Figure 1a. (above) -- Lynx Zone Discovery Hole on O'Neil Gold Trend at Williams Brook Gold Project; on the right is a trench photo with clean bedrock and the drill positioned, the drill hole path (subsurface) is annotated in yellow. The grab samples on the left correspond to what was found on surface and next to that image is the drill core that was unearthed below -- there is an excellent correlation which bodes well for the exploration model going forward.

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Aside -- Additionally important time-sensitive note:

Investors in PUMA.V now will be the beneficiary of a dividend spin-off of the company's copper assets; Puma was recently able to acquire some of the most prospective gold exploration ground in New Brunswick due in-part to its unique insight from having a 15 year history in the Bathurst camp of New Brunswick as a base metal exploration company. With the focus now on gold, the company will be spinning-off its copper assets, see related July 6, 2021 news "Creation of a New Active Player for Copper Exploration and Development in New Brunswick, Canada"; essentially PUMA.V is selling all its base metal projects for $3.5 million into a new shell (Melius Capital 3 Corp.). Puma's technical team will continue to do the work, have representation on the BOD, and also shareholders of record of PUMA (date still to be set, but expected near the ~end of October-2021) will receive a dividend of the new spin-off at ~15 shares for 1 (giving the new entity the 200 shareholders listing minimum). The payments to Puma will be in share equivalent in 4 instalments, capped at 20% (non-controlling) ownership (difference in cash if exceeding 20%). The 43-101s and paperwork are on-track and Melius will be pushing to be publicly trading by the end of 2021 or very soon thereafter. The Chester Property will be the flagship with an established resource from 2014 that appears ready for sizeable upgrade. ##

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Williams Brook Gold Property, New Brunswick, Canada -- PUMA.V (100% interest to earn)

Current work underway:

Figure 1b. (above) Latest activity on Puma's O'Neil Gold Trend - source: Exploration update - Oct. 21, 2021]:

MAIN EXPLORATION WORK COMPLETED OR IN PROGRESS

■ Aggressive grab sampling program completed over 400 meters along the OGT between the O’Neil and Chubby Gold Zones (See related October 14, 2021 exploration update: Puma Exploration Identifies More High-Grade Gold Veins with up to 199 g/t* Au from Surface Sampling on Its Williams Brook Gold Property, Atlantic Canada).

■ Wood cutting and stripping in progress over the contact sediment-rhyolite to continue the aggressive grab sampling program for an additional 300 meters beyond Chubby along the OGT.

■ Prospection, exploration trenching, and grab sampling in progress over the entire 7km NE extension of the OGT.

■ Trenching and sampling of quartz veins discovered at the lower (southeast) contact of the rhyolite.

■ Metallurgical tests in preparation on different mineralised gold zones.

■ A geophysical ground IP test survey in progress over the drilled area (6 lines for 3.3km).

■ The completion of the heliborne VTEM and new radiometric surveys in progress to cover the entire Williams Brook Gold Property.

■ Work in progress to establish a 3D structural model with the new data of the recent drilling campaign in collaboration with Terrane Geosciences. ##

Figure 2. (above) -- Lynx Zone stripped, on O'Neil Gold Trend at Williams Brook Gold Property. The property is on Crown land. Big trenches were dug to expose bedrock, and the area was washed clean in order to decipher what was going on. Spectacular samples are being gathered at surface along the O'Neil Gold Trend in various zones. The first drilling concentrated on the Lynx Zone in a 100 m x 200 m area in order to establish a structural understanding of veins and direction. The geological team needed to do close spacing holes at first to understand the system and then apply it to the entire trend. Many of the techniques and much of the know-how applicable at Williams Brook is taken from what has already been proven for other Atlantic success stories in the same geological setting -- the ultimate goal is to replicate what Marathon Gold managed to do on its property with several open pits and having the option to go underground later. Puma has 700 m of mineralized rhyolite flow identified to explore on the O'Neil Gold Trend alone to start.

Puma's Discovery Model: Right now Puma has a team of prospectors looking for indicators at surface of new zones to be discovered, once prospective zones are identified trenches will be used to locate the rhyolite, then if rhyolite sampling confirms gold the localized area is stripped and drilled for discovery.

Location

Figure 3. (above) Location Map of Puma Exploration's main assets in New Brunswick -- Excellent infrastructure in a mining-friendly jurisdiction. The properties have quality land accessibility through ground, air and rail; the road intersecting Williams Brook is a provincial highway that runs ~5 km from where Puma is currently drilling. No need for expensive remote camps; exploration crews can stay in a hotel in nearby Saint Quentin, a 20 minute drive away. Mining infrastructure is already in place with full seaport access, and there is an accommodative and reliable government whose policies reflect a mining-friendly focus. There is a local skilled labour force who understand the trade. Puma Exploration has a MOU signed with local First Nations, whom are pro-mining and currently in business running ore transport on contract for the nearby Chester Mine.

