Puma Exploration's most notable story this week isn't the stock's modest rebound — it's that the CEO hasn't stopped buying.
Marcel Robillard, president and CEO, made another round of open-market purchases on April 24 and again on April 27, picking up shares in the C$0.15 range. That follows a steady pattern running back through March: ten separate buy transactions over the past five weeks, totalling 29,000 shares in that stretch alone. The 90-day net is 123,500 shares bought on the open market. These are small in absolute dollar terms — PUMA trades at C$0.14 and the individual trades are measured in hundreds of Canadian dollars — but the consistency matters. Robillard is buying into weakness, not just participating in a rising market.
The short side has almost entirely disappeared, and that removes one potential headwind. Short interest collapsed nearly 80% over the past month, dropping from roughly 51,000 shares to just over 10,600 — less than 0.01% of the free float. At that level, shorts are not a meaningful factor in price discovery. Cost to borrow has ticked up about 18% over the past week to around 7%, but with almost no borrowed stock outstanding, that number is more of a footnote than a signal. The borrow market is quiet rather than stressed.
Kinross Gold Corporation holds a strategic 14.6% stake, established in December 2025. That position hasn't changed. Among the smaller registered holders, several names — Gagne, Gosselin, Thibault, Dion — all reported increases as of mid-April, with Rejean Gosselin adding 900,000 shares as of the most recent filing. The pattern across multiple holders building simultaneously alongside the CEO's open-market activity gives the ownership picture a quietly constructive tone.
Earnings history for PUMA carries a cautionary note. The two most recent events, in February 2026 and January 2026, saw the stock fall 19.5% and 9.1% on the day respectively. The prior two prints were mixed — a 14.3% gain and a flat-to-slightly-lower move. The next scheduled event is June 26, leaving roughly two months before that catalyst arrives.
The stock closed Wednesday at C$0.14, up 3.7% on the day but still down 6.7% on the week. Correlated peers on the TSX and TSXV were mostly softer — RIO fell 8.6% on the week and K (Kinross) dropped 8.4%, so PUMA's weekly loss looks relatively contained against the broader junior gold and exploration tape. With short interest now negligible and the CEO accumulating steadily into the weakness, the next piece of data worth watching is whether the June earnings release breaks the two-quarter pattern of day-one declines.
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