Puma Exploration Inc. Secures a $2 Million Private Placement from Kinross Gold

Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) confirmed on December 24, 2025 that it has closed a private placement with Kinross Gold Corporation, a transaction that raises Kinross’s equity stake from 9.1 % to 14.8 % on an undiluted basis (17.4 % on a partially diluted basis). The deal, structured under the investor rights agreement (IRA) dated October 23, 2024, involved the sale of 12.5 million units at a unit price of $0.16, generating $2 million in proceeds for Puma.

Unit Composition and Warrants

Each unit represents one common share and one‑half (½) of a common share purchase warrant. The warrants are exercisable at $0.25 per share until December 24, 2027, and include an acceleration clause that permits the Company to offer additional warrants if certain conditions are met. This structure provides Puma with immediate capital while preserving long‑term shareholder value through the warrants’ potential upside.

Implications for Capital Structure and Growth

The infusion of $2 million strengthens Puma’s balance sheet, providing additional liquidity for exploration activities in its core markets of lead, silver, gold, and smelter‑related minerals in Rimouski, Quebec. With a market capitalization of approximately CAD 27 million and a current share price near $0.16, the placement aligns with Puma’s strategy of targeted, low‑cost capital raises to fund high‑potential projects without significant dilution of existing shareholders.

Forward‑Looking Perspective

By securing backing from a seasoned producer like Kinross, Puma signals confidence in its asset pipeline and its ability to attract further institutional interest. The expanded stake may also pave the way for collaborative exploration initiatives, technology sharing, and access to Kinross’s global market reach. As the company advances its drilling program and moves toward development milestones, the additional capital and strategic partnership position Puma to capitalize on favorable commodity price trends and to accelerate its trajectory toward production.

In summary, the completed private placement not only injects vital working capital but also embeds a long‑term partner with a proven track record in the precious metals sector, reinforcing Puma’s commitment to delivering shareholder value through disciplined exploration and prudent financial management.