Puma Exploration Inc. (TSXV: PUMA) Active drill programs at Lynx and McKenzie Gold drive gold resource development and discovery
Author: Ron Wortel, MBA, P.Eng., Senior Mining Analyst
January 15, 2026 PLEASE REVIEW THE DISCLAIMER ON PAGE 11
Investment Highlights:
- Puma Exploration Inc. (TSXV: PUMA) (the “Company”) is a junior exploration company focused on advancing its gold exploration portfolio in New Brunswick, Canada, led by the Williams Brook Gold Project, optioned to Kinross Gold, and the McKenzie Gold Project.
- Lynx Gold Zone: High-grade results support scale potential: Kinross continues its option commitments into 2026; Channel sampling at Lynx returned highgrade results, led by 68.9 g/t gold over 0.50 m, confirming gold-bearing quartz-vein mineralization at surface. A fully funded 3,662 m, 15-hole drill program returned visible gold in six holes, including step-outs beyond the previously defined footprint, confirming that the Lynx system remains open along strike and at depth.
- McKenzie Gold: Transitioning from surface discovery to active drilling: High-grade surface sampling at the RIM Gold Zone returned values of up to 126.96 g/t gold, confirming a robust gold system at surface. Puma has since launched an inaugural ~2,500 m drill program, with early holes intersecting quartz veins with sulphides and visible gold. A second drill rig has been mobilized to test northern extensions, accelerating subsurface evaluation ahead of pending assay results.
- We reiterate our BUY rating and maintain our price target at C$0.33. With gold prices at record levels, the Company’s upcoming drill programs present an opportunity to expand the known prospects and define new targets.
- Kinross raises ownership stake: Kinross Gold increased its equity stake from 9.1% to 14.8% on an undiluted basis, with a $2 million placement. The investment strengthens Puma’s balance sheet and provides funding for exploration on assets outside the Williams Brook project, while reinforcing Kinross’ strategic alignment and confidence in Puma’s exploration pipeline.
Overview
Puma Exploration Inc. continues to make solid exploration progress across its New Brunswick portfolio, led by strong surface and drilling results at the Lynx Gold Zone within the Williams Brook Gold Project. Recent channel sampling delivered multiple high-grade gold intervals, including 68.9 g/t Gold over 0.50 m, confirming the high-grade nature of exposed quartz veins and supporting the existing geological model. This was complemented by the completion of a fully funded 3,662 m, 15-hole drill program that intersected the targeted rhyolite–sediment contact and returned visible gold in six holes, extending mineralization beyond the previously defined footprint and confirming that the Lynx system remains open along strike and at depth.
At the McKenzie Gold Project, Puma has transitioned from surface discovery to active drilling following highgrade trench and grab results of up to 126.96 g/t Gold at the RIM Gold Zone. An inaugural ~2,500 m drill program is underway, with early holes intersecting quartz veins with sulphides and visible gold, and a second drill rig is now mobilized to test northern extensions. Together, these developments highlight advancing momentum across Puma’s key assets, with pending assays representing the next important catalysts.
The recent increase in equity stake by Kinross Gold Corp is a sign of confidence in Puma’s exploration pipeline. Kinross Gold raised its ownership from 9.1% to 14.8% on an undiluted basis (and 17.4% partially diluted) through a non-brokered private placement of 12.5 million units at $0.16 per unit. Following this, Kinross will hold 29,550,577 common shares and 6,250,000 warrants of Puma and retains rights to participate in future financings, including the potential to increase its stake up to 19.9%. The investment reflects Kinross’ confidence in Puma’s strategy and exploration pipeline, strengthens Puma’s treasury, and will support exploration on assets outside the Williams Brook Gold Project, including McKenzie and other New Brunswick targets.
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