Mr. Marcel Robillard reports

PUMA EXPLORATION AND KINROSS GOLD CORP. LAUNCH WINTER 2026 DRILLING PROGRAM AT WILLIAMS BROOK

Puma Exploration Inc. has launched its winter 2026 drilling program at the Williams Brook gold project in northern New Brunswick, under its option agreement with Kinross Gold Corp.

The winter 2026 program consists of approximately 12 diamond drill holes totalling more than 2,300 metres targeting two mineralized areas -- the Jaguar and Lion gold zones. This program is designed to evaluate the gold potential for these zones, better define the structural controls on gold mineralization, confirm historical drilling results and build on Puma's previous exploration success.

Beyond the current winter program, the proposed 2026 exploration program at Williams Brook is scheduled as follows:

• January to March, 2026: winter drilling program at the Lion and Jaguar gold zones;
• May to August, 2026: summer field program, including mapping, prospecting, soil sampling and potential induced polarization (IP) surveys;
• August to September, 2026: summer drilling program to test targets generated during the summer exploration program and/or follow up on any previously drilled targets.

This $3-million second-year commitment is designed to systematically advance the Williams Brook gold project while maximizing exploration results throughout the year.

Details of the winter 2026 drilling program

Mobilization and trail clearing were completed during the last week of January at both the Jaguar and Lion gold zones. Drilling commenced at the Jaguar gold zone on Feb. 2, with approximately five drill holes planned for a total of 1,360 metres. The program will then move to the Lion gold zone, where an additional seven drill holes totalling approximately 1,050 metres are planned. Program changes can occur at any time.

Jaguar drilling

The Jaguar gold zone (JGZ), located about five kilometres (km) northeast of the Lynx gold zone (LGZ), was initially explored in 2007 to 2008 by previous operators. During that period, soil geochemical anomalies and trenching identified gold mineralization at surface. A ground induced polarization (IP) survey was completed, followed by the drilling of four drill holes. Hole WB-08-03 returned 2.10 grams per tonne (g/t) gold (Au) over 9.00 metres (m) within a broader gold envelope grading 0.52 g/t Au over 55.00 m (see Sept. 4, 2025, news release). No additional work was carried out until Puma began the project in 2020.

Puma uncovered a gold-enrichment zone spanning 80 metres by 50 metres at the JGZ in 2022, with grab samples returning up to 34.70 g/t Au* (see Sept. 4, 2025 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.

The proposed 2026 drilling program is designed to test the geophysical (IP) anomalies and use varied drilling angles to effectively intersect multiple structural orientations. The holes will also aim to follow up on mineralization intersected in the historical 2008 drilling and Puma's surface sampling. All historical drill holes were completed within the oxidized zone, with no fresh rock intersected. The drill hole planned for 2026 will aim to delineate the extent of the oxide zone and intersect fresh rock.

Lion drilling

Puma discovered the Lion gold zone (LiGZ) in 2024 through prospecting and trenching. Since the initial discovery, an area measuring approximately 400 metres along strike and 10 to 25 metres in width has been stripped, with grab samples returning values of up to 72.20 g/t Au* (see Sept. 4, 2025, news release).

A channel sampling program completed in the fall of 2025 returned values of up to 17.1 g/t Au*, further confirming the presence of significant gold mineralization at surface.

* The reader is cautioned that grab samples are selective by nature and may not necessarily be representative of the true metal content of the mineralized zone.

The LiGZ is closely associated with the McCormack Brook fault, a major regional structure and a mafic intrusive unit (gabbro). Preliminary geological mapping completed in 2025 provided significant insights into the structural and lithological controls of the gold mineralization.

The proposed winter 2026 drill program at the LiGZ will consist of seven drill holes for approximately 1,050 metres. The drill holes will test fold hinges and quartz veins within the mapped gabbro and will follow up on channel sampling results.

2026 exploration program

Two thousand twenty-five marked the first year of the option agreement with Kinross, during which Puma acted as the operator. The positive results achieved during the 2025 exploration program encouraged Kinross to continue its participation in the option agreement and to assume the role of operator in 2026.

Kinross's objective in 2026 is to evaluate the overall exploration potential of the Williams Brook, Portage, Jonpol and Mount Matthew properties, to prioritize the most prospective areas for future exploration.

Three core objectives will guide the 2026 exploration program:

1. Comprehensive initial exploration and target matrix development: The program will begin with a detailed exploration of the entire property to ensure each claim block is reviewed. This process creates a target matrix that helps prioritize areas and allocate resources efficiently.
2. Discovery and advancement of areas of interest: The exploration program aims to identify new areas of geological interest while also following up on zones highlighted during the 2025 campaign. These areas will be subject to more detailed examination and additional work, ensuring promising targets are thoroughly assessed and developed.
3. Refinement of geological understanding: Continuing efforts will be made to refine and enhance the current geological understanding of the properties. This process will help identify areas that warrant increased focus and investment, ensuring the exploration strategy evolves with the growing knowledge base.

Upcoming gold investors events

Puma invites shareholders and interested parties to stop by the booth, attend a presentation or schedule a meeting at the upcoming conferences to discuss the company's recent news and proposed developments:

• Prospector and Developers Association Conference (PDAC), Toronto, Ont., booth IE2152, March 1, 2026, to March 4, 2026;
• Precious Metals Summit Conferences, PDAC One-on-One, Toronto, Ont., March 2, 2026, to March 3, 2026.

Qualified person

The scientific and technical content of this news 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 Gold Corp. in October, 2024. It comprises the Williams Brook, Jonpol and Portage properties. To earn a 65-per-cent interest in the project, Kinross will finance a minimum of $16.75-million in exploration expenditures over the next 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 (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.

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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