Libra discovers rare earths and gallium at Penelope, Brazil

Toronto, Ontario--(Newsfile Corp. - June 11, 2026) - Libra Energy Materials Inc. (CSE: LIBR) (OTCQB: LIBRF) (FSE: W0R0) (" Libra " or the " Company ") is pleased to report initial assays from its maiden auger drill program at its 100%-owned Penelope Project (" Penelope " or the " Project ") in Minas Gerais, Brazil. The first six holes returned consistent grades near surface, including multiple intervals exceeding 1,000 ppm total rare earth oxides (" TREO ") such as 2.0 metres (" m ") at 2,033 ppm TREO , underscoring the potential for robust rare earth elements (" REE ") enrichment. The initial phase is focused on the high-priority Elena, Gaia, and Nice targets, where previous sampling returned grades of up to 3,103 ppm total REEs ( see Company press release dated February 26, 2026 ).

The auger program has now been completed, with all 22 holes drilled. Assay results have been received for the first seven holes, and results for Holes PLE-AD-008 through PLE-AD-022 remain pending. "These initial results highlight the strength of the near-surface REE enrichment at Penelope," said Koby Kushner, CEO of Libra.

"It is still early days, with an average hole depth of only 17 metres, however, we are impressed with the high proportion of magnetic REEs in the system, the high-grade gallium kickers, and the consistency across the initial holes. As we continue advancing the work program, we are also assessing strategic options that can unlock value for shareholders while keeping Libra focused on its core lithium strategy." Penelope Exploration and Geology The Penelope Project is located in the mining-friendly jurisdiction of Minas Gerais, Brazil. The Project area hosts multiple NYF-type (Niobium-Yttrium-Fluorine) pegmatites and associated A-type granites beneath a thick, REE-enriched regolith profile.

Previous prospecting programs have confirmed the presence of high-grade critical minerals in the underlyi