Puma subsidiary Murray Brook Minerals posts updated resource estimate for Legacy Cu-Ag deposit, New Brunswick

Puma Exploration Inc. [TSXV: PUMA] reported that its subsidiary, Murray Brook Minerals Inc., has received an updated NI 43-101 Technical Report for its 100%-owned Legacy Project (Cu-Ag) in northern New Brunswick, Canada. The technical report, effective November 28, 2025, with a report date of February 20, 2026, was compiled to satisfy the listing requirements for a Tier 2 application to the TSX Venture Exchange.

The updated resource estimate, based solely on historical drilling results, outlines a 930,000 tonnes inferred resource at the Legacy deposit, containing 13,400,000 lbs Cu at 0.66% Cu and 110,000 oz Ag at 3.65 g/t Ag. The deposit starts at surface and shows significant expansion potential.

“This technical report for the Legacy Project satisfies the first requirement to list Murray Brook Minerals on a stock exchange. Our aim is to create a separate resource company with MBM, similar to what we accomplished with Canadian Copper, which has proven to be a very successful transaction. As this new spinoff becomes more concrete, we’ll announce further details, including the potential distribution of MBM shares to Puma shareholders,” noted Marcel Robillard, President and CEO of Puma Exploration. Presently, the proposed spinoff transaction is conceptual, and there is no guarantee it will proceed or be completed.

SRK Consulting (Canada) was contracted to update its 2015 mineral resource estimate for the Legacy Project. A total of 74 historical drill holes used to estimate the resource with 11 drilled by MBM from 2013 to 2014, while the majority were drilled between 1970 and 1978 by several operators.

Historically, drill holes were selectively sampled at intervals of less than 2 metres, targeting only visible sulphide mineralization. They were primarily assayed for copper and silver. The MBM drill holes also included some assays for gold and zinc.

For the 2025 resource estimation, SRK capped assays at 10% Cu and 400 g/t Ag before compositing to 2-metre lengths. Composites with lengths less than 0.5 m were excluded from the estimation process. Composite intervals were assigned to honour contacts of the mineralized zone.

A Whittle optimized pit shell was applied to constrain the mineral resource estimate. The pit shell was designed using a dollar-value cutoff calculated from the copper and silver grades, using US$4.20/lb for copper and US$30/oz for silver and reasonable mining assumptions. SRK estimated that the Legacy deposit contains 930,000 tonnes of inferred mineral resources that could be accessed by open pit grading 0.66% copper and 3.65 g/t silver at a US$10 cut-off. The copper and silver resources reported are located within the Pit shell.

All mineralization below the pit was not included in the current estimate, as additional infill drilling will be required to convert it into resources.

Historical drilling and the resource model suggest that mineralization continues at depth and that additional tonnage could be delineated through further drilling.

Between 1968 and 1998, 63 historical diamond holes were drilled on the Legacy deposit. In 2013 and 2014, MBM drilled an additional 11 diamond holes and excavated 10 trenches. Some historical drilling highlights are listed below.

In 1970, drill hole R-17 returned a discontinuous section of 150.57 metres at 0.57% Cu (only 67.68 m assayed), including 11.28 metres at 3.16% Cu (152.40-163.68 m), 5.94 metres at 1.97% Cu (221.81-228.75 m) and 11.19 metres at 0.95% Cu (244.08-255.27 m).

Other drilling intervals returned impressive results. R-13 returned 17.07 metres at 2.90% Cu + 10.85 g/t Ag.
R-16 returned 28.68 metres at 1.70% Cu + 10.16 g/t Ag. S-77-4 returned 2.13 metres at 11.53% Cu + 0.69 g/t Au + 212.50 g/t Ag. R-21 returned 4.02 metres at 5.07% Cu + 54.38 g/t Ag. R-03 returned 9.97 metres at 2.02% Cu + 12.06 g/t Ag. R-07 returned 13.08 metres at1.35% Cu + 8.45 g/t Ag. R-17 returned 4.81 metres at 3.65% Cu +18.34 g/t Ag. R-14 returned 5.64 metres at 3.02% Cu + 17.25 g/t Ag. R-20 returned 10.03 metres at 1.63% Cu. S-78-8 returned 3.51 metres at 4.59% Cu + 0.14 g/t Au + 28.54 g/t Ag.

