Drilling Expands Mineralized Footprint at Penelope

Ten of the final 15 holes returned samples above 500 ppm total rare earth oxides; element recovery rates remain undetermined.

Rhea-AI Summary

Libra Energy Materials (LIBRF) completed its Penelope auger drilling program in Brazil, expanding near-surface rare earth enrichment beyond the Elena target. All 22 holes, totalling approximately 261 m, are now reported across approximately 550 m east-west by 750 m north-south. Of the final 15 holes, 10 returned at least one sample above 500 parts per million (ppm) total rare earth oxides (TREO).

Hole PLE-AD-021 returned 2.0 m at 1,421 ppm TREO from surface, including 1.0 m at 2,239 ppm. PLE-AD-010 returned 12.0 m at 801 ppm from surface to the hole bottom. Several holes ended in mineralized material without reaching the base of enrichment. Element recovery rates have not been determined. Libra considers the wholly owned project non-core and sees potential monetization through earn-ins, joint ventures or divestment, while focusing on Cisco West and Obamska.

Positive

• Minor pointCompleted 22-hole, approximately 261 m program expanded enrichment beyond the initial Elena drilling.
• Minor pointFinal results included 10 of 15 holes with at least one sample above 500 ppm TREO.
• Minor pointPLE-AD-021 returned 2.0 m at 1,421 ppm TREO from surface, including 1.0 m at 2,239 ppm.
• Minor pointPLE-AD-010 returned 12.0 m at 801 ppm TREO from surface to the hole bottom.
• Minor pointPLE-AD-010 included 4.0 m at 1,075 ppm TREO, containing 1.0 m at 1,690 ppm.

8 minor points

• Minor pointPLE-AD-020 returned 1.0 m at 2,585 ppm TREO in its final sample.
• Minor pointPLE-AD-009 returned 1.0 m at 1,263 ppm TREO, with 37.3% magnet rare earth oxides.
• Minor pointPLE-AD-015 returned 1.0 m at 1,045 ppm TREO.
• Minor pointPLE-AD-013 returned 8.5 m at 675 ppm TREO from surface to the hole bottom.
• Minor pointPLE-AD-014 returned 4.0 m at 38 g/t gallium from surface.
• Minor pointPLE-AD-022 returned 1.0 m at 43.5 g/t gallium at 7 m depth.
• Minor point. Forward-looking: it has not happened yet and may not happen.Penelope monetization is a potential opportunity through earn-ins, joint ventures or divestment, in Libra's view.
• Minor pointCisco West and Obamska's maiden prospecting program was recently completed.

Negative

• Minor pointIndividual element recovery rates have not been determined for the reported TREO and magnet oxide calculations.
• Minor pointPLE-AD-020's highlighted interval was cerium-dominated, with magnet rare earth oxides at 1.0% of TREO.
• Minor pointThe enrichment's base was not reached in PLE-AD-010, PLE-AD-013 and PLE-AD-020.

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Libra Completes Penelope Auger Program, Extending Near-Surface REE Enrichment Up to 700 m from Elena

Toronto, Ontario--(Newsfile Corp. - October 20, 2026) - Libra Energy Materials Inc. (CSE: LIBR) (OTCQB: LIBRF) (FSE: W0R0) ("Libra" or the "Company") is pleased to report the remaining assay results from its maiden auger drill program at its 100%-owned Penelope Project ("Penelope" or the "Project") in Minas Gerais, Brazil. Results from Holes PLE-AD-008 through PLE-AD-022 extend near-surface rare earth element ("REE") enrichment beyond the initial holes at the Elena target, including approximately 125 to 250 metres ("m") to the east, northeast and west, and approximately 650 m to the northwest, where Hole PLE-AD-021 returned 2.0 m at 1,421 ppm total rare earth oxides ("TREO") from surface, including 1.0 m at 2,239 ppm TREO. With all 22 holes now reported, the program has tested an area of approximately 550 m east-west by 750 m north-south, and 10 of the 15 holes reported today returned at least one sample above 500 ppm TREO.

"Completing the auger program has meaningfully expanded the footprint of REE enrichment at Penelope," said Dr. Jérémie Pfister, Vice President of Exploration of Libra. "Hole PLE-AD-021, drilled about 700 m from Elena, returned one of the highest-grade samples of the entire program, while Hole PLE-AD-010 was mineralized from surface to the bottom of the hole. Together with the initial results, these holes show that REE enrichment at Penelope is not confined to a single target, and that it is accompanied by consistent gallium values and, in places, a high proportion of magnet rare earths."

