Navion Provides Update on Proposed Qualifying Transaction and NOA Lithium Announces Appointment of New President & CEO

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CALGARY, AB / ACCESSWIRE / October 3, 2022 / Navion Capital Inc. (TSX.V:NAVN.P) (the "Company" or "Navion"), a capital pool company listed on the TSX Venture Exchange (the "TSXV"), further to its press release dated June 16, 2022 and August 12, 2022, is pleased to announce certain updates to its proposed qualifying transaction with NOA Lithium Brines S.A. ("NOA"), whereby the Company plans to acquire all of the issued and outstanding securities of NOA (the "Transaction").

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

NOA Appoints Taj Singh as President & CEO

NOA is pleased to announce the appointment of Taj Singh, as President, Chief Executive Officer ("CEO") and a Director. Mr. Singh has 22 years of mining industry experience and was most recently President, CEO and Director of Discovery Silver Corp. ("Discovery"). During his five years as CEO of Discovery, Mr. Singh led the tremendous growth of the company, with the market capitalization of the company increasing approximately thirty times (30x) to over CDN $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.

Hernán 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."