KoBold Earn-In Projects

Pursuant to the EIA, KoBold has the option to earn a 75% interest in each of the Earn-In Properties by incurring up to CAD$33,000,000 in cumulative exploration expenditures across the Earn-In Properties over six years.
During the earn-in period, KoBold shall be responsible for expenses and maintenance of the claims subject to the terms of the EIA.
Further, KoBold and Libra shall form a technical committee, with two members from each party, to regularly review progress and findings of exploration programs and determine next steps, with KoBold reserving final discretion over the exploration programs.
To meet the 75% earn-in thresholds for the Earn-In Properties, KoBold must complete the following:
- Initial Cash Payment to Libra (completed) – CAD$445,000 within 14 days of the effective date of the EIA as reimbursement of exploration expenditures for work completed before the EIA was finalized;
- Year 1 Anniversary – completion of cumulative exploration expenditures of CAD$750,000, which is a firm commitment and may be allocated across any of the Earn-In Properties;
- Year 3 Anniversary – completion of cumulative exploration expenditures of up to CAD$11,000,000 to earn a 51% interest on a project-by-project basis (“Stage 1”); and
- Year 6 Anniversary – completion of cumulative exploration expenditures of up to CAD$33,000,000 to earn a 75% interest on a project-by-project basis (“Stage 2”).
Furthermore, KoBold has retained Libra as an exploration contractor for a period ending on the earlier of two years from the effective date of the EIA, or the date on which the EIA is terminated with respect to the SBC project. In exchange for exploration services, KoBold will pay Libra a monthly cash fee of CAD$35,000.
KoBold shall also pay to Libra the following milestone payments with respect to each of the Flanders South and Flanders North projects:
Milestone | Milestone Payment (CAD$) |
Inferred Resource of at least 100,000 tons of lithium oxide | $250,000 |
Pre-Feasibility Study | $500,000 |
Feasibility Study | $750,000 |
First Ore Production | $1,000,000 |
Upon KoBold achieving a Stage 1 cumulative earn-in threshold, the parties shall form a joint venture for the applicable project pursuant to which KoBold shall initially own 51% and Libra 49% (the “Kobra JV”).
Upon KoBold achieving the Stage 2 cumulative earn-in threshold, KoBold’s ownership interest in the Kobra JV shall increase to 75%.
After the earn-in period, each party will be responsible for funding its pro-rata share of project costs or will be diluted; a party that gets diluted below 10% shall have its interest converted to a 1% net smelter return (NSR) royalty.
The Kobra JV shall be governed by a board of directors (“Board”), initially composed of two members appointed by KoBold and two members appointed by Libra. The Board shall appoint a manager of the daily affairs of Kobra JV, with KoBold as the initial manager.
Flanders North & Flanders South Projects

- District-scale position in the Quetico Subprovince, spanning over 40,000 hectares;
- Limited historical exploration, with zero historical work assessment reports prior to Libra;
- Located ~230km west of Thunder Bay, near Atikokan, a former mining town;
- Easily accessible, with a network of logging roads and the Flanders all-season road off Highway 11;
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Libra’s first-pass exploration program in 2023 included LIDAR surveys and prospecting, resulting in new discoveries:
- Hundreds of LCT pegmatites, with surface exposures up to 200m wide (Flanders North);
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The Homer spodumene-bearing pegmatite:
- Up to 35m-wide, at least 160m long
- Grab sample assays up to 2.86% Li2O (Flanders South);
- Adjacent to similar geochemical pegmatite outcrops, suggesting a stacked pegmatite system;
- Occurs within a 6.5km-long structural corridor of highly anomalous pegmatites.
- The Nelson tantalite-bearing pegmatite, with grab samples up to 4,469 ppm Ta2O5 (Flanders South).
SBC Project

- Spanning over 15,000 hectares, SBC covers a newly discovered lithium district abundant with spodumene pegmatite outcrops;
- Located south of Pickle Lake, a historic gold mining town equipped with board accommodation and an airport, SBC boasts easy access via paved highway and nearby infrastructure including rail at Savant Lake;
- In 2024, Libra conducted a LIDAR survey and a 12-day, helicopter-supported prospecting program. Within that timeframe, the team discovered:
- 18 spodumene-bearing pegmatite outcrops over a 12km trend;
- Apparent stacking of closely spaced spodumene pegmatites;
- Individual spodumene-bearing pegmatites up to 30m wide at surface;
- Coarse-grained spodumene crystals up to 0.4m long, with grab samples returning up to 6.64% Li2O;
- In recognition of this discovery, Libra received the prestigious Bernie Schnieders Discovery of the Year Award for 2024.
- To date, only approximately 2% of SBC has been explored.