Toronto, Ontario--(Newsfile Corp. - October 28, 2026) - Libra Energy Materials Inc. (CSE: LIBR) (OTCQB: LIBRF) (FSE: W0R0) ("Libra" or the "Company") is pleased to report results from the first field program ("Phase 1") completed at the Cisco West and Obamska lithium projects (collectively, the "Projects") in the Eeyou Istchee James Bay region of Québec. Phase 1 identified large, highly fractionated lithium-cesium-tantalum ("LCT") pegmatites at Obamska, where the lowest muscovite K/Rb ratios, the highest bulk-rock lithium values and several beryl occurrences coincide in the southern part of the property. The Company is releasing these results while it awaits assays from its larger follow-up program ("Phase 2"), completed in September 2026.

Highlights

• Obamska – fractionation: Portable LIBS analyses of muscovite returned average K/Rb ratios as low as 10.9 and K/Cs ratios as low as 73, with nine of 44 samples returning K/Rb ratios below 15 (Figure 3);
• Obamska – assays: Bulk-rock grab samples returned up to 739 ppm Li (0.16% Li₂O), 17,943 ppm Be (4.98% BeO), 221 ppm Cs, 2,561 ppm Rb, 39.9 ppm Ta and 135 ppm Nb, with four of ten samples exceeding 450 ppm Li (Figure 2);
• Obamska – beryl: Beryl, including crystals up to 7-9 cm long, was identified in several pegmatites over a north-south distance of more than 2 km; all these occurrences were subsequently visited by the Company's Qualified Person during Phase 2 (Figure 4);
• Priority target: Eight of the nine Obamska muscovite samples with K/Rb below 15 form a cluster measuring approximately 650 m by 400 m in the southern part of the property, which also hosts the two highest lithium assays and multiple beryl-bearing pegmatites;
• Phase 2 completed, assays pending: An eight-person team of professional geologists and prospectors, supervised in the field by the Company's Vice President of Exploration, completed a follow-up program on the Projects from August 26 to September 12, 2026; assay results are expected in the coming months.

Phase 1 was carried out in June 2026, prior to the Company entering into the option agreement on the Projects announced on August 12, 2026 (the "Option Agreement"). The program was completed by two prospectors over five days, from June 8 to June 12, 2026, and consisted of a combination of helicopter-assisted and road-access prospecting. A total of 17 bulk-rock grab samples were collected on the Projects (eleven at Obamska and six at Cisco West) and submitted to SGS Canada Inc. ("SGS") for multi-element analysis, and 51 muscovite samples (44 at Obamska and seven at Cisco West) were analyzed with a portable laser-induced breakdown spectroscopy ("LIBS") analyzer to assess pegmatite fractionation. The LIBS results reported herein include, and supersede, the preliminary LIBS results referenced in the Company's news release dated August 12, 2026.

FIGURE 1 – Regional map of the lower James Bay lithium district showing the locations of Libra's Cisco West and Obamska Projects relative to major lithium deposits including Galaxy, Whabouchi, Moblan, Rose, and Q2 Metals' Cisco Project, as well as the distribution of the region's greenstone belts. References for all cited mineral resource estimates are provided in the Sources section of this press release.

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"Phase 1 was a short, two-person program, but it gave us exactly the information we were looking for. It showed that Obamska hosts large, beryl-bearing pegmatites with muscovite K/Rb ratios down to about 11 and, importantly, that the most fractionated muscovite, the highest lithium values and the beryl occurrences all coincide in the same part of the property. I have since visited all of these outcrops myself during our Phase 2 program, and we look forward to receiving those assays by year-end," said Dr. Jérémie Pfister, Vice President of Exploration of Libra.

