CALGARY, AB (By Summit Explore, 22.Jun.2026, Words: 720) — Summit Explore Corporation, a subsidiary of Summit Lithium Technologies, has entered into an indicative non-binding term sheet for an option and joint venture arrangement with NOA Lithium Brines Inc. covering NOA’s Arizaro lithium brine property in Salta province, Argentina, within the Lithium Triangle.
Pursuant to the agreement and as further set out below, Summit Explore can earn an undivided 60% interest in the Project by completing technical studies and making a defined cash and equity investment in NOA, with NOA retaining the remaining 40% in the Project. Summit Explore and NOA aim to enter into a definitive agreement as soon as possible to govern this earn-in option on the Project. The Arizaro Project forms part of a broader development strategy Summit is pursuing across Salta province in Argentina.
“Argentina holds some of the most attractive brine resources in the world,” said Amanda Hall, Founder and Chief Executive Officer of Summit Explore and Summit Lithium Technologies. “Consolidating quality brine supply behind our single, centralized DLE facility brings the lowest levelized cost of production to projects that would be difficult to develop on a standalone basis. NOA’s Arizaro property is a strong fit for our strategy.”
“This is a major milestone for NOA as we continue to advance and unlock value across our lithium brine portfolio”, said Gabriel Rubacha, Chief Executive Officer of NOA Lithium Brines Inc. “While Rio Grande is progressing toward its PFS, this agreement with Summit provides a pathway to accelerate the technical advancement of Arizaro, our second core project, by leveraging Summit’s resources, DLE technology and development strategy. We believe this transaction has the potential to be a significant value catalyst for NOA, and we are excited to build a mutually beneficial relationship with Summit as we work toward the next stages of evaluation and development.” .
Agreement Structure – Earn-in Tied to Technical Milestones
The Agreement is structured as a single-stage earn-in with Summit Explore’s required investments comprised of a staged cash payment and equity investment in NOA totaling up to approximately USD $3.5 million. The cash payment and equity investment from Summit Explore are tied to the necessary resources for the Project to advance it through industry-standard technical studies. Pursuant to the Agreement, Summit Explore must complete the following to earn its 60% interest in the Project:
- Preliminary Economic Assessment (“PEA“). Summit Explore will fund and carry out an exploration program and complete a National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) compliant PEA, to be completed by August 31, 2027.
- Equity investment. Upon delivery of the PEA, Summit Explore will make a USD $750,000 equity investment in NOA by way of a private placement and with the issuance of common shares at price per common share equal to two (2) times the volume-weighted average trading price of NOA’s common shares on the TSX Venture Exchange (or such other principal market on which NOA’s common shares are then listed) for the twenty (20) trading days immediately preceding the date of delivery of the PEA.
- Preliminary Feasibility Study (“PFS“). Summit Explore will complete a NI 43-101 compliant PFS and make a cash payment to NOA of USDÂ $2,750,000, both of which are to be completed within 24Â months from the date the parties enter into a definitive agreement for the earn-in of the Project.
Once Summit Explore has earned its 60% interest in the Project, the parties will form a joint venture arrangement to advance the Project toward development, with Summit Explore as the operator.
Brine Testing at Summit’s Santiago Facility
Representative brine from the Arizaro property will be tested at Summit’s rapid-validation demonstration facility in Santiago, Chile, assessing its compatibility with Summit’s denaLi™ DLE technology under realistic operating conditions. The resulting extraction-performance data will be directly utilized in the PEA and PFS.
A Consortium Approach to Development
The Arizaro Project is one of several brine properties Summit, through Summit Explore, is aggregating across Salta, Argentina to provide brine supply to a centralized 5,000-tonne-per-annum lithium carbonate equivalent direct lithium extraction (“DLE“) facility, which is being developed by Summit under its Build-Own-Operate-Maintain (BOOM) model. Summit’s model of consolidating supply behind shared processing infrastructure is designed to improve the economics of individual properties.
Summit’s denaLi™ DLE technology is engineered for high lithium recovery, strong impurity rejection, and low water use across a project’s full lifecycle.
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