Puma Exploration Poised for Resource Growth as Drilling Extends High-Grade Gold

• Completed 3,500m of drilling at Lynx Zone, hitting high-grade gold mineralization in 12 out of 24 holes
• Drilling expanded depth from 50m to 200m and strike length to over 700m, proving continuity
• Surface trenching grew the total footprint by 50% to 1.5km between the Lynx and new Tiger zone
• Early metallurgical tests show exceptional recoveries up to 92% via simple gravity concentration
• Fully funded for next phase of drilling starting in December, plus ongoing trenching and bulk sampling in 2023

Systematic Exploration Advancing Puma’s Williams Brook Gold Project

Junior miner Puma Exploration has made notable progress on its 100%-owned Williams Brook gold project in New Brunswick, Canada over the past year. Recent drilling successfully extended high-grade mineralization at the Lynx Zone both at depth and along strike. Meanwhile, cost-effective surface trenching increased the total footprint by 50% to over 1.5 kilometers. With these positive developments, Puma is positioned to accelerate resource definition and economic studies for this promising near-surface, open-pittable gold deposit.

Drilling Confirms Depth and Strike Continuity

In a recent interview, Puma President and CEO Marcel Robillard provided an overview of the latest work. A core part of the 2022 program was 3,500 meters of drilling focused on systematically testing the dimensions and continuity of the Lynx Zone.

Discovered in 2021, the Lynx Zone returned exceptional high-grade intercepts from the surface in initial drilling. However, continuity was uncertain. The latest drilling appears to have proven consistent mineralization. As Robillard summarized:

"We have been able to prove [the gold system] goes now to 200m depth. We went from 50m to 200m depth. The system, if it's an orogenic system, can go up to 800m deep. We're going to keep doing it."

In addition to depth, strike continuity has been established over 700 meters and remains open. The consistency of hitting the main 45-degree mineralized structural contact validates Puma's geological model, providing confidence for additional growth.

Robillard highlighted visual gold identified in 12 of the 24 drill holes as further evidence of continuity. Assay results on the final 6 holes will be released soon.

Surface Trenching Expands Footprint 50%

Beyond drilling, Puma conducted extensive surface trenching during 2022 focused on cost-effectively expanding the known footprint through geological mapping and selective sampling. This work successfully extended the strike length approximately 400 meters northeast of Lynx to the new Tiger zone. The total surface expression now proven is approximately 1.5 kilometers. Further trenching is planned for 2023 to continue efficient footprint growth before renewed drilling.

Metallurgy Shows Potential for Simple Processing

Early-stage metallurgical test work returned excellent gold recoveries for Lynx mineralization via simple gravity concentration with no chemical processing required. Results up to 92% recovery are highly encouraging.

Robillard noted the implications: "If those recoveries are confirmed by gravity only, that helps on the costs, the capex, but mainly the social acceptance of the entire project."

Additional studies are underway to confirm these early findings.

Set for Expanded 2023 Exploration Program

Buoyed by the successful 2022 results, Puma is positioned to accelerate exploration in 2023. Upcoming activity includes:

• Finalizing an updated 3D geological model over the winter to optimize targeting
• Phase 2 drilling starting December 2022 - 2500m planned to extend Lynx at depth and test the new Tiger zone
• Ongoing trenching to expand surface footprint
• Collect bulk samples for further metallurgical analysis and initial mining studies

The results will support Puma's systematic efforts to delineate an open-pit resource and advance economic studies.

Fully Financed for PlansDespite challenging markets, Puma maintains a solid cash position with approximately $1 million to fund current work plans without dilution. The company has adjusted spending to match the capital on hand.

The Investment Thesis for Puma Exploration

• High-grade, open-pittable gold deposit in a Tier 1 mining jurisdiction
• Disciplined, systematic exploration defining large system with room to grow
• Multiple expansion vectors to increase scale and resource confidence
• Early metallurgy shows potential for simple, cost-effective processing
• Experienced technical team with a discovery track record in the New Brunswick District
• Exploration funded into 2023 with tight share structure limiting dilution

Puma Exploration has executed methodical, step-out exploration at its Williams Brook gold project over the past year. Results validate the deposit model and clearly demonstrate resource growth potential.

With a solid technical foundation now established, Puma is in a position to accelerate value creation. The next phase of exploration and initial economic studies will be catalysts for the market to re-rate the potential of this promising gold project.