Is a re-rating of Argentina’s lithium brines underway? (Gabriel Rubacha)

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 list in this video for quick navigation to PEA details, cost/CapEx discussion, chloride vs. carbonate, PFS roadmap, funding options, regional comps, and the broader lithium market segment.

(00:00) Introduction
(04:00) PEA Summary & Design
(06:26) CapEx, OpEx & Timeline
(07:23) Chloride vs. Carbonate
(09:47) Phase 2 & Infrastructure
(11:03) Grades & Geology
(12:08) Cost Curve Position
(13:50) Funding & Partners
(16:45) PFS Plan & Milestones
(18:26) Nearby Projects
(19:17) Shift to Market Talk
(19:59) U.S. Backing Impact
(22:00) China/Australia Equity Dynamics
(25:13) Brine vs. Hard Rock Valuation Gaps
(27:51) Clean Elements' Bet
(29:23) Argentine Brines Value
(30:51) Argentina Investment Climate
(32:48) Politics & Reforms
(34:30) Uncertainty & Sentiment
(35:08) China Supply & Licenses
(37:13) Inventories & Demand
(38:07) Closing Remarks

For investor resources and Matt’s blog on valuation gaps in Argentine brines, visit https://blog.rkequity.com/. For inquiries or meeting requests (including the upcoming London 121 dates mentioned), contact rockstockchannel@rkequity.com

Patreon: https://www.patreon.com/rockstockchannel
Podcast:
  Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172
  Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq
X (Twitter):
  Howard: https://x.com/LithiumIonBull
  Rodney: https://x.com/RodneyHooper13
  Matt: https://x.com/matt_fernley

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DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Rodney and Howard are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity’s website https://www.rkequity.com

Intro and outro audio credit: Jamie Klein