NOA Lithium Brines Inc. provided an update on the progress of the Phase 1 diamond drill program at its Rio Grande project. The fourth hole, located at the El Camino claim on the edge of the salar was recently completed to a depth of 551 meters ("m") and laboratory results are currently pending. Preliminary highlights of the fourth hole, RG23-004, include: Encountered lithium brine-saturated geological units ("units") starting at only 2.5 m below surface; Approximately 400 meters of lithium brine-bearing units (33 total packer tests thus far); Preliminary results confirm lithium content in brine most of the depth of the well, with lab geochemical analyses in progress.

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. Diamond drill hole RG23-004 was completed at a depth of 551 meters.

At a depth of 2.5 meters, 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 and almost the entire depth of the +500 m well returned brine-saturated units (approximately 400 m of the 551 m drilled), with the exception of four horizons ranging from 14 m to 29 m in thickness.

Brine packer samples have been sent for laboratory analyses, including multi-element geochemical analysis for lithium and other relevant elements, and results are expected in the coming weeks. Selected drill core samples were sent to an accredited laboratory for physical property tests, including drainable porosity. The Phase 1 drill program is now planned to be completed with five holes and is designed to deliver a maiden mineral resource estimate for the Rio Grande project in Q1/2024.

Hole RG23-005 is well advanced and will be completed within the next few weeks. This last hole will complete initial drilling campaign at Rio Grande and will constitute the basis for the maiden resource at Project in this salar, which is expected to be released in First Quarter 2024.