Visible Gold Mines Inc. has agreed to sell a 100% interest in its MegaLi lithium property in Québec’s James Bay region to PMET Resources Inc. for a cash payment of $201,000.

Under the purchase and sale agreement, PMET will acquire 78 exclusive exploration rights comprising the MegaLi Project alongside 41 exclusive exploration rights owned by Noranda Royalties Inc. In return for its properties, Visible Gold will receive the cash consideration and a 1.34% net smelter returns royalty. The royalty is subject to buyback rights allowing PMET to purchase 50% of it for $670,000 and the remaining 50% for $2,010,000.

The agreement follows the termination in February 2026 of a previous option agreement with SPOD Lithium, which had covered a 50% interest in the project. Under that earlier arrangement, Visible Gold received $175,000 in cash, whereas the new transaction with PMET secures a higher cash payment and a 1.34% royalty for full ownership.

Visible Gold previously entered into an option agreement in August 2022 with SPOD Lithium for a 50% interest in the MegaLi Project, which agreement was terminated in February 2026.

“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.”

— Jean-Marc Lacoste, President and CEO of Visible Gold

The transaction remains subject to customary regulatory approvals, including acceptance from the TSX Venture Exchange. Closing of the purchase and sale agreement for the MegaLi Project with PMET Resources Inc. is anticipated within the next ten days.

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