READ TIME: 9 MINUTES
—
Puma Exploration is an exploration company that’s focused on New Brunswick. They are currently targeting gold at its Williams Brook property. The conversation with CEO Marcel Robillard covered Puma’s shift from copper to gold exploration in 2019, the Kinross earn-in agreement, insider ownership, capital strategy, and project-level planning. Robillard outlined why the company avoids aggressive drilling and dilution, opting instead for strategic partnerships, trenching-led targeting, and asset spinouts. The discussion also addressed Puma’s permitting framework, regional land control, technical challenges like grade continuity, and the rationale behind the company’s current $0.07 share price despite high-grade intercepts and an ongoing exploration program.
TL;DR
- 1. Puma’s main asset is the Williams Brook gold project, now under a $17M earn-in deal with Kinross for up to 65% ownership.
- 2. CEO Marcel Robillard owns 2.5M shares, while the VP Exploration holds 7M; no insiders hold royalties.
- 3. The company avoids dilution by spinning out assets and partnering on exploration instead of self-funding large drill programs.
- 4. Gold is hosted in narrow, high-grade veins with variable continuity; 25,000–30,000 more meters are likely needed for a resource.
- 5. The 2025 drill plan includes 3,500 meters at Lynx and 1,500 meters contingent on trenching at other targets.
Is This the Right CEO for Puma Exploration?
Marcel Robillard, a geologist by training with a master’s in Earth Sciences, has led Puma Exploration since 2009. His background includes early work on porphyry and skarn deposits in the Appalachian rocks of New Brunswick. He is based in Rimouski, Quebec, about three hours from Puma’s key assets, allowing for efficient site access. Robillard emphasized his ability to engage directly with provincial leadership, claiming strong regional ties developed over 20 years.
He described his role as both technical and corporate: “Half of my heart is directed on rocks… I really like managing the company and telling the story.”
The board is largely composed of technical experts, though Robillard noted an absence of financial or legal professionals, which he aims to address. Puma’s governance is technically heavy but lacks depth in capital markets expertise.
Does the CEO Have Other Jobs?
Robillard holds multiple board positions, including at Windfall Geotech and Canadian Copper (formerly Puma’s copper assets).
He confirmed that Puma remains his full-time role. Canadian Copper was spun out of Puma’s copper portfolio, and Puma retains an 8.5% stake.
He also mentioned a dormant private subsidiary, MRO Minerals, which may be reactivated in future spinout strategies.
How Many Shares Does the CEO Own?
Robillard owns approximately 2.5 million Puma shares.
The largest insider holding is by VP Exploration Dominique Gagne, who owns around 7 million shares. Marcel cited personal financial constraints as the reason Gagne owns more shares, noting that his own shares were acquired primarily through open-market purchases and private placements. He did not receive founder shares and has no bonus or gifted equity.
Will the CEO Be Buying Shares in the Market?
Robillard confirmed ongoing interest in acquiring more shares but cited blackout periods and financial limitations. He last purchased shares about a month prior to the interview. He expects to continue buying when permitted.
Does Management Own Any of the Royalties?
No royalties are held by management.
Compensation is primarily in the form of options. Robillard stated, “There’s no royalty, there’s nothing else.” Option grants are determined by a compensation committee, with decisions made once or twice per year, not tied to specific KPIs or share price targets.
What Work Has Been Completed in the Last 5 Years?
Following a pivot from base metals to gold in 2019, Puma made a notable discovery at the Lynx Gold Zone in 2021, including a drill intercept of 5.5 g/t Au over 50 meters. This helped raise $5 million at $0.50 per share, part of a total $12 million invested into Williams Brook since. Robillard emphasized the discovery’s grassroots nature: “It’s not like a deposit that’s changed hands six times.”
Drilling since 2021 has totalled 12,000 meters, with 24 holes drilled at Lynx in 2023. Kinross entered into an option agreement in late 2024, committing $17 million over five years for up to 65% of Williams Brook. Puma remains operator and earns a 10% management fee on the first million dollars annually.
Why Didn’t Anybody Consolidate These Assets Before Puma?
Robillard attributes this to Puma’s regional focus and strong local relationships. He stated that past gold potential was overlooked because New Brunswick was historically a base metals jurisdiction dominated by majors like Noranda. The company consolidated the land package by making deals with eight prospectors. “I didn’t say nobody else could do it, but I’ve done it,” he said.
He also noted that many claims were staked by opportunistic prospectors following Puma’s 2021 discovery, which Puma later reacquired after the claims expired due to lack of work.
Does This Business Strategy Really Work?
Puma’s current strategy, formalized in 2019, is branded DEAR: Discovery, Exploration, Acquisition, Royalties.
Robillard pointed to the Canadian Copper spinout as evidence of success. Shareholders received 1 share of Canadian Copper for every 20 Puma shares. Puma also holds 10% of Canadian Copper and 12.5% of Raptor Resources, aiming to monetize these positions if successful.
Robillard’s rationale is dilution control: “If I had to raise that money at 6 cents… I would bring a lot of dilution.” He prefers monetizing assets and farming out risk via strategic partnerships.
Why Not Raise More Money and Drill More at Williams Brook?
