What Puma Exploration does

Puma Exploration is a Canadian mineral exploration company headquartered in Rimouski, Quebec, focused on discovering and developing gold and base metals resources in Northern New Brunswick near the Bathurst Mining Camp. The company operates a portfolio of district-scale exploration properties including the flagship Williams Brook Gold Project (49,000+ ha, optioned to Kinross Gold), the McKenzie Gold Project (42,053 ha), the Jacquet River Project (12,112 ha), and the Legacy Project (10,880 ha, copper-silver, operated through 71.6%-owned subsidiary Murray Brook Minerals). Since 2021, Puma has made multiple gold discoveries at Williams Brook including the Lynx, Jaguar, Lion, Cougar, Tiger, and Cheetah Gold Zones, anchored by a 4+ km gold trend.

The company employs AI-assisted targeting through Windfall Geotek's CARDS program and Mira Geoscience's Mineral Potential Index (MPI) mapping, combined with traditional prospecting, systematic trenching, drone magnetic surveys, induced polarization geophysics, and diamond drilling. NI 43-101 qualified persons (Dominique Gagné, P.Geo.) oversee technical disclosures, and external experts including Terrane Geoscience, SRK Consulting, and Dr. Gregg Morrison (who classified the Williams Brook system as analogous to Fosterville and Sunday Creek in Australia) provide independent technical validation.

Puma is pre-revenue and funds exploration primarily through flow-through and non-brokered private placements. The company's capital strategy, branded as the DEAR framework (Discovery, Exploration, Acquisition, Royalties), emphasizes low-dilution deployment through partner-funded option agreements, asset sales to junior miners, NSR royalties on divested properties (Murray Brook West, Chester West, Beresford Copper, Little Stull Lake), and equity stakes in junior explorers (Canadian Copper, Raptor Metals, BWR Exploration). The Williams Brook Gold Project was optioned to Kinross Gold in October 2024, with Kinross committing a minimum of $16.75M in exploration expenditures over five years to earn a 65% interest; Kinross subsequently increased its direct equity stake in Puma to 14.8% via a $2 million private placement in December 2025 and assumed operator role for 2026.

Name

Puma Exploration

Legal name

Puma Exploration Inc.

Website

https://explorationpuma.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

1–10 employees

Short description

Puma Exploration is a Canadian mineral exploration company focused on discovering and developing gold and base metals resources in Northern New Brunswick, operating district-scale land packages through partner-funded exploration and spin-off vehicles.

Ownership category

akta.pro rank

Product category

Gold and Base Metals Mineral Exploration

NAICS

Support Activities for Metal Mining (213114), Metal Ore Mining (2122), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Gold And Silver Ores (1040), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

akta.pro secondary industries

Copper Exploration & Resource Development (IMAKADAA), Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA)

Keywords

• Gold exploration
• Precious metals exploration
• Base metals exploration
• Junior mining company
• Mineral property development

Headquarters

HQ city

Rimouski

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Equity Interests in Portfolio Companies: Puma holds equity positions in several exploration companies spun out from its non-core assets: 11,181,058 shares of Canadian Copper (CSE: CCI), 23,951,040 shares of Raptor Metals Ltd (AUX: RAP), 2,700,000 shares of BWR Exploration Inc. (TSXV: BWR), and 23,644,165 shares of Murray Brook Minerals. These equity stakes represent potential future liquidity events.
2. Net Smelter Return (NSR) Royalties: Puma maintains a portfolio of NSR royalties on divested assets: 2% NSR on Murray Brook West, 2% NSR on Chester West, 1% NSR on Beresford Copper, and 2% NSR on Little Stull Lake. These provide recurring revenue if projects advance to production.
3. Joint Venture / Option Agreements: Puma enters option agreements where major mining companies (e.g., Kinross Gold) fund exploration in exchange for equity in specific projects. Kinross committed $16.75M over 5 years to earn 65% interest in Williams Brook. Puma retains significant exposure while reducing capital requirements.
4. Asset Sales and Spinoffs: Puma generates value through strategic monetization of non-core assets, including the sale of Murray Brook West to Canadian Copper and planned spinoff of Murray Brook Minerals as a separate publicly listed company.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Puma Exploration is a Canadian junior mineral exploration company that discovers and advances gold and base metals resources across a 100,000+ hectare land package in Northern New Brunswick near the Bathurst Mining Camp. Its core offering is a portfolio of exploration properties (Williams Brook, McKenzie, Legacy, Jacquet River) where it conducts prospecting, trenching, diamond drilling, and AI-assisted target generation to identify and develop mineral deposits, partnering with major miners (Kinross Gold) to fund exploration while retaining royalties and equity upside.

