What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-01-13 compared with 2024-07-12 · 35 added, 57 removed, 114 unchanged (45% of the section changed)

1 unchanged sentence

Forward-Looking Statements

This quarterly report contains forward-looking statements as that term is defined in the Private Securities Litigation R eform Act of 1995.

This quarterly report contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.

These statements relate to future events or our future financial performance.

26 unchanged sentences

Estimated respective yearly holding fees to the BLM $17,600 and $1,068 to Esmeralda County NV.

Enertopia Claim name

State or Federal Agency

Claim number from

Claim number to

Esmeralda County, NV

Enertopia Claim name State or Federal Agency Claim number from Claim number to

MS 1-88 BLM NV 105296951 NV 105297038

MS 1-88 Esmeralda County, NV 230856 230943

The Company completed its maiden drill program in June 2022 and a second phase drill program April 2023 and a 43-101 Technical Report November 2023.

Further information can be found at www.enertopia.com.

CLEAN TECHNOLOGY

The company continues to test off-the-shelf technology under the potential for lower capex scenarios in lithium extraction.

NON PROVISIONAL PATENTS

On January 12, 2023 the Company announced the filing of Non provisional patent #4, known as the EMS filed November 2, 2022.

The EMS is a battery monitoring technology that helps to increase the life and health of monitored battery packs.

On November 4, 2021, the Company announced the provisional patent filing known as Energy Management System, this was subsequently filed as a non-provisional patent on November 2, 2022.

United States Patent Trademark Office (USPTO) has notified the Company that patent number 12149091 was issued on November 19, 2024.

On May 23, 2022 the Company announced the filing of Non provisional patent #1, known as the Enertopia Solar Booster TM.

The Enertopia Solar Booster captures heat from the solar panels, increasing PV output enhancing production and increasing the lifetime of the PV panels.

During the nine month ended May 31, 2024, we received comments from the USPTO (United States Patent and Trademark Office) that the USPTO has declined our application.

We will not be pursuing this application any further.

As a result, the 1,000,000 shares in escrow that were issued upon the condition of the granting of the patent will be returned to Treasury for cancellation.

As of May 31, 2024 the shares were still in escrow.

On May 23, 2022 the Company announced the filing of Non provisional patent #2, known as Enertopia Heat Extractor TM Heat Extractor Technology can be used behind the PV panels or in a glazed format on their own to create liquid temperatures to 200 degrees F.

On January 19, 2024 the Company announced that the USPTO had declined our Non provisional patent application and the Company has determined not to pursue the application.

On May 23, 2022 the Company announced the filing of Non provisional patent #2, known as Enertopia Heat ExtractorTM Heat Extractor Technology can be used behind the PV panels or in a glazed format on their own to create liquid temperatures to 200 degrees Fahrenheit.

We have been notified by the United States Patent Trademark Office (USPTO) of our pending patent is at the allowance stage of the patenting process 17/751,305 (Heat Recovery System).

We now expect the patent to be issued in due course.

On August 15, 2022 the Company announced the filing of Non provisional patent #3, known as Enertopia Rainmaker TM By cooling the backside of the PV panels below the dew point the atmospheric moisture condenses on the back side of the panel and drips as rain into the tray collecting the water.

We have been notified by the United States Patent Trademark Office (USPTO) of our pending patent is at the allowance stage of the patenting process 17/888,320 (Water Producing System for a Liquid Transfer Mat).

We now expect the patent to be issued in due course.

The continuation of our business is dependent upon obtaining further financing, a successful program of development, and, finally, achieving a profitable level of operations.

8 unchanged sentences

The Company held its AGM on May 17, 2024.

On May 21, 2024 the Company reported on form 8-K that all resolutions were passed, which included a resolution for the Directors to consolidate the shares of the company based on a range of 1-5 to 1-20 consolidation.

The exact number to be determined at the time the Directors decide to proceed with the share consolidation.

At the time of filing of this report the Directors there has not been a decision to proceed with the share consolidation.

On May 21, 2024 the Company reported on form 8-K that all resolutions were passed, which included a resolution for the Directors to consolidate the shares of the company, the Directors agreed on a 1-20 consolidation.

The Company is working with the regulators on the completion of the share consolidation, the Effective date is unknown at this time.

We primarily used the services of sub-contractors and consultants for our intended business operations.

4 unchanged sentences

On May 1, 2022, the Company entered into a consulting agreement with President of the Company for $9,500 per month plus goods and services tax ("GST") on a continuing basis.

On July 1, 2024, Mr.

McAllister voluntarily suspended and terminated accrual of these consulting fees.

The Company has a consulting agreement with the CFO of the Company Mr.

3 unchanged sentences

Research and Development

We have incurred $965,361 in research and development expenditures over the last two fiscal years and $130,678 during the nine month ended May 31, 2024.

We have incurred $621,345 in research and development expenditures over the last two fiscal years and $22,948 during the three months ended November 30, 2024.

There is strong competition relating to all aspects of the resource and technology sectors.

33 unchanged sentences

Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

Results of Operations - Three month ended May 31, 2024 and May 31, 2023

The following summary of our results of operations should be read in conjunction with our financial statements for the quarter ended May 31, 2024, which are included herein.

Our operating results for the three months ended May 31, 2024 and 2023, and the changes between those periods for the respective items are summarized as follows:

Results of Operations - Three month ended November 30, 2024 and November 30, 2023

The following summary of our results of operations should be read in conjunction with our financial statements for the quarter ended November 30, 2024, which are included herein.

