About this episode
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 đź“–
(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
