Mr. Marcel Robillard reports

PUMA INTERSECTS 20.67 G/T GOLD OVER 5.50 M WITHIN 32.15 M OF 3.80 G/T GOLD AT THE LYNX GOLD ZONE

Puma Exploration Inc. has released the results of the last six holes of its 2023 phase 1 drilling program at its 100-per-cent-owned Williams Brook gold project. All holes reported today successfully intersected the targeted favourable contact, and a series of quartz veins and stockwork with gold mineralization. Drilling also extended the width and length of the high-grade gold shoots identified previously at Lynx and demonstrated the continuity of mineralization over long intervals.

Additional high-grade gold shoots were intercepted underneath the high-grade gold veins sampled at surface, confirming Puma's model of multiple stacked veins extending at depth. The gold shoots have now been confirmed to extend downhole to at least 250 metres and over a strike length of at least 400 m. Of particular interest, a group of high-grade gold veins assayed 20.67 grams per tonne (g/t) gold (Au) over 5.50 m within a large section of 32.15 m grading 3.80 g/t gold in WB23-142, and also in WB23-145, where a section of 5.65 m returned 10.81 g/t gold and another graded 9.91 g/t gold over 5.10 m, within a broad intersection of 98.05 m at 1.24 g/t gold.

The gold mineralization at Lynx extends both laterally and at depth over impressive lengths, such as 100.90 m of 1.25 g/t gold in WB23-142 and 98.05 m of 1.24 g/t gold in WB23-145. These long intervals emphasize the continuity of the mineralization and indicate that gold is present outside the core of the high-grade gold shoots. This is good news for potential open-pit mining scenarios and will positively impact the mineral resource estimation of the deposit.

Hole WB23-140 intersected 6.70 m of 2.44 g/t gold starting at surface, followed by several high-grade intervals such as 3.95 m of 5.44 g/t gold and 3.25 m of 4.06 g/t gold at depth. Hole WB23-144 returned 6.60 g/t gold over 3.25 m from 158 m, and WB23-145 returned 1.01 g/t gold over 3.00 m from 246 m. Gold mineralization was still present at 249 m downhole depth, indicating that the system remains open. Today's results expand the already wide distribution of the high-grade gold shoots, with mineralized intervals beginning at or near surface.

Marcel Robillard, Puma's president and chief executive officer, commented: "This latest set of results adds considerable scale and volume to the Lynx gold zone, which remains open along strike and at depth.

"Drilling shows impressive continuity downhole and between drill holes. We see similar geology, alteration, structural characteristics, geochemistry and stacking of high-grade gold veins in all drill holes. Our recent fieldwork shows that some of the same attributes characterize the Tiger gold zone, located 350 m away. The potential for a sizable kilometre-wide and deep system, similar to Fosterville, is possible here, and we'll continue to expand the zone with our ongoing exploration program."

"The first phase of our 2023 drilling campaign was a huge success, with many intersections showing metal factors exceeding 10 and up to 165, proving the robustness of the gold system. The drill rig is now being mobilized, and our technical team is excited to test new targets at Lynx, at depth and along strike, with the second phase of our 2023 drilling program," added Rejean Gosselin, Puma's executive chairman.

Lynx gold zone depositional model

Samples of drill core with very-high-grade gold veins were sent to an external consultant for petrographic (thin section) analysis to help characterize the gold system at the LGZ. The samples were also sent for additional XRF (X-ray fluorescence) whole-rock geochemical analysis. Most of the holes drilled show pervasive sericitization with pyrite, tetrahedrite, sphalerite, galena, minor chalcopyrite and malachite. Visible gold and associated potential bonanza-grade veins appear to be linked to the presence of carbonate alteration with elevated silver, bismuth and base metals values (Cu-Pb-Zn (copper-lead-zinc)).

A detailed mapping study, in collaboration with Terrane Geoscience's structural experts, also indicates that the gold mineralization at the LGZ is associated with and controlled by extensional veins and breccias arranged in a ladder pattern.

The favourable contact at the LGZ appears to have acted as a major plumbing zone between sediment (turbidite) and felsic volcanic (rhyolite), with gold veins developing within the turbidite itself, in contrast to the surrounding rock.

Dr. Gregg Morrison, a leading expert on intrusion-related, porphyry and epithermal gold systems, has reviewed the geology and classified rock and core samples of the Lynx gold zone for their texture, mineralogy and multielement geochemistry. He stated: "I believe Williams Brook is part of the same family of gold systems as Fosterville and Sunday Creek in Australia, and Valentine Lake in Newfoundland. These other deposits are known for their structure-controlled mineralization, metal zoning, free gold in bonanza shoots and kilometre-scale depth extent. The similarities to these more comprehensively explored deposits gives real confidence to deeper drilling in the Lynx zone and continued exploration around the feeder structures in the Williams Brook district."

Webinar

Puma invites shareholders and other interested parties to participate in a webinar on Thursday, Nov. 23, 2023, at 4 p.m. ET. Mr. Robillard, president and CEO, will provide an overview of the company's latest developments and answer questions.

Register on-line. After registering, you will receive a confirmation e-mail containing information about joining the webinar.

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. Register on-line:

• 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 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 $12-million of exploration investment, Puma has made multiple gold discoveries at the Williams Brook property and believes that the property hosts an extensive orogenic gold system. Puma's continuing exploration programs are focused on building a gold camp in northern New Brunswick, Canada.

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

Drill cores 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.

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