NOA Lithium Announces Amended Warrant Terms and Implementation of Warrant Incentive Program

NOA Lithium Brines Inc. has announced an amendment to approximately 91.3 million outstanding common share purchase warrants, reducing the exercise price from $0.221 to $0.20 and extending the expiry date by one year. The new expiration dates are May 8, 2028, June 3, 2028, and June 9, 2028.

The company has also launched a Warrant Exercise Incentive Program running from November 11, 2026, to December 16, 2026. During this period, holders exercising their warrants will receive one common share plus one "Incentive Warrant" at no additional cost. The incentive warrant allows the acquisition of one share at $0.22 for three years.

Insiders, including directors, officers, and a control person, hold 87% of the eligible warrants. A TSXV waiver permits these insiders to exercise up to 30% of total warrants at the amended $0.20 price. Proceeds from early exercises will fund the Rio Grande project and general working capital. The transaction is subject to TSX Venture Exchange acceptance and approval.

NOA Lithium Brines Inc. (NOAL) has implemented a warrant amendment and incentive program, a structured capital management tool designed to accelerate cash inflows by lowering the exercise price and adding an incentive warrant. This action addresses the explicit going concern risk highlighted in the Q2 2026 MD&A, where management stated that current capital is insufficient to sustain operations through the next year.

The heavy insider concentration of 87% indicates that the capital raise is primarily internal, reflecting management's confidence in the Rio Grande project's development pathway rather than attracting new external institutional capital. The incremental nature of the proceeds, combined with the prior $5.9 million raised through warrant exercises in early 2026 and the C$5.9 million private placement in December 2025, positions this as a routine follow-up financing mechanism.

The news does not alter the project's technical fundamentals, PFS timeline, or economic assumptions. It is a necessary administrative step to maintain liquidity and fund the 2026 exploration and PFS work program.

NOA Lithium Brines Inc. (NOAL) holds a consolidated land package of over 140,000 hectares across three salars in Argentina's Lithium Triangle: Rio Grande, Arizaro, and Salinas Grandes. The flagship Rio Grande Project hosts an estimated 4.7 million tonnes of lithium carbonate equivalent (LCE) with an average lithium concentration of 525 mg/L.

A Preliminary Economic Assessment (PEA) was completed, outlining two development scenarios (20,000 tpa and 40,000 tpa) with strong economic metrics, including pre-tax IRRs of 27.3% and 28.1%, and after-tax payback periods of 3.4 and 5.0 years. The 2026 exploration program is actively drilling and testing wells to refine hydrogeological models and support the upcoming PFS. Recent well RT-RG26-PW002 demonstrated pumping rates of 25 L/s and an average lithium concentration of 651 mg/L.

The Arizaro Project has an indicative term sheet with Summit Explore for a 60% earn-in. The Salinas Grandes Project was impaired in Q2 2026 due to a lack of near-term exploration plans.