Puma Exploration Announces Date for Annual and Special Meeting of Shareholders

RIMOUSKI, Aug. 04, 2022 - Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the "Company" or "Puma") announces that its 2022 Annual and Special Meeting of Shareholders (the "Meeting") will be held on Tuesday, August 30, 2022, at 2 pm (EDT).

Again, this year, the Company will hold the Meeting via a live webcast at https://virtual-meetings.tsxtrust.com/1391, where all Shareholders and their proxy holders, regardless of geographic location, will have an equal opportunity to participate. Shareholders and proxy holders will not be able to attend the Meeting in person. Further details and instructions about virtual participation are included in the Meeting materials available on the Company's website and under Puma's profile on www.SEDAR.com.


NEW "ROLLING 10%" STOCK OPTION PLAN

At the Meeting, Shareholders will be asked to vote on a new "rolling 10%" stock option plan (the "New Plan") that was approved by Puma's Board of Directors. TSX-V approval is pending. The New Plan will replace the Company's "fixed number" stock option plan. Under the New Plan, the Board of Directors may grant stock options to directors, officers, employees, and consultants of the Company up to a maximum of 10% of the total number of issued and outstanding shares of the Company from time to time, less any shares reserved for issuance under the "fixed number" option plan. The Management Information Circular for the 2022 Annual and Special Meeting of Shareholders provides more details about the New Plan.


UPDATE ON ADDITIONAL WARRANTS EXERCISE

Outstanding warrants (the "Warrants") issued in connection with Puma's August 2020 private placement financing (see News Release dated August 4, 2020) have been exercised, resulting in aggregate proceeds of CAD$394,810. The Warrants were exercisable into one common share of the Company at CAD$0.15 per common share and expired on August 4, 2022. No commission was paid in connection with the exercise of the Warrants. The Company will use the proceeds to continue exploration on its 100%-owned Williams Brook Gold Project in New Brunswick, Atlantic Canada and for general working capital purposes.

Puma has a total of 118,970,321 shares issued and outstanding as of today.


ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian-based mineral exploration company with precious metals projects located near the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. The Company is committed to its DEAR strategy (Development, Exploration, Acquisition and Royalties) to generate maximum value for shareholders with low share dilution.

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Visit www.explorationpuma.com for more information or contact:

Puma Exploration Inc.
Marcel Robillard, President
(418) 750-8510;
president@explorationpuma.com

Mia Boiridy, Head of Investor Relations and Corporate Development
(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) accept 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 a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements 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. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.