Puma Exploration Inc. — Capital/Financing Update 2024

Oct 24, 2024

October 24, 2024

RBC GLOBAL INVESTMENT SOLUTIONS

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Yield 12.72% Securities (CAD), Series 1861, F-Class Non-Principal Protected Security

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Performance linked to
Potential 12.72% Callable monthly at
7.0 year the Solactive Canada 75% protection
coupon p.a. paid 105% of Initial Index
Energy Select 65 AR barrier level
term monthly Level
Index
KEY TERMS
Subscriptions Issuer: Royal Bank of Canada
Close Issuer Credit Ratings: Moody’s: Aa1; S&P: AA-; DBRS: AA
Currency: CAD
on or about
Minimum Investment: 50 Securities or $5,000
November 1, 2024 Term: Approximately 7.0 years
Principal at Risk: The Securities are not principal protected.
Underlying Index: The return on the Securities is linked to the performance of the Solactive
Canada Energy Select 65 AR Index (the “ Underlying Index ”). The
FUNDSERV Underlying Index is an adjusted return index that aims to track the gross
total return performance of the Solactive Canada Energy Select Index TR
(the “ Target Index ”), subject to a reduction of a synthetic dividend of 65
RBC11841 index points per annum (the “ Adjusted Return Factor ”). For the
avoidance of doubt, the return on the Securities is linked to the
Underlying Index and is not linked to the Target Index . The Closing
Level on October 18, 2024 was 1,587.51. The Adjusted Return Factor
divided by the Closing Level was therefore equal to 4.0945% on October 18,
Autocall 2024. If an Autocall Redemption Event does not occur, over the term of the
Securities the sum of the Adjusted Return Factor will be approximately 455
Observation Dates
index points, representing 28.6612% of the Closing Level on October 18,
2024. For the calculation of the level of the Target Index, any dividends or
October 20, 2025 other distributions paid on the constituent securities of the Target Index are
and monthly assumed to be reinvested across all of the constituent securities of the
thereafter Target Index. As of October 18, 2024, the annual dividend yield on the
Target Index was 3.963%, representing an aggregate dividend yield of
approximately 31.266% compounded annually over the term of the
This summary is qualified in its Securities, on the assumption that the dividend yield remains constant.
entirety by a pricing supplement (the “ Issue Date: November 4, 2024.
Pricing Supplement ”) and the base
shelf prospectus dated March 15, Initial Index Level: The Closing Level as published by the Index Sponsor on the Initial Valuation
2024. Date, being 1,587.51.
Initial Valuation Date: October 18, 2024.
Protection Barrier 75.00% of the Initial Index Level, being 1,190.63.
Level:
www.rbcnotes.com
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A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces and territories of Canada. The final base shelf prospectus, any applicable shelf prospectus supplement, the Pricing Supplement and any amendment to such documents are accessible through SEDAR+ at www.sedarplus.com. Copies of the documents may also be obtained from www.rbcnotes.com. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any applicable shelf prospectus supplement, the Pricing Supplement and any amendment to such documents for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

