Mr. Marcel Robillard of Puma Exploration reports

PUMA EXPLORATION EXECUTES DEFINITIVE AGREEMENTS FOR MCKENZIE GOLD PROJECT

Puma Exploration Inc. executed definitive agreements with NB Gold Inc., a private company, and Comet Lithium Corp. on Dec. 23, 2024, to acquire the McKenzie gold project as described previously on Nov. 18, 2024.

On the heels of its Williams Brook project option agreement with Kinross Gold (see Oct. 24, 2024, news release), Puma Exploration aimed to secure and gain control over a second large and highly prospective mining exploration project. The MacKenzie gold project, located only seven kilometres west of Williams Brook, shares many of its characteristics and hosts many high-grade gold occurrences (up to 1,315 grams per tonne gold) on the extensive property package. The project is easily accessible from the company's field operations and core shack, only 10 kilometres away in St-Quentin, and is ideally located to benefit from Puma Exploration's proven low-cost exploration method.

Transaction details

To secure an initial 70-per-cent interest in the McKenzie gold project, Puma Exploration will:

1. Issue the remaining 200,000 shares to NB Gold to complete the Timm property option;
2. Make a cash payment of $20,000 to NB Gold;
3. Issue two million shares to NB Gold;
4. Issue 450,000 shares to Comet Lithium.

• Comet Lithium retains a 2-per-cent net smelter return royalty on production from each of the Northwest property (7298-7734) and the Grog property (7211-8167-7683-9131-9132-9133). Puma Exploration reserves the right to purchase one-half (1 per cent) of each NSR at any time with a cash payment to Comet of $500,000.
• NB Gold's 30-per-cent interest will be freely carried until Puma Exploration incurs $2-million in exploration expenditures. Once such an amount is reached, Puma Exploration and NB Gold will have to finance expenses according to their respective pro rata interest in the joint venture. If one party's interest drops below 10 per cent, the ownership will be transferred to a 10-per-cent net profit on mining production.
• Puma Exploration will be responsible for the underlying agreements in particular, but not limited to the NSR granted to previous owners.

The completion of this transaction is conditional upon several conditions, including, but not limited to, approval from the TSX Venture Exchange. Puma Exploration is dealing at arm's length with Comet and NB Gold. No finders' fees are payable in connection with the transaction.

A preliminary exploration program for the MacKenzie gold project, with a budget of $500,000, is scheduled for 2025. This program is fully financed by the closing of an unbrokered private placement announced today (details below). Preliminary fieldwork began in October, 2024, and includes mapping, prospecting and trenching. Assay results are pending and will be announced upon receipt.

Qualified person

The content of this press release was prepared by Marcel Robillard, president, and Dominique Gagne, PGeo, qualified persons as defined by National Instrument 43-101, who supervised the preparation of the technical information that forms part of this news release.

About Puma Exploration's assets in New Brunswick

Puma Exploration has accumulated an impressive portfolio of prospective gold landholdings strategically located close to roads and infrastructure in northern New Brunswick: the Williams Brook project and the new McKenzie gold project. Both are 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 Exploration's work to date has focused on the Williams Brook property, but prospecting and surface exploration work on its other properties has confirmed its potential for significant gold mineralization.

About Puma Exploration Inc.

Puma Exploration is a Canadian mineral exploration company focused on finding and expanding a pipeline of precious metal projects in New Brunswick, near Canada's famous Bathurst mining camp. Puma Exploration has a long history in northern New Brunswick, having worked on regional projects for over 15 years. Puma Exploration's successful exploration methodology, which combines old prospecting methods with detailed trenching and up-to-date technology such as artificial intelligence, has been instrumental in facilitating an understanding of the region's geology and associated mineralized systems. Armed with geophysical surveys, geochemical data and consultants' expertise, Puma Exploration has developed a perfect low-cost exploration tool to discover gold at shallow depths and maximize drilling results.

The company is committed to its DEAR business model of discovery, exploration, acquisition and royalties to generate maximum value for shareholders with low share dilution.

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