"While Penelope is non-core to our long-term strategy, we believe the Project offers opportunities for monetization, potentially through earn-ins, joint ventures, or divestment. Our eyes remain laser focused on Cisco West and Obamska, where we recently completed a maiden prospecting program, and we are incredibly excited to share what we've already found," said Koby Kushner, CEO of Libra.

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 underlying pegmatites, with individual samples returning up to 8,780 ppm Niobium (Nb), 10,900 ppm Tantalum (Ta), and 3,103 ppm total REEs (see Company press release dated February 26, 2026). Following up on these results, Libra completed a 22-hole mechanical auger drilling program totalling approximately 261 m to evaluate REE enrichment within the regolith profile. Results for the first seven holes, which returned multiple intervals above 1,000 ppm TREO near the Elena target, were reported on June 11, 2026 (see Company press release dated June 11, 2026). This release reports the results for the remaining 15 holes, PLE-AD-008 through PLE-AD-022.

Figure 1: Map over the Elena target area at Penelope, showing the locations of all 22 auger drill holes (PLE-AD-001 to PLE-AD-022).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9331/319897_307bdded043e68f6_001full.jpg

The final 15 holes extended REE enrichment beyond the initial Elena drilling in several directions, confirming that the enriched regolith is laterally extensive. Highlight results include:

• 2.0 m of 1,421 ppm TREO from surface, including 1.0 m of 2,239 ppm TREO (PLE AD 021)

• 12.0 m of 801 ppm TREO from surface to the end of the hole, including 4.0 m of 1,075 ppm TREO (PLE AD 010) and 1.0 m of 1,690 ppm TREO at 6 m depth (PLE-AD-010)

• 1.0 m of 2,585 ppm TREO in the last sample of the hole (PLE AD 020)

• 1.0 m of 1,263 ppm TREO with 37.3% MREO, the highest magnet rare earth proportion of the program (PLE AD 009)

• 1.0 m of 1,045 ppm TREO (PLE AD 015)

• 8.5 m of 675 ppm TREO from surface to the end of the hole (PLE AD 013)

• 4.0 m of 38 grams per ton (g/t) Gallium (Ga) from surface (PLE-AD-014)

• 1.0 m of 43.5 g/t Ga at 7 m depth (PLE-AD-022)

All of these intercepts occur within 12 m of surface. With the exception of PLE-AD-020, where the interval is dominated by cerium, the intercepts contain a favourable proportion of magnet rare earth oxides ("MREO") of 21% to 37% of TREO, as summarized in Table 1. Enrichment in the key magnet REEs (Nd, Pr, Dy, Tb) across a broader area adds to the understanding of the REE system at Penelope.

Hole	Easting	Northing	from  (m)	to (m)	interval (m)	TREO (ppm)	MREO (%)	Ga  (g/t)
55-PLE-AD-009	697106	7963907	7	8	1	1,263	37.3	30
55-PLE-AD-010	697071	7963813	6	10	4	1,075	21.3	30
including			6	7	1	1,690	22.1	36
55-PLE-AD-015	696614	7963706	3	4	1	1,045	20.8	28
55-PLE-AD-020	696404	7963896	11	12	1	2,585	1.0	b.d.l*
55-PLE-AD-021	696128	7965100	0	2	2	1,421	26.5	28
including			1	2	1	2,239	27.8	29

 

Table 1: Summary of auger drill intervals and average grades from the Penelope program. Full detailed results, including individual REE assays for these intervals, are provided in Appendix A to this Press Release.

Notes:

• Total Rare Earth Oxides ("TREO") is defined as the sum of the following oxides: CeO₂, Dy₂O₃, Er₂O₃, Eu₂O₃, Gd₂O₃, Ho₂O₃, La₂O₃, Lu₂O₃, Nd₂O₃, Pr₆O₁₁, Sm₂O₃, Tb₄O₇, Tm₂O₃, Yb₂O₃ and Y₂O₃.

• Magnet Rare Earth Oxides ("MREO") are defined as the combined oxides of Nd₂O₃, Pr₆O₁₁, Dy₂O₃, and Tb₄O₇ and are expressed as a percentage of TREO.

• TREO and MREO values were calculated using standard stoichiometric conversion factors from the analytical results.