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KEY TERMS CONTINUED

KEY TERMS CONTINUED	KEY TERMS CONTINUED
Coupon Barrier Level: 75.00% of the Initial Index Level, being 1,190.63.
Final Index Level: The Closing Level as published by the Index Sponsor on the Final Valuation Date.
Final Valuation Date: October 20, 2031.
Closing Level: The official closing level of the Underlying Index as announced by the Index Sponsor for the relevant date, as determined by the Calculation Agent.
Maturity Date: November 4, 2031.
Observation Dates: The dates set out below under the heading “Observation Dates”, provided that if any Observation Date is not an Exchange Day, such Observation Date will be the next following day that is an Exchange Day, subject to the occurrence of an Extraordinary Event.
Interest Payment Dates: The dates set out below under the heading “Interest Payment Dates”, subject to the occurrence of an Extraordinary Event, and provided that (i) the Securities are not redeemed by the Bank as described below, and (ii) if any Interest Payment Date is not a Business Day, such Interest Payment Date will be the first following day that is a Business Day. For greater certainty, the final Interest Payment, if any, will be made on the earlier of the Autocall Redemption Date (defined below), if any, and the Maturity Date.
Interest Payments: Interest payments, if any, on the Securities will be payable in arrears on each Interest Payment Date at a fixed interest rate of 1.0600% for each monthly period ending on an Interest Payment Date (an “Interest Period”) in which a Digital Payout Event occurs. If a Digital Payout Event does not occur on an Observation Date, no interest will be payable for the relevant Interest Period.
Digital Payout Event: If the Closing Level is greater than or equal to the Coupon Barrier Level on the relevant Observation Date, a Digital Payout Event will occur.
Autocall Redemption Event: If the Closing Level on an Observation Date immediately preceding an Autocall Redemption Date is greater than or equal to 105.00% of the Initial Index Level (the “Autocall Redemption Level”), an Autocall Redemption Event will occur. Following the occurrence of an Autocall Redemption Event, the Securities will be redeemed for an amount equal to the Principal Amount thereof (the “Autocall Redemption Amount”) on the applicable Autocall Redemption Date. In addition to the Autocall Redemption Amount, an Interest Payment will be paid on the Autocall Redemption Date.
Autocall Redemption Dates: The dates set out below under the heading “Autocall Redemption Dates”, subject to the occurrence of an Extraordinary Event and provided that if any Autocall Redemption Date is not a Business Day, such Autocall Redemption Date will be the first following day that is a Business Day.
Payment at Maturity: If the Securities have not been previously redeemed, the amount payable on the Maturity Date (the “Final Redemption Amount”) for each Security will be: (a) if the Final Index Level is greater than or equal to the Protection Barrier Level, $100.00; or (b) if the Final Index Level is less than the Protection Barrier Level, an amount equal to the Index Return, but in any event not less than $1.00.
Index Return: $100 × (Xf/ Xi), where: “Xf” means the Final Index Level, and “Xi” means the Initial Index Level.
Secondary Market: Fundserv, RBC11841 Generally, to be effective on a Business Day, a redemption request will need to be initiated by 2:00 p.m. (Toronto time) on that Business Day (or such other time as may be established by Fundserv). Any request received after such time will be deemed to be a request sent and received on the next following Business Day.
Constituents of the Target Index Solactive	Target Index Constituent (shares of) Ticker Canada Energy Select Index TR Suncor Energy Inc. TSX: SU Canadian Natural Resources Limited TSX: CNQ Cenovus Energy Inc. TSX: CVE Tourmaline Oil Corp. TSX: TOU Imperial Oil Ltd. TSX: IMO Arc Resources Ltd. TSX: ARX

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Sample Calculations of Final The following examples show how the return on the Securities would be calculated under different scenarios. These Redemption Amount or examples are included for illustration purposes only. The performance of the Underlying Index used in the examples is not Autocall Redemption an estimate or forecast of the performance of the Underlying Index or the Securities. The actual performance of the Amount and Interest Underlying Index and the Securities will be different from these examples and the differences may be material. All examples Payments: assume that a holder of the Securities has purchased Securities with an aggregate Principal Amount of $100.00 and that no

examples are included for illustration purposes only. The performance of the Underlying Index used in the examples is not an estimate or forecast of the performance of the Underlying Index or the Securities. The actual performance of the Underlying Index and the Securities will be different from these examples and the differences may be material. All examples assume that a holder of the Securities has purchased Securities with an aggregate Principal Amount of $100.00 and that no Extraordinary Event has occurred. For convenience, each vertical line in the charts below represents both a hypothetical Observation Date and the next succeeding Interest Payment Date. Where applicable, dollar amounts are rounded to the nearest whole cent.

Example #1 — Loss Scenario with Payment on the Maturity Date at Less Than the Principal Amount

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• Indicates Observation Dates on which the Coupon Barrier Level is breached; therefore no Interest Payment will occur on the related Interest Payment Date.

• Indicates Observation Dates on which there is a Digital Payout Event; therefore an Interest Payment will occur on the related Interest Payment Date.