Product overview

Puma Exploration is a Canadian mineral exploration company operating a portfolio of precious and base metals projects in Northern New Brunswick near the Bathurst Mining Camp. The company's primary assets include the Williams Brook Gold Project (optioned to Kinross), the McKenzie Gold Project, and the Legacy Project (copper-silver, managed through subsidiary Murray Brook Minerals). The company deploys its DEAR strategy (Discovery, Exploration, Acquisition, and Royalties) to advance exploration while maintaining focus on gold assets. Projects are at various stages of exploration, from early-stage prospecting to drilling programs with defined resource targets.

Differentiator

Problem solved

Functional benefit

Brands

• Murray Brook Minerals: Subsidiary company advancing copper-silver projects with gold potential, including the Legacy Project in Northern New Brunswick. Puma Exploration owns 71.6% of Murray Brook Minerals.

Products and services

• Williams Brook Gold Project Puma's flagship gold exploration project located in Northern New Brunswick, covering more than 49,000 hectares across three properties (Williams Brook, JonPol, Portage) near the Rocky Brook Millstream Fault. Hosts multiple gold zones (Lynx, Jaguar, Lion, Cougar, Tiger, Cheetah) with high-grade quartz vein mineralization. Optioned to Kinross Gold Corp., which funds exploration to earn 65% interest while Puma retains ownership.
• McKenzie Gold Project A 42,053-hectare gold exploration project in Northern New Brunswick, accessible by paved highway and located 7 km west of Williams Brook. Straddles the McKenzie Fault with confirmed gold systems at the RIM Gold Vein (with high-grade sampling results up to 601.33 g/t Au) and Grog Area, demonstrating district-scale potential.
• Legacy Project A copper-silver project with gold potential in Restigouche County, Northern New Brunswick, operated by subsidiary Murray Brook Minerals. Hosts an inferred resource of 930,000 tonnes at 0.66% Cu and 3.65 g/t Ag (13.4 million lbs Cu and 110,000 oz Ag). Spans four claim blocks totalling approximately 10,880 hectares.
• Jacquet River Project A 12,112-hectare gold exploration project in Northern New Brunswick, located approximately 10 km north of the Murray Brook Deposit and 3 km from Williams Brook. Secured approximately 17 km of major regional structures including the Rocky Brook Millstream Fault and Jacquet River Fault.
• JonPol Property Part of the Williams Brook Gold Project covering gold targets along the Ramsay Brook Fault in Quebec, with notable sampling results up to 19.55 g/t Au and 3.32% Cu.
• Portage Property One of three properties within the Williams Brook Gold Project, located in Northern New Brunswick near major regional structures.
• Other Properties (TIMM Gold, Northern Rocky Brook) Additional exploration properties including the TIMM Gold Property (with grab samples up to 362 g/t Au, optioned to Puma in October 2023 for 250,000 shares plus $100K work over two years to earn 70% interest) and Northern Rocky Brook claim blocks in Northern New Brunswick.

