Puma Exploration Outlines its 2026 Exploration Plans and Corporate Objectives
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Puma Exploration Outlines its 2026
Exploration Plans and Corporate Objectives
Rimouski, Québec – February 26, 2026 – Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (“Puma”
or the “Company”) is pleased to provide an overview of its planned , fully-funded, 2026 Exploration
Program at its McKenzie Gold Project in Northern New Brunswick and outline its corporate objectives for
the year.
The primary objective of the 2026 Exploration Program at McKenzie is designed to expand the RIM and
Grog Gold Zones, better define the structural controls on gold mineralization , and generate drill -ready
targets for the fall. The initial $1.2 M 2026 exploration program at McKenzie Gold is scheduled as follows:
January to April: Logging and splitting core from the 2025 drilling program
Assessment reporting for claims renewal
Data compiling and geological modelling with 3D Leap Frog
Identifying priority areas for summer exploration activities
May to August: Mechanical trenching on priority targets
Expanded prospecting program
Advanced structural modelling with an external expert
Phase 1 of drilling at RIM, Grog, Dome and Bonanza
Sept. to Dec.: Additional drilling activities on the best summer discoveries
Note that the Company may increase its initial 2026 exploration budget, pending successful results.
The McKenzie Gold Project
Puma’s 33,800 ha McKenzie Gold Project is easily accessible by paved highway and gravel roads and is
located only 7 km west of the Company’s Williams Brook Project ( optioned to Kinross) . It straddles the
McKenzie Fault, a prominent structural feature associated with numerous occurrences of high-grade gold
quartz veins, stockworks and breccias (Figure 1). Puma has confirmed 2 significant gold systems at
McKenzie, the RIM Gold Vein and the Grog Area, located 30 km apart, that demonstrate the district-scale
potential of the project.
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Figure 1. Main gold zones at the McKenzie Gold Project
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RIM Gold Vein
2025 surface sampling at the RIM Gold Vein (Figure 2) returned impressive gold grades, including 126.96
g/t Au, 125.66 g/t Au, 84.41 g/t Au, 79.69 g/t Au* to add to the high-grade results of the 2024 sampling
(see November 11, 2025 and January 16, 2025 News Releases) and more than doubled the extent of the
RIM Gold Vein to the northeast. *The reader is cautioned that grab samples are selective by nature and may
not represent the true metal content of the mineralized zone.
Figure 2. Surface stripping and grab sampling results at the RIM Gold Vein
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Following the success of this sampling program, Puma launched an inaugural drilling program at RIM in
late November, targeting the shear -hosted vein system . 43 holes were drilled for a total of 2,721
metres. Early observations confirm that quartz veining and stockwork are present at depth along the
interpreted strike length of the shear veins (see Image 1). Assays are pending and will be released when
available.
Image 1. Core from hole MK25-24
Grog Area – A second significant gold zone
The 2025 stripping at Grog returned grab samples grading up to 9.21 g/t Au*, with 40% of the samples
collected grading above 0.10 g/t Au*. The presence of strong alteration and stockwork mineralization
supports an orogenic gold system linked to deformation and intrusive activity. *The reader is cautioned
that grab samples are selective by nature and may not represent the true metal content of the mineralized
zone.
Table 1. Assay highlights of 2025 sampling at the Grog area (NEW RESULTS!!!)
AREA SAMPLE SAMPLE TYPE X_UTM Y_UTM AU G/T
GROG 2 L459207 outcrop - grab 653281 5293135 9.21
GROG 2 L459411 outcrop - grab 653279 5293138 4.35
GROG 2 L459236 outcrop - grab 653270 5293159 3.53
GROG 1 L459662 outcrop - grab 653421 5293271 3.03
GROG 2 L459448 outcrop - grab 653285 5293128 2.97
GROG 2 L459230 outcrop - grab 653267 5293157 2.28
GROG 2 L459218 outcrop - grab 653284 5293138 2.20
GROG 3 L459239 outcrop - grab 652690 5292003 2.19
GROG 2 L459692 outcrop - grab 653251 5293223 2.13
GROG 3 L459247 outcrop - grab 652699 5292000 1.74
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GROG 2 L459210 outcrop - grab 653276 5293141 1.70
GROG 2 L459421 outcrop - grab 653262 5293160 1.66
GROG 1 M185067 outcrop - grab 653418 5293342 1.62
GROG 1 M185064 outcrop - grab 653410 5293348 1.60
GROG 2 L459418 outcrop - grab 653263 5293155 1.60
GROG 2 L459440 outcrop - grab 653261 5293165 1.55
GROG 2 L459209 outcrop - grab 653272 5293144 1.38
GROG 2 L459203 outcrop - grab 653283 5293137 1.37
GROG 2 L459232 outcrop - grab 653277 5293149 1.32
GROG 2 L459718 outcrop - grab 653286 5296137 1.27
GROG 1 L459733 outcrop - grab 653411 5293356 1.23
GROG 2 L459721 outcrop - grab 653286 5296133 1.21
GROG 2 L459422 outcrop - grab 653261 5293157 1.11
GROG 2 L459202 outcrop - grab 653280 5293142 1.06
GROG 2 L459423 outcrop - grab 653261 5293163 1.00
Figure 3. Grog Gold Zones (Grog 1, Grog 2, Grog 3)
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Puma’s 2026 Corporate Objectives
Under its proven DEAR corporate strategy —Discovery, Exploration, Acquisition, and Royalties , Puma is
actively structuring the public listing of a new exploration company derived from its 84% -owned
subsidiary, Murray Brook Minerals Inc . (“MBM”) This new entity will focus on critical minerals, namely
copper, silver, cobalt, bismuth and indium, supporting Puma's ongoing efforts to innovate and diversify
within the resource sector. At present, the proposed transaction is conceptual, and there is no guarantee
it will proceed or be completed. More updates will be provided as the project moves from concept to
reality.