• Solactive Canada Energy Select 65 AR Index

In this scenario, the Closing Level is below the Autocall Redemption Level on all Observation Dates so the Securities would not be redeemed before the Maturity Date. The Closing Level is at or above the Coupon Barrier Level on 41 of the 84 Observation Dates. On the Final Valuation Date, the Final Index Level is below the Protection Barrier Level.

(i) Interest Payments

Digital Payout Events occur on 41 of the 84 Observation Dates. Therefore, an Interest Payment would be payable for 41 Interest Periods on the applicable Interest Payment Date, for total Interest Payments of:

Principal Amount of Securities × 1.0600% per Interest Period × 41 Interest Periods

$100.00 × 1.0600% × 41 = $43.46

(ii) Final Redemption Amount

In this example, the Initial Index Level (Xi) is 1,587.51 and the Final Index Level (Xf) is 746.13. Therefore, the Final Redemption Amount is as follows:

$100.00 × (Xf / Xi)

$100.00 × (746.13 / 1,587.51) = $47.00

Therefore, the total amounts payable per Security from the Issue Date to the Maturity Date are:

• (a) Total Interest Payments: $43.46

• (b) Final Redemption Amount: $47.00

• (c) Total amount paid over the term of the Securities: $90.46

The equivalent annually compounded rate of return in this example is -1.42%.

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Sample Calculations: Example #2 — Gain Scenario with Payment on the Maturity Date at the Principal Amount (continued)

• Indicates Observation Dates on which the Coupon Barrier Level is breached; therefore no Interest Payment will occur on the related Interest Payment Date.

• Indicates Observation Dates on which there is a Digital Payout Event; therefore an Interest Payment will occur on the related Interest Payment Date.

• Solactive Canada Energy Select 65 AR Index

In this scenario, the Closing Level is below the Autocall Redemption Level on all Observation Dates so the Securities would not be redeemed before the Maturity Date. The Closing Level is at or above the Coupon Barrier Level on 42 of the 84 Observation Dates. On the Final Valuation Date, the Final Index Level is at or above the Protection Barrier Level.

(i) Interest Payments

Digital Payout Events occur on 42 of the 84 Observation Dates. Therefore, an Interest Payment would be payable for 42 Interest Periods on the applicable Interest Payment Date, for total Interest Payments of:

Principal Amount of Securities × 1.0600% per Interest Period × 42 Interest Periods

$100.00 × 1.0600% × 42 = $44.52

(ii) Final Redemption Amount

In this example, the Final Index Level is greater than or equal to the Protection Barrier Level. Therefore, the Final Redemption Amount is $100.00.

Therefore, the total amounts payable per Security from the Issue Date to the Maturity Date are:

(a) Total Interest Payments: $44.52

• (b) Final Redemption Amount: $100.00

• (c) Total amount paid over the term of the Securities: $144.52

The equivalent annually compounded rate of return in this example is 5.40%.

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Sample Calculations: Example #3 — Gain Scenario with Autocall Redemption Event (continued)

• Indicates Observation Date on which the Autocall Redemption Level is exceeded.

• Indicates Observation Dates on which there is a Digital Payout Event; therefore an Interest Payment will occur on the related Interest Payment Date.

• Solactive Canada Energy Select 65 AR Index

In this scenario, the Closing Level is at or above the Autocall Redemption Level on the Observation Date that falls 36 months into the term of the Securities. This would constitute an Autocall Redemption Event and the Bank would redeem the Securities on the next succeeding Autocall Redemption Date. The Closing Level is at or above the Coupon Barrier Level on 36 Observation Dates prior to the Autocall Redemption Date.

(i) Interest Payments

Digital Payout Events occur on each of the 36 Observation Dates. Therefore, an Interest Payment would be payable for each Interest Period on the applicable Interest Payment Date (including on the Autocall Redemption Date), for total Interest Payments of:

Principal Amount of Securities × 1.0600% per Interest Period × 36 Interest Periods

$100.00 × 1.0600% × 36 = $38.16

(ii) Autocall Redemption Amount

The Autocall Redemption Amount per Security is equal to $100.00.

