Mr. Marcel Robillard reports

PUMA EXPLORATION ANNOUNCES LAUNCH OF KINROSS GOLD CORP. DRILLING PROGRAM AT WILLIAMS BROOK

Kinross Gold Corp. has begun another round of drilling at the Williams Brook gold project under its option agreement with Puma Exploration Inc. The initial 2,000-metre drilling program was launched at the Jaguar gold zone on July 26, 2026. To date, it includes seven holes (ranging from 200 to 500 metres) that will follow up on results from Kinross's winter 2026 drilling program. It will target the core of the Jaguar gold zone and stepout drill test other geophysical anomalies about 500 metres away in the area.

The Jaguar gold zone, located about five kilometres northeast of the Lynx gold zone, has seen limited historical work. An induced polarization survey was conducted in the area in 2007/2008, and a previous operator drilled four holes (WB08-03, 04, 06 and 08). Hole WB-08-03 intersected significant gold mineralization, with 2.10 grams per tonne gold over 9.00 metres within a broader gold envelope grading 0.52 g/t Au over 55.00 m (see Sept. 4, 2025, news release). Puma later advanced the target through prospecting, trenching and sampling, identifying an approximately 80-by-50-metre gold-enriched zone, with selected grab samples returning up to 34.70 g/t Au (see Dec. 13, 2022, news release). The reader is cautioned that grab samples are selective by nature and may not represent the true metal content of the mineralized zone.

In early 2026, Kinross launched a five-hole drilling campaign at Jaguar to follow up on historical and surface results and define the stratigraphic framework and structural controls at the JGZ. The 1,360-metre program tested the Jaguar system from different drilling orientations and targeted extensions of known mineralization, as well as new structural and geophysical indicators. Hole WB26-195 intersected a wide mineralized envelope grading 0.45 g/t Au over 56.50 m, including a higher-grade interval of 1.03 g/t Au over 16.0 m that coincides with a large geophysical (induced polarization) anomaly identified at surface, suggesting that the gold-bearing system here may be associated with a broader chargeability response (see May 21, 2026, news release).

Kinross's current 2026 drilling is designed to target the lateral and down-plunge extensions of mineralization intersected during the winter 2026 program, further constrain the geometry and extent of the rhyolite unit, and continue to evaluate the structural significance and displacement associated with faults. The potential for additional mineralized zones along other IP anomalies in the area (within 300 to 500 metres) and at depth will also be tested by drilling to the north and southeast. These zones identified in the 2007/2008 IP survey correspond to prospective bedrock exposures that were investigated through test pitting during this summer's field program.

More about the summer 2026 exploration program at Williams Brook

Kinross's summer 2026 exploration program at the Williams Brook gold project was launched in May, and included prospecting, geological mapping, trenching (test pits), soil surveys and a magnetic geophysical survey.

The fieldwork was prioritized by the need to renew the claims and by the prospectivity of the areas. The exploration focus became increasingly concentrated on the highest-quality targets, with the Jaguar gold zone emerging as the target warranting follow-up drilling.

The May to July, 2026, program included:

1. Regional prospecting and geological mapping: Three field crews systematically explored the entire property from May through July and collected grab samples.
2. Soils geochemistry surveys: Two grids of soil geochemistry were completed:
   1. Jonpol soil survey: 669 total samples (including 620 original soils, 15 duplicates, 17 blanks and 17 CRM tills);
   2. 9218 soil survey: 742 total samples (including 685 original samples, 20 duplicates, 18 blanks and 19 CRM tills).
3. Jaguar pits trenching program: Thirty-two test pit trenches were excavated in the Jaguar gold zone.
4. Drone magnetic survey: A drone magnetic survey covering 2,920.9 hectares was completed. The area surveyed ties together two previous surveys, with the magnetic data now covering an area extending from the Lynx gold zone to the Lion gold zone.

The exploration program to date has refined several high-priority drill targets and demonstrated a large, multikilometre hydrothermal alteration system. Results from the program are pending and will be announced when received.

The three field crews will continue to explore the Williams Brook project until September. Additional drilling may be added according to the results of the current program and the budget.

Qualified person

The scientific and technical content of this press release has been prepared, reviewed and approved by Dominique Gagne, PGeo, vice-president of exploration, who is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About the Williams Brook project

The Williams Brook project (40,225 hectares) was optioned to Kinross in October, 2024. It comprises the Williams Brook, Jonpol and the Portage properties. To earn a 65-per-cent interest in the project, Kinross has committed to finance a minimum of $16.75-million in exploration expenditures over five years (2025 to 2030).

About Puma's assets in New Brunswick

Puma has an impressive portfolio of prospective gold landholdings strategically located near 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, a major regional structure formed during the Appalachian orogeny and a significant control for gold deposition in the region.

About Puma Exploration Inc.

Puma Exploration is a Canadian mineral exploration company focused on identifying and developing a pipeline of precious metal projects in New Brunswick, near Canada's renowned Bathurst mining camp. Puma has a long history in northern New Brunswick, and has developed a strong understanding of the region's geology and mineralized systems through a combination of traditional prospecting, trenching, geophysics, geochemistry and advanced exploration techniques.

Through its DEAR corporate strategy -- discovery, exploration, acquisition and royalties -- the company has built a partner-financed, equity-leveraged exploration portfolio designed to preserve shareholder exposure to multiple discoveries while limiting dilution.

Puma maintains exposure to several assets, including the Williams Brook project, optioned to Kinross; equity positions in Canadian Copper and Raptor Metals; its 70.48-per-cent-owned Murray Brook Minerals subsidiary; and a portfolio of net smelter return royalties. This structure provides Puma shareholders with exposure to multiple 2026 catalysts as the company advances its discovery pipeline at McKenzie.

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