We (Howard, Matt & Rodney) sit down with Lithium Royalty Corp (TSX: LIRC) CEO Ernie Ortiz and Libra Energy Materials (CSE: LIBR) CEO Koby Kushner for an update on lithium royalties and early-stage exploration.

Chapters 📖

(00:00 ) Introduction

(03:45 ) Zijin Production & LRC Impact

(06:27 ) Cesium Upside (Power Metals)

(08:37 ) Finniss Restart: Site Visit

(12:02 ) BP33 Underground Focus

(13:10 ) WA: Capex Pullback & Ramps

(14:42 ) Share Buybacks Overview

(17:10 ) Valuing Royalties (P/NAV, IRR)

(21:06 ) Pipeline: Cash-Flowing Deals

(23:27 ) Thacker Pass Litigation

(25:29 ) Supply, Inventories, Prices

(28:12 ) ESS Demand Surge

(30:49 ) Policy Tailwinds (US/AU/AR/CA/BR)

(33:26 ) Price Floors & Data Centers

(36:58 ) Closing: Diversified LRC Exposure

(38:00 ) Libra Energy Materials: New Advisors

(40:06 ) OTCQB Listing

(40:48 ) Brion Brazil Acquisition

(42:37 ) Brazil Exploration

(45:15 ) Brazil Timeline

(45:40 ) Quebec Program

(47:59 ) Ontario Update

(50:13 ) Athena Gold Plan

Lithium Royalty Corp Highlights 🔑

• LRC near-term catalysts: 3Q (Catamarca, Argentina) has commenced Phase 1 (~20ktpa), with a potential Phase 2 adding ~40ktpa. LRC holds a ~0.9% gross royalty. Management expects 2026 to be the first meaningful revenue year as production ramps.

• Cesium exposure: Through a 2% gross revenue royalty on Power Metals, LRC has upside to cesium—an emerging battery and grid material—with a 2026 start targeted.

• Core Lithium restart: Site visit validated the shift to the BP33 underground plan aimed at lower operating costs. Recent financing (~$50M) plus ~205kt of unencumbered offtake could support a restart when prices recover.

• Royalty valuation & buybacks: Following a royalty sale to Triple Flag (US$28M), LRC repurchased ~9% of its float at attractive levels. Ernie discusses P/NAV and IRR as core valuation frameworks, noting LRC trades at a discount to mature royalty peers as its assets advance toward cash flow.

• Optionality: Thacker Pass royalty litigation continues, with potential outcomes not yet included in analyst models. Timing for next legal step expected H2’26/’27.

• Market signals: Lithium inventories are drawing down, spodumene appears to be stabilizing, and ESS demand remains robust. Management sees improving fundamentals heading into 2026.

LIBR Snapshot 🔑

• Brazil expansion underway: LIBR acquired a private Brazilian portfolio (~30 projects, majority lithium-focused). Early prospecting has begun, including in Minas Gerais near established producers.

• Targeting methods tailored to Brazil: Due to weathering that removes lithium at surface, LIBR is using geochemical indicators and historic workings to refine drill targets.

• Quebec fieldwork launched: Two James Bay–area projects (including “Wegucci”) are being evaluated via helicopter-supported reconnaissance to confirm pegmatite scale.

• Ontario earn-in advancing: A major partner is funding a staged C$33M earn-in across three projects. Initial commitments have been met; assays pending.

• Athena Gold holding: LIBR holds ~44M shares and plans a measured approach to any future monetization aligned with drill milestones.

Sponsors

- Lithium Royalty Corp (TSX: LIRC) — diversified lithium royalty portfolio.

(Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty)

- USCF Investments — commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities).

(Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments)

Links

- Read Matt's research blog: https://blog.rkequity.com/

- Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/

Have a question? Drop us an email: rockstockchannel@rkequity.com

Patreon: https://www.patreon.com/rockstockchannel

Podcast:

  Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172

  Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq

X (Twitter):

  Howard: https://x.com/LithiumIonBull

  Rodney: https://x.com/RodneyHooper13

  Matt: https://x.com/matt_fernley

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DISCLAIMER

 

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Howard, Matt and Rodney are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity’s website https://www.rkequity.com

Intro and outro audio credit: Jamie Klein