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Montreal-based Brunswick Exploration Inc. (TSX-V: BRW) held its 2026 Annual General Meeting on June 11, with shareholders voting to elect a refreshed board and approve a new compensation plan. Market Screener reported that 88,315,188 common shares were represented at the meeting — about 31.27% of the 282,988,000 shares issued and outstanding.
The AGM comes at a pivotal moment for the company. Just one day before the meeting, BRW released final assay results from its Anatacau Main project showing lithium grades of 1.13% Li2O over 27.4 meters. The company is now preparing an aggressive summer drilling campaign across two major projects in Quebec's James Bay region.
Board Refreshed as Two Directors Step Down
Shareholders elected a new slate of directors for the coming year. Steven Bowles, a professional geologist, and Isabelle Cadieux joined the board. They replace Pierre Colas and Jeffrey Hussey, who did not stand for re-election. Chairman Robert Wares thanked the departing members. He said, "I would like to thank Mr. Hussey and Mr. Colas for their valuable contributions... I wish them well in their future endeavors."
Shareholders also approved a new compensation structure for non-executive directors. The company granted 572,289 Deferred Share Units (DSUs) — essentially stock-linked rewards paid out later — at a fair market value of $0.166 per unit. Market Screener noted this is designed to tie board pay to long-term share performance. The accounting firm Raymond Chabot Grant Thornton LLP was re-appointed as auditor for fiscal 2026–2027.
Anatacau Discovery Rivals the Company's Flagship Mirage Project
Just before the AGM, BRW published final winter drilling results from Anatacau Main. The Anais zone now stretches more than 350 meters along strike — its longest confirmed extent yet. CEO Killian Charles said, "Anatacau is rapidly shaping up to be one of the most exciting new discoveries in the James Bay region." He added that the project is "starting to show the same potential as our Mirage project."
The Mirage project set a high bar in January 2026. BRW published its first-ever resource estimate there: 52.2 million tonnes at 1.08% Li2O. That placed it among the largest undeveloped hard-rock lithium resources in the Americas. The company is now trying to replicate that success at Anatacau, roughly 90 kilometers away.
Summer Drilling to Test Whether Mirage Can Grow Bigger
Management confirmed drilling will return to Mirage in late Q2 or early Q3 2026. A follow-up program at Anatacau Main is planned for late Q3. The goal is to upgrade "Inferred" resources — early-stage estimates — to "Indicated" status, which carries more certainty and can unlock project financing. BRW raised $5.5 million in a private placement earlier this year to fund this work.
The company also holds exploration licenses in Greenland and Saudi Arabia, staked in early 2026. Results from those programs could arrive later this year. As of June 11, BRW shares traded at $0.18 CAD — well below the 52-week high of $0.40. Some analysts see a path to $0.90 if the summer drills confirm resource growth, though lithium prices remain volatile after a difficult 2024–2025 period.
Low AGM Turnout Signals a Fragmented Shareholder Base
Only 31.27% of shares were voted at the meeting. That is a relatively thin turnout for a company with over 282 million shares outstanding. Financial Content noted the share count has grown sharply — up from roughly 218 million in 2025 — as BRW issued new shares to fund exploration. Dilution at this scale can weigh on the stock price and spread ownership thin across many small holders.
Despite the low turnout, all resolutions passed. The board now has a more technical lineup, suited for the transition from exploration to development. The next six months of drilling will be the real test. If Mirage expands and Anatacau delivers, BRW could attract attention from larger lithium producers or battery makers looking for secure Canadian supply.
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