Rimouski, December 23^rd, 2019 – Puma Exploration Inc. (the “Company” or “Puma”) is pleased to announce the closing of a second tranche of the current private placement. In this second Tranche, the Company raised a total of $111,060 for the issuance of 617,000 flow through units (“FT Units”) at the price of $0.18 per FT Unit. Each flow-through unit comprises one flow-through common share and one-half of one common share purchase warrant. Each full warrant gives its holder the right to purchase one common share at a price of $0.35 per share until Dec. 23, 2021. Up to an additional $555,940 could be raised by the Company in additional tranche closings for aggregate gross proceeds of the Offering of a maximum of $1,000,000. Accredited investors interested in participating in the current private placement are welcome to contact the company. The final closing is expected to occur on December 30^th, 2019.

In connection with the second tranche, the company has paid cash finders’ fees in an amount of $8,884.80 and issued 49,360 finders’ warrants, each entitling the holder to acquire one additional common share of Puma at a price of $0.18 for 24 months. All securities issued to purchasers and finders under the offering are subject to a four-month hold period from the date of issuance of the securities, pursuant to applicable securities legislation and the policies of the TSX Venture Exchange. The placement has received the conditional approval of the TSX Venture Exchange.The proceeds of the offerings will be used for the exploration and development of Puma Exploration’s properties in New Brunswick. Currently, a major trenching and stripping program is in progress at the Chester Copper property.

PUMA TO ISSUE 1M SHARES TO EL NINO VENTURES TO KEEP THE PURCHASE AGREEMENT IN GOOD STANDING UNTIL JUNE 30^TH, 2019

By mutual agreement, Puma Exploration Inc. and El Nino Ventures have agreed to modify the terms of the amended and restated asset purchase agreement for the Murray Brook Property signed on Oct. 5, 2016, as amended thereafter. Pursuant to the amending agreement, Puma will issue 1M shares to El Nino at a deemed price of $0.12 and issue 500,000 warrants, valid for 3 years, at an exercise price of $0.25 in consideration for the total additional cash fees stipulated in the July 09^th, 2019 amendment (refer to the news release of 09/07/2019). The amending agreement is subject to the approval of the TSX Venture Exchange.

“Considering the current market condition for base metals projects, we are very pleased with the amended terms reached between the parties which will let us to use our cash in hand for field work and potentially make new discovery while securing the purchase agreement with El Nino until June 30^th,2020.”, commented Marcel Robillard, President and CEO of the Company.

ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages. While our priority remains to finalize the acquisition of the Murray Brook project in New Brunswick, great efforts will be made by the Company in the coming years to deploy its DEAR strategy (Development, Exploration, Acquisition and Royalties) in order to generate maximum value for shareholders.

QUALIFIED PERSONS AND QC/AC

Technical information provided in this news release was prepared and reviewed by Marcel Robillard, P.Geo., qualified person as defined by NI 43-101. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Robillard is not independent of the Company, as he is President of Puma Exploration.

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Learn more by consulting www.pumaexploration.com for further information on Puma.

Marcel Robillard, President

(418) 724-0901

[email protected]

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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.