Geological setting

Figure 4. (above) -- Geological setting in the Canadian Appalachians. The Dunnage and Gander Zones are a group of ancient rocks that were squeezed up during coalitional events eons ago when North America, Europe, and Africa were all forced together. This belt of rocks has yielded other noteworthy gold discoveries; e.g. Marathon Gold (Valentine Lake), Newfound Gold (Queensway), Galway Metals (Clarence Stream), First Mining (Hope Brook), Anaconda Mining (Pine Cove), Atlantic Gold (Moose River Mine).

The geological model sets the stage for discovery -- Quinton Hennigh, PhD describes the geological setting as a hybrid gold system, stating "there is evidence of an early epithermal enrichment that has been overprinted by orogenic processes." Dr. Henning is an exploration geologist that has identified many of the best next generation mining assets on the planet that are still in hands of junior exploration companies today and is an advisor to Crescat Capital LLC, which took a position in PUMA.V in August-2021 after his recommendation.   Click here to go to the (mid-September-2021) 29 minute mark of related video where Dr. Henningh discusses the geological setting at Puma and how Puma's geological team is able to 'create windows into the geology' by exposing bedrock.

Additionally on Dr. Quinton Henning & Puma: Click here to go to the 28 minute mark of new October 15, 2021 video where Dr. Henningh discusses his passion for staying on top of the latest exploration efforts of junior miners with exceptional projects. Crescat Capital has investments in quite a few companies, on the order of 90 companies, it will thus have on the order of 103-odd drills operating in the coming year to monitor results on, many of those drills have been operating over the past few months, and this day Dr. Henningh talks about some of the results that are starting to come in -- the first he discusses is Puma Exploration Inc. Below is transcribed copy of the related video along with the two related images he references:

 

 
Quinton Hennigh: "Okay, the map on the left shows you the footprint, that brown line shows you the footprint of areas that they recently opened up through trenching. The kind of darker colour areas, those were the previous trench areas, the company has been very aggressive about opening up and exploring this target more and more. The drill holes that we talked about a few weeks ago came out of that Lynx Zone, which is kind of the southern blob of the two here -- but what is really really cool is as they open up the ground between these two areas they are seeing high-grade occur throughout and this is just absolutely one of them, this is the kind of stuff that leads to a major gold discovery. You can see the photograph over on the right here, you can see the footprint of the trench here, my gosh that is almost the size of an opencast mine at this point -- its phenomenal. They are seeing quartz visible gold in many places. This is the kind of gold system, it is a high level orogenic system, episomal [? audio transcription] likely, but it also might have aspects of an earlier epithermal style of mineralization. I talked about this in the original presentation, it's really intriguing. The other thing to keep in context here is that this system is part of the same belt, if you will, that extends up into Newfoundland in which companies like New Found are finding very high-grade discoveries. So I am very very intrigued with what these guys are seeing, the high-grades tell me, and the textures tell me, they are in a high level part of the system. I think it is ripe for the discovery of a substantial high-grade deposit. So stay tuned. I think they have a lot of drill holes in the works right now and the labs are getting assays, they have many more samples -- you can see the little black X's on this map. Usually when there is a high density of sampling, a clustering of samples, it's for good reasons -- because the geologists are seeing rock in that area that's worthy of sampling. I anticipate a lot more high-grade results to come from this new exciting discovery." ##
 

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Figure 6. (above) -- Claims map of Williams Brook Gold Project. The O'Neil Gold Trend (annotated in red) is where current exploration efforts are underway. There are two other parallel gold trends (WB1GT & WB2GT) that have yet to be explored by Puma.

O'Neil Gold Trend

Figure 7. (above) -- O'Neil Gold Trend (OGT). Image from September 2021 Corporate Presentation (lots has occurred since) -- Seen above are the zones of the OGT; O'Neil, Pepitos, Chubby, & Moose. The area from Pepitos to Lynx is now all stripped, mapped, and sampled (numerous samples currently in the lab). A wood cutting company is currently clearing the forest from chubby to moose to repeat what was done. The yellow in the image above is confirmed rhyolite (volcanic rock), the trenching was perpendicular the rhyolite as the geological team wanted to see how wide it went.

Spectacular samples taken along the O'Neil Gold Trend

Figure 8. (above) -- Select mineralization surface samples from various zones of the O'Neil Gold Trend.

High-Grade Selected Grab Samples Assays on the Prolific O’Neil Gold Trend (OGT):

O’Neil Gold Zone (VG**): 128.5 g/t Au, 44.4 g/t Au, 38.8 g/t Au, 32.8 g/t Au, 23.1 g/t Au
 
Pepitos Gold Zone (VG**): 52.1 g/t Au, 16.1 g/t Au, 15.0 g/t Au, 13.1 g/t Au, 4.87 g/t Au
 
Lynx Gold Zone (VG**): 241.0 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au, 58.4 g/t Au
 
Chubby Zone Area: 3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au, 0.45 g/t Au
 
Moose Gold Zone: 2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au, 1.1 g/t Au

Figure 9. (above) --Vein sets found on O'Neil Gold Trend -- Basically Puma has 3 sets of veins; some steep ones, some horizontal ones, and some parallel. Puma now has an improved understanding of what sections to avoid and how to orientate drills to maximize intercepts. The analysis of Puma's rock seen in the image above is from Terrane Geoscience Inc. which has done a lot of work for Marathon Gold.