"These first results support our decision to make Cisco West and Obamska our flagship projects. Phase 1 defined a clear target area at Obamska after only five days in the field, and our much larger Phase 2 program was designed to follow up on these highly fractionated pegmatites, as well as to explore the Nottaway shear zone at Cisco West, the same structure that hosts Q2 Metals' Cisco pegmatite, and the northern part of Obamska. We look forward to sharing those results once received," said Koby Kushner, CEO of Libra.

Phase 1 Bulk-Rock Assay Results

Sixteen bulk-rock grab samples were analyzed for lithium and other rare elements (Annex 1). At Obamska, lithium values range from 44 to 739 ppm Li, and four of the ten samples returned more than 450 ppm Li: A00453711 (739 ppm Li; 0.16% Li₂O), A00453710 (568 ppm Li), A00453706 (481 ppm Li) and A00453508 (454 ppm Li). As shown on Figure 2, the highest lithium values (372-739 ppm Li) are located in the southern part of the property.

Obamska pegmatites are also enriched in other rare elements, with values of up to 17,943 ppm Be (4.98% BeO), 221 ppm Cs, 2,561 ppm Rb, 39.9 ppm Ta and 135 ppm Nb. The highest beryllium and cesium values were returned from sample A00453706, which included some of the large beryl crystals observed at this location, and three other samples returned more than 900 ppm Be (A00453506: 2,334 ppm; A00453507: 1,775 ppm; A00453504: 942 ppm), consistent with the beryl observed at these locations (Figure 4).

At Cisco West, the six bulk-rock samples returned between 24 and 69 ppm Li (Figure 2). Sample A00453503, collected from a very large beryl-bearing pegmatite, returned 260 ppm Be and 842 ppm Rb, and sample A00453701 returned 56.7 ppm Ta, 46 ppm Cs and 60 ppm Nb.

FIGURE 2 – Phase 1 (June 2026) bulk-rock lithium results (ppm Li) at the Obamska and Cisco West Projects, shown with the claim boundaries, the Nottaway shear zone, the Billy Diamond Highway and Q2 Metals' Cisco project. Samples are classified as <138 ppm, 138-372 ppm and 372-739 ppm Li.

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Phase 1 LIBS Analyses of Muscovite

As a pegmatite-forming melt evolves, incompatible elements such as rubidium and cesium become progressively enriched relative to potassium, so muscovite from more highly evolved pegmatites, which are considered more prospective for lithium, has lower K/Rb and K/Cs ratios. A calibrated, portable SciAps Z-903 LIBS analyzer was used to measure rare element concentrations and fractionation ratios in muscovite. These LIBS data are semi-quantitative and are intended to support decision-making only: to establish general fractionation trends across the Projects and to rapidly vector toward areas hosting more highly evolved pegmatites. They are not a substitute for laboratory assays. Three measurements were made on each muscovite sample, and the average of the three measurements is reported herein (Annex 2).

At Obamska, 44 muscovite samples returned average K/Rb ratios between 10.9 and 61.7 and average K/Cs ratios between 73 and 4,180. Nine samples returned K/Rb ratios below 15 (Figure 3). Eight of these form a cluster measuring approximately 650 m by 400 m in the southern part of the property, which also hosts the two highest bulk-rock lithium values (A00453710 and A00453711) and several beryl-bearing pegmatites, and which returned the three lowest K/Cs ratios of the program (73, 135 and 150). The ninth sample (K/Rb of 14.5) was collected approximately 1 km to the northwest, at the location of sample A00453706, where large beryl crystals were observed.

At Cisco West, seven muscovite samples returned average K/Rb ratios between 23.1 and 40.0 and average K/Cs ratios between 156 and 3,598 (Figure 3). The lowest K/Cs ratio (156) was returned from the very large beryl-bearing pegmatite sampled by A00453503.

FIGURE 3 – Phase 1 (June 2026) average K/Rb ratios in muscovite measured by portable LIBS at the Obamska and Cisco West Projects. Samples are classified as 10.9-15, 15-30 and 30-61.7. LIBS results are semi-quantitative.