Our operating results for the three months ended November 30, 2024 and 2023, and the changes between those periods for the respective items are summarized as follows:

Three Months Ended

May 31, May 31,

November 30, November 30,

2024 2023 Change

9 unchanged sentences

Net loss $ 83,130 $ 409,748 $ 326,618

Our financial statements report no revenue for the three months ended May 31, 2024, and 2023.

Our financial statements report a net loss of $287,901 for the three-month period ended May 31, 2024, compared to a net loss of $1,139,395 for the three-month period ended May 31, 2023.

Our net loss decreased by $851,494 for the three-month period ended May 31, 2024 primarily due to the decrease in other expenses of $437,400 and exploration expenses of $414,636.

Other expense (income) primarily consisted of non-cash unrealized gain of $161,362 on mark to market and realized losses on disposition of $243,560 on marketable securities.

The decrease in exploration expenses primarily consisted of the drilling program and related Geologist work conducted in April of 2023 for $325,170 and $56,519 respectively.

Our operating costs were lower by $851,494 for May 31, 2024, compared to May 31, 2023 primarily from the decreases in exploration and other costs, but also general cost containment compared to May 31, 2023.

Results of Operations - Nine month ended May 31, 2024 and May 31, 2023

Our operating results for the nine month ended May 31, 2024 and May 31, 2023 and the changes between those periods for the respective items are summarized as follows:

Nine Months Ended

May 31, May 31,

2024 2023 Change

Revenue $ - $ - $ -

General and administrative 50,829 85,929 35,100

Investor relations 22,180 52,454 30,274

Consulting fees 143,332 132,496 (10,836 )

Fees and dues 53,363 80,085 26,722

Exploration expenses 57,444 429,751 372,307

Research and development 130,678 102,424 (28,254 )

Professional fees 93,966 126,734 32,768

Other expenses (income) 293,441 281,292 (12,149 )

Net loss $ 845,233 $ 1,291,165 $ 445,932

Our financial statements report no revenue for the nine month ended May 31, 2024, and May 31, 2023.

Our financial statements report a net loss of $845,233 for the nine month period ended May 31, 2024, compared to a net loss of $1,291,165 for the nine month period ended May 31, 2023.

Our net loss decreased by $445,932 for the nine month period ended May 31, 2024 primarily due to decreases in exploration expenses from the drilling program completed in April 2023 for $325,170 and $56,519 respectively, general cost containment measures.

Other income primarily consisted of non-cash unrealized mark to market gains of $742,493 and realized losses on disposition of $969,873 on marketable securities.

Our operating costs were lower by $445,932 for May 31, 2024, compared to May 31, 2023 primarily due reduced exploration costs and general cost containment.

Our financial statements report no revenue for the three months ended November 30, 2024, and 2023.

Our financial statements report a net loss of $83,130 for the three-month period ended November 30, 2024, compared to a net loss of $409,748 for the three-month period ended November 30, 2023.

Our net loss decreased by $326,618 for the three-month period ended November 30, 2024 primarily due to the decrease in other expenses of $168,271 and research and development expenses of $65,352 and cost containment measures.

Other expense primarily consisted of non-cash unrealized gain of $377,803 on mark to market and realized losses on disposition of $352,239 on marketable securities.

The decrease in exploration expenses primarily consisted of the reductions to Geologist work and assay testing that was not required in the current period with the completion of the drilling program and issuance of the report in November 2023.

Our operating costs were lower by $158,347 for November 30, 2024, compared to November 30, 2023 primarily from the decreases in exploration, research and development and other costs, but also general cost containment compared to November 30, 2023.

Liquidity and Financial Condition

Working Capital May 31, August 31,

Working Capital November 30, August 31,

Current assets $ 207,873 $ 332,130

Current liabilities 274,905 316,032

Working capital $ 169,875 $ 1,015,108

As at May 31, 2024, we had $290,399 in current liabilities, which is lower by $42,201 when compared to current liabilities as at August 31, 2023.

May 31, May 31,

Working capital (deficit) $ (67,032 ) $ 16,098

As at November 30, 2024, we had $274,905 in current liabilities, which is lower by $41,127 when compared to current liabilities as at August 31, 2024.

November 30, November 30,

Cash Flows 2024 2023

1 unchanged sentence

Cash flows from investing activities 75,947 218,555

Cash flows from financing activities - 2,000

Net (decrease) increase in cash during year $ (61,854 ) $ (374,915 )

Net decrease in cash $ (27,125 ) $ (11,395 )

Operating Activities

Net cash used in operating activities was $582,444 in the nine month ended May 31, 2024 compared with net cash used in operating activities of $1,006,384 in the same period in 2023.

Net cash used in operating activities was $103,072 in the three months ended November 30, 2024 compared with net cash used in operating activities of $229,950 in the same period in 2023.

Investing Activities

Net cash provided by investing activities was $520,590 and $629,469 in the nine month ended May 31, 2024 and May 31, 2023, respectively.

Net cash provided by investing activities was $75,947 and $218,555 in the three months ended November 30, 2024 and 2023, respectively.

Financing Activities

The Company had no financing activities in the nine month ended May 31, 2024 and $2,000 from the exercise of warrants during the nine month ended May 31, 2023.

The Company had no financing activities in the three months ended November 30, 2024 and 2023.

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-Q

Item 2. Management’s Discussion and Analysis