The following is a transcript of Puma Exploration's AMA session on May 9, 2024

CEO.CA would like to welcome Marcel Robillard, President and CEO of Puma Exploration to today’s Ask Me Anything session. Marcel, can we start with a quick overview of the company?

Puma is a Canadian junior exploration company based in Rimouski, Quebec. Its 100%-owned flagship, Williams Brook Gold Project, covers over 50,000 ha in Northern New Brunswick, near the famous Bathurst Mining Camp. The project is ideally located near roads, established infrastructure, and supportive communities. Puma is focused on developing Canada’s New Gold Camp with multi-million-ounce gold resources close to surface at Williams Brook.

You announced yesterday that you are launching exploration at Jonpol. Why spend money on other properties?

Our Williams Brook Gold Project is comprised of several properties. Portage and Jonpol were the first acquisitions made in 2019, and the Williams Brook property acquisition came a year later, in 2020. Jonpol contains many mineralized zones. Our major discovery at Williams Brook took the focus away from Jonpol, but we’ve always believed in its potential. We now understand what controls gold mineralization at Lynx and have developed a good exploration model. We plan to deploy this model over all the properties that make up the Williams Brook Gold Project.

What’s your strategy for exploration beyond the Williams Brook Property?

We believe a very large orogenic system extends beyond the Williams Brook Property. We’ll explore all the properties that make up the 50,000 ha in due time, and we’re always looking for new opportunities. We’ve worked in the region for more than 20 years. We are well-connected with local communities and prospectors, and we can pick and choose which properties are worth pursuing with a focus on low-cost exploration opportunities within 20-30 km of the Williams Brook property.

On your maps, the mineralized trend extends beyond the WB property to the NE. Is that land package available to Puma or of interest?

We evaluated other land packages before securing our current >50,000 ha back in 2020. We believe we control the best sectors in the region with several gold trends that extend more than 4km. Developing the full potential of our large land package is our priority, but should an opportunity present itself, we’ll take advantage of it, but not at all costs.

Have you had any interest from majors or mid-tiers?

Yes, we have several NDAs signed, and the project is getting lots of attention. We have a major discovery, the potential for a world-class deposit, and a large land package - that appeals to majors and mid-tiers. With that said, we’ve only drilled 17,000 m. There are early days. We’ll need much more drilling before we see any movement from a big player. Also, with the markets still suffering, the majors are not in a hurry to get involved with juniors. Also, I don’t think we’d be getting our due value now. So, we keep them informed and continue to grow the project.

What are your plans for the TIMM property?

Our purchase agreement with the prospector specifies that $50,000 in exploration must be spent on the property to satisfy the sale. The gold mineralization at TIMM is also in quartz veins, but we haven’t confirmed that the geological model is the same as what we see at Willams Brook. We’ll need to complete some additional surface work before any drilling.

What are the plans for a maiden Mineral Resources estimate?

We need more drilling to confirm the grade. The ongoing testing, followed by possibly a 4,000T bulk sampling program, could help determine the deposit's overall grade. The updated 3D model will also help identify drilling targets. If markets cooperate, 2025 is likely the earliest we could issue a resource.

You’ve recently drilled some scout holes along the 4 km extension of the Lynx Gold Trend. Are there any plans to do some more drilling there this year?

Yes, the 11 holes we just drilled showed continuity in the system. We hit the same quartz veins and alterations 4 km away, but we know that some veins carry gold and others don’t. Assay results and the data compilation from the drone mag survey we just flew will help us map the structures shown to have gold at Lynx, and we can transpose that along the extension to identify where we’ll trench this summer. Summer trenching and sampling will then inform the next drilling campaign. That system has proven quite successful at Lynx, and we want to ensure we continue to get the best return on investment by never drilling “blind.”

Does Puma intend to be an operator or sell the asset?

We are explorers—we have no intention of being producers unless we run a small operation. Currently, the market is unsuitable for juniors selling their assets—majors are buying assets for much less than what was invested.

Given that mineralization is at the surface and exposed, how hard is it to get permits and start mining?

New Brunswick is an excellent jurisdiction, and last year, we got our 4,000T bulk sample permit in 3 weeks. Mine permitting requires setting the groundwork well ahead of time. Puma is proactive on that front. We’ve brought on board the right people to advise us on how to derisk the project ahead of time, and we meet with government representatives regularly.

Comparisons have been made to Valentine and NFG. What does Puma believe WB compares to?

Our most analogous project is Southern Cross Gold’s Sunday Creek project in Australia. It‘s of the same age and shows the same mineralization and alteration. Also, the quartz veins and structures are very similar. Our consultant, Dr. Gregg Morrison, a leading expert on intrusion-related, porphyry and epithermal gold systems, has studied our core and believes Williams Brook belongs to the same family of gold systems. I encourage you to learn more about Southern Cross and the Sunday Creek project: Southern Cross Gold - Sunday Creek

Is your current low-cost discovery strategy the best way to proceed with the project? Why not complete step-out drilling along the 4km right away?

We are dealing with a complex deposit. 10,000 m of drilling has enabled us to get a pretty good understanding of an area that spans 750 m along strike. We have 4 km to cover now. We hope to cookie-cutter the extension and grow the deposit, but we don’t know yet. We intersected VG in 50% of the holes at depth in our last drilling round at Lynx and want to continue this successful streak. Defining the 4 km will likely take 50,000 m + of drilling. Our share price has come down over the past year despite excellent results. We can’t be mindlessly diluting the share structure without the assurance that big hits will translate to increased share price – that certainly is not the case for most juniors these days.

Thanks so much Marcel! Any closing remarks for our investors?

Puma is focused on growing the volume, scale, and grade of the Williams Brook Gold Project. Our recent drilling showed that the mineralization that hosts gold extends at least 4 km along the Lynx Gold Trend. Assay results and data from the recent mag survey will help identify drilling targets for the fall. The updated 3D model of the Lynx Gold Zone mineralization will provide additional high-grade drilling targets at the LGZ for future drilling. Surface exploration work at Jonpol will also identify targets that can increase the project’s gold inventory. Results of the ongoing metallurgical work undertaken last year will provide insights on potential gold recoveries at Williams Brook and help set the stage for permitting and development.

There’s lots in store for Puma in 2024 and beyond – stay tuned!

CEO.CA would like to give a big thanks to Marcel and our investors for joining us today! A transcript of today’s session will be available shortly. Have a wonderful day everyone!