NOA Lithium Brines Inc. reported positive lithium results from brine samples from RG23-004, the fourth hole of the Phase 1 diamond drill program at its Rio Grande project (Rio Grande or the Project). The hole, located at the El Camino claim on the northeast edge of the salar, completed to a depth of 551 meters (m), intersected a high-grade lithium (Li) brine aquifer of significant thickness starting from a down-hole depth of only 2.5 meters (m). Highlights from the fourth drill hole include: 400 meters (2.5 m - 511 m) grading an average of 619 milligrams per litre ("mg/l") lithium; Average concentration of 360 mg/l Li in the upper 100 m, while the remainder of the hole averaged a high-grade concentration of 675 mg/l Li; and Encountered highest-grade concentration of 794 mg/l Li at 333 m. Diamond drill hole RG23-004 was completed at a depth of 551 m. From a depth of 2.5 m, the formations saturated with brine began.

The lithology of the well is composed mainly of gravel and sand with intercalations of halite and sulfates, whose thickness varied along the depth. Packer test sampling was carried out, revealing brine-saturated units throughout nearly the entire depth of the +500 m (covering approximately 400 m of the 551 m drilled), with the exception of four horizons ranging from 14 m to 29 m in thickness. Hole RG23-005, the fifth hole of the Phase 1 diamond drill program at the Rio Grande project, is well advanced and is anticipated to be completed in the coming weeks.

The location of RG23-004 and RG23-005. The ongoing Phase 1 drilling campaign will constitute the basis for the maiden resource at the Rio Grande Project and is scheduled for release in first quarter/2024. Hole RG23-004 was executed with diamond drilling (HQ-size), permitting the extraction of core samples of the salar basin formations and collection of brine samples where possible.

Drilling was carried out by Salta-based Hidrotec S.A., under the supervision of NOA's geologists.