Major Key Player of Zinc Assets

in Canada

www.explorationpuma.comPUMACL-SSEV PUXPF-USPUM-TSXV

Active Projects in New Brunswick

11

Campbelton

QuebecN

Belledune

Bathurst

Sea port

DNR Core shack

Nigadoo Mine

Airport

Puma and DNR offices

Puma Core shack

Puma Exploration(Pum-TSX)

Osisko Metals(OM-TSX)

Trevali Mining(TV-TSX)

0 15

km

CaribouMurray Brook

Restigouche

Brunswick 12

Stratmat

Halfmile

Brunswick 6

Turgeon

Nicholas-Denys

Red Brook

Legacy

Infrastructure in Northern New-Brunswick

Bathurst

Brunswick 12th Mine

Murray Brook Puma (PUM-V)

Restigouche Mine(Trevali (TV-T)

0 10

km

Caribou Mine(Trevali (TV-T)

Location of the major VMS deposits in the renowned Bathurst Mining Camp

Port of Belledune

Brunswick Lead Smelter

Caribou Mine (Trevali)Railway Restigouche Mine (Trevali) Brunswick 12th Mine

Airport

N

2

Mining Titles with Favorable VMS Horizon

Restigouche

Caribou

0 2

km

Murray Brook

Trevali Mining (TSX : TV)

Murray Brook West

Murray Brook East

Trevali Mining (TSX : TV)

Mine Site

Mining lease

Puma Claim

Wolfden Resources

Favorable unit that hostedVMS deposit

N

3

Murray Brook Deposit

Compliant Resource calculated Dec 2016 (Current)

Measured + Indicated

5,280,000 tons at5.24% Zn, 0.46% Cu, 1.80% Pb, 68.9 g/t Ag, 0.65 g/T Au

Containing

610 Mlbs Zinc

209 Mlbs Lead

53 Mlbs Copper

11 Moz Silver

110 Koz Gold

Advanced Development Project

Mining Lease (505ha), Claim 4925 (5082 ha)

Land Accessibility Excellent

All-Weather road to mine

NI 43-101

Powerline to Caribou Mine (11km)

Good Access Road

0 300

m

Pit View looking Southwest

Recovered Pit

N

4

30,000 meters of Drilling from 2010-2013

5

Murray BrookDrilling

ML 2520 200

m

Hole ID From (m) To (m) Interval (m) Cu % Pb % Zn % Au ppm Ag ppm

MB-2012-138 182.0 226.0 44.0 0.19 4.90 9.16 0.68 164

MB-2011-52 181.0 224.0 43.0 0.29 3.64 8.51 0.99 118

MB-2012-132 165.0 200.0 35.0 0.14 3.48 10.35 1.36 121

MB-2011-49 118.0 157.0 39.0 0.32 3.22 7.67 1.39 120

MB-2012-107 60.0 93.0 33.0 0.10 2.63 8.66 0.33 109

MB-2012-70 211.0 234.0 23.0 0.41 4.74 11.94 1.56 153

MB-2012-90 165.0 189.0 24.0 0.13 4.22 11.10 0.74 160

MB-10-16 44.0 71.0 27.0 0.47 3.39 9.56 0.12 122

MB-2011-39 190.0 210.0 20.0 0.18 3.82 10.90 1.34 115

MB-2011-30 55.0 78.0 23.0 0.14 3.03 8.93 0.46 131

Between 1989 and 1992,NovaGold mined 2.7 Mt of thegold-enriched gossan capoverlying the sulphidedeposit, and recovered45,000 ounces of gold and315,000 ounces of silver.

A total of 7,964 assays from141 drill holes have beenutilized for the MineralResource Estimate conductedby Votorantim in 2013.

The western zone appearsto be thicker and richer inzinc (Zn), lead (Pb) andsilver (Ag) whereas theeastern zone is thinner andricher in copper (Cu) + gold(Au) mineralization.

N

3D High Grade Zinc Zone Model

6

- 300m

- 150m

Surface

High Grade

5.25 MT

Massive Sulphide

The Mineral Resource Estimateincorporates P&E’s NI 43-101resource estimate for sulphidemineral resources at a C$85/tNet Smelter Return (“NSR”)cut-off.

