Libra partner completes initial $750,000 spend at Kobra

Executive Summary

• KoBold Exploration Canada Inc. has formally notified Libra Energy Materials Inc. that it has met the initial $750,000 minimum expenditure commitment under the earn-in agreement (EIA) dated November 13, 2024, as amended.
• This milestone allows KoBold to earn an initial 51% interest in Libra's Flanders North, Flanders South, and Soules Bay-Caron (SBC) lithium projects (collectively, the Kobra projects) by investing a cumulative $11 million by the three-year anniversary of the agreement.
• KoBold retains the option to earn a 75% interest in the Kobra projects by investing a cumulative $33 million by the six-year anniversary, with Libra actively engaged in field operations alongside KoBold for the 2025 exploration program.

Key Details

• Milestone Achieved: KoBold met the initial $750,000 minimum expenditure commitment under the EIA.
• Earn-In Structure:
  • Initial Interest: 51% interest upon cumulative investment of $11 million (by the three-year anniversary).
  • Full Interest: 75% interest upon cumulative investment of $33 million (by the six-year anniversary).
• Target Assets: Flanders North, Flanders South, and Soules Bay-Caron (SBC) lithium projects in Ontario, Canada.
• 2025 Exploration Program: Leverages KoBold's artificial intelligence and machine learning technologies combined with Libra's exploration expertise; data analysis is ongoing to refine high-priority targets.
• Strategic Context: The earn-in deal was originally announced in a news release dated December 2, 2024, with previous notes on the 2025 program dated July 21, 2025.

Notable Quotes

• "We are pleased with the work done to date by KoBold. The crews have continued to identify new lithium occurrences across the Kobra projects and we're excited to support KoBold on as they advance toward the next phase, unlocking value for all parties involved." — Koby Kushner, CEO, Libra Energy Materials