Therefore, the total amounts payable per Security from the Issue Date to the Autocall Redemption Date are:

(a) Total Interest Payments: $38.16

(b) Autocall Redemption Amount: $100.00

• (c) Total amount paid over the term of the Securities: $138.16

The equivalent annually compounded rate of return in this example is 11.38%.

Initial Estimated Value:

The initial estimated value of the Securities on or about the date of the Pricing Supplement was $96.16 per Security, which is less than the price to the public and is not an indication of the actual profit to the Bank or its affiliates. The actual value of the Securities at any time will reflect many factors and may be less than this amount. The initial estimated value of the Securities is an estimate only and does not represent a minimum price at which the Bank, RBC DS or any of our affiliates would be willing to purchase the Securities in any secondary market. We describe our determination of the initial estimated value in more detail in the Pricing Supplement.

	is less than the price to the public and is not an indication of the actual profit to the Bank or its affiliates. The actual value of the Securities at any time will reflect many factors and may be less than this amount. The initial estimated value of the Securities is an estimate only and does not represent a minimum price at which the Bank, RBC DS or any of our affiliates would be willing to purchase the Securities in any secondary market. We describe our determination of the initial estimated value in more detail in the Pricing Supplement.
Information Regarding the Observation Dates, Interest Payment Dates and Autocall Redemption Dates:	Observation Dates Interest Payment Dates Autocall Redemption Dates
	November 18, 2024 November 21, 2024 -
	December 18, 2024 December 23, 2024 -
	January 20, 2025 January 23, 2025 -
	February 18, 2025 February 21, 2025 -
	March 18, 2025 March 21, 2025 -
	April 21, 2025 April 24, 2025 -
	May 20, 2025 May 23, 2025 -
	June 18, 2025 June 23, 2025 -
	July 18, 2025 July 23, 2025 -
	August 18, 2025 August 21, 2025 -
	September 18, 2025 September 23, 2025 -

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October 20, 2025	October 23, 2025	October 23, 2025
November 18, 2025	November 21, 2025	November 21, 2025
December 18, 2025	December 23, 2025	December 23, 2025
January 19, 2026	January 22, 2026	January 22, 2026
February 18, 2026	February 23, 2026	February 23, 2026
March 18, 2026	March 23, 2026	March 23, 2026
April 20, 2026	April 23, 2026	April 23, 2026
May 19, 2026	May 22, 2026	May 22, 2026
June 18, 2026	June 23, 2026	June 23, 2026
July 20, 2026	July 23, 2026	July 23, 2026
August 18, 2026	August 21, 2026	August 21, 2026
September 18, 2026	September 23, 2026	September 23, 2026
October 19, 2026	October 22, 2026	October 22, 2026
November 18, 2026	November 23, 2026	November 23, 2026
December 18, 2026	December 23, 2026	December 23, 2026
January 18, 2027	January 21, 2027	January 21, 2027
February 18, 2027	February 23, 2027	February 23, 2027
March 18, 2027	March 23, 2027	March 23, 2027
April 19, 2027	April 22, 2027	April 22, 2027
May 18, 2027	May 21, 2027	May 21, 2027
June 18, 2027	June 23, 2027	June 23, 2027
July 19, 2027	July 22, 2027	July 22, 2027
August 18, 2027	August 23, 2027	August 23, 2027
September 20, 2027	September 23, 2027	September 23, 2027
October 18, 2027	October 21, 2027	October 21, 2027
November 18, 2027	November 23, 2027	November 23, 2027
December 20, 2027	December 23, 2027	December 23, 2027
January 18, 2028	January 21, 2028	January 21, 2028
February 18, 2028	February 24, 2028	February 24, 2028
March 20, 2028	March 23, 2028	March 23, 2028
April 18, 2028	April 21, 2028	April 21, 2028
May 18, 2028	May 24, 2028	May 24, 2028
June 19, 2028	June 22, 2028	June 22, 2028
July 18, 2028	July 21, 2028	July 21, 2028
August 18, 2028	August 23, 2028	August 23, 2028
September 18, 2028	September 21, 2028	September 21, 2028
October 18, 2028	October 23, 2028	October 23, 2028
November 20, 2028	November 23, 2028	November 23, 2028
December 18, 2028	December 21, 2028	December 21, 2028
January 18, 2029	January 23, 2029	January 23, 2029
February 20, 2029	February 23, 2029	February 23, 2029
March 19, 2029	March 22, 2029	March 22, 2029
April 18, 2029	April 23, 2029	April 23, 2029
May 18, 2029	May 24, 2029	May 24, 2029
June 18, 2029	June 21, 2029	June 21, 2029
July 18, 2029	July 23, 2029	July 23, 2029
August 20, 2029	August 23, 2029	August 23, 2029
September 18, 2029	September 21, 2029	September 21, 2029
October 18, 2029	October 23, 2029	October 23, 2029
November 19, 2029	November 22, 2029	November 22, 2029
December 18, 2029	December 21, 2029	December 21, 2029
January 18, 2030	January 23, 2030	January 23, 2030
February 19, 2030	February 22, 2030	February 22, 2030
March 18, 2030	March 21, 2030	March 21, 2030
April 18, 2030	April 24, 2030	April 24, 2030
May 21, 2030	May 24, 2030	May 24, 2030

