VISIBLE GOLD MINES ANNOUNCES TERMINATION OF MEGALI OPTION AGREEMENT ADJACENT TO PMET RESOURCES HIGH GRADE LITHIUM AND CAESIUM DISCOVERIES IN THE JAMES BAY REGION

The most recent news (February 4, 2026) announces the formal termination of the MegaLi option agreement with SPOD Lithium. SPOD was unable to fulfill its obligations to earn a 50% interest in the property. As a result, Visible Gold Mines (VGD) retains 100% ownership of the MegaLi property. VGD retains $175,000 in cash and 2,375,000 common shares of SPOD previously received, and benefits from $1,162,529 in exploration work conducted by SPOD. The company highlights that MegaLi is less than 2 km from PMET Resources' high-grade lithium and caesium discoveries.

The impact is categorized as Routine - Neutral. While regaining 100% of a property adjacent to a world-class discovery (PMET) sounds positive, it confirms the loss of a funding partner. - Expected Outcome: This event was telegraphed in the October 8, 2025 update, where management noted SPOD had verbally informed them of an inability to fulfill obligations. The formal termination is simply the legal conclusion. - Financial Cushion: The company is currently "funding" itself through the sale of other assets to Fokus Mining, which provided $1.5M in cash and $1.5M in shares. This prevents immediate dilution but highlights a lack of a primary cash-generating business. - Asset Quality: VGD now owns 100% of a project with $1.1M in "free" work performed, which is a net positive for the balance sheet but increases future capital expenditure requirements if VGD intends to drill it themselves.

Visible Gold Mines is a Quebec-based explorer. Following the sale of its Rouyn-Noranda assets to Fokus Mining in late 2025, the company shifted its focus. - Flagship Project: Horsefly Property (Chapais/Chibougamau area). It is located 19 km west of Iamgold’s Nelligan project. It has never been historically drilled. - Secondary Assets: MegaLi (Lithium/Caesium, James Bay), Veronik (Gold, Abitibi).