Visible Gold Announces the Sale of Its Non-Core MegaLi Lithium Property to PMET Resources
Visible divests a non-core lithium asset to fund its gold-focused strategy.
Visible Gold Mines Inc. (VGD) has entered into a purchase and sale agreement to sell its 100% interest in the MegaLi lithium property to PMET Resources Inc. and Noranda Royalties Inc. The transaction provides an upfront cash payment of $201,000 and retains a 1.34% Net Smelter Returns (NSR) royalty for Visible Gold, subject to specific buyback rights for PMET. PMET also granted a 0.66% NSR royalty to Noranda Royalties.
The sale aligns with CEO Jean-Marc Lacoste's stated mandate to divest non-core assets and refocus corporate strategy exclusively on gold exploration and development in the Abitibi Gold Belt and James Bay region. MegaLi is located in the James Bay region of Québec and is directly adjacent to PMET's flagship lithium and caesium asset. Closing is anticipated within ten days of the agreement date (August 24, 2026), pending TSX Venture Exchange regulatory approval.
Visible Gold Mines Inc. (VGD) has divested its MegaLi lithium property, a move that aligns with the new CEO’s strategic pivot toward gold following the termination of the SPOD Lithium option in February 2026. The transaction provides $201,000 in upfront cash, offering a modest, non-dilutive liquidity boost to fund ongoing exploration programs, particularly at the Horsefly and newly acquired Sakami gold projects.
Under the agreement, Visible Gold retains a 1.34% NSR royalty, which offers limited upside if PMET advances the property to production. The buyback structure, priced at $670,000 for 50% and $2.01 million for the remainder, heavily favors the buyer, limiting the company’s long-term financial leverage on the asset. The market had already priced in the strategic shift toward gold following the CEO appointment in February 2026 and the failure of the SPOD option. This transaction serves as a logical cleanup of the balance sheet rather than a surprise catalyst.
The divestiture introduces no material change to the company's exploration footprint or near-term production timeline. The focus remains on early-stage exploration, with no mineral resources or reserves defined on Visible Gold's own assets.
Visible Gold Mines Inc. (VGD) is a growth-oriented gold exploration company headquartered in Rouyn-Noranda, Québec. The firm’s strategy involves the disciplined acquisition of district-scale gold properties and methodical exploration to de-risk assets and attract major producer interest.
The company’s flagship asset is the Horsefly Gold Property, located in the Chibougamau Mining Camp immediately west of IAMGOLD's Nelligan Mining Complex. The property spans 392 claims and has been expanded by 170 km². Historical work on the site includes grab samples up to 9.26 g/t Au and drill intercepts of 18.13 g/t Au over 1.65 m. Visible Gold plans to conduct geophysical surveys and a maiden drill campaign in 2026.
In May 2026, the company acquired the Sakami Gold Project, a 250 km² asset located in a proven gold district adjacent to major deposits such as Lux Metals' La Grande and Fury Gold's La Pointe.
Visible Gold Mines Inc. is currently in the early stages of exploration. No mineral resources, reserves, or economic studies have been completed on the company's assets.