Noa Lithium Brines Inc · TSXV:NOAL
Noa Lithium Brines — Investor Presentation (December 2025)
23 slides from Noa Lithium Brines's investor presentation, December 2025
Slide 1: The Newest Player in the Most Prolific Lithium-Producing District in the World
NOAL: TSX-V The Newest Player in the Most Prolific Lithium-Producing District in the World. December 2025 1
Slide 2: Disclaimer
DISCLAIMER The information in this presentation includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unkn
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS One of the Last High- Low-Risk Development Multi-Asset Growth Experienced and Grade Undeveloped Path: Platform: Aligned Leadership: Projects: High lithium NOA's portfolio includes Management has a strong capital stake in Few lithium brine concentration at Rio Rio Grande (Flagsh
Slide 4: Experienced Leadership
EXPERIENCED LEADERSHIP Founded and Led by a Team With Significant Previous Success Specifically in the Region, both in Lithium & Other Metals. Board & Management Have Significant Industry Experience Hernán. Gabriel. Miguel Zaballa,. Rubacha, | EXECUTIVE CHAIRMAN | CEO & DIRECTOR ● Argentina-based mi
Slide 5: Why Brines vs. Hard-Rock
WHY BRINES vs. HARD-ROCK LOWER COST, LOWER CARBON, LONGER RUNWAY Less Water Lower Carbon Lower Capital Resource Valuation Potential Use: Emissions: Intensity: Scarcity: Gap: Upside: Brine Brine Brine projects vs. Few salar brine Brine projects Brine projects processing production spodumene- deposits
Slide 6: Supply vs. Demand
SUPPLY vs. DEMAND TIGHTENING BALANCE (2025 – 2027) 6,000 ● Demand vs. Supply (2025): Demand is rising 5,000 ~26% YoY while supply is up ~16% YoY (LCE), 5,136kt LCE tightening market conditions. 4,000 +3,992kt LCE ● Cycle Context: Prices peaked in 2022 and required declined through 2024-H1’25 as new
Slide 7: Supply vs. Demand
SUPPLY vs. DEMAND FORECAST CONTINUES TO BE PROMISING ● Additional 1.5Mt are needed from the current level (125% increase) ● 30 new 30,000 tpa. should be built before 2030 to meet the demand NOAL: TSX-V | 7 Source: Benchmark Minerals
Slide 8: The Lithium Triangle
THE LITHIUM TRIANGLE Home to NOA’s projects, holds the world’s best lithium resources in terms of costs & grades NOA’S THREE MAJOR SALARS: ✓ Rio Grande (37k ha) ✓ Arizaro (78k ha) ✓ Salinas Grandes (10k ha) 50 km
Slide 9: Capital Structure
CAPITAL STRUCTURE December 15, 2025 *All financial figures in C$ Total Shares Out ~253M Management and Founders Ownership ~22% Warrants out (exercisable $0.2/0.221/0.5/0.6) ~190M 35% 36% Warrants held by Mgmt./Founders ~36% Options out 16.3M Market Cap C$72M 17% 12% ■ Other Investors ■ Clean Element
Slide 10: Río Grande
RÍO GRANDE NOAL: TSX-V | 10
Slide 11: Río Grande: World Class, High Margin Lithium Project
RÍO GRANDE WORLD CLASS, HIGH MARGIN LITHIUM PROJECT ● Flagship asset ● Outstanding project economics ● Potential for resource growth ● Preliminary Economic Assessment (PEA) demonstrates low technical development risk through proven process ● Low production cost ● Flexibility and opportunities: DLE,
Slide 12: Río Grande Project Highlights
RÍO GRANDE PROJECT HIGHLIGHTS ● Scalability: Two 20,000 tpa Lithium Carbonate trains to be developed in stages (Total of 40,000 tpa) ● Evaporation process: known/proven technology minimizing development risk ● High Grade: 525 mg/l Lithium concentration leading to optionality for the development of t
Slide 13: Río Grande Project Highlights
RÍO GRANDE 20,000 tpa 40,000 tpa PROJECT HIGHLIGHTS Project Lifetime Years 30 30 CAPEX US$ M $ 706.2 $ 1,345.9 OPEX US$ $ 5,897 $ 5,552 Avg. Selling Price US$ $ 24,000 $ 24,000 Avg. Annual EBITDA US$M $ 317 $ 613 Pre-Tax NPV (8%) US$B $ 2.065 $3.766 Pre-Tax IRR % 27.3% 28.1% After-Tax NPV (8%) US$B
Slide 14: Río Grande Project Development
RÍO GRANDE PROJECT DEVELOPMENT ● 5 DDH holes (~600 m each) ● Resource of approx. 4.7 M tons LCE (M&I + I) ● Measured and Indicated: 2.7M tons LCE / Inferred: 2.0M tons LCE ● High concentration lithium: Avg. 525 mg/l ● Additional resource may be added through areal expansion drilling Total Brine Avg
Slide 15: Río Grande Project Development
RÍO GRANDE PROJECT DEVELOPMENT 2023 2024 2025 2026 2027 2028 PROJECT DEVELOPMENT Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q41 Q1 Q2 Initial Exploration Maiden Resource Updated Resource Estimate Preliminary Economic Assessment (PEA) Exploration – Water – Increase Resource – Pumping Feasi
Slide 16: Río Grande Opportunities and Path Forward
RÍO GRANDE OPPORTUNITIES AND PATH FORWARD ● Pre-feasibility study in 2026 ● Alternatives evaluation: ● Carbonate Base Case ● Chloride/Carbonate staged Case ● Chloride/Carbonate Mix Production ● Evaporation/DLE Mix Approach ● Additional Drilling ● Lab and Tests for Development and Piloting ● Hydrogeo
Slide 17: Arizaro
INOM Baines ARIZARO NOAL: TSX-V _ | @)
Slide 18: Arizaro
ARIZARO ● One of the least explored salars in Argentina; NOA has ~78,000 ha at the salar ● Next to Lithium Chile’s already explored claims (w/ >500 mg/L Li at depth) ● Other companies on salar: Pluspetrol, Eramet, Tibet Summit, Hanaq ● Close to Arizaro railway station + good road access ● Geophysics
Slide 19: Salinas Grandes
SALINAS GRANDES NOAL: TSX-V | 19
Slide 20: Salinas Grandes
SALINAS GRANDES ● 10,200 ha in the alluvial /salar ● Surrounded by properties already explored by Orocobre (later LSC and now Pluspetrol) ● NI 43-101 report by LSC in 2013 ● Excellent geophysics results in TEM and VES done by NOA ● Fully paved road access, 40 km from rail station ● Nearby Puna gas p
Slide 21: Path Forward
Path Forward NOAL: TSX-V | 21
Slide 22: Three-Project Portfolio
THREE-PROJECT PORTFOLIO ONLY ONE VALUED BY THE MARKET. ALL IN THE SAME JURISDICTION. One project de-risked. Value partially unlocked. Two projects to unlock additional Rio Grande: value for the shareholders. ● ~37,000 ha ● 4.7 M t LCE @ 525mg/l Li Arizaro: ● PEA Released Q3 2025 ● ~78,000 ha ● No ro
Slide 23: Contact
| NOAL: TSX-V CONTACT info@noalithium.com
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