Puma Exploration Inc. — Capital/Financing Update 2020

Jan 7, 2020

Annexe 51-102 A3

Déclaration de changement important

1. Dénomination et adresse de la Société

Exploration Puma Inc. (la Société) 175, rue Legaré Rimouski (Québec) G5L 3B9

2. Date du changement important

30 décembre 2019

3. Communiqué

La Société a émis un communiqué de presse le 30 décembre 2019 relatant le changement important ainsi que le 17 décembre et le 23 décembre 2019

4. Résumé du changement

La Société a conclu un placement privé totalisant 483 300 $.

5. Description circonstanciée du changement important

17 décembre 2019

In this first tranche, the Company has raised a total of $333,000 for the issuance of 1,850,000 flow-through units (“FT Units”) at a 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 December 13, 2021. Up to an additional $667,000 is expected to be raised by the Company in additional tranche closings for aggregate gross proceeds of the Offering of up to $1,000,000.

In connection with the private placement, the company has paid cash finders' fees in the amount of $25,200 and issued 140,000 finders' warrants, each entitling the holder to acquire one additional common share of Puma at a price of $0.18 for a period of twenty-four months. All securities issued to purchasers and finders under the offering are subject to a four-month holding period from the date of issuance of the securities, pursuant to applicable securities legislation and the policies of the TSX Venture Exchange.

23 décembre 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.

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.

30 décembre 2019

Puma Exploration Inc. ( the “Company” or “Puma” ) is pleased to announce the closing of a third tranche of the current private placement. In this final tranche, the Company raised a total of $39,240 for the issuance of 218,000 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. 30, 2021. A total of $483,300 was raised by the Company in different tranche closings. Insiders of the company participated in the placement for aggregate gross proceeds of $21,240. These insiders purchased units under the same terms as the other investors.

In connection with the final tranche, the company has paid no cash finders' fees neither issued finders' warrants. 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.

6. Confidentialité de la déclaration du changement important

Non applicable

7. Information omise

Aucune information n’a été omise

8. Membre de la haute direction

Le membre de la haute direction qui peut répondre aux questions de cette déclaration de changement important est M. Marcel Robillard, président de Exploration Puma inc.

Vous pouvez contacter M. Robillard au numéro de téléphone 418-724-0901

9. Date de la déclaration

SIGNÉ ce 7 janvier 2020 à Rimouski, Québec

(signé) Marcel Robillard

Marcel Robillard Président