According to Mining, PowerStone Metals and Libra Lithium have finalized a definitive merger agreement, consolidating their assets to form a dominant force in Ontario’s critical minerals exploration sector. The merger will combine Libra’s substantial lithium exploration achievements, including the Soules Bay-Caron (SBC), Flanders North, Flanders South, and Nemiscau projects, with PowerStone’s market presence. Key highlights include Libra’s discovery of a new pegmatite field at SBC featuring 18 spodumene outcrops, some up to 30 meters wide, and lithium grades as high as 6.64% Li₂O. As part of the merger, PowerStone will implement a share consolidation at a ratio of one post-consolidation share for every 2.4966 outstanding shares, streamlining its capital structure for better operational efficiency.
Libra Lithium has rapidly become a significant player in the Canadian lithium exploration scene. Within a year, the company assembled a substantial portfolio of lithium assets. Previously, Libra has secured a US$23 million earn-in agreement with KoBold Metals. KoBold Metals, the U.S.-based startup, backed by Bill Gates and Jeff Bezos, further enhances the financial and technological potential of its projects. According to MSN, Bill Gates and Jeff Bezos have partnered to invest in mining ventures focusing on rare metals across Africa through their support of KoBold Metals. KoBold recently secured $537 million in funding, for mining ventures targeting rare metals, which include lithium, cobalt, and platinum.
Libra Lithium CEO Koby Kushner stated: “With limited capital, we were able to build a company with a large portfolio of lithium assets and discover lithium mineralization on three grassroots projects in under a year.”
With the global demand for lithium surging, this merger aligns with the strategic goal of reducing reliance on China, which currently dominates 60–70% of the lithium refining market. The combined entity is well-positioned to support North America’s energy transition, leveraging advanced exploration strategies and significant financial backing. By consolidating their strengths, PowerStone and Libra are poised to lead sustainable lithium production, ensuring a reliable supply chain for the growing EV and renewable energy sectors.
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