Puma Exploration’s Inaugural Drilling Confirms High-Grade Gold System at McKenzie

Rimouski, Québec – July 21, 2026) – Puma Exploration Inc. (TSXV: PUMA) (OTCQB: PUMXF) (“Puma” or the “Company”) is pleased to announce assay results from its inaugural 2,721-metre diamond drilling program at the RIM Gold Zone of its McKenzie Gold Project in Northern New Brunswick.

The program intersected high-grade gold mineralization in multiple shear and extension vein structures, including quartz vein samples that host visible gold (“VG”) and returned 42.60 g/t Au over 0.25 m, 21.86 g/t Au over 0.30 m, 15.55 g/t Au over 0.30 m, and 13.41 g/t Au over 0.25 m (see Image 1, Figure 1 and Table 1). These high-grade veins are located within a broader, lower-grade gold envelope that varies in width from 5 to 20 metres (see Table 2). These results, combined with the ongoing 2026 summer exploration program, will identify follow-up drilling targets this fall.

Dominique Gagné, Vice President of Exploration, commented, “The first drilling program at RIM delivered exactly what we needed: confirmation of high-grade gold samples in shear and extension vein structures and the subsurface information required to refine our targeting model. We now have a stronger understanding of the system and will use drone magnetic surveys, detailed mapping, trenching and 3D modelling to identify the next generation of targets across McKenzie.”

Image 1. Visible gold drilled at RIM in 2025

The 2025 program was a first-pass drill test of the high-grade RIM gold system discovered at surface in 2024-25. The shallow drilling program confirmed that gold-bearing quartz veins and stockwork discovered at surface continue at depth (so far, down to 106 metres downhole) and host several high-grade intercepts. The gold system was tested and confirmed over a lateral extension of 200 metres.

Figure 1. 3D modelling of Gold Grade of the Rim Gold Zone*

*The gold grade interpreted from Leapfrog Software

The objective of drilling shallow holes was to better define the geometry and continuity of the veins found at surface and to confirm any potential high-grade gold shoot before drilling deeper holes. A potential high-grade gold shoot appears to exist southwest of the stripped area (see Figures 1 and 2).

These initial drilling results at RIM validate Puma’s geological model and provide the Company with a stronger technical foundation for deeper drilling. The data gathered by Puma’s first phase of drilling will also help better define the geometry of the prospective Grog Gold Zone, located on strike 30 km away, which will be drill-tested later this year (Figure 3). All this new data will help the Company’s exploration crews detail the existing gold occurrences and discover new ones across the 42,000-ha land package.

Figure 2. Plan view of drill hole locations of the 2025 RIM drilling program

Figure 3. Significant gold occurrences at the McKenzie Gold Project

*** From X-Terra News Release dated Feb. 17, 2021

Table 1. Selected individual quartz vein samples from the 2025 RIM drilling program

Hole	Sample	From (m)	To (m)	Length* (m)	Au ** (g/t)	Vein type	Mineralization
MK25-20	H093909	33.25	33.50	0.25	42.60	Shear vein	Py-Po-Cpy-VG
MK25-26	H092838	33.35	33.65	0.30	21.86	Shear vein	Py-Po-Cpy-VG
MK25-41	K214171	106.40	106.70	0.30	15.55	Shear vein	Py-Po-Cpy-VG
MK25-26	H092852	43.50	43.75	0.25	13.41	Shear vein	Py-Po-VG
MK25-09	H092157	17.60	17.85	0.25	12.65	Shear vein	Py-Cpy
MK25-05	H092069	11.50	11.80	0.30	12.60	Shear vein	Py
MK25-35	H092598	83.30	83.55	0.25	5.35	Shear vein	Po-VG
MK25-01	H092009	23.00	23.25	0.25	4.11	Extension vein
MK25-34	K214548	22.25	22.50	0.25	3.60	Extension vein	Po-Cpy-VG
MK25-15	H093708	32.45	32.80	0.35	3.27	Qtz-Ca vein	Po-Cpy-VG
MK25-40	H093232	19.95	20.20	0.25	3.25	Shear vein	Po-Cpy
MK25-16	H092309	21.40	21.65	0.25	3.16	Shear vein	Po

*Reported intervals are downhole core lengths. The true width of the mineralization is unknown.
**Analytical methods are described in Table 2.

