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/rockstockchannelPodcast:  Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172  Spotify: https://open.spotify.c