Libra Energy Materials (CSE:LIBR) has obtained 100% ownership of the SBC Lithium Project in Ontario, Canada, following KoBold Metals making a final option payment to privately held Bounty Gold.
In June 2023, Libra entered into an option agreement to acquire the SBC lithium project, comprising staged cash payments totalling C$380,000 ($385,397) over three years.
The agreement was amended in January 2024 to include additional claims staked by the vendor, with Libra reimbursing the associated staking costs. Earlier this month, the vendor received the final payment of C$114,000, which was funded by KoBold.
KoBold, a global explorer backed by investors such as Bill Gates and Jeff Bezos, has the right to invest up to C$33 million over six years to earn a 75% interest in Libra’s Kobra projects. The company’s Kobra project portfolio includes the Flanders North, Flanders South, and SBC projects.
CEO Koby Kushner says the SBC project represents “one of the most under-rated early-stage lithium projects in Canada”, with spodumene-rich outcrops extending along a trend exceeding 13km, grab samples returning up to 6.64% lithium oxide, and proximity to key infrastructure.
“We believe the SBC area represents a new spodumene belt, and we remind shareholders that our nearby Toivo Project, which is not subject to the earn-in agreement, straddles the same geological subprovince boundary as SBC, yet remains unexplored to date,” Kushner says.
“Libra is preparing a 2026 work program to get initial boots-on-the-ground at Toivo, subject to ongoing consultations.”
The SBC Project, spanning 15,670 hectares, is located south of Pickle Lake in Canada.
Libra Energy Materials is a Canadian mineral explorer focused on discovering and developing critical minerals necessary for the green energy transition.
Write to Aaliyah Rogan at Mining.com.au
Images: Libra Energy Materials
