Mr. Peter Hughes reports

NAVION PROVIDES UPDATE ON PROPOSED QUALIFYING TRANSACTION AND NOA LITHIUM ANNOUNCES APPOINTMENT OF NEW PRESIDENT & CEO

Navion Capital Inc., further to its press releases dated June 16, 2022, and Aug. 12, 2022, has released certain updates to its proposed qualifying transaction with NOA Lithium Brines SA, whereby the company plans to acquire all of the issued and outstanding securities of NOA.

The transaction is intended to constitute the company's qualifying transaction, pursuant to Policy 2.4 -- Capital Pool Companies of the TSX-V (TSX Venture Exchange) Corporate Finance Manual. The transaction is subject to condition precedents in the definitive agreement, approval of the TSX-V and other closing conditions customary for a transaction of this nature. The resulting issuer of the Transaction will carry on the business of NOA; it is anticipated that the common shares of the resulting issuer will be listed for trading on the TSX-V and that the resulting issuer's name will be changed to NOA Lithium Brines Inc.

NOA appoints Taj Singh as president and chief executive officer

NOA is pleased to announce the appointment of Mr. Singh, as president and chief executive, and as a director. Mr. Singh has 22 years of mining industry experience and was most recently president, chief executive officer and director of Discovery Silver Corp. During his five years as chief executive officer of Discovery, Mr. Singh led the tremendous growth of the company, with the market capitalization of the company increasing approximately 30 times to over $500-million during his tenure. Under Mr. Singh's leadership, Discovery also was a recipient of the 2020 TSX Venture 50 and 2021 OCTQX Best 50, awarded to top-performing issuers based on annual share price and trading liquidity increases. These achievements were underpinned by a transformational acquisition as well as significant exploration and development success.

Hernan Zaballa, chairman of NOA, commented: "We are delighted to have Taj as the new president and CEO of NOA. Taj is a highly accomplished mining executive and has an impressive track record of driving performance and delivering on business potential. His combination of technical, financial and management skills are a great fit for leading the development of NOA's highly prospective lithium asset portfolio."

Mr. Singh commented: "I am honoured to be joining and leading the NOA team. NOA has an exciting portfolio of lithium brine assets, all located in the prolific Lithium Triangle of northwest Argentina. The flagship Rio Grande project has huge potential in and around the salar, as well as in the alluvial areas, and boasts a sizable land package, significant existing technical data indicating robust lithium values, and well-developed infrastructure. NOA also has land interests in and around two other salars and, with such an encouraging portfolio, I look forward to developing and executing on the plan to make NOA a leading lithium explorer and developer."

Mr. Singh, MEng, PEng, CPA (biography)

Mr. Singh is a mining executive with 22 years of experience in corporate development, capital markets, finance, project development, engineering and operations. Most recently, he was president, chief executive officer and a director of Mexican-focused Discovery Silver. During Mr. Singh's five-year tenure with the Discovery, Mr. Singh led the significant growth of the company, building it into one of the pre-eminent silver exploration and development companies in the world. Prior to Discovery, for five years, Mr. Singh served as vice-president of business development for Mexican gold producer Timmins Gold Corp. (which as since been acquired by Argonaut Gold Inc.). Other roles during Mr. Singh's career include, mining equity research analyst at Macquarie Capital Markets, and 10-plus years working in various operations, engineering and project development roles for Inco Ltd. and Vale Ltd. From 2016 to 2020, Mr. Singh also served as director/lead independent director of the board of GT Gold Corp. (which has since been acquired by Newmont Corp.). Mr. Singh is a PEng and a chartered professional accountant (CPA); he holds a bachelor of engineering degree (metallurgy/minerals processing) and a master of engineering degree (metallurgy).

Trading suspended

In accordance with the policies of the TSX-V, trading in the company shares is currently suspended and will remain suspended until completion of the transaction. The company does not intend to apply to the TSX-V for reinstatement of trading of the company shares at this time.

We seek Safe Harbor.