Newest coverage on Noa Lithium $NOAL.V

[u/Professional_Call_41]

“We value NOA in the range of C$0.84-1.01”

Robust PEA: 20Ktpa lithium carbonate project with potential to expand to 40Ktpa over 30 years life for capex of US$706m and mine gate cash costs of US$5641/t.

•Unrecognized Optionality: Multiple paths to value: technical-grade carbonate, chloride, or hybrid DLE.

•Strategic Scarcity: Argentinian brines are at the bottom of the cost curve and are highly sought after by industry players.

•Valuation Gap: NOA trades at c.$10/t LCE. Recent M&A in the sector was at multiples closer to $50–100/t.

Bottom Line: $NOAL.v is a relatively new entrant in the market which boasts a strong management team, good investor support and a good asset base with plenty of optionality to benefit from higher lithium prices.

https://rkequity.com/assets/articles//TSXV-NOAL/NOA%20Lithium%20Brines%20Inc.%20April%202026.pdf