Libra Energy Materials Inc. has entered into an option agreement dated August 11, 2026, to acquire a 100% interest in the Cisco West and Obamska lithium projects in the Eeyou Istchee James Bay region of Québec.

Under the terms of the agreement, Libra can acquire the 100% interest through $300,000 in staged cash payments, the issuance of 8,823,529 common shares over three years, a 2% net smelter returns royalty—half of which can be repurchased for $2,000,000 per property—and a $2,000,000 milestone payment tied to a qualifying resource. The transaction requires Libra to issue 1,764,706 common shares within five business days of the agreement date, subject to regulatory approvals including the Canadian Securities Exchange.

Field programs are planned to begin on both properties in the coming weeks. Cisco West spans approximately 45 kilometres of strike along the Nottaway Deformation Zone and is contiguous with Q2 Metals Corp.'s Cisco lithium project. The surrounding district saw recent exploration momentum when Q2 Metals reported final winter assay results on July 21, 2026, including an intercept of 137.6 metres grading 1.47% Li₂O. Meanwhile, the Obamska property hosts outcropping LCT pegmatites that returned preliminary mica geochemical signatures with low K/Rb and K/Cs ratios during a summer reconnaissance visit.

"This is more than a pure closeology play to the largest hard-rock lithium deposit in the Americas. We are advancing these projects on geological merit first and foremost. We have strong reason, geologically speaking, to believe both Cisco West and Obamska are ripe for new lithium discoveries, and we look forward to testing this thesis shortly. Meanwhile, we will continue to look to divest, option, or JV non-core projects across Canada and Brazil, as we have successfully done in the past per our $33 million earn-in with KoBold Metals Company, as we shift our focus to our new flagship Canadian projects"

"The combination of being within a fertile greenstone belt, with Cisco West spanning approximately 45 kilometres of the same Nottaway shear zone that serves as a fluid pathway at the nearby Cisco deposit, and Obamska hosting highly fractionated pegmatites already identified at surface, gives us all the ingredients we need when looking for large-scale lithium discoveries"

— Koby Kushner, CEO, and Dr. Jérémie Pfister, Vice President of Exploration

Read the full announcement: Libra Expands Quebec Lithium Footprint with Flagship Cisco West and Obamska Projects