Robillard opposes heavy dilution and large-scale drilling without clear market upside.
He noted: “I prefer to d-load the asset level than the share itself.” He argued that even strong drill results in 2023 failed to move the stock price. Kinross, as operator, brings expertise, funding, and credibility without immediate dilution.
How Can Puma Gain Momentum for the Stock?
Robillard believes momentum will come from multiple fronts: Kinross drilling success, Canadian Copper development, new discoveries at McKenzie, and other regional assets. He framed Puma as a multi-pronged exposure: “You’re not leaning exactly on one drill.”
He acknowledged market frustration: “I said… what different I can do? What I’ve not done right?” But added that other juniors suffered similar drawdowns.
Are There Change-of-Control Fees?
“Nope,” Robillard stated. There are currently no change-of-control agreements in place.
What’s Their Exploration Target Size?
Robillard estimates that for Kinross to proceed beyond the current option agreement, they would need to see 5 to 7 million ounces of gold potential. This estimate is informed by analogous Appalachian terranes like Marathon Gold’s 5 Moz deposit in Newfoundland and similar deposits in Ireland and the U.S.
How Will Drilling Be Divided in 2025?
A total of 5,000 meters is budgeted. Approximately 3,500 meters will focus on the Lynx Zone starting in June, based on a new 3D model developed in collaboration with Kinross. The remaining 1,500 meters are unassigned and will depend on the outcome of a 95-day trenching campaign. Puma’s technical approach emphasizes trenching before drilling due to minimal overburden.
What Are They Drilling in 2025?
Exact collar locations and drill depths were unknown at the time of the interview. Robillard speculated that Kinross may test continuity and depth extensions rather than replicate Puma’s near-surface hits. A technical committee will finalize targets after evaluating updated geological models.
Will Grade Continuity Be a Challenge?
Yes. Robillard acknowledged high-grade variability and the need for tight-spaced drilling. He noted analogues like Sunday Creek in Australia, where narrow, stacked shoots are difficult to model without dense drilling. “We need more drilling, more drilling, more drilling,” he said.
How Much More Drilling Before an MRE?
Robillard estimated that 25,000 to 30,000 meters would be needed for a maiden resource estimate if Puma were acting alone. Kinross may not prioritize an MRE under their current early-stage mandate. Robillard emphasized trenching and structural understanding before pushing toward resource modelling.
What’s Happening at McKenzie in 2025?
Puma has budgeted $650,000 for exploration at McKenzie, focusing on trenching in summer and an initial 2,000-meter drill program in the fall. High-grade surface samples (up to 600 g/t Ag) have been identified. The aim is to repeat Puma’s Williams Brook approach: trench first, then drill.
What Greenfields Exploration is Puma Doing in 2025?
An additional $100,000 is earmarked for early-stage work at greenfields targets such as the newly staked 100%-owned Jacquet River project. Activities include mapping, prospecting, and low-cost due diligence to identify future spinout or JV opportunities.
Do They Have All the Permits They Need?
Robillard stated that Puma holds MOU agreements with First Nations and focuses exploration on Crown land to avoid landowner conflicts. He claimed permitting in New Brunswick is efficient, noting a 30 to 35-day turnaround. Puma is reportedly the only company holding monthly meetings with government regulators.
How Much Are They Spending on Marketing in 2025?
Marketing was previously up to $700,000 annually, particularly in 2021, but has since been reduced. Puma now relies more on in-house corporate development and limited external spend. Robillard criticized short-term investor churn: “At 7 cents they want to sell at 7.5.”
How Much Are They Budgeting for G&A?
General and administrative expenses are targeted at $75,000 per month, a reduction from the previous $96,000 average. Cost-cutting includes travel and marketing reductions, though hiring of a new VP Exploration adds some headcount.
What Keeps Marcel Up at Night?
“The seven cent stock,” Robillard said.
While otherwise optimistic about Puma’s position and Kinross’ involvement, he admitted personal frustration at the company’s low valuation. He plans a regional tour with the chairman to reconnect with investors informally.
Puma Exploration interview with CEO, Marcel Robillard.
VERY IMPORTANT WARNING
Please note that although none of the companies mentioned herein have paid Resource Talks for the creation of this content, this website is a business that charges for the creation and publication of content. This means there will always be a potential conflict of interest which means you can never rely on anything said herein.
By consuming this content, you acknowledge that Resource Talks and/or its affiliates and/or their personnel may own, have owned, or will own interests in and/or may have a business relationship with some or all companies/entities mentioned/featured in this publication. You further acknowledge that entities which may be referenced or featured in this publication or their related parties may hold an interest in Resource Talks or its affiliates, which may create further conflict of interest.
The information provided herein is general & impersonal in nature and meant for entertainment purposes only. The reader acknowledges and agrees that the information does not constitute a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. The author is not a licensed investment advisor. He is just another talking head on the internet. He might own shares of companies mentioned in this publication. Always assume he doesn’t know much more than a potato does. The mining & exploration space is among the riskiest sectors to invest in. The risk of anything mentioned in this publication is 100% loss of capital. If you don’t read the official documents provided by the company on http://www.SedarPlus.ca, you will lose all of your money.
