A Re-rating Underway? | NOA Lithium's Gabriel Rubacha
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In this episode of Rock Stock Channel, hosts Howard and Matt dive deep into NOAA Lithium Brines (NOA), led by CEO Gabriel Rubacha, following a recent research note highlighting the company's undervaluation. The discussion centers on NOAA's Rio Grande brine project in Argentina, which boasts a high in-situ grade of 576 mg/L and significant optionality through potential hybrid DLE (Direct Lithium Extraction) integration, plant relocation to lower elevation, and direct production of lithium chloride instead of carbonate. These strategic choices could drastically reduce capex, opex, and development risk while maintaining strong economics. The team emphasizes that despite Argentina’s historical political challenges, the new RIGI regime offers 30-year tax stability, reduced import/export duties, and foreign exchange access—transforming the investment landscape. Beyond Rio Grande, NOAA is advancing two other projects: Aruzzaro, where a strategic partner is being sought, and Salinas Grandes, which shows promising brine chemistry and logistical advantages. The episode concludes with a bullish outlook on Argentina’s brine assets, arguing they are undervalued relative to recent M&A multiples in Latin America and that market recognition is overdue.
NOA’s Rio Grande project has high-grade brine (576 mg/L) and significant optionality through hybrid DLE, lower-elevation plant placement, and direct lithium chloride production.
The RIGI regime in Argentina provides 30-year tax stability and reduced duties, dramatically improving project economics and investor confidence.
NOA’s projects are trading at a 50–70% discount to recent M&A multiples in Latin America, suggesting a major valuation gap.
Hybrid DLE could reduce pond footprint, capex, and reagent use while improving development confidence.
NOA plans to initiate drilling in May, complete a PFS by mid-year, and submit permitting in early 2027, with potential partner announcements in 2026.
…and 3 more takeaways available in PodZeus
Introduction & Context: NOAA’s Undervaluation in Argentina
“NOA's stock jumped 30% on Friday, but at just $0.33, it still has quite a bit of catch-up to its all-time high in 2023 of 65 cents.”
Rio Grande Project: Hybrid DLE and Development Strategy
“We believe that if we are able to get something that is a technology that provides us more confidence... it's going to be very advantageous for the development of the project.”
Cost Optimization: Lower-Elevation Plant & Lithium Chloride Production
“Having a plant at low elevation, it's significant savings in terms of man hours outside.”
Resource Optionality & Project Scalability
NOA’s Rio Grande project has the potential to scale beyond 40,000 tons per year, with exploration ongoing in untested areas of the salar, suggesting the possibility of tripling or quadrupling capacity.
Leadership Experience & Argentina’s Evolving Investment Climate
Gabriel Rubacha highlights his 26 years of project experience, including major projects like Basque-Polema and Minera XR, and explains how the RIGI regime has transformed Argentina’s investment appeal with long-term tax stability.
“You may not ever guess another, a better valuation for these Argentinian brines as you would at the moment.”
“It amazes me when you do compare apples with apples that the brine projects are trading at such a discount.”
“The most important aspect of this for new investors is the tax stability because at the end they uh no one wants that new government can new administration comes and changes who will say tomorrow so this this part is is key.”
Hosts
Guest
NOA Lithium Brines
organization
Gabriel Rubacha
person
Rio Grande Project
other
RIGI Regime
other
Aruzzaro Project
other
Salinas Grandes
other
Minera XR
organization
RK Equity
organization
YU Cobalt
organization
Ganfeng Lithium
organization
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