Visible Gold Recruits Adina Lithium Veteran Carl Caumartin to Board

ROUYN-NORANDA, Québec – September 30, 2026 – In the high-stakes theater of junior mineral exploration, geological assets are ultimately only as valuable as the human capital deployed to decode them. Visible Gold Mines Inc. has sharply underscored this reality with the appointment of Carl Caumartin to its Board of Directors, effective immediately. The move signals a strategic recalibration for the Quebec-focused explorer as it attempts to bridge the critical gap between early-stage land acquisition and proven resource development.

Caumartin, a seasoned mining executive and Professional Engineer, replaces Joël Gagné, who recently resigned from the board. To mark the transition, the company granted its new director 100,000 stock options, vesting immediately with a 10-year term and an exercise price of $0.165 per share.

While board shuffles in the micro-cap mining sector are routine, this specific transition warrants closer examination. It highlights a broader macroeconomic narrative: the fierce competition for technical leadership in tier-one mining jurisdictions and the evolving regulatory and social realities that dictate exploration success in the modern era.

The Discovery Playbook and the Adina Halo

The recruitment of Caumartin is a calculated maneuver to inject proven discovery credentials into the firm's governance structure. With over 35 years of international experience spanning precious and base metals, his background covers the entire lifecycle of a mining asset—from grassroots exploration and resource optimization to feasibility studies and active pit operations.

However, it is Caumartin's most recent tenure that likely caught the attention of the board. Joining Winsome Resources in November 2021 as Vice President of Exploration and General Manager, he played an instrumental role in the Adina lithium discovery in northern Quebec. The timeline of that project is the stuff of junior mining legend: a major discovery within 10 months of the company's public listing, followed by a positive Preliminary Economic Assessment (PEA) barely a year later.

The Adina project has since evolved into one of North America's premier hard-rock lithium deposits, boasting an estimated resource of 78 million tonnes at 1.12% lithium oxide and projecting over $10 billion in gross revenues over its mine life.

By bringing Caumartin into the fold, Visible Gold is attempting to capture some of this "discovery halo." Junior explorers trade heavily on narrative and technical credibility. Having a director who has recently navigated the complex pathway from initial drill program to a multi-billion-dollar PEA provides a significant boost in confidence for institutional and retail investors alike.

Navigating the Quebec Talent Circuit

Beyond pure geological acumen, Caumartin's appointment highlights the premium placed on regional expertise within the Quebec mining talent circuit. Raised in the Abitibi region, he possesses an inherent understanding of the local operational landscape.

In today's resource sector, geological potential is inextricable from environmental and social governance. Regulatory realities in Quebec, particularly in the James Bay and Abitibi regions, require sophisticated stakeholder management. During his time at Winsome Resources, Caumartin led multidisciplinary teams focused not just on advancing operations, but on forging sustainable, respectful relationships with First Nations communities.

This specific skill set is no longer a peripheral asset for junior miners; it is a core operational requirement. Failure to secure social license can stall a project indefinitely, regardless of the grade of the ore. Industry analysts quietly note that replacing Gagné—whose background was deeply rooted in the operational mechanics of mining and drilling—with an executive possessing an international MBA and extensive community relations experience reflects a maturation in the company's strategic outlook.

This transition also aligns with a broader governance restructuring within the enterprise. Following the recent appointments of Jean-Marc Lacoste as President and CEO and Veronique Laberge as Chief Financial Officer, the board is being methodically rebuilt to support the next phase of corporate growth.

Consolidating a District-Scale Gold Portfolio

The timing of this technical reinforcement coincides with a deliberate strategic pivot. While the broader market was swept up in the battery metals frenzy over the past three years, the firm has recently doubled down on its core competency: gold.

The company recently divested its non-core MegaLi Lithium Property to PMET Resources, clearing the deck to focus entirely on its expanding gold portfolio in the Abitibi Gold Belt and James Bay regions. The strategy is clear: consolidate large land positions in proven, prolific districts.

The flagship Horsefly Project, which recently saw a 170-square-kilometer expansion, sits strategically adjacent to IAMGOLD's Nelligan Mining Complex. Concurrently, the enterprise is aggressively advancing its acquisition of the Sakami property, a 250-square-kilometer asset positioned along a major geological contact adjacent to known deposits held by Lux Metals and Fury Gold Mines.

Martin Dallaire, Chairman of Visible Gold, articulated the strategic rationale behind the appointment in the official release: “On behalf of the Board, we are very pleased to welcome Carl to Visible Gold as we continue to expand our portfolio of district-scale gold projects in Québec. His extensive technical expertise, proven leadership and deep understanding of mineral exploration will be valuable additions to our Board as we advance our exploration and development activities and pursue the next stage of the Company’s growth. We would also like to thank Joël for his contributions to Visible Gold over the years and wish him every success in his future endeavours.”

Advancing these district-scale plays requires rigorous capital allocation and precise geological targeting. Caumartin's background in geological engineering, backed by degrees from Queen's University and the University of Sherbrooke, provides the exact analytical framework required to prioritize drill targets across such vast land packages.

Financial Realities of a Micro-Cap Explorer

Despite the technical optimism, the economic drivers of the micro-cap exploration space remain unforgiving. With a market capitalization hovering around $6.4 million CAD and shares trading near $0.17, the company operates in a high-risk, high-reward environment characteristic of the TSX Venture Exchange.

Like most junior explorers, the firm generates zero operational revenue, relying entirely on capital markets and strategic asset management to fund its survival. However, recent financial maneuvering has provided a crucial buffer. In May 2026, the company bolstered its treasury by $2.6 million through the strategic sale of its shares in Fokus Mining.

This cash injection provides the necessary runway to execute upcoming exploration programs without immediate, highly dilutive equity raises. Furthermore, the company maintains a low leverage profile, a distinct advantage in an era where the cost of debt remains elevated across global markets.

The structural reality of the junior mining sector is that cash is finite, and the market's patience is notoriously short. Every dollar spent on drilling must be justified by rigorous geological theory. The addition of a director with a track record of resource and reserve optimization ensures that the recently secured $2.6 million treasury will be deployed with maximum efficiency.

As global economic uncertainty continues to provide a robust floor for gold prices, the macroeconomic winds are favorable for Quebec-focused gold explorers. Yet, geology alone does not guarantee a return on investment. By recruiting a veteran who has successfully navigated the labyrinth of modern mineral exploration, Visible Gold is signaling to the market that it intends to rely on disciplined engineering, rather than mere speculative hope, to unlock the value of its James Bay and Abitibi assets.