Puma Exploration Adds Second Drill at McKenzie Gold Project

Rhea-AI Summary

Puma Exploration (OTCQB: PUMXF) mobilized a second drill at its McKenzie Gold project in northern New Brunswick on November 27, 2025, expanding an inaugural 2,500-metre program that began November 17, 2025.

Surface grab samples at the RIM Gold Zone in 2024–2025 returned highs up to 601.33 g/t Au (grab samples are selective). Eight short holes (300 m cumulative) targeted the southwest shear; hole contained visible gold in a quartz vein. Core has had preliminary logging only and will be logged in Saint-Quentin then assayed. The second drill will test northern extension veins with initial short holes (25–50 m) to define geometry before deeper targeting.

Positive

• Mobilized a second drill to expand the 2,500 m program
• Surface grab samples up to 601.33 g/t Au
• Hole MK25-03 intercepted visible gold in core

Negative

• Only preliminary core logging completed; assays pending
• Grab samples are selective and may not represent true grade
• Drilling to date totals less than 300 m of short holes

Key Figures

Drill program length: 2,500 metres Max grab sample grade: 601.33 g/t Au Vein system width: 35 m +4 more

7 metrics

Drill program length 2,500 metres Inaugural drilling program at RIM Gold Zone

Max grab sample grade 601.33 g/t Au Grab sampling at RIM in 2024–2025

Vein system width 35 m Extension veins to the north at RIM

Holes drilled to date 8 short holes First drill in southwest portion of shear vein

Cumulative drilling so far Less than 300 metres Initial holes in inaugural program

Planned hole depths 25–50 metres Initial short holes in newly stripped northern area

Visible gold grains 4–5 grains Visible gold in hole MK25-03 quartz vein

Market Reality Check

Price: $0.1650 Vol: Volume 50,000 is about 2....

high vol

$0.1650 Last Close

Volume Volume 50,000 is about 2.1x the 20-day average of 23,694 shares. high

Technical Price at 0.1121 is trading above the 200-day MA of 0.07.

Peers on Argus

While PUMXF fell 6.28%, key gold peers were flat to modestly higher: GSTMF +4.35...

While PUMXF fell 6.28%, key gold peers were flat to modestly higher: GSTMF +4.35%, WGLIF +0.26%, SKHRF, SRMMF, ZAUIF at 0%. This points to a stock-specific move rather than a sector-wide shift.

Historical Context

5 past events · Latest: Nov 11 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 11	McKenzie sampling, drilling	Positive	+10.0%	High-grade surface sampling and launch of 2,500 m McKenzie drill program.
Nov 07	Jonpol sampling results	Positive	+1.3%	High-grade gold and copper sampling along potential >2 km gold trend.
Oct 27	Kinross option commitment	Positive	-23.0%	Kinross commits to Year 2 with minimum <b>$3.0M</b> work and earn-in path.
Oct 15	Lynx drilling completed	Positive	-1.6%	Completion of 3,662 m Lynx program with visible gold in 6 of 15 holes.
Sep 04	Williams Brook drilling update	Positive	+1.7%	Update on fully funded <b>$2M</b> program with deepest visible gold at Lynx.

Pattern Detected

Recent news has been mostly positive operationally, with three aligned price reactions and two notable negative divergences, showing that strong exploration updates do not always translate into sustained price strength.

Recent Company History

Over the last few months, Puma reported multiple high-grade sampling and drilling updates at Williams Brook and McKenzie, plus a Kinross option commitment of at least $16,750,000 in exploration funding for up to a 65% interest. Several releases highlighted visible gold and expanding mineralized footprints. Price reactions have been mixed, with some strong gains (e.g., +10% on November 11, 2025) and sharp declines (e.g., -23.01% on October 27, 2025), underscoring volatile sentiment around exploration results.

Market Pulse Summary

This announcement expands drilling at the McKenzie RIM Gold Zone, adding a second rig to test both t...

Analysis

This announcement expands drilling at the McKenzie RIM Gold Zone, adding a second rig to test both the high-grade shear vein and northern extension veins, with initial holes of 25–50 m. Visible gold observed in hole MK25-03 confirms mineralization, but grades await assays. Recent history shows multiple high-grade sampling and drilling updates alongside a major option commitment from Kinross. Investors may watch upcoming assay data, drill meterage growth, and follow-on work programs for further context.

Key Terms

grab samples, visible gold, Qualified Person, National Instrument 43-101, +2 more

6 terms

grab samples technical

"The reader is cautioned that grab samples are selective by nature..."

A grab sample is a single, one-time collection of air, water, soil or product taken at a specific place and moment to test for contaminants or composition, like taking a single snapshot rather than a time-lapse. Investors care because those test results can trigger regulatory actions, cleanup costs, product recalls or permit changes, so a single positive or negative grab sample can materially affect a company’s compliance standing and financial outlook.

visible gold technical

"Hole MK25-03 intersected a quartz vein showing several (4-5) small grains of visible gold..."

