What changed in this filing

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Item 2. Properties

2024-03-18 compared with 2024-02-01 · 62 added, 15 removed, 114 unchanged (40% of the section changed)

6 unchanged sentences

The West Tonopah Lithium Project consists of 88 unpatented Lode Mining Claims that are 100% owned by Enertopia and encompass a contiguous land position of approximately 1,818 acers.

The Property encompasses all of Sections 19 and 30 Township 42N and Range 4E, and parts of Section 20 Township 42N and Range 4E and Sections 24 and 25 Township 3N Range 41E (Fig.

The centroid of the Property in Lambert Conformal projection is at Latitude 38.092867028 and Longitude -117.305668157.

The claims were acquired directly from the United States Department of the Interior, Bureau of Land Management.

Estimated respective yearly holding fees to the BLM $14,520 and $1,068 to Esmeralda County NV.

To date $10,500 has been capitalized to the project and $677,013 in exploration and property expenses have been recorded as mineral exploration expenses.

The lithium-claystone project occurs within the Big Smoky Valley basin of Esmeralda County, NV, approximately 4 miles (6.4 km) west of the Unincorporated Town of Tonopah.

1 unchanged sentence

Additional road access within the property is via a paved two-lane road that extends north from US 6 and numerous trails located throughout the property.

Enertopia has obtained surface authorization rights in the form of a Notice of Intent through the Bureau of Land Management Tonopah Field Office.

No written records have been located with respect to historic ownership or previous work on the project.

However, several historic shallow pits believed to be from uranium exploration in the 1950's, 1960's exist on the project.

Enertopia has obtained surface authorization rights in the form of a Notice of Intent through the Bureau of Land Management Tonopah Field Office and a current NOI bond for $13,990 is held by the State of Nevada Minerals Division.

There are no royalties applicable to the West Tonopah Lode Claims.

If mineral extraction were to occur in the future on these claims, the State of Nevada would impose taxes.

Other State and Federal permits associated with an early exploration stage project include:

• In accordance with Nevada water law, the exploration company/individual must obtain a permit or waiver for the temporary use of water for mineral exploration prior to activities such as drilling.

The acquisition of a water permit involves an application to the Nevada Division of Water Resources, which undergoes evaluation based on factors such as water availability, potential conflicts with existing rights, public interest, and impact on domestic wells ( http://water.nv.gov ).

• Plugging or exploration holes must usually begin within 30 days after data has been collected from the hole.

• Any mineral development or exploration activities conducted under the General Mining law of 1872 on National Forest System lands must be approved pursuant to the Surface management Regulations (36 CFR 228).

An operator must provide information describing the proposed activity to the District Ranger (i.e., the approved Exploration Plan of Operations and bond).

• Road Use Permits and other Special Use Permits may be required for access and utilities.

If the West Tonopah Lithium Project ever advances to the production stage, an updated Plan of Operations with all the construction and mining details needs to be submitted, and approved, by the BLM.

A list of State and Federal permits and actions required during planning, development, construction, and before operation of Nevada mines and mills can take place has been summarized by the Nevada Bureau of Mines and Geology (2018).

Environmental Liabilities

With respect to environmental liabilities, the Company is subject to compliance with operating, reclamation, and monitoring measures outlined in the BLM's Notice NVN- 101244, and the general and specific performance standards outlined in 43 CFR subpart 3809.420.

Enertopia is exploring the Miocene-aged Siebert Formation sedimentary and volcaniclastic rocks in the Big Smoky Valley basin for their lithium-claystone potential.

2 unchanged sentences

It is the Qualified Person's opinion that the exploration work conducted by Enertopia at the West Tonopah Lithium Project is reasonable and within the standard practices for the evaluation of lithium-claystone deposit type projects.

Property Location Fig 1

Property Location and Access Map Fig 1

Property Location and Access Map Fig 2

Claims Location Fig 3

20 unchanged sentences

A nominal density of 1.70 g/cm 3 was applied to convert the Siebert Formation block volumes to tonnage based on analogous Tonopah- and Siebert Formation-based mineral resource studies.

In determining the lower cutoff value, the Qualified Person reviewed the Enertopia drill core assay database in conjunction with several lithium-claystone early-and advanced-stage projects in Nevada, including those in the Tonopah region (Fayram et al., 2020;

Loveday and Turner, 2020;

Cukor et al., 2022;

Roth et al., 2022;

RESPEC, 2023;

Riordan et al., 2023).

The QP considers a lower cutoff of 400 ppm Li is reasonable based on publicly available comparative information.

In consideration of Canadian Institute of Mining, Metallurgy, and Petroleum definition standards and S-K 1300, the west resource area is classified as indicated and inferred mineral resources and the east resource area is classified as an inferred mineral resource (Tables 1,2,3 below).