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Beryl-Bearing Pegmatites at Obamska

Beryl was identified in several pegmatites at Obamska, over a north-south distance of more than 2 km (Figure 4). Notable occurrences include five to six large, slightly greenish beryl crystals measuring 7 to 9 cm at the location of sample A00453706, a large white beryl occurrence in an approximately 25 m-wide outcrop at sample A00453507, and beryl with garnet, muscovite and trace tourmaline in an approximately 15 m-wide outcrop along the contact with mafic volcanic rocks at sample A00453506. Beryl is a characteristic accessory mineral of LCT pegmatites, and its spatial association with the lowest K/Rb ratios and highest lithium values at Obamska supports the interpretation that the southern part of the property hosts an evolved, fertile pegmatite system. All of the beryl-bearing pegmatites shown on Figure 4 were visited by the Company's Qualified Person during Phase 2. Beryl was also observed at Cisco West, in the pegmatite represented by sample A00453503.

FIGURE 4 – Beryl-bearing pegmatites identified during Phase 1 (June 2026) at the Obamska Project. All locations were subsequently visited by the Company's Qualified Person during Phase 2.

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Phase 2 Program and Next Steps

Following the signing of the Option Agreement, the Company completed a Phase 2 program on the Projects from August 26 to September 12, 2026. The program consisted of prospecting and sampling by an eight-person team of professional geologists (P.Geo.) and prospectors, and was supervised in the field by Dr. Jérémie Pfister, P.Geo., Vice President of Exploration of the Company. During Phase 2, Dr. Pfister visited the beryl-bearing pegmatites identified during Phase 1 as well as the other outcrops visited and sampled by the prospectors during Phase 1. Assay results from Phase 2 are expected by the end of 2026, and the combined Phase 1 and Phase 2 results will be used to plan the next stage of exploration on the Projects.

Sampling, Analytical Methods and QA/QC (Phase 1)

Bulk-rock grab samples weighing approximately 0.4 to 1.8 kg were collected from pegmatite outcrops and submitted to the SGS facility in Red Lake, Ontario. Samples were prepared at the SGS facility in Sudbury, Ontario, and analyzed at the SGS facility in Burnaby, British Columbia, by sodium peroxide fusion with an ICP-AES finish for Li and Be and an ICP-MS finish for Cs, Rb, Ta and Nb (SGS methods GE_ICP91A50 and GE_IMS91A50). Certified reference materials (OREAS 750 and OREAS 751) were inserted into the sample stream at regular intervals, in addition to the laboratory's internal quality control samples. SGS is independent of the Company, and the SGS Burnaby laboratory is accredited to ISO/IEC 17025 for the methods used.

Muscovite samples were analyzed with a calibrated, portable SciAps Z-903 LIBS analyzer. Three measurements were made on each sample, and the average of the three measurements is reported. LIBS data are semi-quantitative, have not been confirmed by laboratory analysis, and should not be relied upon as assay values; they are used by the Company to identify general fractionation trends and to prioritize areas for follow-up.

Qualified Person and Data Verification

The scientific and technical information contained in this news release has been reviewed and approved by Dr. Jérémie Pfister, P.Geo., Vice President of Exploration of the Company, who is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Phase 1 was carried out by two prospectors who are not registered professional geoscientists, prior to the Company entering into the Option Agreement, and was not conducted under the supervision of a Qualified Person. Dr. Pfister supervised the Phase 2 program in the field and, during Phase 2, personally visited the beryl-bearing pegmatites identified during Phase 1 as well as the other outcrops visited and sampled during Phase 1, confirming the sample locations and the main geological observations reported by the prospectors, including the presence of beryl. Dr. Pfister also reviewed the prospectors' field notes and sample descriptions; compared the assay values reported herein against the original SGS certificates of analysis; reviewed the results of the certified reference materials and the laboratory's internal quality control data; and reviewed the LIBS data files and the averaging of the three measurements per sample.

