Puma Exploration Receives First Anniversary Option Payment from Canadian Copper Inc.

RIMOUSKI, Quebec, June 28, 2023 — Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or “Puma”) has received the first-anniversary option payment from Canadian Copper Inc. (CSE: CCI) (“Canadian Copper” or “CCI”) as outlined in the Option Agreement dated June 30, 2021. Canadian Copper elected to issue 3,637,873 common shares of the company at $0.0825 per share (the 20-day VWAP price from June 3, 2023) for a $300,000 first-anniversary option payment. CCI’s largest shareholder is Puma, with 10,001,968 shares representing 13.48% ownership. Prior to the first-anniversary option payment, Puma owned 6,364,095 common shares of CCI, representing approximately 9% ownership.

Under the Option Agreement (see July 6, 2021 News Release), Canadian Copper can earn a 100% interest in five (5) copper properties (Figure 1), some with existing historical resources, by making cash and/or share payments to Puma over the term of the agreement. Another two (2) payments of $1,000,000 each over the next two years are expected to execute the deal.

Figure 1. CCI’s portfolio of option agreement assets

Source: www.canadiancopper.com

Since going public in July 2022, Canadian Copper’s strategic objective has been to secure and continue to grow its mineral inventory of critical minerals in New Brunswick’s famous Bathurst Mining Camp. As announced on June 13, 2023, the company is acquiring a 72% interest in the Murray Brook Deposit, the largest undeveloped deposit in the province. With this acquisition, Canadian Copper is now the leading explorer for base metals in New Brunswick.

Puma’s President and CEO Marcel Robillard commented, “The focus on green energy transition has highlighted the need to develop copper mines in Canada. Puma spun off its non-core copper assets to Canadian Copper in 2021 to ensure those assets could be developed appropriately, while Puma focuses on gold exploration. Our resulting stake in CCI provides us and our shareholders exposure to copper exploration while allowing us to focus on building a gold camp at our Williams Brook Gold Project. With a fully-funded 2023 exploration program and work well underway, one of my objectives remains to monetize Puma’s non-core assets to create additional value for our shareholders”.

This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated June 28, 2023. The early warning report in connection with the acquisition of the common shares has been filed on System for Electronic Document Analysis and Review (“SEDAR”) at www.sedar.com under CCI’s issuer profile. CCI’s head office is located at 82 Richmond Street East, Toronto, Ontario M5C 1P1.

Puma has acquired these securities for investment purpose only. Puma may acquire additional shares or sell shares in the current business. Puma doesn’t have any plan as now to add or dispose any Canadian Copper securities.

About the Williams Brook Gold Project

Puma’s flagship Williams Brook Gold Project covers more than 46,000 ha in Northern New Brunswick, an established and mining-friendly jurisdiction, near paved roads and with excellent infrastructure nearby. Since 2021, Puma has made four (4) significant gold discoveries at Williams Brook, with gold mineralization hosted in quartz veins at surface.

An aggressive exploration program is planned for 2023 (see May 25, 2023 News Release); news is expected to be frequent throughout the year.

About Puma Exploration

Puma Exploration is a Canadian-based mineral exploration company with precious metals projects near New Brunswick, Canada’s Famous Bathurst Mining Camp (“BMC”). The Company is committed to deploying its DEAR strategy (Development, Exploration, Acquisition, and Royalties) to generate maximum value for shareholders with low share dilution.

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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 Corporate Development, (250) 575-3305; mboiridy@explorationpuma.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve several known and unknown risks, uncertainties, and other factors that may cause Puma’s actual results, performance, or achievements to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to rely on these forward-looking statements, which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.