash payment to the seller upon a positive preliminary economic assessment (PEA to be defined in the definitive agreement).
• Puma will make a $50,000 cash payment to the seller upon a positive feasibility study (FS to be defined in the definitive agreement).
• Puma will make a one-time cash payment of $100,000 to the seller upon commercial production (commercial production to be defined in the definitive agreement).
• The seller will retain a 2-per-cent NSR (net smelter return) royalty on any commercial production from the property. Puma may purchase 50 per cent of the NSR royalty (or 1 per cent) for $1-million at any time. Puma retains the right of first refusal on the seller's remaining 1-per-cent NSR royalty.

The transaction is subject to TSX Venture Exchange approval.

Continuing work at the Williams Brook gold project

Since the beginning of September, Puma's technical team has continued to prospect, trench and strip along the Lynx gold trend over its favourable four-kilometre extension. More than 500 grab samples have been collected (assays pending) to prioritize drill targets for the second phase of the 2023 drilling program.

Coming gold investor events

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

• EMP New Brunswick -- Fredericton, N.B.: Oct. 29 to Oct. 31, 2023:
  • Mr. Robillard will present on Oct. 30 at 3:30 p.m.;
• Explor 2023 -- Montreal, Que.: Oct. 30 to Nov. 2, 2023:
  • Mr. Robillard will present on Nov. 1 at 3:40 p.m.;
• Precious Metals Summit -- Zurich, Switzerland: Nov. 13 to Nov. 15, 2023:
  • Mr. Robillard will present on Nov. 14 at 12 p.m.;
• 121 Mining Investment -- London, United Kingdom: Nov. 20 to Nov. 21, 2023.

About the Williams Brook gold project

Puma's flagship Williams Brook gold project comprises six claims blocks covering more than 44,650 hectares in northern New Brunswick, 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. Since 2021, and with less than $10-million of exploration investment, Puma has made multiple gold discoveries at the Williams Brook property and believes that the property hosts a large orogenic/epithermal gold. Puma's conrinuing exploration programs are focused on building a gold camp in northern New Brunswick.

Qualified Person

The technical information of this release was reviewed and approved by Dominique Gagne, PGeo, a consultant of Puma and a qualified person as defined by the National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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

Surface samples are bagged, sealed and sent to the facility of ALS Chemex in Moncton, N.B., where each sample is 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 every 20 samples, in addition to standards, blanks and duplicates. All samples over 10 grams per tonne 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 metal projects in New Brunswick, near Canada's famous Bathurst mining camp (BMC). Puma has a long history in northern New Brunswick, having worked on regional projects for over 15 years. As a first mover, the company quickly and strategically accumulated an impressive 44,650 hectares of prospective gold landholdings in the area. Puma's successful exploration methodology combines old prospecting methods with detailed trenching and up-to-date technology, such as artificial intelligence (AI), to facilitate an understanding of the geology and associated mineralized systems. Armed with geophysical surveys, geochemical data and consultant expertise, Puma has developed a perfect low-cost exploration tool to discover gold at shallow depths and maximize drilling results.

The company is also committed to deploying its DEAR (development, exploration, acquisition and royalties) strategy to generate maximum value for shareholders with low share dilution.

We seek Safe Harbor.