Also, the gold potential at Legacy was never assessed, but drill hole MC-92-20 returned 4.00 metres of 0.35% Cu, 6.69 g/t Ag, and 0.11 g/t Au from 43 to 47 metres downhole depth. Some holes were only assayed for copper.

The current pit tonnage is constrained to the area near-surface where historical drilling density was sufficient to estimate an inferred resource. Tonnage inside the pit could be substantially increased by twinning some of the older holes that were only selectively sampled. Also, most of the blocks shown below the pit are supported by only very few drill holes. Additional drilling below the pit could identify smaller, higher-grade zones amenable to underground mining.

A two-phase exploration program, with phase I consisting of further surface exploration, including trenching and drilling, and phase II consisting of infill and exploration drilling, is planned for 2026-27.

Puma Exploration’s subsidiary, Murray Brook Minerals Inc. (MBM), closed a non-brokered offering consisting of 5.0 million flow-through (FT) common shares of MBM at a price of $0.05 per FT share for aggregate gross proceeds of $250,000. Murray Brook Minerals now has 33,044,165 issued and outstanding common shares, with no warrants or options. Puma holds 23,644,165 common shares of MBM, representing approximately 71.6% of its issued and outstanding shares. Closing of the offering remains subject to the approval of the TSX Venture Exchange.

The funds will advance exploration of the Legacy Project located in Northern New Brunswick. No finder’s fees were paid in connection with the closing of the offering.

Certain directors and other insiders of the company participated in the FT private placement. They subscribed for 700,000 FT shares at an aggregate amount of $35,000, an amount no greater than the maximum permissible under applicable securities laws and regulatory rules.

The Legacy Project consists of four easily accessible claim blocks covering 10,868 hectares, less than 15 km from Puma’s exploration office in Saint-Quentin, New Brunswick. The project is contiguous to Puma’s McKenzie Gold Project and remains mainly underexplored by modern methods. It hosts high-grade copper-silver skarn mineralization, similar to the Osisko Metals Gaspé Copper Project in Québec. The Legacy and Gaspé Copper projects share many similarities-they are part of the same Appalachian orogenic system, are the same age, and have similar mineralization and metal associations.

Copper-dominant skarn deposits represent the most common type of skarn and an important source of copper. In Canada, they account for approximately 10% of copper production and approximately 6% of its reserves.

As part of Puma’s successful DEAR strategy – Discovery, Exploration, Acquisition, and Royalties – the Murray Brook Minerals business model is to acquire prospective strategic and critical metals mineral properties with excellent discovery potential that a stand-alone public company can explore and develop.

Following its gold discovery at Williams Brook in 2021, Puma spun off its base metal assets, including Murray Brook West, Chester, and Turgeon, to ensure their proper development and build long-term value.

As a result, Puma currently holds (share prices at market close on April 21, 2026): 11,181,058 shares of Canadian Copper [CSE: CCI], trading at $0.66 CAD (~$7.38M), 23,951,040 shares of Raptor Metals Ltd. [AUX: RAP], trading at $0.053 AUD (~$1.27M AUD), 2,700,000 shares of BWR Exploration Inc. [TSXV: BWR], trading at $0.02 CAD (~$54K) and 23,644,165 shares of Murray Brook Minerals (not publicly listed).

Puma also maintains the following net smelter return (NSR) royalties: 2% NSR on Murray Brook West, 2% NSR on Chester West, 1% NSR on Beresford Copper and 2% NSR on Little Stull Lake.

Murray Brook Minerals Inc. (MBM) is a private Canadian mineral exploration company advancing its 100%-owned Legacy Project (Cu-Ag with Au potential) in Restigouche County, northern New Brunswick, Canada. Puma Exploration owns 71% of MBM.

Puma Exploration is focused on identifying and developing a pipeline of precious metals projects in New Brunswick, near the Bathurst Mining Camp. Puma has a long history in northern New Brunswick, having worked on regional projects for over 23 years.