Figure 10. (above) -- Close-up of initial areas opened up. The exposed bedrock has quartz veining (shown in red). The connectivity and pervasiveness of the veining in and between zones has the potential to be quite large. Notice the contact line, it runs 700 m long, the geological team will stay closer to the contact line going forward (no need to strip big; i.e. no need to go 200 m out like was done on initial Lynx zone). The shape of a future pit should be along the contact.

18 drill holes completed to date, 12 reported (the following slide was prepared prior to the last 6 being announced on October 21, 2021):

Figure 11. (above) -- Highlights ; see related press release here.

Significant positive observations from the initial drilling results:
 
  The gold mineralisation starts at surface:
     ● WB21-01 intersected 1.30 g/t Au over 25.60 meters from 4.00 meters
     ● WB21-02 intersected 5.55 g/t Au over 50.15 meters from surface (0m)
     ● WB21-05 intersected 1.16 g/t Au over 48.70 meters from 1.50 meters

 
  The high-grade samples collected at surface are representative of the mineralization at depth:
     ● WB21-01 intersected 50.0 g/t Au over 0.50 meters
     ● WB21-02 intersected 59.68 g/t Au over 1.50 meters
     ● WB21-03 intersected 23.10 g/t Au over 0.65 meters
     ● WB21-05 intersected 16.07 g/t Au over 1.10 meters
     ● WB21-06 intersected 44.74 g/t Au over 0.70 meters
 

  Significant mineralized and altered thickness intersected:
     ● WB21-01 intersected 1.30 g/t Au over 25.60 meters
     ● WB21-02 intersected 5.55 g/t Au over 50.15 meters
     ● WB21-03 intersected 1.47 g/t Au over 12.10 meters
     ● WB21-05 intersected 1.00 g/t Au over 26.40 meters
     ● WB21-06 intersected 1.16 g/t Au over 48.70 meters
 

  The high-grade surface mineralization is extending at depth:
     ● WB21-02 intersected 59.68 g/t Au over 1.50 meters from 47.60 meters
     ● WB21-03 intersected 23.10 g/t Au over 0.65 meters from 56.85 meters
     ● WB21-04 intersected 2.84 g/t Au over 1.10 meters from 140.50 meters
     ● WB21-06 intersected 44.74 g/t Au over 0.70 meters from 47.60 meters
 

  The gold mineralisation is extending in the sediments:
     ● WB21-04 intersected 1.92 g/t Au over 0.70 meters from 16.80 meters
     ● WB21-04 intersected 2.84 g/t Au over 1.00 meters from 140.50 meters

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The following is a synopsis of the second round of drill holes released on October 21, 2021 (holes 7 - 12):

HIGHLIGHTS
■ All six (6) holes intersected continuous pervasive alteration and mineralisation:
 
WB21-12 grade 1.00 g/t Au over 40.6m including 6.93 g/t Au over 3.8m
WB21-09 grade 1.07 g/t Au over 36.0m including 15.52 g/t Au over 1.7m
WB21-10 grade 1.07 g/t Au over 14.4m including 2.24 g/t Au over 6.0m
■ Gold contained in quartz veins networks intersected at depth duplicates very well the surface grab samples assays.
 
■ Significant gold mineralisation observed in the rhyolite is now recognized in the sediments thus increasing the potential siz eof the favourable corridor.
 
■ High grade gold veins extending in the sediments such as: 48.2 g/t Au over 0.4m, 22.2 g/t Au over 0.7m, 20.0 g/t Au over 0.5m, 19.9 g/t Au over 0.5m and 18.8 g/t Au over 0.5m.

Marcel Robillard, President and CEO, stated: “We are pleased to confirm that the significant high grade gold intercepts are not limited to the altered rhyolite but also extend into the sediments. It is in line with our structural model of a N260 oriented high-grade gold bearing quartz veins network open on both side and at depth. So far, results are impressive for a first initial 2,300 meters drilling campaign and needless to say that we can’t wait to launch the planned 10,000m soon!”

Table 1. (below) Significant Drill Results for WB21-06 to WB21-12*

Table 2. (below) Technical Informations About the Drill Holes Released

* Stated lengths in meters are downhole core lengths and not true widths. True widths will be calculated once more drilling confirms the geometry of the quartz-sulphide system.

Figure 11b. (above) Map of the Lynx Zone Drill Results from  October 21, 2021 news release

Looking at the bigger potential. VTEM shows there is lots of unexplored ground:

Figure 12. (above) -- Detailed VTEM Airborne Survey Showing Distinct Magnetic Signature. The geophysics show the low mag./high mag. contact; Puma has only explored a small piece of a large belt.

Figure 13. (above) -- The other two gold trends at Willams Brook are yet to be explored by Puma; Williams Brook 1 Gold Trend  (WB1GT) and Williams Brook 2 Gold Trend (WB2GT). Back in 2008 a past operator drilled 54 g/t over 2.8 m and they encountered some excellent trenching values. All the gold trends are parallel structures, there are likely more to be found. The only question is how big is this going to get.

Figure 14. (above) -- Numerous gold occurrences throughout Puma's claim blocks.

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