Puma Exploration closes sale of Murray Brook West

Executive Summary

• Puma Exploration Inc. has closed the sale of its Murray Brook West project to Canadian Copper Inc., fulfilling the final obligations of the option agreement originally signed in 2021.
• The transaction was settled via the issuance of 1,179,090 shares of Canadian Copper, valued at approximately $589,545 based on a 30-day VWAP of 50 cents, rather than a cash payment.
• Puma is actively planning to spin off its 84%-owned subsidiary, Murray Brook Minerals Inc., into a new publicly listed entity focused on critical minerals (copper, silver, cobalt, bismuth, and indium), though this transaction remains conceptual.

Key Details

• Transaction Structure: Canadian Copper fulfilled the final payment obligation for the Murray Brook West project option by issuing 1,179,090 shares to Puma Exploration.
• Valuation: The share issuance represented an outstanding balance of $589,545. This value was derived from the 30-day Volume Weighted Average Price (VWAP) of Canadian Copper shares at 50 cents at the time of the agreement.
• Historical Context: The original option agreement was signed June 30, 2021. In 2024, it was amended to allow Canadian Copper to sell interests in the Chester and Turgeon projects while retaining the option for Murray Brook West.
• Related Transactions: In connection with the sale of the Turgeon and Chester projects, Puma previously received $970,023 in cash and 23,951,040 shares of Eastern Metals Ltd. (now Raptor Metals Ltd.). The Murray Brook West balance was agreed upon at the closing of that sale.
• Future Corporate Action: Puma is structuring a public listing for a new exploration company derived from Murray Brook Minerals Inc. This new entity will focus on critical minerals and aligns with New Brunswick’s minerals strategy. The transaction is currently conceptual with no guarantee of completion.
• Current Asset Holdings (as of Feb 9, 2026):
  • Canadian Copper: 11,181,058 shares (Value: $7.93 million CAD).
  • Raptor Metals Ltd.: 23,951,040 shares (Value: $1.41 million AUD).
  • BWR Exploration Inc.: 2.7 million shares (Value: $54,000).
  • Murray Brook Minerals: 23,644,165 shares (Not publicly listed).
• Royalty Interests: Puma retains the following Net Smelter Return (NSR) royalties:
  • 2% NSR on Murray Brook West.
  • 2% NSR on Chester West.
  • 1% NSR on Nicholas-Denys.
  • 1% NSR on Beresford Copper.
  • 2% NSR on Little Stull Lake.
• Other Asset Updates: Puma’s Williams Brook gold project was optioned to Kinross Gold in October 2024. Puma continues to hold prospective gold landholdings including the McKenzie gold project.

Notable Quotes

• "I am very pleased to conclude this transaction with Canadian Copper. I want to thank all the parties involved in this journey, some of whom were there from the very beginning. I especially want to congratulate Simon Quick on his leadership and all he's accomplished at Canadian Copper since its inception and listing in 2021. With CCI's planned strategic acquisition of the Caribou mine and 2026 exploration activities focused on expanding the Murray Brook deposit resource and advancing regional targets across the 18-kilometre contiguous Caribou horizon, Canadian Copper is well poised for success." — Marcel Robillard, CEO, Puma Exploration Inc.