Assay Results Delays

The Company wishes to address the unprecedented delays it experienced in receiving assay results from its 2025 drilling program at the McKenzie Gold Project.

Marcel Robillard, Puma’s President and CEO, commented, “We share our investors’ frustration with our extended timeline for reporting assay results from our 2025 McKenzie drilling. After not receiving any results within the customary 4-6-week analysis period, we maintained constant contact with the lab, and each time we were assured that the analyses had been completed and that the assay results were imminent. However, each time, the target date passed without Puma receiving any of the lab’s analyses. We are extremely disappointed with MSALAB’s lack of responsiveness and performance. We will be working with another service provider moving forward.”

Recap of the 2025 Drilling Program at RIM

The RIM Gold Zone is interpreted as a structurally controlled quartz-vein system developed along the McKenzie Fault corridor. Surface stripping and trenching in 2025 more than doubled the known extent of the RIM Gold Vein to the northeast and returned high-grade grab samples, including 126.96 g/t Au, 125.66 g/t Au, 84.41 g/t Au and 79.69 g/t Au (see November 11, 2025 News Release).

The inaugural RIM drilling program was not designed as a resource-definition program. It was intended to test the newly exposed high-grade vein system and, more importantly, to assess the geometry, continuity, and structural controls on gold mineralization below surface.

The results confirm that the RIM system continues at depth (106 metres downhole) and that gold occurs in both shear- and extension-vein structures. These results are reminiscent of the gold mineralization at the Lynx Gold Zone at the Williams Brook Project, located 7 km southeast, and represent an important first step in advancing exploration at McKenzie.

The high-grade gold quartz veins and stockworks reported today were intersected near the surface and to a depth of 106 metres downhole (the deepest drilled to date). They occur within a lower-grade gold envelope, but within a thicker mineralized section composed of many small veins and veinlets within a section that varies in width from 3 metres to 20 metres (see Table 2). For example, drillhole MK25-05 returned 0.44 g/t Au over 10.90 m and MK25-09 returned 0.65 g/t Au over 9.35 m (Image 2); MK25-20 intersected 0.64 g/t Au over 20.10 m, including 1.64 g/t Au over 7.75 m, and MK25-26 returned 0.38 g/t Au over 27.85 m, including 1.01 g/t Au over 10.40 m.

Image 2: Photograph of drill hole MK25-09 from 12.0 to 19.0 metres (0.65 g/t Au over 9.35 m)

Table 2. Selected individual quartz vein samples from the 2025 RIM drilling program

