Puma Exploration Announces Kinross Gold Corporation’s Ongoing Commitment

Rimouski, Québec – October 26, 2026 – Puma Exploration Inc. (TSXV: PUMA) (OTCQB: PUMXF) (the “Company” or “Puma”) is pleased to announce that Kinross Gold Corp. (“Kinross”) is planning to fund another year of exploration at the Williams Brook Project in Northern New Brunswick, Canada, under its current Option Agreement.

This renewed strategic commitment underscores the potential of the Williams Brook Gold Project. Year 3 of the Option Agreement includes a minimum $3M work commitment, pending Kinross Board approval. The technical committee will confirm and define the final budget and program before the 2026 year-end.

Since the beginning of the Option Agreement, more than $5M in expenditures has been applied to the project. The data and information collected so far are key to unlocking the real potential and value of the entire land package at the Williams Brook Project. The Williams Brook Project (40,225 ha), optioned to Kinross Gold Corporation (see October 24, 2024 News Release), comprises the Williams Brook, Jonpol and Portage Properties. Under the terms of the Option Agreement, Kinross, subject to certain conditions, has the option to earn a 65% interest in the Project by funding at least $16,750,000 in exploration expenditures over five (5) years. Kinross will continue to be the operator for the third-year program.

Puma’s President and CEO, Marcel Robillard, stated, “The continued support from Kinross validates the potential of our Williams Brook Project. With a strong balance sheet, we are well-positioned to accelerate exploration and unlock the next wave of discovery across our other properties. Having Kinross lead exploration at Williams Brook enables Puma’s technical team to dedicate itself to advancing exploration and discoveries on our McKenzie Gold, Jacquet River and Caribou East Projects.”

SUMMARY OF 2026 EXPLORATION AT WILLIAMS BROOK

Winter 2026

In early 2026, Kinross launched a five (5)-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 “IP”) 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).

Figure 1. Main areas explored by Kinross in 2026 at the Williams Brook Project

Summer-Fall 2026

Kinross launched its Summer 2026 exploration program in May. It included prospecting, geological mapping, trenching (Test Pits), soil surveys, a magnetic geophysical survey, and a drilling program (Figure 1). Fieldwork was prioritized based on the need to renew the claims and 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 Summer-Fall 2026 program included:

1. Regional Prospecting and Geological Mapping
   Three (3) field crews systematically explored the entire property from May through September and collected grab samples.
2. Soils Geochemistry Surveys
   Three (3) grids of soil geochemistry were completed:

1. 7678 Soil Survey: 669 total samples (including 620 original soils, 15 duplicates, 17 blanks and 17 CRM tills). The 620 original samples are from 310 original sites each site sampled twice 1m apart, once for aqua regia and once for ionic leach.
2. 9218 Soil Survey: 742 total samples (including 685 original samples, 20 duplicates, 18 blanks and 19 CRM tills).
3. 6997 Soil Survey: 1265 total samples (including 1173 original samples, 31 duplicates, 31 blanks and 30 CRM tills).
4. Jaguar Pits Trenching Program
   31 test pit trenches were excavated in the Jaguar Gold Zone.
5. Drone Magnetic Survey
   A drone magnetic survey covering 2,920.9 hectares was completed. The area surveyed ties together two (2) previous surveys, with the magnetic data now covering an area extending from the Lynx Gold Zone to the Lion Gold Zone.
6. Drilling program at Jaguar Gold Zone
   An additional 2,177-metre drilling program was launched at the Jaguar Gold Zone (“JGZ”) on July 26, 2026. It included seven (7) holes (ranging from 100 to 500 metres) to follow up on results from Kinross’ Winter 2026 drilling program targeting the core of the Jaguar Gold Zone and step-out drill-test other geophysical anomalies about 500 metres away in the area (Figure 2).

Table 1. Technical information about the drilling executed in July-August 2026

HOLE	Easting utm nad83z19	Northing utm nad83z19	Elevation (m)	Azimuth (TN)	Dip	Depth (m)
WB26-199	661391	5264464	513	N120	-64	203
WB26-200	661354	5264553	523	N120	-46	302
WB26-201	661240	5264377	513	N130	-46	251
WB26-202	661335	5264423	513	N149	-47	107.2
WB26-203	661554	5264038	473	N100	-46,	497
WB26-204	661581	5265129	547	N270	-46	329
WB26-205	661249	5264913	509	N120	-47	488

Figure 2. Location of the summer 2026 drilling program at the Jaguar Gold Zone

Table 2. Significant results from the summer 2026 drilling program at the Jaguar Gold Zone

Hole ID	From (m)	To (m)	Length* (m)	Au (g/t)	Rock Type
WB26-199	90.0	93.0	3.0	0.40	RHY
	103.0	104.0	1.0	0.50	RHY
	141.0	143.0	2.0	0.25	RHY
WB26-200	145.0	146.0	1.0	0.24	RHY
	159.0	162.0	3.0	0.17	RHY
	174.0	175.0	1.0	2.28	RHY
WB26-201	103.5	104.0	0.5	0.44	RHY
	112.0	113.0	1.0	0.23	RHY
	120.0	121.0	1.0	0.20	RHY
WB26-202	No significant intercepts
WB26-203	173.0	175.0	2.0	0.36	RHY
	224.0	225.0	1.0	0.21	RHY
	231.0	232.0	1.0	0.18	RHY
	294.0	295.0	1.0	0.12	RHY
	310.0	311.0	1.00	0.13	RHY
	335.0	337.0	2.0	0.11	RHY
	356.0	357.0	1	0.17	RHY
	466.0	467.0	1.0	0.30	RHY
WB26-204	No significant intercepts
WB26-205	No significant intercepts

*Reported intervals are downhole core lengths. The true width of the mineralization is unknown and will require more drilling to estimate.

Image 1. Typical Mineralization hosted in rhyolite, associated with pyrite

QUALIFIED PERSON

The scientific and technical content of this press release has been prepared, reviewed, and approved by Dominique Gagné, P.Geo., Vice President of Exploration, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

ABOUT PUMA EXPLORATION

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 and has developed a strong understanding of the region’s geology and mineralized systems.

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.

Puma has built an impressive portfolio of prospective gold landholdings strategically located near roads and infrastructure in northern New Brunswick, including the Williams Brook Project (optioned to Kinross in 2024) 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 on gold deposition in the region.

Through its DEAR corporate strategy – Discovery, Exploration, Acquisition, and Royalties – the Company has built a partner-funded, 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; equity positions in Canadian Copper and Raptor Metals; its 70.48%-owned Murray Brook Minerals subsidiary; and a portfolio of NSR 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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Visit www.explorationpuma.com for more information or contact:

Marcel Robillard, President and CEO.
(418) 750-8510; president@explorationpuma.com

Mia Boiridy, Head of Investor Relations and Director.
(250) 575-3305; mboiridy@explorationpuma.com

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Source: Puma Exploration