Puma Exploration Closes the Sale of the Murray Brook West Project

Rhea-AI Summary

Puma Exploration (OTCQB: PUMXF) closed the sale of the Murray Brook West Project to Canadian Copper (CSE: CCI) by receiving 1,179,090 CCI shares, completing CCI's 100% acquisition of the project.

Puma previously received $970,023 CAD cash and 23,951,040 Raptor Metals shares from related project disposals and now holds material equity positions and multiple NSR royalties.

Positive

• Deal closed: 1,179,090 CCI shares issued to Puma, completing 100% transfer
• Cash received: $970,023 CAD from Turgeon and Chester combined sale
• Marketable holdings: 11,181,058 CCI shares valued at $7.93M CAD on Feb 9, 2026

Negative

• Balance settled in equity: $589,545 CAD outstanding converted to CCI shares rather than cash
• Spin-off uncertainty: Proposed public listing of Murray Brook Minerals is conceptual with no guarantee of completion

Rimouski, Quebec--(Newsfile Corp. - February 10, 2026) - Puma Exploration Inc. (TSXV: PUMA) (OTCQB: PUMXF) (the "Company" or "Puma") is pleased to announce that Canadian Copper (CSE: CCI) has agreed to fulfill all obligations outlined in the Option Agreement for the Murray Brook West Project, dated March 1, 2024 (see March 4, 2024 News Release) by issuing 1,179,090 CCI shares to Puma, thereby acquiring 100% interest in the project.

The original Option Agreement (the "Agreement") between Puma and Canadian Copper, signed on June 30, 2021 (see July 6, 2021 News Release), required a final payment of $2M CAD for Puma's copper projects. In 2024, the Agreement was amended to allow CCI to sell its interests in the Chester and Turgeon Projects while preserving its option to acquire a 100% interest in the Murray Brook West Project. In connection with the combined sale of the Turgeon and Chester Projects, Puma received cash payments totalling $970,023 CAD and 23,951,040 shares of Eastern Metals Ltd. (renamed Raptor Metals Ltd) (ASX: EMS amended to ASX: RAP) (see January 14, 2026 News Release). The outstanding balance of $589,545 CAD for Murray Brook West was agreed upon at the closing of the Turgeon Sale Agreement. At the time, the 30 VWAP for CCI shares was $ 0.50, prompting Canadian Copper to issue 1,179,090 CCI shares to Puma instead of a cash payment.

Marcel Robillard, Puma's CEO, stated, "I am very pleased to conclude this transaction with Canadian Copper. I want to thank all the parties involved in this journey, some of whom were there from the very beginning. I especially want to congratulate Simon Quick on his leadership and all he's accomplished at Canadian Copper since its inception and listing in 2021. With CCI's planned strategic acquisition of the Caribou Mine and 2026 exploration activities focused on expanding the Murray Brook deposit resource and advancing regional targets across the 18 km contiguous Caribou Horizon, Canadian Copper is well poised for success."

With the Canadian Copper transaction now closed, Puma is actively structuring the public listing of a new exploration company derived from its 84%-owned subsidiary, Murray Brook Minerals Inc. 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. The new venture fits well within New Brunswick's newly-launched Comprehensive Minerals Strategy. 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.

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 limit share dilution. As the largest claim owner in Northern New Brunswick, Puma remains on the lookout for new opportunities in the region.

Asset spin-offs and current holdings

Following its gold discovery at Williams Brook in 2021, Puma spun off its base metal assets, including Murray Brook West, Chester, and Turgeon, to ensure their proper development and build long-term value.

As a result, Puma currently holds (share prices at market close on Feb. 9, 2026):

• 11,181,058 shares of Canadian Copper (CSE: CCI), trading at $0.71 CAD ($7.93M)
• 23,951,040 shares of Raptor Metals Ltd (AUX: RAP), trading at $0.059 AUD ($1.41M AUD)
• 2,700,000 shares of BWR Exploration Inc. (TSXV: BWR), trading at $0.02 CAD ($54.0K)
• 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 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 on its other properties, particularly 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, as well as 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/283407

FAQ

What did Puma Exploration (PUMXF) receive to close the Murray Brook West sale on Feb 10, 2026?

Puma received 1,179,090 CCI shares to satisfy the remaining consideration and transfer the project. According to the company, this completed Canadian Copper's option to acquire 100% of Murray Brook West under the amended agreement.

How much cash did Puma Exploration (PUMXF) receive from related project sales in 2026?

Puma received $970,023 CAD in cash from the combined sale of the Turgeon and Chester projects. According to the company, that cash was part of a broader set of payments tied to base-metal asset dispositions.

What is Puma's current holding of Canadian Copper (CCI) shares after the closing?

Puma holds 11,181,058 CCI shares, valued at about $0.71 CAD per share or roughly $7.93M CAD as of Feb 9, 2026. According to the company, this position reflects cumulative consideration from multiple transactions.

Does the Murray Brook Minerals public listing for Puma (PUMXF) have a set timeline or guarantee?

No, the proposed public listing is currently conceptual with no set timeline or guarantee of completion. According to the company, further updates will be provided as the plan moves from concept to reality.

What royalties does Puma Exploration (PUMXF) retain after the Murray Brook West transaction?

Puma retains multiple NSR royalties, including a 2% NSR on Murray Brook West and additional 1–2% NSRs on several deposits. According to the company, these royalties preserve long-term value from the disposed assets.