PUMA EXPLORATION INC.

Puma Exploration Inc. (“Puma” or the “Company”) announce that its subsidiary Murray Brook Minerals (“MBM”) now 70.48% held by Puma secured a prospective polymetallic critical minerals project in Northern New Brunswick (Figure 2) in addition to its Legacy Cu-Ag deposit.

The Mount McInnes Project, located approximately 50 km from Puma’s Williams Brook Gold Project optioned to Kinross, is considered prospective for silver, gold, lead, zinc, copper, indium, bismuth, tungsten, molybdenum, and tin mineralization. The property covers 11,837 hectares and comprises 19 claim blocks (539 claim units) (Figure 2). With two prospective polymetallic projects in its portfolio, Puma considers that MBM is well positioned to explore for and support Canada’s domestic supply of critical metals.

Puma reports that work towards a potential listing of MBM as a separate TSXV-listed resource company, following a structure similar to the Canadian Copper transaction in 2022, is ongoing. Puma indicates that it will provide further details as the transaction becomes more concrete, including the potential distribution of MBM shares to Puma shareholders. Presently, Puma advises that the proposed transaction remains conceptual, and there is no guarantee it will proceed or be completed.

Property Geology and Mineralization

Geologically the Mt. McInnes claims are underlain by Cambrian–Ordovician sedimentary rocks and Ordovician–Devonian granites (Figure 3). Mineralization is interpreted to be associated with porphyry dykes sourced from a deeper granitic intrusion. Sulphide-bearing alteration zones, veins, and mineralized breccias contain gold, lead, zinc, and indium, as well as tungsten ± molybdenum mineralization. Potential exploration analogues considered by MBM include the Mount Pleasant porphyry system (Cu–Zn–In–W–Mo–Sn) and the Coeur d’Alene district in the northwestern United States.

Historic grab samples are reported to have returned up to 314 g/t Ag, 3.0 g/t Au, 15.30% Zn, 3.98% Pb, 4.00% Cu, 392 g/t In, 1,150 ppm W, 1,980 ppm Bi, and 1,100 ppm Sn. Float samples reported up to 6.5% Cu, 226 g/t Ag, 970 ppb Au, 1.6% W, 12.0% Mo, 975 ppm Sn, 4.36% Zn, 1.06% Pb, and 8,800 ppm U. Drill hole UGP-09-01 intersected a 4.2 m interval averaging 94 ppb Au, 30.2 g/t Ag, 0.57% Pb, and 0.93% Zn, including 0.3 m grading 921 ppb Au, 314 g/t Ag, 3.98% Pb, and 3.82% Zn.

Historic grab samples from Trench TR12A returned up to 455 ppb Au, 21.9 g/t Ag, 4.99% Zn and 464 ppm Mo; grab samples* from Trench TR12B returned up to 644 ppb Au, 43.0 g/t Ag and 1.87% Pb.

Puma notes that the Mount McInnes Project has undergone limited modern exploration despite encouraging geological and geochemical indicators. The reported historical assays, soil and stream-sediment anomalies, favourable geology and geophysical targets support further systematic exploration to evaluate the property’s mineral potential.

Agreement

The details of the transaction signed June 8, 2026 to acquire a 100% interest in the 19 claim blocks (539 claims), MBM agrees to issue and pay to the arm’s-length Vendor are as follows:

• 500,000 common shares of MBM and a C$15,000 cash payment at the signature; The cash payment has already been paid.
• Make a C$20,000 cash payment on or before the first anniversary of the signing of the agreement;
• Additional performance payments to the Vendor:
  • Cash payment of C$10,000 upon a first 43-101 compliant Resources estimate
  • Cash payment of C$25,000 upon a positive preliminary economic assessment;
  • Cash payment of C$50,000 upon a positive feasibility study;
  • One-time cash payment of C$100,000 upon commercial production.

The Vendor will retain a 2% net smelter return (“NSR”) royalty on any commercial production from the property. Fifty percent of the NSR, or 1%, may be purchased by MBM for $1 million. MBM retains the right of first refusal on the remaining 1% NSR royalty retained by the Vendor. The agreement is subject to the approval of the TSX Venture Exchange.

Comments

Puma is following the project generation model for New Brunswick where they note that the release of New Brunswick’s Comprehensive Minerals Strategy, which aims to revitalize the province’s mineral sector and bolster domestic production of critical minerals, has resulted in a record number of claims staked in the province in the last year.  The property seems to be a reasonable acquisition but I need an NI 43-101 Technical Report to make a definitive assessment.

The main challenge with the prospect generation model is to have sufficient funds to adequately explore properties especially for drilling which is essential to move a property forward.  I was on the board of Transition Metals, a project generator with properties across Canada, for 10 years.  Markets are better now but the spinout of a nickel  junior we did with a dividend of shares to Transition shareholders was marginally successful.  Most of the problem revolved around not being able to raise sufficient capital before having a large number of shares issued.  Flow through helps in the short term getting some exploration done but the funds always sell once the hold is off (despite what they always tell you) and depress your stock price making it hard to raise additional funds without blowing up your cap structure.

Figure 2
Source: Puma Exploration

Figure 3
Source: Puma Exploration