Zone CategoryTonnes

(‘000’s)Cu % Cu M lb Pb % Pb M lb Zn % Zn M lb Au g/t Au K oz Ag g/t Ag M oz

Sulphide

Measured 3,681 0.36 29.0 1.87 151.9 5.57 451.7 0.56 65.8 70.5 8.3

Indicated 1,603 0.70 24.8 1.63 57.4 4.48 158.4 0.88 45.1 65.3 3.4

M+I 5,284 0.46 53.8 1.80 209.3 5.24 610.1 0.65 110.9 68.94 11.7

Inferred 125 2.16 5.9 0.92 2.5 2.58 7.1 0.54 2.2 47.3 0.2

NI 43-101 : Compliant Resource calculated Dec 2016 (Current)

Lower Grade Open Pit

17.8 MT

0.47% Cu → 183 M lb0.99% Pb → 390 M lb

2.73% Zn → 1078 M lb0.59 g/t Au → 338 K oz

42 g/t Ag → 24 M oz

(PEA 2013)

Murray Brook Locked Cycle Tests

7

Overall recoveries of 88.8% Zn, 51.4% Cu and 36.6% Pb were achieved in the initial locked cycle test.

8

Murray Brook Deposit Open Pit Mining Scenario

In Pit(Cut-Off $28 NSR)

10,597,151 tonnes

(3.4% Zn, 1.1% Pb, 0.5% Cu, 0.4 g/t Au, 45 g/t Ag)

Stripping Ratio: 3.2 for 1

Mine Life @ 1,500t/d : 10.1 Years

Underground(Cut-Off $100 NSR)

750,290 tonnes

(4.4% Zn, 1.7% Pb, 1.1% Cu, 1.0 g/t Au, 68 g/t Ag)

Mine Life @ 1,500t/d : 0.7 Year

300m

Open

Open

Murray Brook Deposit Underground Mining

9

300m

Underground(Cut-Off $100 NSR)

3,851,955 tonnes

(6.0% Zn, 2.0% Pb, 0.4% Cu, 0.6 g/t Au, 76 g/t Ag)

Mine Life @ 1,500t/d : 4.1 Years

2017 - Exploration Program

10

Trench

0 1

km

Contact

Sed / felsic vol.

34 Trenches

3 800 meters

Geological Map

Caribou

34 Trenches

3 800 meters

34 Trenches

3 800 meters

34 Trenches

3 800 meters

Drilling Program 2017 (3 Holes)

MB17-01

Mafic Volcanic(Boucher Brook Formation)

Felsic Volcanic(Mount Brittain)

Sediments (Tetagouche group)

Chargeability Map

549m

MB17-02

MB17-03

Sediments (Mount Brittain Formation)

Fertile Caribou Horizon

Priority Target

Sediments (Mount Brittain Formation)

East Zone(Au+Cu)

West Zone(Zn)

MB Deposit

2.1% Cu /1.9m

11

Section MB17-01

- 300m

549m

- 150m

MB17-01

North

South

0

5.3% Cu over 10.0m

1.5% Cu over 12.0m

1.1% Cu over 7.0m

2.0% Cu + 5.5% Zn over 15.0m

1.1% Cu over 6.0m

1.2% Cu + 6.0% Zn over 13.0m

1.1% Cu over 5.0m

1.8% Cu + 5.0% Zn over 11.0m

Footwall Altered Sediment

Hole MB17-012 g/t Au + 0.7% Cu

over 160m(not in resources)

Hole MB17-012,2% Cu + 4.5% Znover 12m(extension)

1.2g/t Au over 45.0m

1.2g/t Au over 27.0m

1.2g/t Au over 18.0m

Hole MB17-015.6% Zn + 3.1% Pb97 g/t Ag Over 12.0m(infill)

Hole MB17-015.1% Zn + 1.1% Pb36 g/t Ag Over 26.0m(infill)

Hole MB17-015.8% Zn + 2.8% Pb1,05 g/t Au + 77 g/t Ag Over 53.0m

Hole MB17-015.3% Zn + 1.5% Pb2,6g/t Au + 72 g/t Ag Over 59.0m(not in resources)

Open

MB17-01

MB17-02

MB17-03

BA

A

B

MB Deposit

12

Additional Puma’s Assets

13

-300m

-100m

Stockwerk Cpy zones

7.9% Cu over 7.5 m

2.3% Cu over 32.6 m

4.4% Cu over 17.2m

Massive Suphide zones

9.2% Zn over 7.9 m

12.4% Zn over 8.7 m

4.7% Zn over 25.1m

Surface

Cut-off Tons Au g/t Pb % Zn % Ag g/t Silver (Oz)

ZnEq*>3% 110 592 1.05 1.47 2.48 218 775 000

ZnEq*>2% 181 406 0.81 1.11 2.03 158 920 000

-300m

> 1% Zn

Dragon

(new)

Zn Zone

Powerline

0 50

Meters

N

- 300m

Shaft

Hache

Ann’s Creek Project (Ag-Au-Zn) Turgeon Project (Cu-Zn)

Powerline

Zn zone

0 50

Meters