Mr. Marcel Robillard reports

PUMA EXPLORATION ANNOUNCES INCREASE IN KINROSS' EQUITY STAKE

Kinross Gold Corp. has exercised its right, granted under the investor rights agreement (IRA) dated Oct. 23, 2024, to increase its ownership stake in Puma Exploration Inc.'s share capital from 9.1 per cent to 14.8 per cent (on an undiluted basis) and 17.4 per cent (on a partially diluted basis) after giving effect to the offering, but otherwise assuming that the number of issued and outstanding common shares of Puma as at the date hereof remains unchanged).

On Dec. 22, 2025, Kinross and Puma entered into a subscription agreement pursuant to which Kinross agreed to purchase under a non brokered private placement 12.5 million units of Puma at a price of 16 cents per unit for proceeds of $2-million. Closing of the offering is expected to occur on or about Dec. 24, 2025, and is subject to receipt of all necessary regulatory approvals and certain other conditions.

Each unit comprises one common share and one-half common share purchase warrant. Each warrant is exercisable to purchase one common share of the company at 25 cents per share for a period of 24 months following closing of the offering. The warrants are subject to an acceleration clause that allows the company to provide notice to holders that the warrants will expire 30 days after the date the acceleration notice is delivered. The company may provide the acceleration notice only if the closing price of the company's common shares on the TSX Venture Exchange is equal to or greater than 40 cents for 30 consecutive trading days. The acceleration notice may be provided at any time after the statutory hold period and before the expiry date of the warrants. All securities issued in connection with the offering will be subject to a hold period of four months and one day under applicable securities laws.

No finders' fees will be paid in connection with the offering. The funds raised will support exploration activities on Puma's projects (not optioned to Kinross) and general corporate and working capital requirements.

Marcel Robillard, president and chief executive officer of Puma, commented: "We are very pleased to have strong support from Kinross. Having just celebrated the first anniversary of our option agreement on Williams Brook, this increased commitment reflects Kinross's confidence in Puma and aligns with our objectives. These funds will enable Puma to focus on our McKenzie gold project and other assets in northern New Brunswick."

Following closing of the offering, Kinross will hold 29,550,577 common shares and 6.25 million warrants of Puma. Under the IRA, Kinross retains the right to participate in future equity financings to maintain its ownership percentage, or to increase its holding up to 19.9 per cent of the company's total issued and outstanding common shares following the issuance of additional securities.

Williams Brook option agreement progress

In the inaugural year of the Williams Brook option agreement, Puma and Kinross drilled more than 3,600 metres at the Lynx gold zone (LGZ). The drilling program extended the LGZ by 50 metres to the southwest and increased the depth of known mineralization to 300 metres. Assay results from this campaign are pending and will be announced once received. Concurrently, surface exploration, including grab sampling, yielded high-grade mineralization at both the Lion gold zone (see Aug. 7, 2025, news release), located approximately 10 km north of the LGZ and on the Jonpol property (see Nov. 7, 2025, news release).

Two drilling campaigns are scheduled for 2026. A first program of 1,500 metres is scheduled to start in Q1 on the Lion and Jaguar gold zones. A potential second drilling program in the fall will test new targets delineated by summer exploration surveys. The joint technical committee is actively confirming drill targets and planning the exploration work for the year 2 $3-million fully financed program at Williams Brook.

Early warning

An early warning report filed by Kinross in connection with the investment will be available on Puma's SEDAR+ profile. Alternatively, you may contact Luke Crosby, senior vice-president, general counsel and corporate secretary, at 647-788-4478 to obtain a copy of the report. Kinross is organized under the laws of the Province of Ontario and its head office is located at 25 York St., 17th floor, Toronto, Ont., M5J 2V5. Puma's head office is located at 175 Legare St., Rimouski, Que., G5L 3B9.

Kinross acquired the units for investments purposes. Kinross may, from time to time, increase or decrease its investment in Puma through market transactions, private placements, treasury issuances or otherwise, including pursuant to the terms of the IRA between Kinross and Puma.

About Puma's assets in New Brunswick

Puma has accumulated an impressive portfolio of prospective gold landholdings strategically located close to roads and infrastructure in Northern New Brunswick, including the Williams Brook project and the McKenzie gold project. Both are 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. Puma's work to date has focused on the Williams Brook property, but prospecting and surface exploration work on its other properties have confirmed their potential for significant gold mineralization. The Williams Brook project was optioned to Kinross Gold in October, 2024.

About Puma Exploration Inc.

Puma Exploration is a Canadian mineral exploration company focused on identifying and developing a pipeline of precious metals projects in New Brunswick, near Canada's renowned Bathurst mining camp. Puma has a long history in Northern New Brunswick, having worked on regional projects for over 15 years.

Puma's successful exploration methodology, which combines traditional prospecting methods with detailed trenching and cutting-edge technologies such as artificial intelligence, has been instrumental in understanding the region's geology and associated mineralized systems. Armed with geophysical surveys, geochemical data and consultants' expertise, Puma has developed a cost-effective exploration tool to discover gold at shallow depths and maximize drilling results.

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