VISIBLE GOLD MINES RECEIVED FINAL PAYMENT FOR PROJECT SALE
Visible Gold Solidifies Balance Sheet with $3M Divestment Exit as Focus Shifts to Horsefly Gold
On January 15, 2026, Visible Gold Mines (VGD) announced the receipt of the final $750,000 cash payment from Fokus Mining Corp. This completes the sale of a portfolio of properties (Cadillac Break, Lucky Break, Silidor, Stadacona, Wasa Creek, Wasa East, and a 40% interest in Capricorn) for a total consideration of $3.0 million. The total payment consisted of $1.5 million in cash and 10,000,000 common shares of Fokus Mining Corp. (valued at approximately $1.5 million at the time of the agreement). Additionally, the company reaffirmed the results of its Annual and Special Meeting held on December 22, 2025, where all directors were re-elected and the stock option plan was ratified.
- Liquidity Injection: The receipt of $750,000 is highly material for a junior explorer that reported only $100,873 in cash as of October 31, 2025. This payment provides the "financial capacity" management previously cited as necessary to fund the 2026 exploration programs.
- Non-Dilutive Capital: The $3.0 million total deal value has allowed VGD to clean up its balance sheet and fund operations without issuing new equity, preventing shareholder dilution during a period of project transition.
- Portfolio Shift: The news confirms the official exit from legacy assets. VGD is now effectively a bankrolled explorer focused on its "Horsefly" flagship project.
- Counterparty Risk: It is noted that the final payment was originally expected by December 3, 2025 (per news dated Oct 8, 2025). The delay until January 15, 2026, suggests a minor delay in Fokus Mining’s ability to remit, but the successful collection mitigates this risk.
Visible Gold Mines is a Canadian explorer primarily active in the Abitibi and James Bay regions of Quebec. - Flagship Project: Horsefly Property. It is located near Chibougamau, Quebec, proximal to Iamgold’s Nelligan project. It contains the Barrette Road gold showing. Historically, the property has never been drilled, making the upcoming 2026 drill program a high-risk/high-reward catalyst. - Secondary Focus: The Veronik property (near Hecla’s Casa Berardi) and several lithium projects in James Bay (MegaLi) which may revert to 100% ownership.