DDH #	From (m)	To (m)	Length* (m)	Au (g/t)	Au (g/t)
				Au-AA26	PHOTON	Visible Gold
MK25-01	17.00	23.25	6.25	0.20
Incl.	23.00	23.25	0.25	4.11
MK25-02	19.90	24.80	4.90	0.26
Incl.	20.85	21.20	0.35	1.24
MK25-03	14.65	23.40	8.75	0.20
Incl.	14.65	15.10	0.45	2.98		X
MK25-04	NIL
MK25-05	11.50	22.40	10.90	0.44
Incl.	11.50	11.80	0.30	12.60
MK25-06	12.10	14.00	1.90	0.11
MK25-07	9.85	10.20	0.35	0.35
MK25-08	11.00	16.80	5.80	0.18
Incl.	16.15	16.80	0.65	1.00
DDH #	From (m)	To (m)	Length* (m)	Au (g/t)	Au (g/t)	…suite
				Au-AA26	PHOTON	Visible Gold
MK25-09	11.25	20.60	9.35	0.65
Incl.	14.55	17.85	3.30	1.65
Incl.	14.55	15.20	0.65	2.51
and	17.60	17.85	0.25	12.65
MK25-10	15.20	16.00	0.80	1.35
MK25-11	36.90	52.70	15.80		0.18
Incl.	36.90	40.30	3.40		0.56
Incl.	36.90	37.85	0.95		1.48
and	40.05	40.30	0.25		1.23
MK25-12	15.45	35.60	20.15		0.11
Incl.	15.45	19.35	3.90		0.34
Incl.	17.40	17.65	0.25		2.02
and	19.10	19.35	0.25		1.58
MK25-13	32.40	33.85	1.45		0.30
Incl.	32.40	32.65	0.25		1.25
MK25-14	33.35	40.00	6.65		0.19
MK25-15	31.40	64.25	32.85		0.10
Incl.	31.40	32.80	1.40		1.02
Incl.	32.45	32.80	0.35		3.27	X
and	45.10	52.10	7.00		0.20
Incl.	49.75	50.00	0.25		1.93
MK25-16	21.40	31.20	9.80		0.24
Incl.	21.40	21.65	0.25		3.16
MK25-17	41.00	53.90	12.90		0.11
Incl.	41.00	46.75	5.75		0.16
MK25-18	14.65	30.00	15.35		0.10
Incl.	25.80	28.10	2.30		0.20
MK25-19	29.95	55.70	25.75		0.14
Incl.	29.95	30.30	0.35		2.22
and	51.50	55.70	4.20		0.19
MK25-20	20.90	41.00	20.10		0.64
Incl.	33.25	41.00	7.75		1.64
Incl.	33.25	36.55	3.30		3.65
Incl.	33.25	33.50	0.25		42.60	X
and	33.50	33.90	0.40		1.94
and	36.30	36.55	0.25		1.61
MK25-21	22.95	23.45	0.50		0.17
MK25-22	44.55	54.15	9.60		0.12
Incl.	44.55	44.85	0.30		1.99
DDH #	From (m)	To (m)	Length* (m)	Au (g/t)	Au (g/t)	…suite
				Au-AA26	PHOTON	Visible Gold
and	51.00	51.50	0.50		0.26
and	53.15	54.15	1.00		0.12
MK25-23	10.60	13.30	2.70		0.24
Incl.	10.60	11.00	0.40		0.78
and	12.00	13.05	1.05		0.21
MK25-24	60.00	60.30	0.30		0.88
MK25-25	15.20	15.60	0.40		0.24
and	23.20	23.45	0.25		0.45
MK25-26	15.90	43.75	27.85		0.38
Incl.	33.35	43.75	10.40		1.01
Incl.	33.35	33.65	0.30		21.86	X
and	41.35	43.75	2.40		1.51
Incl.	43.50	43.75	0.25		13.41	X
MK25-27	37.05	37.30	0.25		0.62	X
and	59.00	60.00	1.00		0.31
MK25-28	41.60	41.90	0.30		1.75
MK25-29	5.00	17.00	12.00		0.32
Incl.	5.00	5.80	0.80		3.15
MK25-30	33.65	33.9	0.25		1.05
MK25-31	12.25	29.30	17.05		0.11
and	12.25	12.65	0.40		0.61
and	13.85	14.30	0.45		0.33
and	15.30	16.00	0.70		0.26
and	28.40	29.30	0.90		0.34
MK25-32	28.25	40.90	12.65		0.11
Incl.	28.25	28.80	0.55		1.27
and	40.50	40.90	0.40		0.62
MK25-33	15.80	17.25	1.45		0.17
Incl.	16.90	17.25	0.35		0.38
MK25-34	20.40	22.50	2.10		0.62
and	22.25	22.50	0.25		3.60	X
MK25-35	74.30	89.35	15.05		0.23
incl.	80.15	85.15	5.00		0.57
incl.	83.30	85.15	1.85		1.38
incl.	83.30	83.85	0.55		3.43	X
MK25-36	43.00	44.00	1.00		0.12
MK25-37	50.50	51.00	0.50		0.17
MK25-38	43.10	43.40	0.30		0.20
MK25-39	NIL
DDH #	From (m)	To (m)	Length* (m)	Au (g/t)	Au (g/t)	…suite
				Au-AA26	PHOTON	Visible Gold
MK25-40	11.85	20.20	8.35		0.22
Incl.	11.85	12.15	0.30		1.54
and	19.95	20.20	0.25		3.25
MK25-41	93.70	110.90	17.20		0.35
incl.	93.70	107.05	13.35		0.42
incl.	104.90	107.05	2.15		2.33
incl.	106.40	106.70	0.30		15.55	X
MK25-42	36.55	43.55	7.00		0.15
incl.	36.55	37.05	0.50		0.60
MK25-43	93.05	94.10	1.05		0.12

*Reported intervals are downhole core lengths. The true width of the mineralization is unknown.

