Rimouski, October 21st, 2019 – Puma Exploration (PUMA-TSXV) is pleased to announce that following its press release of October 15, 2019, it has obtained all necessary approvals from the TSX Venture Exchange to consolidate its common shares on the basis of 10 pre-consolidation common shares for 1 post-consolidation common share. The consolidation will be effective at the opening of markets on Friday, October 25, 2019 (the « Effective Date »). The symbol for the common shares of Puma remains unchanged.

At the Effective Date, Puma will have 27,609,972 post-consolidated common shares issued and outstanding.

Puma has already sent a letter of transmittal to its registered shareholders outlining the procedures to follow in order to exchange their current certificates representing common shares of Puma for share certificates or DRS Advice Statements representing the post-consolidation common shares. Shareholders are asked to carefully read the instructions on the letter of transmittal in order to proceed with such exchange and can contact TSX Trust Company at 1-866-600-5869 for any questions in connection with the exchange.

DEAR STRATEGY

In connection with the current reorganization of the Company, Puma has defined a four-part strategy for 2019-2020 and beyond: Development, Exploration, Acquisition and Royalties/Ownership (DEAR).

Each part of this strategy is aimed at generating value for shareholders and are defined as follows:

• Development of the Murray Brook Deposit, where the gossan and oxide zones will be investigated to determine the economics and upside potential of the precious metal contents and recovery within these zones. The goal is to convert the surface zone materials that were previously categorized as waste to potential mineable ore.
• Exploration of our advanced stage projects located at the Murray Brook Deposit and Chester Property, aimed at discovering new satellite and contiguous deposits with our drill-ready targets. The objective is to define the 10 best drilling targets at Murray Brook and Chester.
• Acquisition of prospective new properties using our expertise and knowledge acquired in the last 15 years of exploration in New Brunswick will offer a variety of different metals exposures and potentially allow us to make new discoveries within these potential new properties.
• Royalties and ownership gained through the sell-off of non-core assets to third parties represent a potential major financial upside without direct dilution. Currently, Puma holds 14,200,000 shares (48%) of Target Minerals Inc. (1% NSR on Nicholas-Denys) and 100% of Murray Brook Minerals Inc. (0.67% NSR on Murray Brook) and will hold 5,700,000 shares (8%) of BWR Exploration Inc. (1% NSR on Little Stull Lake). Puma has also an option agreement to sell the Red Brook Project to Rio Tinto.

ABOUT PUMA EXPLORATION

Puma is a Canadian mineral exploration company with advanced and early stage precious and base metals projects in Canada. While the priority remains to secure and finalize the acquisition of the Murray Brook project in New Brunswick, the emphasis will be directed to execute its DEAR strategy to generate value to its shareholders. Puma is currently holding one of the largest land packages in the prolific Bathurst mining camp in northern New Brunswick, Canada.

QUALIFIED PERSONS AND QC/AC

Technical information provided in this news release was prepared and reviewed by Marcel Robillard, P.Geo., President of Puma Exploration, 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 is officer and shareholders thereof.

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

Marcel Robillard, President

(418) 724-0901

president@explorationpuma.com

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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.