On October 23, 2024, Kinross Gold Corporation (TSX: K, NYSE: KGC) ("Kinross") entered into a definitive option agreement with Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) ("Puma"), through its wholly-owned subsidiary KG Exploration (Canada) Inc. The agreement grants Kinross the option to earn and acquire a 65% interest in Puma's Williams Brook Project near the Bathurst mining camp in Northern New Brunswick by funding at least $16,750,000 of exploration expenditures over five years.

In addition to the option agreement, Kinross has also agreed to subscribe under a concurrent private placement for treasury common shares of Puma for gross proceeds of $1,011,473.47, representing approximately 9.9% of Puma's issued and outstanding share capital.

Kinross and Puma have also agreed on the terms of an investor rights agreement, pursuant to which, among other things, Kinross will be granted on the closing date of the private placement the right to participate in future equity financings of Puma in order to maintain its ownership percentage in the company or acquire up to 19.9% of the total of common shares of the company issued and outstanding after issuance of new securities.

Gowling WLG advised Kinross Gold with a team which included Erik Goldsilver, Ian Mitchell, Lee Sykes and Genevieve Simmons.