Mr. Marcel Robillard reports

PUMA INCREASES THE HIGH-GRADE GOLD FOOTPRINT OF THE LYNX GOLD ZONE AND EXTENDS IT AT DEPTH

Puma Exploration Inc. has released the results of another seven holes of its 2023 drilling program at its 100-per-cent-owned Williams Brook gold project with high-grade intercepts and long gold mineralized sections.

Hole WB23-139 intersected two high-grade gold intervals of 37.40 grams per tonne gold over 2.50 metres and 21.66 g/t gold over 2.55 m within a 63.05 m intercept grading 2.49 g/t gold from 89.95 to 153 m. The same hole intersected another gold intersection of 2.06 g/t gold over 5.20 m at 215 m downhole depth. With these new gold intersections, the Lynx gold zone (LGZ) has been extended to approximately 150 m vertical depth, further highlighting the potential for significant depth extension.

Today's results have also increased the continuity of the high-grade gold at surface with an intersection of 30.90 m grading 1.10 g/t gold in WB23-136 and five m of 2.79 g/t gold in WB23-137 starting at eight m and two m below surface, respectively.

Puma's president and chief executive officer, Marcel Robillard, commented: "Our 2023 drilling continues to deliver robust gold results and highlights the potential scale and calibre of the Williams Brook gold project. All drill holes reported in this release successfully intersected the quartz-bearing structures and new gold mineralization. Hole WB23-139 returned the second-longest high-grade gold interval of all the holes drilled with 165.55 gram-metres gold. That same hole also hit gold at 215 m depth in a previously untested area, indicating there is significant depth and lateral expansion potential here, and we will continue to apply our proven exploration model to build the gold inventory and volume at Lynx."

Results discussion

Lower-grade gold envelopes surrounding high-grade gold shoots

All seven holes reported today were drilled to intersect the previously identified high-grade gold shoots starting from surface. The gold in the high-grade quartz veins generally occurs as free gold with associated sulphides in altered rock. Many drill holes intersected lower-grade mineralized envelopes adjacent to and between the higher-grade gold veins.

Highlights include:

• 0.59 g/t gold over 30.85 m from 30.85 to 61.80 m down hole (WB23-133);
• 1.10 g/t gold over 30.90 m from 8.30 to 39.20 m down hole (WB23-136);
• 0.67 g/t gold over 30.95 m from 2.71 to 33.66 m down hole (WB23-137);
• 0.49 g/t gold over 22.80 m from 124.20 to 147 m down hole (WB23-138);
• 2.49 g/t gold over 63.05 m from 89.95 to 153 m down hole (WB23-139);
• 1.10 g/t gold over 150.50 m from 6.50 to 157 m down hole (WB23-139).

These lower-grade envelopes emphasize the continuity of the mineralization at Lynx. They will be targeted for future drilling as they indicate that this round of drilling may have missed the higher-grade core. Nevertheless, their presence is significant as it builds volume and will positively impact the mineral resource estimation of the deposit.

Moose area surface intercepts

Holes originating at the Moose area targeted the depth continuity of the high-grade gold shoots and also intersected mineralized quartz veins at surface (zero to 40 m).

Highlights include:

• 1.36 g/t gold over 5.90 m from 32.10 to 38 m down hole (WB23-133);
• 1.10 g/t gold over 30.90 m from 8.30 to 39.20 m down hole (WB23-136);
• 0.67 g/t gold over 30.95 m from 2.71 to 33.66 m down hole (WB23-137);
• 1.63 g/t gold over 3.70 m from 32.10 to 35.80 down hole (WB23-138);
• 2.01 g/t gold over three m from 7.35 to 10.35 m down hole (WB23-139);
• 1.10 g/t gold over 150.50 m from 6.50 to 157 m down hole (WB23-139).

Additional results pending

The remaining six holes (1,105 m) of the 2023 drilling program tested the northeast extension of the mineralized corridor at depth and intersected visible gold. Assay results are pending and will be released once received.

2023 drilling program

Drilling focused on the Lynx and Moose areas of the LGZ. It was designed to:

1. Confirm and extend high-grade gold mineralization at depth and along strike;
2. Target, along the favourable contact, specific veins previously mapped at the surface with different drilling orientations to better define the veins' geometry;
3. Update the company's structural model.

The program expanded from 15 to 24 holes as Puma successfully intercepted the depth extensions of the high-grade shoots defined by previous drilling programs and intersected at depth along the newly identified orientation the bonanza-grade quartz veins sampled at surface.

Most of the holes drilled show pervasive sericitization, but visible gold and associated potential bonanza-grade veins appear to be linked to the presence of carbonate alteration (dolomite) and Py-Cpy-Ga-Sp sulphide assemblages that occur as disseminated massive sulphides or as semi-massive veinlets within the quartz veins.

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.

• 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:
  • Nov. 13 to 15. 2023;
  • Mr. Robillard will present on Nov. 14 at 12:15 p.m.
• 121 Mining Investment, London, United Kingdom:
  • Nov. 20 to 21, 2023.

About the Williams Brook gold project

Puma's flagship Williams Brook gold project comprises four properties covering more than 60,000 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 an extensive orogenic/epithermal gold system. Puma's continuing 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 National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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

Drill cores are bagged, sealed and sent to 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 to high grade) and blanks every 20 samples in addition to standards, blanks and duplicates. 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 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 portfolio 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 consultants' 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 strategy (development, exploration, acquisition and royalties) to generate maximum value for shareholders with low share dilution.

We seek Safe Harbor.