Morocco Strategic Minerals Corp. Completes Sale of Initial 51% Interest in Sakami Property in Quebec
Visible divests its majority stake in the Sakami project to refocus on its Moroccan gold assets.
Morocco Strategic Minerals Corp. (MCC) has entered into a revised agreement with Visible Gold Mines Inc. (VGD) to sell a 51% undivided interest in the Sakami Property in Quebec. The transaction is structured to close in two tranches. The first closing occurred on September 2, 2026, with VGD issuing 1,000,000 common shares to MCC. The second closing is contingent on shareholder approval, which is expected in December 2026, and will trigger the issuance of 3,000,000 additional shares along with a 1% Net Smelter Return (NSR) royalty.
MCC retains an option to repurchase the 1% NSR for $1 million. The 4,000,000 total shares issued to MCC are subject to a statutory four-month resale restriction and a voluntary three-year restriction, with staggered release schedules. Eskar Capital Corporation acted as the finder for the deal and is entitled to a 4% cash fee on the transaction value. MCC stated that the rationale for the sale is to streamline its portfolio and concentrate capital and management on Moroccan exploration assets, while allowing VGD to advance the Quebec-focused project.
Visible Gold Mines Inc. (VGD) has entered into a transaction that effectively reverses its May 2026 announcement to acquire 100% of Sakami. The revised structure converts the acquisition into a 51% sale with an option for the remaining 49%, diluting VGD's ownership to 49% upon the second closing.
The deal involves the issuance of 4,000,000 shares, representing approximately 10.7% dilution to existing shareholders. Given VGD's reported cash position of $100,873 CAD at Q2-2026, this equity consideration is necessary but highlights severe liquidity constraints.
The news is expected and incremental to the May acquisition. It does not introduce new operational milestones or revenue streams, but it does clarify the ownership structure and funding mechanism for the Sakami asset.
The 1% NSR royalty adds a long-term production cost to the project, which will impact future economics if Sakami advances to development.
Visible Gold Mines Inc. (VGD) is a growth-oriented gold exploration company focused on northwestern Quebec. Its flagship asset is the Horsefly Gold Property, which comprises 392 claims in the Chibougamau Mining Camp, located immediately west of IAMGOLD's Nelligan Mining Complex. The Horsefly property features historical grab samples up to 9.26 g/t Au and drill intercepts of 18.13 g/t Au over 1.65 m. Recent heliborne magnetic surveys have identified deformation corridors and felsic intrusions on the site.
The company also holds the Sakami Gold Project, a 250 km² district-scale property in the James Bay region, adjacent to Lux Metals' La Grande deposit and Fury Gold's La Pointe deposit. Previously, the company held lithium projects including CarLi and NataLi, and owned the MegaLi property, which it sold to PMET Resources to refocus exclusively on gold exploration. Additionally, the company has adopted Semi-Annual Financial Reporting (SAR) to reduce administrative burdens.