The TSX Venture Exchange has accepted for filing documentation relating to an option agreement between Puma Exploration Inc. and an arm's-length party. Pursuant to the agreement, the company shall acquire a 70-per-cent interest in 76 mining claims comprising the Timm property in northern New Brunswick.

Consideration:

• At closing (already issued), 50,000 common shares;
• On or before Dec. 31, 2024, 100,000 common shares and $50,000 in work expenditures;
• On or before Dec. 31, 2025, 100,000 common shares and $50,000 in work expenditures;
• Upon positive preliminary economic assessment, $25,000 cash; --Upon positive feasibility study, $50,000 cash;
• Upon beginning commercial production, $100,000 cash.

The company must satisfy a 2-per-cent net smelter return royalty pursuant to an underlying agreement, the first half of which (a 1-per-cent royalty) may be repurchased for a sum of $1-million and the remaining half for $10-million.

After issuing the 250,000 common shares and completing the $100,000 in work expenditures over two years, the company will have earned a 70-per-cent interest in the Timm property and will enter into a joint venture with the seller, carrying the seller for the first $1-million of work expenditures. 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.

For further details, please refer to the company's news releases dated Oct. 25, 2023, and Jan. 22, 2024.