NOA Lithium Signs Term Sheet for Option and Joint Venture with Summit Explore for Arizaro Project

Executive Summary

• NOA Lithium Brines entered into an indicative non-binding term sheet with Summit Explore Corporation for an option and joint venture arrangement covering its Arizaro lithium brine property in Salta, Argentina.
• Summit Explore can earn a 60% undivided interest in the Project by completing technical studies and making a total cash and equity investment of up to approximately USD $3.5 million, with NOA retaining the remaining 40%.
• The agreement includes brine testing at Summit's DLE facility in Chile and aligns with Summit's strategy to aggregate regional brine supply for a centralized 5,000 tpa lithium carbonate equivalent DLE facility.

Key Details

• Earn-in Structure: Single-stage earn-in option where Summit Explore earns a 60% interest; NOA retains 40%.
• Total Investment: Up to ~USD $3.5 million in combined cash and equity investments tied to technical milestones.
• Milestone 1 (PEA): Summit Explore will fund an exploration program and complete a NI 43-101 compliant Preliminary Economic Assessment (PEA) by August 31, 2027.
• Milestone 2 (Equity Investment): Upon PEA delivery, Summit Explore will make a USD $750,000 equity investment via private placement. Shares will be issued at 2x the 20-day VWAP of NOA's common shares on the TSXV (or principal market) preceding PEA delivery.
• Milestone 3 (PFS & Cash Payment): Within 24 months of the definitive agreement, Summit Explore will complete a NI 43-101 compliant Preliminary Feasibility Study (PFS) and pay USD $2,750,000 in cash to NOA.
• Operator Role: Upon earning the 60% interest, Summit Explore will serve as the operator of the joint venture advancing the project toward development.
• Technical Validation: Representative brine will be tested at Summit's rapid-validation demonstration facility in Santiago, Chile, to assess compatibility with Summit's denaLi™ DLE technology under realistic conditions; extraction-performance data will directly feed into the PEA and PFS.
• Strategic Context: Summit is aggregating multiple brine properties across Salta to supply a centralized 5,000-tonne-per-annum lithium carbonate equivalent DLE facility under a Build-Own-Operate-Maintain (BOOM) model, designed to improve economics and lower levelized production costs.
• Technology: Summit's denaLi™ DLE technology (enabled by eLivate™ sorbent) is engineered for high lithium recovery, strong impurity rejection, and low water use across a project's full lifecycle.

Notable Quotes

• Gabriel Rubacha, CEO of NOA: "This is a major milestone for NOA as we continue to advance and unlock value across our lithium brine portfolio. While Rio Grande is progressing toward its PFS, this agreement with Summit provides a pathway to accelerate the technical advancement of Arizaro, our second core project, by leveraging Summit's resources, DLE technology and development strategy. We believe this transaction has the potential to be a significant value catalyst for NOA, and we are excited to build a mutually beneficial relationship with Summit as we work toward the next stages of evaluation and development."
• Amanda Hall, CEO & Founder of Summit: "Argentina holds some of the most attractive brine resources in the world. Consolidating quality brine supply behind our single, centralized DLE facility brings the lowest levelized cost of production to projects that would be difficult to develop on a standalone basis. NOA's Arizaro property is a strong fit for our strategy."