Visible Gold Announces the Sale of Its Non-Core MegaLi Lithium Property to PMET Resources

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Postmedia has not reviewed the content. by Business Wire Visible Gold Announces the Sale of Its Non-Core MegaLi Lithium Property to PMET ResourcesAuthor of the article:ROUYN-NORANDA, Québec — Visible Gold Mines Inc. (“Visible Gold” or the “Company”) (TSXV: VGD) (FRANKFURT: 3V41) is pleased to announce that it has entered into a purchase and sale agreement dated August 24, 2026 (the “Agreement“) with PMET Resources Inc. (“PMET“) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) and Noranda Royalties Inc. (“Noranda Royalties”), pursuant to which PMET will acquire a 100% interest in the Company’s wholly owned 78 exclusive exploration rights comprising the MegaLi lithium property (the “MegaLi Project“), and a 100% interest in 41 exclusive exploration rights wholly owned by Noranda Royalties (collectively with the MegaLi Project, the “Properties“), located in the James Bay region of Québec, Canada.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountGet the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againJean-Marc Lacoste, President and CEO of Visible Gold, stated: “Since joining the Company, I have made a firm commitment to focus Visible Gold’s activities on our core competency: gold exploration and development. The sale of our MegaLi Project to PMET, a dedicated lithium explorer, represents the best outcome for the Company, as the project is directly adjacent to PMET’s flagship lithium asset. This transaction also provides Visible Gold with a royalty interest should the Properties advance to production.”As consideration for the acquisition of a 100% interest in the MegaLi Project, PMET will make a cash payment of $201,000 to Visible Gold. In addition, PMET will grant Visible Gold a 1.34% net smelter returns royalty on the Properties (the “”), subject to a voluntary purchase option, at the sole discretion of PMET, pursuant to which PMET will have the right, at any time, to purchase from the Company 50% of the NSR Royalty in consideration for a cash payment of $670,000 (the ““) and, following the exercise of the First Buyback Right, the subsequent right to purchase from the Company the remaining 50% of the NSR Royalty in consideration for a cash payment of $2,010,000 (the ““, and together with the First Buyback Right, the ““). In connection with the transaction, PMET also granted a 0.66% net smelter returns royalty on the Properties to Noranda, which royalty is also subject to buyback rights for an aggregate amount of $1,320,000.The Agreement remains subject to the receipt of all required regulatory approvals, including approval from the TSX Venture Exchange. Closing of the transaction is anticipated within the next ten days.About Visible Gold Mines Inc.Visible Gold Mines (TSXV: VGD) (FRANKFURT: 3V41) is a mining exploration company focused on acquiring, exploring and developing gold projects in the prolific Abitibi Gold Belt and the James Bay region in the province of Québec.Forward-Looking StatementsThis news release contains statements that may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of Visible Gold, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including, if the transaction described in this news release (the “Transaction”) will occur, or if it does, when the closing date will occur, and if regulatory approval will be obtained for the Transaction, and whether PMET will ever exercise any of the Buyback Rights, or whether the Company will ever receive any payments under the NSR Royalty. Forward-looking information is based on information available at the time and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Visible Gold’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Financial Risks” and “Risk Factors” in Visible Gold’s Annual Report for the fiscal year ended July 31, 2025, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. Visible Gold does not intend, nor does Visible Gold undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.View source version on businesswire.com: For further information, please contact: Jean-Marc Lacoste, President and Chief Executive OfficerTelephone: (819) 762-0107This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.