About Libra Energy Materials Inc.

Libra (CSE: LIBR) (OTCQB: LIBRF) (FSE: W0R0) is a Canadian mineral exploration company focused on the discovery and development of the critical minerals necessary for the green energy transition. Libra's flagship Canadian projects include the recently optioned Cisco West and Obamska lithium projects in Québec, located adjacent to Q2 Metals' Cisco deposit - the largest hard-rock lithium deposit in the Western Hemisphere. Libra's Flanders North, Flanders South, and SBC lithium projects in Ontario are being explored under a CAD $33 million earn-in deal with KoBold Metals Company. In addition, Libra holds a broader portfolio of battery metals projects across Canada and Brazil. The Libra team comprises a mix of seasoned executives, engineers, and geoscientists, with extensive experience in mining and mineral exploration, capital markets, asset management, energy, and First Nations engagement.

Sources
¹ NI 43-101 Technical Report – Mineral Resource Estimate for the Cisco Lithium Project, Eeyou Istchee James Bay region of Quebec, Canada, prepared for Q2 Metals Corporation by BBA Inc., effective date April 20, 2026, signature date June 3, 2026. Inferred Mineral Resource of 295 million tonnes grading 1.36% Li₂O referenced in Figure 1.
² Moblan Lithium Project – Mineral Resource Estimate Update (JORC 2012), Sayona Mining Ltd., May 2023. Indicated and Inferred Mineral Resource figures referenced in Figure 1.
³ Rose Lithium-Tantalum Project – Feasibility Study and Updated Mineral Resource Estimate (NI 43-101), Critical Elements Lithium Corp., August 2022. Indicated and Inferred Mineral Resource figures referenced in Figure 1.
⁴ Whabouchi Lithium Project – Updated Mineral Resource Estimate (NI 43-101), Nemaska Lithium Inc., October 2019. Measured + Indicated and Inferred Mineral Resource figures referenced in Figure 1.
⁵ Initial Lithium Mineral Resources and Ore Reserves Reporting (JORC 2012), Rio Tinto Group, December 4, 2025. Indicated and Inferred Mineral Resource figures for the Galaxy Deposit referenced in Figure 1.

Cautionary Note Regarding Adjacent Properties

This news release contains information about the Cisco project owned by Q2 Metals Corp. and other lithium deposits that are adjacent or proximal to the Company's Cisco West and Obamska projects. Mineralization on properties adjacent to or near the Company's projects is not necessarily indicative of mineralization on the Company's projects. Readers are cautioned that the Company has no interest in or right to acquire any interest in the Cisco project, and that the presence of mineral resources or mineralization on adjacent properties is not necessarily indicative of the presence of similar mineralization on the Projects. The Company's Qualified Person has not verified the mineral resource estimates or other information relating to the adjacent or nearby properties shown in Figure 1.

Forward-Looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such statements relate to future events and include, without limitation, statements regarding the interpretation and significance of the exploration results reported herein, the prospectivity of the Projects for lithium and other rare elements, the timing of receipt of Phase 2 assay results, planned exploration programs on the Projects and their timing and scope, the Option Agreement and the Company's ability to satisfy the conditions thereunder, permitting and licensing, community engagement, reliance on third parties, and other risks associated with the natural resources industry. All statements other than historical facts are forward-looking statements.

These forward-looking statements are based on assumptions and expectations considered reasonable by management at the time they were made; however, no assurance can be given that such expectations will prove correct. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those anticipated. Accordingly, readers should not place undue reliance on such statements.

The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update or revise them, except as required by applicable securities laws. Readers are cautioned that the foregoing list of factors is not exhaustive.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Annex 1 - Phase 1 Bulk-Rock Assay Results, Obamska and Cisco West (June 2026)

Annex 2 - Phase 1 Portable LIBS Results on Muscovite (K/Rb and K/Cs), Obamska and Cisco West (June 2026)

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321360