Table 3. Technical data for the 2025 drilling program at RIM

DDH	East Nad 83 z19	North Nad83 z19	Elevation (m)	Az.	Dip	Length (m)
MK25-01	634654	5267508	298	70	-45	29.0
MK25-02	634653	5267508	298	70	-80	38.0
MK25-03	634649	5267506	298	70	-45	28.5
MK25-04	634654	5267507	298	150	-45	28.0
MK25-05	634653	5267508	298	150	-80	38.0
MK25-06	634646	5267493	298	70	-80	35.0
MK25-07	634647	5267493	298	70	-45	31.0
MK25-08	634664	5267528	299	70	-45	28.5
MK25-09	634663	5267527	299	70	-80	35.0
MK25-10	634700	5267622	309	150	-45	71.0
MK25-11	634643	5267535	302	150	-75	80.0
MK25-12	634698	5267622	302	150	-70	90.0
MK25-13	634636	5267517	303	70	-55	35.5
MK25-14	634635	5267517	303	70	-55	68.0
MK25-15	634689	5267640	309	150	-70	84.0
MK25-16	634689	5267604	307	150	-45	62.0
MK25-17	634633	5267517	303	70	-75	83.0
MK25-18	634689	5267605	307	150	-70	78.0
DDH	East Nad 83 z19	North Nad83 z19	Elevation (m)	Az.	Dip	Length (m)
MK25-19	634679	5267623	308	150	-70	69.0
MK25-20	634634	5267518	303	150	-45	68.0
MK25-21	634711	5267628	308	150	-45	47.0
MK25-22	634634	5267519	303	150	-75	84.0
MK25-23	634710	5267629	308	150	-70	45.0
MK25-24	634614	5267540	306	150	-70	107.0
MK25-25	634702	5267647	309	150	-70	69.0
MK25-26	634626	5267497	303	70	-55	86.0
MK25-27	634667	5267614	307	150	-70	84.0
MK25-28	634619	5267483	302	70	-75	77.0
MK25-29	634685	5267579	304	70	-45	47.0
MK25-30	634611	5267465	301	70	-45	62.0
MK25-31	634684	5267579	303	70	-80	39.0
MK25-32	634661	5267571	302	70	-55	62.0
MK25-33	634679	5267564	302	70	-45	38.0
MK25-34	634678	5267564	302	70	-80	42.0
MK25-35	634586	5267550	306	110	-50	104.0
MK25-36	634651	5267555	302	70	-55	65.0
MK25-37	634650	5267555	302	70	-75	90.0
MK25-38	634610	5267464	301	70	-75	92.0
MK25-39	634672	5267546	300	70	-45	35.0
MK25-40	634671	5267545	300	70	-80	42.0
MK25-41	634559	5267560	306	110	-50	152.0
MK25-42	634644	5267535	302	70	-60	61.5
MK25-43	634612	5267628	306	110	-50	111.0
Total: 43						2,721

Ongoing 2026 Exploration Program

As announced on February 26, 2026, Puma’s fully-funded 2026 surface exploration program at McKenzie was launched in May. Since then, two (2) field crews have been deployed full-time to conduct a first-pass exploration program consisting of mapping, prospecting, and rock sampling across the entire 42,000 ha land package. Compilation work over the last six months has identified more than 75 surface targets of varying priorities that will be examined in the coming months.

Image 3. Ongoing exploration at the McKenzie Gold Project

This field program, including prospecting, mechanical trenching, mapping, and high-resolution magnetic surveys, is designed to assess grade, better define the structural controls of the gold mineralization, and advance targets for follow-up drilling in the fall.

A 3D geological model of RIM that integrates drilling assays, surface mapping, drill core logging, structural modelling and magnetic data will also be completed to refine the geometry of the high-grade shoots at RIM for follow-up, deeper drilling.

