Lithium Royalty Corp & Libra Energy Materials: Outlook for 2026

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.comPatreon: https://www.patreon.com/rockstockchannelPodcast:  Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172  Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINqX (Twitter):  Howard: https://x.com/LithiumIonBull  Rodney: https://x.com/RodneyHooper13  Matt: htt