Uranium, Lithium, PGEs, and More
Libra Energy, Baselode Energy, Transition Metals.
This post includes sponsored content. Read the warning at the bottom of the post.
Last Week on Resource Talks:
New Lithium Explorer Signs a Deal With KoBold Metals | Libra Energy
2 Uranium Juniors Are Merging, But Is It the Right Call? | Baselode Energy
Can a $4M Explorer Tackle PGMs, Copper & Uranium? | Transition Metals
New Lithium Explorer Signs a Deal With KoBold Metals
* Libra Energy has paid for the production of this interview❗
Libra Lithium Corp. is a newly-listed Canadian lithium explorer that sprint-staked a clutch of grassroots lithium-pegmatite prospects in north-western Ontario (Flanders South, Flanders North, Soules Bay-Caron and Toivo) and in Québec’s James Bay belt (Wegucci and Nemiscau), then flipped operational control of the three flagship Ontario blocks to KoBold Metals via a six-year, C$33 million earn-in that can leave Libra with just 25 % (or a 1 % NSR if it can’t fund its share post-earn-in). The company has collected grab-samples with up to 6.64 % Li₂O and multi-kilometre strike lengths. Management, led by ex-analyst and engineer Koby Kushner, plans to list through a reverse takeover of PowerStone on the CSE, with a “counter-cyclical” approach to lithium.
In this interview, Libra Energy Materials CEO Koby Kushner explains the company’s origin, his technical and capital-markets background, insider lock-ups, the decision to list during a lithium downturn, the track record of his exploration team, joint-venture terms with KoBold Metals, priorities across six Ontario-Québec pegmatite projects, financing and marketing plans, prospective M&A, and his view that lithium prices have bottomed, while outlining milestones, risks, and governance safeguards.
TL;DR
History
Libra was formed in early 2023 to pursue grassroots lithium exploration after the founders saw capital flowing into weaker projects.
–Insider Ownership
CEO Koby Kushner, a mining engineer and former lithium analyst, owns roughly 11-12% of the company and takes a five-figure salary.
–Share Structure
About 45 percent of shares are in an event-driven lock-up, and insiders intend to keep buying while avoiding cheap-stock giveaways.
–KoBold Partnership
A KoBold Metals earn-in can fund up to CA$33 million on three flagship assets, supplying revenue and technical horsepower without corporate-level dilution.
–Strategy
Near-term strategy is to bank drill-ready targets, pursue counter-cyclical M&A, and list in summer 2025, betting that lithium demand rebounds from a perceived market bottom.
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2 Uranium Juniors Are Merging, But Is It the Right Call?
* Baselode Energy has paid for the production of this interview❗
Baselode Energy (TSXV: FIND) is a Saskatchewan-focused uranium explorer best known for discovering the shallow, basement-hosted ACKIO zone on its 100%-owned Hook project, 40 km southeast of Cameco’s Key Lake mill.
Led by geologist-CEO James Sykes, the company follows an “Athabasca 2.0” strategy, which entails using gravity lows, EM conductors and clay alteration as pathfinders to hunt for open-pit-amenable uranium outside the sandstone cover that complicates most Athabasca deposits.
Before announcing its merger with Forum Energy Metals, Baselode controlled three core claim blocks (Hook, Catharsis and Shadow), held roughly 134 million shares outstanding for a sub-C$20 million market cap, and counted low insider ownership (~2 %) but a retail following attracted by the near-surface grades (e.g., 1.67 % U₃O₈ over 7.5 m) drilled at ACKIO since 2021; the investment thesis hinged on proving sufficient tonnage at shallow depths to tempt a larger uranium producer or an ETF-driven rerate.
However, recently, things have taken a bit of a turn.
In this interview, Baselode Energy and Forum Energy Metals described the reasoning behind their proposed merger, outlining how Baselode’s cash position would fund exploration of Forum’s Aberdine uranium project in Nunavut and covering the deal’s rationale, timing, shareholder reaction, management shifts, exploration plans, permitting status, and expected news flow.
TL;DR
Merger
The merger would pair Baselode’s cash with Forum’s Aberdeen uranium project to finance additional drilling. Sykes moves to technical adviser; VP Exploration Cam exits; Forum founder Rick Mazur will not join the combined board.
–Drilling
Baselode intends to maintain its Athabasca 2.0 exploration model while directing near-term drilling to Aberdeen.
–Leadership
Boards and several major shareholders have indicated conditional support, despite expected dilution and management changes.
–Drill Program
The 2025 plan calls for roughly 7 000 m in 20–25 holes at Aberdeen, with scintillometer readings during the program and assays likely in the fall. Potential winter work at Ackio; other properties may be optioned.
–Target
The economic rationale rests on finding a shallow deposit exceeding about 100 Mlb U₃O₈ that would justify district-scale infrastructure in Nunavut’s Thelon Basin. Aberdeen is expected to be more expensive to drill than Ackio. However, Sykes maintains the larger scale could offset higher costs.
Can a $4M Explorer Tackle PGMs, Copper & Uranium?
Transition Metals (TSX-V: XTM) is a Canadian prospect generator that juggles a 25-project portfolio spanning platinum-group metals, gold-silver, copper-nickel, molybdenum and uranium.
Its flagship assets are the Saturday Night PGM–Ni–Cu target near Thunder Bay, the Pike Warden Au-Ag-Cu system in Yukon (still earning in), and a four-year option to stake the 713 km² Dessert Lake uranium basin in the Northwest Territories.
The company funds early-stage geophysics and sampling, then attempts to farm projects out while retaining minority interests, which are typified by its 25 % carried stake in the Implats-operated Sunday Lake PGM discovery.
With a treasury of roughly C$4 million (cash plus junior-equity holdings) and daily trading liquidity under C$50 k, Transition relies on frequent sub-dollar flow-through placements to keep drills turning and must hit a bona-fide discovery or land a deep-pocket JV partner before dilution overtakes optionality.
TL;DR
Valuation
CEO Scott McLean stated that the internal valuation of their assets is approximately C$18 million, while the market cap sits at only C$3.6 million. This disconnect is attributed to the company’s complex multi-asset structure and lack of retail/institutional recognition.
–Exploration
Pike Warden (Yukon) will see a drill program targeting a geophysical anomaly, with proof- of-concept drilling expected to attract major partners. Saturday Night (Ontario), a PGM project with geological similarities to Sunday Lake, will be revisited later in the year.
–Strategy
Transition Metals is pursuing asset sales, including one that could bring in nearly the company’s full market cap, to finance exploration without diluting shareholders. Equity financing is only considered if share prices improve.
–Skin in the Game
McLean owns around 5% of the company, has not drawn a salary since September, and has never sold a share. He remains optimistic about market sentiment improving and is personally invested in the outcome.
–Results
Transition is activating crews and anticipates releasing results by mid-to-late summer. An asset sale is also expected to be announced shortly, marking key upcoming catalysts for the company.
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