Mr. Marcel Robillard reports

PUMA EXPLORATION CONSOLIDATES LANDHOLDINGS AT WILLIAMS BROOK

Puma Exploration Inc. is acquiring a strategic property, the Moose Brook property. The 28 claims (608 hectares) fill a gap in the 100-per-cent-owned Williams Brook property, strengthening its position in the region. Puma is the biggest landholder in northern New Brunswick and the most active explorer in the area.

"This acquisition further adds to our considerable ground position in northern New Brunswick. Over the past four years, we've completed many separate transactions to consolidate a patchwork of mining claims held by many landowners. Most mining claims had seen little to no modern exploration work, and had never been worked as a whole. Our exploration programs and recent discoveries have shown that the property and surrounding areas hold huge potential. We're always looking to strategically and judicially expand our holdings to generate more exploration opportunities and maximize future returns," stated Marcel Robillard, president and chief executive officer of Puma.

The Williams Brook property, a key component of the Williams Brook gold project, has been a focal point of Puma's successful exploration programs. Following the company's initial discovery of 5.55 grams per tonne gold over 50.15 metres in 2021 at the Lynx gold zone, recent drilling intersected the same geology, structures and quartz mineralization known to carry gold along the trend's four-kilometre extension (see April 18, 2024, news release).

Recognizing the immense potential of the area and in alignment with the company's DEAR strategy (development, exploration, acquisition and royalties), Puma has prioritized the consolidation of the property package where it envisions potential. This strategic acquisition is a testament to its commitment to maximizing shareholder value while minimizing expenditure and share dilution. Its low-cost exploration strategies are most effective when the properties worked on are located close to one other, accessible by road, within driving distance from a town and workable all-year-round.

"Having worked in northern New Brunswick for the last 20 years, Puma has developed solid relationships with local prospectors and developers who regularly bring new opportunities to us. This allows us to secure a right of first refusal of sorts on new discoveries. We can secure, test and validate any option agreement within the first year at a very low cost," added Mr. Robillard.

Moose Brook property agreement

To acquire a 100-per-cent undivided ownership interest in the Moose Brook property (28 claim units), Puma will issue 225,000 common shares of the company and make a $5,000 cash payment to the property's owner following the signing of the agreement.

Additionally, Puma has agreed to the following:

1. $25,000 cash payment to the owner upon a positive preliminary economic assessment (PEA to be defined in the definitive agreement);
2. $50,000 cash payment to the owner upon a positive feasibility study (FS to be defined in the definitive agreement);
3. One-time cash payment of $100,000 to the owner upon a commercial production (commercial production to be defined in the definitive agreement).

The owner will retain a 2-per-cent net smelter return royalty on any saleable production from the property. Puma may purchase 50 per cent of the NSR royalty (1 per cent) for $1-million. Puma retains the right of first refusal on the remaining 1-per-cent NSR royalty held by the owner. The transaction is subject to TSX Venture Exchange approval.

About the Williams Brook gold project

Puma's flagship Williams Brook gold project comprises four properties covering over 50,000 hectares in northern New Brunswick, an established and mining-friendly jurisdiction near paved roads and excellent infrastructure. The land package is located near the Rocky Brook millstream fault, a major regional structure formed during the Appalachian orogeny and a significant control for gold deposition in the region.

Puma's successful exploration model returned, amongst others, 5.50 grams per tonne gold over 50.15 metres in hole WB21-02 (see Sept. 15, 2021, news release), 2.77 g/t gold over 42.80 m in hole WB 22-66 (see June 8, 2022, news release), 2.49 g/t gold over 63.05 m in WB23-139 (see Oct. 31, 2023, news release), 5.15 g/t gold over 23.15 m in WB23-142 and 1.24 g/t gold over 98.05 m in WB23-145 (see Nov. 16, 2023, news release).

Since 2021, with less than $15-million of exploration investment, Puma has made multiple gold discoveries at the Williams Brook property and believes it hosts an extensive orogenic gold system. Puma's continuing exploration programs are focused on building a gold camp in northern New Brunswick, Canada.

Dr. Gregg Morrison, a leading expert on intrusion-related, porphyry and epithermal gold systems, 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."

Qualified person

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

About Puma Exploration Inc.

Puma is a Canadian-based mineral exploration company with precious metal projects in New Brunswick, near Canada's famous Bathurst mining camp. 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 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.

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