Puma Exploration Closes Sale of Turgeon Project

Rhea-AI Summary

Puma Exploration (OTCQB: PUMXF) closed the sale of the Turgeon Project as part of a combined transaction with Raptor Resources and Canadian Copper on January 14, 2026. Puma received $970,023 CAD in total cash from the combined Turgeon and Chester transactions, 23,951,040 EMS shares and 9,101,799 performance rights, plus earlier received Canadian Copper shares. The Turgeon consideration specifically included $391,631 CAD cash and 18,750,000 EMS shares. Puma retains multiple NSR royalties and is planning a potential new public listing for Murray Brook Minerals (Puma owns 84%); that proposed listing remains conceptual with no certainty of completion.

Positive

• Cash received of $970,023 CAD from combined transactions
• EMS equity holding of 23,951,040 shares
• Performance rights totaling 9,101,799 PRs convertible to EMS shares
• Canadian Copper stake of 10,001,968 shares valued at $5.6M CAD

Negative

• Major portion of consideration received as equity, not cash
• Large exposure to EMS equity and PRs: concentration risk

News Market Reaction

+1.35%

1 alert

+1.35% News Effect

On the day this news was published, PUMXF gained 1.35%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Rimouski, Quebec--(Newsfile Corp. - January 14, 2026) - Puma Exploration Inc. (TSXV: PUMA) (OTCQB: PUMXF) (the "Company" or "Puma") is pleased to announce that it has successfully finalized the sale of the Turgeon Project to Raptor Resources Ltd. ("Raptor"). This sale is part of a broader transaction involving Puma, Canadian Copper Inc. (CSE: CCI) ("Canadian Copper") and Raptor with respect to both the Chester and Turgeon Projects. The initial agreement was signed on March 1, 2024 (see March 4, 2024 News Release), with amendments outlined in the Company's News Releases dated July 2, 2024, September 10, 2024, October 3, 2024 and July 7, 2025.

By way of background, on January 7, 2026, Eastern Metals Ltd. (to be renamed Raptor Metals Ltd) ((ASX: EMS) to be amended to (ASX: RAP)) ("EMS") announced the acquisition of approximately 94.7% of the outstanding shares of Raptor and the completion of a public offering of $5M AUD, together with the issuance of a suite of additional securities tied to project consideration, placements and conversions. EMS has begun the compulsory acquisition process for the remaining shares of Raptor. The securities of EMS were reinstated to quotation on the ASX on January 9, 2026.

The total consideration for the sale of the Turgeon Project includes a cash payment of $391,631 CAD and 18,750,000 EMS shares. In connection with the combined sale of the Turgeon and Chester Projects, Puma received cash payments totalling $970,023 CAD and currently holds 23,951,040 shares of EMS and 9,101,799 performance rights ("PRs") issued by EMS to Puma in connection with its acquisition of Raptor. The PRs will convert into shares ($nil cash consideration) subject to the satisfaction of certain milestones and other terms and conditions.

Successful Implementation of DEAR Strategy

Since 2019, Puma has pursued its DEAR corporate strategy-Discovery, Exploration, Acquisition, and Royalties-to innovate in capital raising and minimize share dilution. As the largest claim owner in Northern New Brunswick, Puma is constantly on the lookout for new opportunities in the region.

After its gold discovery at Williams Brook in 2021, Puma chose to spin off its base metal assets, including Murray Brook West, Chester, and Turgeon, to ensure their proper development, provide focused development, and create potential long-term value.

As a result thereof, Puma has received:

• 16,001,968 shares of Canadian Copper (CSE: CCI), of which 5,635,905 shares were distributed by Puma to its shareholders (other than U.S. shareholders) in anticipation of its public listing;

• 23,951,040 shares of EMS ((ASX: EMS) to be amended to (ASX: RAP)) and 9,101,799 PRs of EMS;

• $970,023 CAD in cash payments under the Raptor and Canadian Copper transactions.

Puma is actively planning the formation and potential public listing of a new exploration company to be derived from its wholly owned subsidiary, Murray Brook Minerals Inc. This new entity will focus on critical minerals, further aligning with Puma's ongoing efforts to innovate and diversify within the resource sector. Currently, Murray Brook Minerals is a privately held company of which Puma owns an 84% stake. At this stage, the proposed transaction remains conceptual, and there is no certainty that it will ever proceed or be completed.

As of now, Puma owns the following shares:

• 10,001,968 shares of Canadian Copper (CSE: CCI), trading at $0.56 CAD ($5.6 M)

• 23,951,040 shares of EMS (to be renamed Raptor Metals Ltd) ((ASX: EMS) to be amended to (ASX: RAP)), trading at $0.04 AUD ($958 K AUD)

• 2,700,000 shares of BWR Exploration Inc. (TSXV: BWR), trading at $0.02 CAD ($54 K)

• 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

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, in particular McKenzie Gold, 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 23 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/280291

FAQ

What did Puma (PUMXF) receive from the Turgeon Project sale on Jan 14, 2026?

Puma received $391,631 CAD cash plus 18,750,000 EMS shares as Turgeon consideration.

How much cash did Puma (PUMXF) get from the combined Chester and Turgeon transactions?

Puma received $970,023 CAD in total cash from the combined transactions.

How many EMS shares and performance rights does Puma (PUMXF) hold after the sale?

Puma holds 23,951,040 EMS shares and 9,101,799 performance rights issued by EMS.

What is Puma’s holding in Canadian Copper after distributions and sales?

Puma currently owns 10,001,968 Canadian Copper shares, valued at about $5.6M CAD at $0.56 CAD per share.

Does Puma (PUMXF) retain any royalties after selling Turgeon?

Yes. Puma retains multiple NSR royalties, including 2% NSR on Murray Brook West and 2% NSR on Chester West.

Will Puma list Murray Brook Minerals publicly and when?

Puma is planning a potential listing for Murray Brook Minerals (Puma owns 84%), but the transaction is conceptual and no certainty exists it will proceed.