NOA Drills Thickest High-Grade Intercept To Date At Rio Grande And Intercepts Average 526 Mg/L Lithium Over 508.5 Meters

BUENOS AIRES, October 16, 2023 - NOA Lithium Brines Inc. (TSXV:NOAL)(FSE:N7N) ("NOA" or the "Company") is pleased to report positive lithium results from brine samples from RG23-003, the third hole of the Phase 1 diamond drill program at its Rio Grande project ("Rio Grande" or the "Project"). The hole was drilled within the salar, approximately 6 kilometers ("km") northwest of hole RG23-002, at the Cristina claim on the surface salar on the Project, and intersected a high-grade lithium ("Li") brine aquifer of significant thickness starting from a down-hole depth of only 15 meters ("m"). Highlights include:

• 508.5 m (15 m - 659 m) grading 526 milligrams per litre ("mg/l") Li.
• Brine aquifer beginning at a shallow depth of only 15 m below surface, and encountered the thickest, high-grade intercept to date at Rio Grande.
• Encountered highest-grade Li concentration of 785 mg/l at 250 m.
• Hole drilled to a depth of 676 m, resulting in the deepest reported occurrence of permeable brines at Rio Grande.

NOA's Chief Executive Officer Gabriel Rubacha states: "Our third exploration hole delivers our best drill results to date, confirming the potential of the Rio Grande Project. The excellent results from this hole, combined with the high-grade intercepts from our two previous holes, deliver a consistent high lithium concentration brine that expected to contribute to a material resource, that confirming a project of significant magnitude can be developed in our Rio Grande's properties. Our fourth hole has already been started in the El Camino property, in the northeast area of Rio Grande. With two rigs mobilized at site, we remain on schedule to develop a maiden resource estimate on the project in the first half of 2024."

Hole RG23-003 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.

The lithological profile of the third hole is in-line with other drillholes at the Project. Almost the entire depth of the +600 m hole returned brine-saturated units based on packer testing, with the exception of select horizons with a few meters in thickness. In general, halite and interstitial sands were the dominant lithologies, with amounts of each varying along the depth.

The Phase 1 drill program is planned for six holes and is designed to deliver a maiden mineral resource estimate for the Rio Grande project in early 2024. The location of RG23-003 is shown in Figure 1.

Results for Hole RG23-003
The results of the brine analyses and the respective intervals are shown in Table 1 below and drill collar information is presented in Table 2 below. Hole RG23-003, drilled at the Cristina claim (shown in Figure 1 below) reached a depth of 676 m, which the Company understands to be the deepest hole ever publicly reported on the Rio Grande salar.

Table 2: RG23-003 - Drill Collar Information

About NOA Lithium Brines Inc.
NOA is a lithium exploration and development company formed to acquire and develop assets with significant resource potential. All NOA's projects are in the heart of the prolific Lithium Triangle, in the mining-friendly province of Salta, Argentina, near a multitude of projects and operations owned by industry leaders. NOA has rapidly consolidated one of the largest lithium brine claim portfolios in this region that is not owned by a producing company, with key positions on three prospective salars (Rio Grande, Arizaro, Salinas Grandes) and a total portfolio of approximately 100,000 hectares.

On Behalf of the Board of Directors,

Gabriel Rubacha
Chief Executive Officer and Director

For Further Information On The Company
Website: www.noalithium.com
Email: info@noalithium.com
Telephone: +54-9-11-5060-4709
Alternative Telephone: +1-403-571-8013

Sample Analysis & QA/QC Program

The Company has a robust QA/QC and sample management program. Brine samples were collected by a single / double packer system (in-hole inflatable) to isolate specific intervals down the drillhole. The packer sampling method allows the collection of brine samples at specific depths while sealing the hole at the top and bottom of the interval. The packer system was run several times to flush the hole after drilling to clear / clean the hole prior to sampling and four samples for each interval were collected (main sample, duplicate sample, check sample, reserve sample). The drillhole of the current release was inclined vertically (90 degrees) and the salar strata are believed to be flat-lying resulting in reported intervals approximating true thickness.

Samples of brine were submitted by courier for analysis to SGS Argentina S.A., the local subsidiary of SGS International, an accredited laboratory for the analysis of lithium and other elements. SGS employed Inductively Coupled Plasma Optical Emission Spectrometry as the analytical technique for the primary constituents of interest, including: boron, calcium, potassium, lithium, and magnesium. Measurements in the field included pH, conductivity, temperature and density. The quality of sample analytical results was controlled and assessed with a protocol of blank, duplicate and standard samples included within the sample sequence. Differences between original and duplicate samples and results for standards and blanks are considered within the acceptable range for lithium.

Qualified Person

David O'Connor P.Geo., is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and he has reviewed and approved the scientific and technical information in this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All statements within this news release, other than statements of historical fact, are to be considered forward looking statements. Forward-looking statements including, but not limited to NOA's future plans and objectives regarding its projects, which constitute forward looking information that involve various risks and uncertainties. Although NOA believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those described in forward-looking statements. Factors that could cause actual results to differ materially from those described in forward-looking statements include fluctuations in market prices, including metal prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. NOA does not assume any obligation to update any forward-looking statements except as required under applicable laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: NOA Lithium Brines Inc.