INVESTMENT HIGHLIGHTS

• Inaugural drilling at McKenzie confirms a high-grade orogenic gold system at RIM, with gold intersected in several shear and extension vein structures.
• High-grade gold intercepts at RIM include 42.60 g/t Au over 0.25 m, 21.86 g/t Au over 0.30 m and 15.55 g/t Au over 0.30 m, included within thicker intervals of a lower-grade envelope.
• Results provide the structural framework required to target larger and higher-grade shoots in 2026.
• McKenzie hosts at least three (3) significant gold systems, Bonanza, RIM and Grog, located approximately 30 km apart.
• Potential for large gold system on the property scale currently explored by 2 field crews.
• Puma’s DEAR strategy provides shareholders with exposure to partner-funded assets, equity positions and royalties, while the Company focuses on McKenzie’s discovery pipeline.

Marcel Robillard, President and CEO of Puma, said, “We are excited about today’s results because they confirm that the high-grade surface discoveries at RIM extend to depth, and they provide some valuable information to pursue larger targets across the McKenzie land package. McKenzie has the potential to host a large gold system, similar to what we found at Williams Brook. Our summer exploration program at McKenzie, along with Kinross’s work at Williams Brook, and news from our DEAR-driven equity and royalty interests, will offer multiple discovery and value-creation catalysts for shareholders in 2026 and beyond.”

QUALIFIED PERSON

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

ON-SITE QUALITY ASSURANCE/QUALITY CONTROL (QA/QC) MEASURES

The NQ-sized core is cut in half lengthwise, with one half bagged, sealed and submitted for analysis. Samples for the ten (10) first drill holes (MK25-01-MK25-10) were submitted to ALS Canada Ltd in Moncton, New Brunswick, where each sample is crushed and pulverized before fire assay analysis for gold using method Au-AA24. Samples returning greater than 10.0 g/t Au were re-analyzed using a gravity finish method (Au-GRA22).

Samples from the remaining thirty-three (33) drill holes were submitted to MSALABS in Val-d’Or, Québec, where each sample was prepared and analyzed for gold using PhotonAssay™ method Au-PA01.

For all samples, the remaining half-core and coarse-reject material are securely stored for future reference, additional analysis, or verification, as required. As part of the Company’s QA/QC program, certified reference materials and blanks are inserted into each sample batch at a target insertion rate of approximately 7-8%.

Where warranted, including in samples containing visible gold, PhotonAssay™ analysis may be requested. Metallic screen analysis using the Au-SCR26 method is also conducted on selected high-grade samples to better assess the effects of coarse gold. Detailed descriptions of the analytical procedures are available on the respective laboratories’ websites.

ABOUT THE MCKENZIE GOLD PROJECT

Puma’s 42,053 ha McKenzie Gold Project is easily accessible by paved highway and gravel roads. It is located only 7 km west of the Company’s Williams Brook Project, which is optioned to Kinross Gold Corp. The project straddles the McKenzie Fault, a prominent regional structure associated with numerous occurrences of high-grade gold quartz veins, stockworks and breccias. Puma has confirmed two significant gold systems at McKenzie: the RIM Gold Vein and the Grog Area, located approximately 30 km apart, demonstrating the district-scale potential of the project.

DEAR STRATEGY AND PARTNER-FUNDED GROWTH

Puma is not a single-asset exploration company. 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, optioned to Kinross Gold Corp.; equity positions in Canadian Copper and Raptor Metals; its 84%-owned Murray Brook Minerals subsidiary; and a portfolio of NSR royalties. This structure provides Puma shareholders with exposure to multiple 2026 catalysts while the Company advances its discovery pipeline at McKenzie.

Figure 4. Puma’s assets in Northern New Brunswick

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 through a combination of traditional prospecting, trenching, geophysics, geochemistry and advanced exploration techniques.

Connect with us on Facebook, X, or LinkedIn.
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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 the actual results, performance, or achievements of Puma to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance 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. The quarterly and annual reports, as well as the documents submitted to the securities administration, describe these risks and uncertainties.

Source: Puma Exploration Inc.