Rimouski, Quebec — December 23, 2025 — Leads & Copy — Puma Exploration Inc. (TSXV: PUMA) (OTCQB: PUMXF) announced that Kinross Gold Corporation has exercised its right to increase its ownership stake in Puma’s share capital from 9.1% to 14.8% (on an undiluted basis) and 17.4% (on a partially diluted basis) after giving effect to the Offering. The right was granted under the investor rights agreement dated October 23, 2024.
Kinross and Puma entered into a subscription agreement on December 22, 2025, in which Kinross agreed to purchase 12,500,000 units of Puma at $0.16 per unit for proceeds of $2,000,000.
The closing of the offering is expected to occur on or about December 24, 2025, and is subject to receipt of all necessary regulatory approvals and certain other conditions.
Each unit comprises one common share and one-half common share purchase warrant. Each warrant is exercisable to purchase one common share of the company at $0.25 per share for 24 months following the offering’s closing.
The warrants are subject to an acceleration clause that allows Puma to notify holders that the warrants will expire 30 days after the acceleration notice date. Puma can provide the acceleration notice only if the closing price of its common shares on the TSX Venture Exchange is equal to or greater than $0.40 for 30 consecutive trading days.
The acceleration notice may be provided anytime after the statutory hold period and before the warrants’ expiry date. All securities issued in connection with the offering will be subject to a four-month and one-day hold period under applicable securities laws.
No finder’s fees will be paid in connection with the offering. The funds raised will support exploration activities on Puma’s projects (not optioned to Kinross) and general corporate and working capital requirements.
Puma President and CEO Marcel Robillard said the company is pleased to have strong support from Kinross. He said the increased commitment reflects Kinross’ confidence in Puma and aligns with Puma’s objectives. He added that the funds will enable Puma to focus on its McKenzie Gold Project and other assets in northern New Brunswick.
Following the offering’s closing, Kinross will hold 29,550,577 common shares and 6,250,000 warrants of Puma. Under the IRA, Kinross retains the right to participate in future equity financings to maintain its ownership percentage or increase its holding up to 19.9% of Puma’s total issued and outstanding common shares following the issuance of additional securities.
Puma and Kinross drilled more than 3,600 meters at the Lynx Gold Zone in the inaugural year of the Williams Brook Option Agreement. The drilling program extended the LGZ by 50 meters to the southwest and increased the depth of known mineralization to 300 meters. Assay results from this campaign are pending and will be announced once received.
Concurrently, surface exploration, including grab sampling, yielded high-grade mineralization at both the Lion Gold Zone, located approximately 10 km north of the LGZ, and on the Jonpol property.
Two drilling campaigns are scheduled for 2026. A first program of 1,500 is scheduled to start in Q1 on the Lion and Jaguar Gold Zones. A potential second drilling program in the fall will test new targets delineated by summer exploration surveys. The joint technical committee is actively confirming drill targets and planning the exploration work for the Year 2 $3M fully funded program at Williams Brook.
An early warning report filed by Kinross in connection with the investment will be available on Puma’s SEDAR+ profile at www.sedarplus.ca. To obtain a copy of the report, contact Luke Crosby, Senior Vice President, General Counsel and Corporate Secretary at 647-788-4478. Kinross is organized under the laws of the Province of Ontario, and its head office is located at 25 York Street, 17th Floor, Toronto, Ontario M5J 2V5. Puma’s head office is located at 175 Legaré Street, Rimouski, Quebec, G5L 3B9.
Kinross acquired the units for investments purposes and may, from time to time, increase or decrease its investment in Puma through market transactions, private placements, treasury issuances or otherwise, including pursuant to the terms of the IRA between Kinross and Puma.
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 exploration methodology combines traditional prospecting methods with detailed trenching and cutting-edge technologies such as Artificial Intelligence.
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
Source: Puma Exploration
