Puma Exploration Inc. outlined its key accomplishments and discoveries made at its Williams Brook Gold Project in 2022 and present its 2023 Exploration Program. Puma's Key Accomplishments: Proved, through drilling, the continuity of high-grade gold mineralization at the Lynx Gold Zone over a length of 750 m along strike, a width of 75 m and a depth of 100 m (remains open for expansion). Identified a series of high-grade gold shoots that plunge 25° to the northeast.

Conducted a preliminary metallurgical test on samples drilled in 2021 that returned 92% gold recovery by gravity alone and up to 99.7% by floatation with minimal cyanidation. Initiated an advanced metallurgical test on twelve (12) quartz veins located at surface totaling 3,000 kg of material. Excavated 112 trenches spanning 17.1 km and collected 2,629 grab samples.

Completed 2 distinct soil surveys (over 8 km2) and collected 2,686 soil samples. Discovered three (3) other gold zones kilometres away from Lynx confirming the potential for a gold camp at Williams Brook. Secured 100% ownership of more than 49,000 ha of prospective land in northern New Brunswick.

Successfully fundraised and developed a loyal shareholder base with key institutional investors. Established partnerships with industry specialists to optimize exploration and development. Developed a low-cost exploration model – with only C$7M invested on site to date.

LYNX GOLD ZONE: High-Grade Zone Extension- 3,000 m of exploratory drilling down to approximately 200 metres will confirm at depth the higher-grade mineralized intercepts identified in 2023. This initial winter drilling program is scheduled to begin shortly and is designed to identify the best gold zones to drill at depth for a follow-up summer/fall drilling program. 3,000 m of step-out drilling will focus on the expansion of the LGZ to the northeast along a 3 km corridor.

Grab samples collected during the 2022 exploration program confirmed the NE extension of the favorable contact and identified drilling targets for the upcoming program. Bulk Sample – characterizing the Lynx Gold Zone: Mineralization at the Lynx Gold Zone occurs as higher-grade gold veins of varying width within a lower-grade envelope. In consultation with industry experts, Puma has elected to conduct a bulk sample at the LGZ in 2023.

The test will provide the average grade of the mineralization and the flow sheet for gold recovery in preparation for a resource estimation. The application for a 4,000 Tonnes bulk sample has already been submitted. Following the drilling success at Lynx, Puma will apply its successful low-cost discovery model to other parts of the property.

Expanded surface work will be conducted at the Jaguar (“JGZ”), Cougar (“CGZ”) and Panthera (“PGZ”) Gold Zones to identify future drilling targets. Grab samples collected from the last trenching program at Jaguar and Cougar confirm the gold potential of the areas. A petrographic study is currently in progress to assess the similarity between gold mineralization at the JGZ and LGZ.

New Opportunities: Puma Exploration continues to seek new opportunities in New Brunswick and is committed to being a leader in mineral exploration in the province. Though its DEAR strategy (Development, Exploration, Acquisition and Royalties), Puma is focused on generating maximum value for shareholders with low share dilution.