New Risk • Apr 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (CA$27.3m market cap, or US$20.0m). Announcement • Feb 13
Puma Exploration Launch Winter 2026 Drilling Program At Williams Brook Rimouski, Quebec Puma Exploration Inc. announced the launch of its Winter 2026 drilling program at the Williams Brook Gold Project in Northern New Brunswick, under its Option Agreement with Kinross Gold Corp. ("Kinross"). The Winter 2026 program consists of approximately 12 diamond drill holes totaling more than 2,300 metres targeting two (2) mineralized areas - the Jaguar and Lion Gold Zones. This program is designed to evaluate the gold potential for these zones, better define the structural controls on gold mineralization, confirm historical drilling results, and build on Puma's previous exploration success. Beyond the current Winter program, the proposed 2026 exploration program at Williams Brook is scheduled as follows: January to March, 2026. August to September 2026. Summer drilling program to test targets generated during the summer exploration program and/or follow up on any previously drilled targets. This $3 million second-year commitment is designed to systematically advance the Williams Brook Gold Project while maximizing exploration results throughout the year. Details of the Winter 2026 Drilling Program. Mobilization and trail clearing were completed during the last week of January at both the JGZ and Lion Gold Zones. Drilling commenced at the Jaguar Gold Zone on February 2nd, with approximately five (5) drill holes planned for a total of 1,360 metres. The program will then move to the Lion Gold Zone, where an additional seven (7) drill holes totaling approximately 1,050 metres are planned. Program changes can occur at any time. The Jaguar Gold Zone ("JGZ"), located about 5 km northeast of the Lynx Gold Zone ("LGZ"), was initially explored in 2007-2008 by previous operators. During that period, soil geochemical anomalies and trenching identified gold mineralization at surface. A ground induced polarization (IP) survey was completed, followed by the drilling of four (4) drill holes. Hole WB-08-03 returned 2.10 g/t Au over 9.00 m within a broader gold envelope grading 0.52 g/t Au over 55.00 m. The holes will also aim to follow up on mineralization intersected in the historical 2008 drilling and Puma's surface sampling. All historical drillholes were completed within the oxidized zone, with no fresh rock intersected. The drill hole planned for 2026 will aim to delineate the extent of the oxide zone and intersect fresh rock. Puma discovered the Lion Gold Zone ("LiGZ") in 2024 through prospecting and trenching. Since the initial discovery, an area measuring approximately 400 metres along strike and 10 to 25 metres in width has been stripped, with grab samples returning values of up to 72.20 g/t Au*. A channel sampling program completed in the fall of 2025 returned values of up to 17.1 g/t Au, further confirming the presence of significant gold mineralization at surface. The reader is cautioned that grab samples are selective by nature and may not necessarily be representative of the true metal content of the mineralized zone. Preliminary geological mapping completed in 2025 provided significant insights into the structural and lithological controls of the gold mineralization. The proposed Winter 2026 drill program at the LiGZ will consist of seven (7) drill holes for approximately 1,050 metres. The drill holes will test fold hinges and quartz veins within the mapped gabbro and will follow up on channel-sampling results. 2026 Exploration Program. 2025 marked the first year of the Option Agreement with Kinross, during which Puma acted as the Operator. The positive results achieved during the 2025 exploration program encouraged Kinross to continue its participation in the Option Agreement and to assume the role of Operator in 2026. Kinross' objective in 2026 is to evaluate the overall exploration potential of the Williams Brook, Portage, Jonpol, and Mount Matthew properties, to prioritize the most prospective areas for future exploration. 2. Discovery and Advancement of Areas of Interest. The exploration program aims to identify new areas of geological interest while also following up on zones highlighted during the 2025 campaign. These areas will be subject to more detailed examination and additional work, ensuring promising targets are thoroughly assessed and developed. Recent Insider Transactions Derivative • Feb 04
Executive Chairman exercised options to buy CA$85k worth of stock. On the 1st of February, Rejean Gosselin exercised options to buy 500k shares at a strike price of around CA$0.16, costing a total of CA$80k. This transaction amounted to 29% of their direct individual holding at the time of the trade. Since March 2025, Rejean's direct individual holding has increased from 1.21m shares to 2.22m. Company insiders have collectively bought CA$191k more than they sold, via options and on-market transactions, in the last 12 months. 