Quantifiable outcome

• Multiple gold discoveries with high-grade intercepts: 66.10 g/t Au over 0.50m, 5.55 g/t Au over 50.15m including 46.94 g/t Au over 3.85m
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Canadian Copper Inc.minorStrategic or Co-development Partner · 14 January 2026Canadian Copper acquired Murray Brook West Project from Puma, completing final payment through issuance of 1,179,090 CCI shares (~$589,545 CAD). Canadian Copper is advancing exploration in the Bathurst Camp with plans for 2,500 meters of diamond drilling in 2026. Puma retains NSR royalties on the property.
• Murray Brook Minerals Inc.coreStrategic or Co-development PartnerMurray Brook Minerals (MBM) is Puma's 71.6%-owned subsidiary holding the Legacy Project (Cu-Ag with Au potential). Puma is structuring MBM for a Tier 2 listing on TSX Venture Exchange. MBM completed a $250,000 flow-through financing in April 2026 to fund Legacy exploration. Puma will distribute MBM shares to Puma shareholders upon listing.
• Terrane GeoscienceminorImplementation/ SI/ Consulting PartnerPuma engaged Terrane Geoscience's structural experts for detailed mapping and structural analysis of the Lynx Gold Zone to characterize gold system controls and optimize drilling targeting.
• SRK ConsultingminorImplementation/ SI/ Consulting PartnerSRK Consulting (Canada) Inc. prepared the updated NI 43-101 Technical Report for the Legacy Project, outlining the 930,000 tonne inferred copper-silver resource. Report was prepared by Dr. Gilles Arseneau, P.Geo.
• Dr. Gregg MorrisonminorImplementation/ SI/ Consulting PartnerDr. Gregg Morrison, a leading expert on intrusion-related, porphyry and epithermal gold systems, reviewed Puma's geology and classified the Williams Brook system as part of the same family as Fosterville and Sunday Creek in Australia.
• Red Cloud Securities Inc.minorChannel Partner/ Reseller/ DistributorRed Cloud Securities provides liquidity services to Puma in compliance with TSXV policies. The company pays Red Cloud $4,000 monthly for market-making and liquidity services on Puma shares.

Scale indicators15 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Abcourt Mines Inc. Canadian junior gold/silver explorer with the Sleeping Giant project in Quebec. Comparable to Puma on scale, gold focus, and pre-development stage in the Canadian junior mining sector.
• Bonterra Resources Inc. Canadian junior gold explorer with the Gladiator/Bachelor projects in Quebec. Comparable to Puma on TSXV listing, gold focus, and systematic drilling approach.
• Troilus Gold Corp. Canadian gold-copper junior advancing the Troilus Project in Quebec. Comparable to Puma as a Canadian-focused precious/base-metals explorer with a Tier-1 joint-venture/partner structure and district-scale land position.
• New Found Gold Corp. Canadian high-grade gold exploration company focused on the Queensway project in Newfoundland. Highly comparable to Puma as a TSXV-listed junior gold explorer pursuing district-scale discovery in Atlantic Canada using systematic drilling and modern targeting.
• Banyan Gold Corp. Yukon-focused gold exploration junior with the AurMac property. Comparable to Puma as a TSXV-listed gold discovery story using systematic drilling and partner-funded exploration programs.
• Wallbridge Mining Company Ltd. Canadian gold exploration and development company with the Fenelon/Martiniere projects in Quebec. Comparable to Puma as a Canadian gold explorer advancing district-scale ounces through drilling and JV-funded programs.
• Maritime Resources Corp. Atlantic Canada-focused gold developer with projects in Newfoundland and New Brunswick. Closely comparable to Puma on geography and gold-development stage.
• Delta Resources Limited: Canadian junior gold explorer with the Delta-1 project in Ontario. Comparable to Puma as a small-cap TSXV-listed gold discovery story leveraging systematic exploration.

Emerging players

• Brunswick Exploration Inc. Canadian junior explorer focused on critical minerals (lithium, tin) with projects across Canada. Comparable to Puma as a Canadian-listed junior deploying modern targeting tools across district-scale claim blocks.

Broad incumbents

• Osisko Mining Inc. Larger Canadian gold developer advancing the Windfall project in Quebec. Comparable to Puma on gold-exploration mandate in Canada and systematic drilling of high-grade epizonal systems, though materially more advanced.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/explorationpuma
• Facebookfacebook.com/puma-exploration-205712039487571
• LinkedInlinkedin.com/company/puma-exploration-inc-4p8-

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds7 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Puma Exploration