About this episode
In this episode, we sit down with Gabriel Rubacha, CEO of NOA Lithium Brines (TSXV: NOAL), to discuss the Preliminary Economic Assessment (PEA) for NOA’s Rio Grande project in Argentina and what it may mean for investors following lithium brines, cost curves, and capital pathways.
We cover:
- PEA headline items: ~4.7 Mt LCE resource at ~520 mg/L, a two-train development (20kt + 20kt LCE), conservative use of proven evaporation with DLE optionality to be re-evaluated at PFS, and a first-phase pre-production CapEx of ~$706M.
- Route selection & flexibility: Base case carbonate; evaluating lithium chloride as a staged approach that could trim CapEx/OpEx by ~30–35% and potentially fund a downstream carbonate plant at lower elevation.
- Operating profile: Blended grade approach; north/northeast zones 600+ mg/L, central salar ~400–500 mg/L. Management frames costs as mid-pack for Argentina today, targeting a first/second quartile global position as the project matures.
- Scaling & timelines: Phase 1 infrastructure helps scheduling more than headline CapEx; PFS targeted before end-2026 with workstreams in pumping wells, freshwater, southern drilling, lab testwork, and DLE options.
- Funding & partnerships: Intention to advance toward PFS, then consider strategics/operators to bring the asset into production. Clean Elements (major shareholder) as a contrarian backer of Argentine brines; discussion of tight share register and recent placements.
- Regional context: Proximity to Mariana (Ganfeng); broader Argentina investment climate and how policy signals and elections intersect with mining capital.
- Market discussion: Why Aussie lithium equities often move earlier than North American names; U.S. policy signals around Lithium Americas and knock-on effects; China supply narratives (mine licensing cadence) and our inventory read (~35–40 days) into year-end with typical restocking after Chinese New Year.
Guest:
- Gabriel Rubacha — CEO, NOA Lithium Brines; prior roles include board/operating positions at Lithium Americas and leadership at Minera Exar JV with Ganfeng in Argentina.
Tickers Mentioned (context only): TSXV: NOAL, TSE: LIRC (Lithium Royalty Corp), plus references to producers/developers in Argentina and Australia.
Sponsors (thanks for supporting investor education):
- Lithium Royalty Corp (TSX: LIRC) — diversified lithium royalty portfolio.
| Website - https://www.lithiumroyaltycorp.com/ | X - https://x.com/Lithium_Royalty
- USCF Investments — commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities).
| Website - https://www.uscfinvestments.com/ | X - https://x.com/USCFInvestments
Chapters: See the chapter