Acquisition of Regional Office and Coreshack
In line with its DEAR strategy, enhanced by New Brunswick ’s Comprehensive Minerals Strategy, Puma
agreed to acquire on February 18, 2026, exploration facilities and infrastructure located in St-Quentin, New
Brunswick (the “Property”).
The Property includes a turnkey residential building for up to eight employees, a sophisticated core
storage facility, warehouse infrastructure, and related land. The facilities will serve as the Company’s
regional exploration office and operational base in New Brunswick, thereby avoiding future rental and
accommodation costs.
The purchase price for the Property is $460,000. This price is supported by an independent real estate
valuation dated October 22, 2025, which determined a market value of $461,000. The vendor of the
Property is Gestion Fasa Inc., a corporation controlled by Dominique Gagné, Vice- President, Exploration
of the Company, and a “Non -Arm’s Length Party” under the policies of the TSX Venture Exchange (the
“TSXV”). The transaction was approved by the Company’s Board of Directors, and an independent director
oversaw the negotiation process. No finder’s fees were paid in connection with the transaction.
Completion of the transaction is subject to final acceptance by the TSXV. No funds have been released to
the Vendor pending the TSXV review. The Company is relying on the exemptions from formal valuation
and minority shareholder approval requirements under Regulation 61-101, as neither the fair market value
of the subject matter of the transaction nor the fair market value of the consideration exceeds 25% of the
Company’s market capitalization, calculated in accordance with Regulation 61-101.
The transaction is part of Puma's objective to secure its leadership position in the area and to become a
fully active corporate citizen of New Brunswick.
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DEAR Strategy Success
Since 2019, Puma has pursued its DEAR corporate strategy—Discovery, Exploration, Acquisition, and
Royalties—to innovate in capital raising and limit share dilution. As a result, Puma currently holds (share
prices at market close on Feb. 24, 2026):
• 11,181,058 shares of Canadian Copper (CSE: CCI), trading at $0.74 CAD ($8.27M)
• 23,951,040 shares of Raptor Metals Ltd (AUX: RAP), trading at $0.056 AUD ($1.34M AUD)
• 2,700,000 shares of BWR Exploration Inc. (TSXV: BWR), trading at $0.02 CAD ($54K)
• 23,644,165 shares of Murray Brook Minerals (not publicly listed)
Puma also maintains the following net smelter return (NSR) royalties:
• 2% NSR on Murray Brook West
• 2% NSR on Chester West
• 1% NSR on Nicholas-Denys
• 1% NSR on Beresford Copper
• 2% NSR on Little Stull Lake
Investment by Kinross Gold Corp.
In December 2025, Kinross increased its stake in Puma to 14.8% (undiluted) from 9.8%. The continued
participation of a major producer underscores the strategic importance of Puma’s regional position .
Kinross has committed $ 3M in the second year of its Option Agreement for the Williams Brook Gold
Project. Kinross’ Winter 2026 drilling at Williams Brook, targeting the Jaguar and Lion Gold Zones, is
ongoing.
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, ON
Booth IE2152
March 1-4, 2026
https://pdac.ca/convention-2026
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Precious Metals Summit Conferences, PDAC One-on-One, Toronto, ON
March 2-3, 2026
https://www.precioussummit.com/events/pdac-2026-one-on-one-meeting-program/
On-Site Quality Assurance/Quality Control (QA/QC) Measures
All rock samples were collected by Puma’s field team, placed in individual bags, and securely sealed before
being shipped to MSALABS ( Val d’Or, Quebec) for analysis. Samples were processed using the
PhotonAssay™ technology, an industry-leading method that provides accurate and rapid gold
determinations on unpulverized samples.
Puma follows a rigorous QA/QC protocol that includes the systematic insertion of certified reference
materials and blanks in every batch of samples submitted for analysis. The results from these control
samples are routinely reviewed to ensure the reliability and accuracy of the analytical data.
Qualified Person
The scientific and technical content of this press release has been prepared, reviewed, and approved by
Mr. 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 (“NI 43-101”).
About the Williams Brook Project
The Williams Brook Project (40,225 ha) was optioned to Kinross Gold Corp. in October 2024. It comprises
the Williams Brook, Jonpol and the Portage properties. To earn a 65% interest in the project, Kinross will
finance a minimum of $16.75 million in exploration expenditures over the next five years (2025-2030).
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.