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June 18, 2030	June 21, 2030	June 21, 2030
July 18, 2030	July 23, 2030	July 23, 2030
August 19, 2030	August 22, 2030	August 22, 2030
September 18, 2030	September 23, 2030	September 23, 2030
October 18, 2030	October 23, 2030	October 23, 2030
November 18, 2030	November 21, 2030	November 21, 2030
December 18, 2030	December 23, 2030	December 23, 2030
January 20, 2031	January 23, 2031	January 23, 2031
February 18, 2031	February 21, 2031	February 21, 2031
March 18, 2031	March 21, 2031	March 21, 2031
April 18, 2031	April 23, 2031	April 23, 2031
May 20, 2031	May 23, 2031	May 23, 2031
June 18, 2031	June 23, 2031	June 23, 2031
July 18, 2031	July 23, 2031	July 23, 2031
August 18, 2031	August 21, 2031	August 21, 2031
September 18, 2031	September 23, 2031	September 23, 2031
October 20, 2031	November 4, 2031	-

The Underlying Index is calculated and published by Solactive AG (“ Solactive ”), and the name “ Solactive ” is a registered trademark of Solactive. The Underlying Index has been licensed for use by the Bank in connection with the Securities. The Securities are not sponsored, promoted, sold or supported in any other manner by Solactive and Solactive makes no representation or warranty, express or implied, regarding the advisability of investing in securities generally or the Securities in particular. Solactive does not guarantee the accuracy or completeness of the Underlying Index or the Target Index, any data included therein, or any data from which it is derived, nor has any liability for any errors, omissions, or interruptions therein.

All capitalized terms unless otherwise defined have the meanings ascribed to them in the Pricing Supplement.

Clients should evaluate the financial, market, legal, regulatory, credit, tax and accounting risks and consequences of the proposal before entering into any transaction, or purchasing any instrument. Clients should evaluate such risks and consequences independently of Royal Bank of Canada and the Dealers, RBC Dominion Securities Inc. (“ RBC DS ”) and Raymond James Ltd., respectively. RBC DS is a wholly-owned subsidiary of the Bank. Consequently, the Bank is a related and connected issuer of RBC DS within the meaning of applicable securities legislation.

The Securities will not constitute deposits insured under the Canada Deposit Insurance Corporation Act or any other deposit insurance regime. The Securities are not fixed income securities and are not designed to be alternatives to fixed income or money market instruments.

An investment in the Securities involves risks. None of Royal Bank of Canada, the Dealers or any of their respective affiliates, associates, or any other person or entity guarantees that holders of Securities will receive an amount equal to their original investment in the Securities or guarantees that any return will be paid on the Securities (subject to the minimum amount payable at maturity of $1.00 per Security) at or prior to maturity of the Securities. See “Risk Factors” in the base shelf prospectus and “Risk Factors” in the Pricing Supplement. Since the Securities are not principal protected and the Principal Amount will be at risk, you could lose substantially all of your investment.

® Registered trademark of Royal Bank of Canada

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