Puma Exploration Announces Ongoing Commitment from Kinross Gold Corporation

Rhea-AI Summary

Puma Exploration (OTCQB: PUMXF) announced that Kinross Gold Corporation has committed to Year 2 of its Option Agreement on the Williams Brook Project in northern New Brunswick.

Year 2 includes a minimum $3.0M work commitment (pending Kinross board approval). Under the Option Agreement, Kinross may earn a 65% interest by funding at least $16,750,000 in exploration over five years. The Williams Brook package totals 40,225 ha. Kinross will act as operator for the second-year program and Puma said final budget and program details will be announced after technical committee confirmation.

Positive

• Kinross committed to Year 2 with a $3.0M minimum work commitment
• Option allows Kinross to earn 65% by funding $16.75M over five years
• Williams Brook project spans 40,225 ha
• Kinross to be operator for Year 2 exploration

Negative

• Year 2 work commitment is pending Kinross board approval
• Final Year 2 budget and program are not yet defined
• If Kinross completes the option it would reduce Puma to 35% ownership

Rimouski, Québec--(Newsfile Corp. - October 27, 2025) - Puma Exploration Inc. (TSXV: PUMA) (OTCQB: PUMXF) (the "Company" or "Puma") is pleased to announce that Kinross Gold Corporation ("Kinross") has committed to year 2 of its Option Agreement on the Williams Brook Project, located in Northern New Brunswick, Canada. Following the successes of the ongoing exploration program, this renewed strategic commitment highlights the potential of the Williams Brook Gold Project. Year 2 of the Option Agreement includes a minimum of $3M of work commitment, pending Kinross board approval. The final budget and program will be announced once confirmed and defined by the technical committee.

The Williams Brook Project (40,225 ha), optioned to Kinross Gold Corporation (see October 24, 2024 News Release), comprises the Williams Brook, Jonpol and the Portage Properties. Under the terms of the Option Agreement, Kinross has, subject to certain conditions, the option to earn a 65% interest in the Project by funding at least $16,750,000 in exploration expenditures over a period of five (5) years. Kinross will be the operator for the second-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 properties."

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 new 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.

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/271836

FAQ

What did Puma announce on October 27, 2025 regarding the Williams Brook Project (PUMXF)?

Puma announced Kinross committed to Year 2 of the option agreement, including a $3.0M minimum work commitment pending board approval.

How can Kinross earn a 65% interest in the Williams Brook Project (PUMXF)?

Kinross can earn 65% by funding at least $16,750,000 in exploration expenditures over five years under the option agreement.

What is the size of the Williams Brook Project optioned by Kinross (PUMXF)?

The Williams Brook package covers 40,225 hectares and includes Williams Brook, Jonpol and Portage properties.

Will Kinross operate the Year 2 program at Williams Brook (PUMXF)?

Yes. The company announced that Kinross will be the operator for the second-year exploration program.

Is the Year 2 $3M work commitment for Williams Brook final (PUMXF)?

No. The $3.0M minimum commitment is subject to Kinross board approval and the final budget will be set by the technical committee.

How does the Kinross option affect Puma shareholders (PUMXF)?

If Kinross completes the option by funding the required <$16.75M>, Puma's stake would be reduced to 35%, representing potential dilution of ownership.