Visible gold means actual gold particles can be seen with the naked eye in rock, soil or drill core samples rather than only detected by lab instruments. For investors, it is a strong visual clue that a mineralized zone may be high-grade, much like seeing ripe fruit on a tree suggests good harvest potential, but it is not a substitute for measured assays and engineering studies that determine how much gold can be profitably recovered.

Qualified Person regulatory

"who is a "Qualified Person" as defined by National Instrument 43-101..."

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

National Instrument 43-101 regulatory

"as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects..."

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

QA/QC technical

"Puma follows a rigorous QA/QC protocol that includes the systematic insertion..."

QA/QC stands for Quality Assurance and Quality Control, processes used to ensure products or services meet certain standards. Think of it as a way to check that a product is safe and works properly before reaching consumers, similar to how a chef tastes food before serving it. For investors, strong QA/QC practices indicate a company's commitment to delivering reliable, high-quality offerings, reducing risks and building trust.

certified reference materials technical

"includes the systematic insertion of certified reference materials and blanks..."

Certified reference materials are carefully prepared samples whose composition and properties have been measured and documented by an authoritative lab; they are used to calibrate instruments and verify that tests and measurements are accurate and consistent. Like a ruler checked against a standard, they help companies prove product quality, meet regulatory requirements, and reduce the risk of recalls or disputed results—factors that can influence costs, reputation, and investor confidence.

AI-generated analysis. Not financial advice.

Rimouski, Quebec--(Newsfile Corp. - November 27, 2025) - Puma Exploration Inc. (TSXV: PUMA) (OTCQB: PUMXF) (the "Company" or "Puma") is pleased to announce that it has mobilized a second drill at its McKenzie Gold project in Northern New Brunswick. This follows the start, on November 17, 2025, of the Company's inaugural 2,500-metre drilling program at the high-grade RIM Gold Zone ("RIM").

Grab sampling at RIM in 2024 and 2025 returned impressive gold grades, including up to 601.33 g/t Au* (see November 11, 2025 and January 16, 2025, News Releases). The quartz vein system at RIM is characterized by a main shear vein to the south, mineralized along nearly its entire strike length, with an array of extension veins to the north spanning 35 m in width (Figure 1). The zone remains open in all directions. *The reader is cautioned that grab samples are selective by nature and may not represent the true metal content of the mineralized zone.

The first drill is focused on the continuous southwest portion of the shear vein, where surface sampling in 2024 identified the highest gold grades. To date, eight (8) short holes have been drilled, with a cumulative total of less than 300 metres. The holes successfully intersected mineralized quartz veins containing disseminated sulphides, hosted within mudstone units. Hole MK25-03 intersected a quartz vein showing several (4-5) small grains of visible gold ("VG") (Image 1). It is important to note that VG in the core confirms that gold is present in the vein material, but only assay results will confirm the gold grades. Only preliminary quick logging of the drill core has been conducted on site to date. The core will be transported to our regional coreshack in Saint-Quentin for detailed logging and sampling before being sent to the lab for assaying.

The second drill has been mobilized to the newly stripped area located in the northern section of the RIM Gold Zone (see white dashed rectangle in Figure 1). The primary objective of this drilling is to assess the extent and continuity of the extension veins beneath the surface. Initially, the drilling program will focus on short holes, ranging from 25 to 50 metres in depth. This approach is designed to provide a clearer understanding of the geometry and gold grades of the veins subsurface. The information gathered from these initial holes will enable more precise targeting of the veins at greater depths for future drilling.

Image 1. Visible Gold (VG) in hole MK25-03 at the McKenzie Gold Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3398/276091_75733548c46d5bb6_001full.jpg

Figure 1. RIM Gold Zone currently being drilled at the McKenzie Gold Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3398/276091_75733548c46d5bb6_002full.jpg

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").

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. 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.

About Puma's Assets in New Brunswick

Puma has accumulated an impressive portfolio of prospective gold landholdings strategically located close to 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. The Williams Brook Project was optioned to Kinross Gold in October 2024.

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, 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.

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 and the documents submitted to the securities administration describe these risks and uncertainties.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276091

FAQ

What did Puma Exploration announce for the McKenzie Gold project on November 27, 2025 (PUMXF)?

Puma mobilized a second drill to the RIM Gold Zone to expand its 2,500-metre drilling program begun November 17, 2025.

How significant are the reported grab sample results of 601.33 g/t Au at RIM (PUMXF)?

The release reports grab samples up to 601.33 g/t Au, but cautions grab samples are selective and may not reflect true mineralization.

Did Puma report any assay results from the McKenzie drill program (PUMXF)?

No assays have been reported yet; core had only preliminary logging and will be sent for detailed logging and lab assaying.

What did drill hole MK25-03 encounter at McKenzie (PUMXF)?

Hole MK25-03 intersected a quartz vein containing several small grains of visible gold; assays are needed to confirm grades.

What is the initial drilling plan for the newly mobilized second drill at RIM (PUMXF)?

The second drill will test northern extension veins with initial short holes of 25–50 metres to define vein geometry before deeper targeting.