• Recovery rates for the individual elements used to calculate the TREO and MREO values have not been determined.

• *Below detection limit

Combined with the initial results reported on June 11, 2026, the completed auger program outlines near-surface REE enrichment around the Elena target and in several step-out holes, including Hole PLE-AD-021, approximately 700 m to the northwest. The holes averaged approximately 12 m in depth, and several ended in mineralized material (including PLE-AD-010, PLE-AD-013 and PLE-AD-020), which means the base of the REE-enriched profile was not reached at those locations. The results expand the mineralized footprint at Penelope well beyond the area covered by the initial holes.

Quality Assurance / Quality Control (QA/QC) Protocol

A total of 167 samples from Holes PLE-AD-008 to PLE-AD-022 were submitted to SGS Geosol Laboratórios S.A. in Vespasiano, Minas Gerais, an ISO/IEC 17025 accredited laboratory independent of the Company. These comprised 152 regolith samples and 15 blanks, certified reference materials (CRMs) and field duplicates.

Holes PLE-AD-008 to PLE-AD-014 (76 samples): Samples were crushed to 75% passing 3 millimetres (mm) and pulverized to 95% passing 150 micrometres (µm). Total rare earth oxides (TREO) were determined by sodium peroxide fusion followed by ICP-MS (method ICM90A).

Holes PLE-AD-015 to PLE-AD-022 (91 samples): Samples were dried at 105 °C, split, crushed to 75% passing 3 mm, and an approximately 300 g split was pulverized for analysis. Major element oxides were determined by lithium metaborate fusion with ICP-OES (ICP95A). Rare earth and trace elements were determined by lithium metaborate fusion with ICP-MS (IMS95A), and loss on ignition at 1,000 °C (PHY95A).

For both sample groups, CRMs (ITAK 713, 714 and 715), blanks and field duplicates were inserted into the sample stream at regular intervals and reviewed for performance before the results were released. The laboratory also applied its own internal quality control, including preparation blanks, pulp duplicates, replicates and reference materials.

The QA/QC program has been designed in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Exploration Best Practice Guidelines. The procedures implemented are considered appropriate, accurate, and reliable for this style of mineralization, ensuring the integrity and quality of the sample data.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Dr. Jérémie Pfister, PhD, PGeo., Vice President of Exploration of Libra. Dr. Pfister is a "qualified person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

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.

For more information, please contact Libra Energy Materials Inc.:

Koby Kushner, P.Eng., CFA
Chief Executive Officer and Director
Email: kkushner@libraenergymaterials.com
Telephone: 416-846-6164

Website: libraenergymaterials.com
LinkedIn: linkedin.com/company/libra-energy-materials
Instagram: @libraenergymaterials
X: @LibraEnergyMats

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, including, but not limited to, statements regarding: the extent and continuity of REE enrichment at the Project; the potential for continued mineralisation; the potential for the prospective targets of the Project to be associated with mineralization; and the potential for rare earth mineralisation to be present in untested areas of the Project. Forward-looking information is based on assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Such assumptions include, without limitation: that the geological and geophysical, interpretations of the Project are consistent with rare earth mineralisation; that exploration results will continue to support the Company's assessment of the Project's potential; and that rare earth commodity prices and market conditions remain sufficient to support continued exploration investment. Forward-looking information is subject to known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking information. These risks include, but are not limited to: the possibility that the continuity or extent of mineralisation at the Project is less than interpreted; the possibility that mineralisation does not continue; the risk that geophysical similarities between targets at the Project do not reflect equivalent or comparable mineralisation; the risk that mineralisation at the Project is not amenable to economic extraction; uncertainty regarding the economic significance of certain mineral values; volatility in rare earth and critical mineral commodity prices; and general exploration risks inherent to the evaluation of mineral properties at an early stage. Readers are referred to the risk factors described in the Company's most recent continuous disclosure filings available on SEDAR+ at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking information. Except as required by applicable securities laws, the Company assumes no obligation to update or revise any forward-looking information to reflect events or circumstances after the date of this news release.

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. 