Based on a cutoff of 400 ppm Li and on blocks contained within the conceptual pit shell, the West Tonopah Lithium Project's mineral resource estimations are summarized as follows:

Based on the total in-situ (global) blocks contained within the conceptual pit shell, which utilizes a three-year average lithium carbonate price of $26,500/tonne and a cutoff of 400 ppm Li, the West Tonopah Lithium Project's mineral resource estimations are summarized as follows:

The west resource area has an indicated lithium-claystone resource estimate of 44,000 short tons (40,000 metric tonnes) of elemental Li (Table 1).

10 unchanged sentences

Table 1 West Tonopah Lithium Project west resource area indicated lithium-claystone resource estimate.

The indicated mineral resource is reported for the Siebert Formation as a total (global) volume and tonnage using a lower cutoff of 400 ppm Li (bold font highlighted in grey).

The indicated mineral resource is reported for the Siebert Formation as a total (global) volume and tonnage using a lower cutoff of 400 ppm Li.

West Resource Area Indicated Mineral Resource Estimate

Li Cutoff (ppm)

Contained Metal

Average Li Grade (ppm)

Metric tonnes (t)

Short tons (st)

Metric tonnes (t)

Short tons (st)

Average Li Grade

Metric tonnes

Mineral resources are not mineral reserves and do not have demonstrated economic viability.

6 unchanged sentences

Table 2 West Tonopah Lithium Project west and east resource areas inferred lithium-claystone resource estimate.

The inferred mineral resources are reported for the Siebert Formation as a total (global) volume and tonnage using a lower cutoff of 400 ppm Li (bold font highlighted in grey).

The inferred mineral resources are reported for the Siebert Formation as a total (global) volume and tonnage using a lower cutoff of 400 ppm Li.

A) West Resource Area Inferred Mineral Resource Estimate

Li Cutoff (ppm)

Contained Metal

1 unchanged sentence

Metric tonnes

B) East Resource Area Inferred Mineral Resource Estimate

Li Cutoff (ppm)

Contained Metal

1 unchanged sentence

Metric tonnes

Mineral resources are not mineral reserves and do not have demonstrated economic viability.

5 unchanged sentences

To describe the resource in terms of the industry standard, a conversion factor of 5.323 is used to convert elemental Li to Li 2 CO 3 , or Lithium Carbonate Equivalent (LCE).

C) Mineral Resource Estimate Summary Table

Classification

Contained Metal

Average Li Grade

Metric tonnes (t)

Short tons (st)

Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The weights are reported in United States short tons (2,000 lbs or 907.2 kg) and metric tonnes (1,000 kg or 2,204.6 lbs).

The tonnage numbers are rounded to the nearest 1,000 unit, and therefore, may not add up.

The density used to convert volume to tonnage is 1.70 g/cm 3 for the Siebert Formation and the overburden/pediment.

The mineral resource is contained within a conceptual pit shell in which blocks meet the test of reasonable prospects for eventual economic extraction.

The estimation assumes a lithium recovery factor of 80%.

To describe the resource in terms of the industry standard, a conversion factor of 5.323 is used to convert elemental Li to Li 2 CO 3 , or Lithium Carbonate Equivalent (LCE).

Collectively, the West Tonopah Lithium Project is predicted to contain 1) an indicated mineral resource in the west resource area of 44,000 short tons (40,000 metric tonnes) of elemental lithium, and 2) combined inferred mineral resources in the west and east resource areas of 92,000 short tons (84,000 metric tonnes) of elemental lithium.

35 unchanged sentences

It is recommended that Enertopia bolster its QA-QC protocols in the future by considering the addition of Certified Reference Materials, sample blanks, and a secondary check laboratory.

Cukor, D., Hilscher, B.

Updated resource estimate, Zeus Lithium Project, Esmeralda County, NV;

Prepared for Noram Lithium Corporation by ABH Engineering Inc., Effective Date December 1, 2022, 97 p.

Fayram, T.S., Lane, T.A., and Brown, J.J.

NI 43-101 technical report, Feasibility Study Clayton Valley Lithium Project;

prepared for Cypress Development Corp.

by Global Resource Engineering, Effective Date August 5, 2020, 181 p.

Loveday, D., (2020).

NI 43-101 Technical Report, TLC Property, Nye County, Nevada, USA;

Prepared for American Lithium Corp.

by Stantec Consulting Ltd., Effective date April 15, 2020, 105 p.

RESPEC (2023):

SK 1300 technical report summary of the Tonopah Flats Lithium Project, Esmeralda and Nye Counties, Nevada, USA;

prepared for American Battery Technology Company by Respec, Effective Date November 8, 2022, 96 p.

Roth, D., Tahija, L., Iasillo, E., Martina, K., Chow, B., Mutler, W., Bahe, K., Kaplan, P., Cluff, T., and Shannon, B.

Feasibility Study NI 43-101 technical report for the Thacker Pass Project, Humbolt County, Nevada, USA;

Prepared for Lithium Americas by M3 Engineering & Technology Corporation, Effective date November 2, 2022, 335 p.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K/A

Item 2. Properties