Appendix A - REE assays results and oxide composition tables for selected intervals

Hole Id	From	To	Ce ppm	CeO2	Dy ppm	Dy2O3	Er ppm	Er2O3	Eu ppm	Eu2O3	Gd ppm	Gd2O3	Ho ppm	Ho2O3	La ppm	La2O3	Lu ppm
PLE-AD-009	7	8	150	184.26	14.24	16.34	5.65	6.46	10.51	12.17	26.72	30.80	2.23	2.55	367.3	430.77	0.51
PLE-AD-010	6	7	559.5	687.29	8.04	9.23	3.06	3.50	5.27	6.10	16.35	18.85	1.27	1.45	448	525.41	0.25
PLE-AD-010	7	8	370	454.51	4.68	5.37	1.96	2.24	2.43	2.81	8.67	9.99	0.83	0.95	196.6	230.57	0.22
PLE-AD-010	8	9	269.1	330.56	5.47	6.28	2.42	2.77	2.22	2.57	8.51	9.81	0.99	1.13	173.3	203.25	0.27
PLE-AD-010	9	10	282.8	347.39	5.15	5.91	2.47	2.82	2.73	3.16	10.35	11.93	0.98	1.12	247.1	289.80	0.29
PLE-AD-015	3	4	400.6	492.10	10.51	12.06	3.91	4.47	5.11	5.92	17.33	19.97	1.76	2.02	198.3	232.57	0.24
PLE-AD-020	11	12	2044.3	2511.22	0.8	0.92	0.38	0.43	0.3	0.35	1.25	1.44	0.13	0.15	31.3	36.71	0.07
PLE-AD-021	0	1	193.7	237.94	5.67	6.51	2.74	3.13	2.97	3.44	8.46	9.75	0.87	1.00	138.5	162.43	0.46
PLE-AD-021	1	2	355.7	436.94	17.71	20.33	6.28	7.18	13.25	15.34	31.48	36.28	2.43	2.78	825.9	968.62	0.6

 

Hole Id	From	To	Nd ppm	NdO3	Pr ppm	Pr6O11	Sm ppm	Sm2O3	Tb ppm	Tb4O7	Tm ppm	Tm2O3	Yb ppm	Yb2O3	∑ REE	∑ TREO	MREO	% MREO
PLE-AD-009	7	8	301.1	351.20	82.49	99.66	45.9	53.23	2.94	3.46	0.7	0.80	3.9	4.44	1066.28	1262.88	470.67	37.27
PLE-AD-010	6	7	235.4	274.57	72.96	88.15	28	32.47	1.79	2.11	0.32	0.37	2	2.28	1412.23	1690.18	374.05	22.13
PLE-AD-010	7	8	108.5	126.55	33.24	40.16	13.8	16.00	0.98	1.15	0.29	0.33	1.6	1.82	766.51	921.56	173.24	18.80
PLE-AD-010	8	9	99.2	115.71	29.49	35.63	13.5	15.65	1.02	1.20	0.32	0.37	1.9	2.16	637.94	765.78	158.81	20.74
PLE-AD-010	9	10	132	153.96	40.2	48.57	14.8	17.16	1.15	1.35	0.28	0.32	1.6	1.82	770.54	922.03	209.80	22.75
PLE-AD-015	3	4	134.9	157.35	37.19	44.93	21.8	25.28	2.11	2.48	0.43	0.49	2.2	2.51	869.7	1044.72	216.82	20.75
PLE-AD-020	11	12	16.3	19.01	5.33	6.44	2.4	2.78	0.1	0.12	0.05	0.06	0.4	0.46	2106.53	2584.50	26.49	1.02
PLE-AD-021	0	1	80.8	94.25	24.16	29.19	12.6	14.61	0.94	1.11	0.37	0.42	3.1	3.53	502.67	602.53	131.05	21.75
PLE-AD-021	1	2	386.9	451.28	121.91	147.29	57.8	67.02	3.43	4.03	0.72	0.82	4.8	5.47	1887.9	2238.99	622.93	27.82

  
Note: See Table 1 and Figure 1 for UTM coordinates.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/319897

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Libra's completed Penelope drilling program find?

The completed program expanded near-surface rare earth enrichment beyond Elena, with 10 of the final 15 holes returning at least one sample above 500 ppm total rare earth oxides. PLE-AD-021 returned 2.0 m at 1,421 ppm from surface, including 1.0 m at 2,239 ppm.

What could Libra do with the Penelope project?

Libra sees potential to monetize the non-core Penelope project through earn-ins, joint ventures or divestment. These are potential routes rather than announced transactions. The company's focus remains on Cisco West and Obamska, where it recently completed a maiden prospecting program.