Board Change • Apr 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Director Kevin Brown was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Mar 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Director Kevin Brown was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Dec 02
Enertopia Corp. announced delayed annual 10-K filing On 12/01/2025, Enertopia Corp. announced that they will be unable to file their next 10-K by the deadline required by the SEC. New Risk • Sep 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$229k). Earnings have declined by 26% per year over the past 5 years. Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$5.47m market cap, or US$3.95m). Board Change • Sep 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Director Kevin Brown was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Sep 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Director Kevin Brown was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jul 18
Enertopia Corp. announced that it expects to receive $0.3 million in funding Enertopia Corp. announced a non-brokered private placement of 3,000,000 common shares at a price of $0.10 per share for gross proceeds of up to $300,000 on July 17, 2025. The company may pay broker commissions or finder's fees of up to 8% in cash in connection with the offering, subject to regulatory approval. The offering may be closed in one or more tranches as subscriptions are received. The securities issued will be subject to a hold period in Canada of four months and one day, or for any resales into the United States under Rule 144, six months and one day. The offering is subject to customary regulatory approvals. New Risk • Jul 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$366k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$366k free cash flow). Shares are highly illiquid. Negative equity (-US$229k). Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$1.02m market cap, or US$744.0k). Minor Risk Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Jun 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$172k). Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$1.21m market cap, or US$883.4k). Minor Risk Shareholders have been diluted in the past year (20% increase in shares outstanding). Announcement • Apr 08
Enertopia Corp. announced that it has received CAD 0.6 million in funding Enertopia Corp. announces that it has completed a non-brokered private placement of 6,000,000 units at a price of CAD 0.10 per unit for gross proceeds of CAD 600,000 on April 7, 2025. Each unit consisting of one common share of the Company and one non-transferable share purchase warrant. The Company may pay broker commissions or finder's fees of up to 10% in cash and 10% in warrants in connection with the Offering, subject to regulatory approval. New Risk • Jan 14
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$57k This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$539k free cash flow). Share price has been highly volatile over the past 3 months (62% average daily change). Negative equity (-US$57k). Earnings have declined by 24% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$1.25m market cap, or US$868.9k). New Risk • Apr 14
New major risk - Revenue and earnings growth Earnings have declined by 8.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$985k free cash flow). Share price has been highly volatile over the past 3 months (58% average weekly change). Earnings have declined by 8.1% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$4.10m market cap, or US$2.98m). Announcement • Mar 19
Enertopia Corp., Annual General Meeting, May 17, 2024 Enertopia Corp., Annual General Meeting, May 17, 2024. Announcement • Nov 22
Enertopia Corporation Provides Update on West Tonopah Lithium Project Enertopia Corporation provided the following update. The West Tonopah (WT) Lithium Project encompasses 88 unpatented lode claims covering approximately 1,760 acres. Enertopia controls 100% of the mining lode claims comprising the West Tonopah property and the rights to all locatable subsurface minerals without any royalties. Enertopia is evaluating the Miocene Siebert Formation for its lithium-claystone potential. New Risk • Jul 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$1.4m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.4m free cash flow). Share price has been highly volatile over the past 3 months (27% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$5.49m market cap, or US$4.19m). Announcement • Jun 15
Victory Battery Metals Drills 137 Ft At 1023 Li Ppm, Including 85 Ft At 1267 Li Ppm with A High Intercept of 1620 Li Ppm in Its 23-01 Drill Hole At Its Smokey Lithium, Nevada Property Victory Battery Metals announced the drill results from its Phase 2 drilling program at its Smokey Lithium Nevada property, which include a strong correlation to its Phase 1 2022 drill program confirming a significant area of interest and positive indications for continued exploration. Hole 23-01 – From 264 feet to end of hole 536.5 feet, intersected 695 parts per million (“ppm”) lithium in claystone, including 858 ppm Li over 210 feet from 327 feet to 537 feet, 1023 ppm Li over 137 feet from 391 feet to 528 feet, and 1267 ppm Li over 85 feet from 434 feet to 519 feet. Hole 23-01 maximum intercept of 1620 ppm Li occurred over 8 feet from 464 feet to 472 feet. Hole 23-01 compares favourably to Hole 22-09 from our previous drill program, correlating in lithology but with higher Li ppm values to 22-09, achieving a main objective of this drill program to test the bottom of the claystone, noting that 2022’s Hole-09 ended in significant claystone hosted lithium mineralization at 417 feet. Planned for a 3-hole program, the Company expanded to 4 holes as announced on 25 April 2023.1 Hole 23-02 reaching claystone at 11 feet and being terminated at 155 feet due to adverse ground conditions that involved swelling clay and the collapse of the hole. Hole 23-03 was drilled to a depth of 617.5 feet, averaging 218 ppm Li for 64.5 feet from 203.5 feet to 268 feet. Hole 23-05 intersected claystone at surface and averaging 303 ppm Li from surface to 220 feet, with highest intercepts of 620 ppm Li for 9.5 feet from 77.5 feet to 87 feet, 530 ppm Li for 9.5 feet from 134.5 feet to 144 feet, and 410 ppm Li for 9 feet from 192 feet to 201 feet. Drilling of the property is still at an early stage with 7 holes now completed. Strong lithium mineralization within claystone units of the Esmeralda Formation have been intersected at depth below gravel cover in holes 22-09 and 23-01. Encouragingly, the final hole of the spring 2023 program intersected mineralized claystone at surface in hole 23-05. This hole is a large step out from the mineralized area around 22-09 and 23-01. While the mineralization was hit in the first drill interval in 23-05, thin soil cover obscures the presence of these lithium mineralized claystone units at the ground surface. Hole 23-05 opens a new area for exploration of on the property and within the new extension to property recently staked. This portion of the property has not been a focus area from prospecting previously and when combined with the large extension to the property via the newly staked 2000+ acres of ground, a high priority target area presents itself. The at surface position of the claystones in 23-05 opens up a new avenue for exploration where, for instance, shallow soil sampling with an auger could be used to quickly map new areas of thinly concealed mineralization over a large area in the southwest portion of the property. Announcement • May 06
Enertopia Corporation Reports High Lithium Assay to Date at 1520 PPM Kelowna, British Columbia Enertopia Corporation provided the following lithium project update. In 2022 were successful in discovering an area of green claystone ranging from 15 feet to 130 feet below the surface. All holes bottomed in Li claystone and were open at depth. goal for the 2023 drilling program was to better define the zones of higher-grade lithium, and build upon the grade, thickness and areal extent of Li claystone distribution encountered in last year's program. DH23-01 was a 400 foot, step out to the east from hole DH22-07 drilled last year. DH23-01 not only increased the aerial extent of the deposit but also increased the known thickness by 280 feet with the best grades intersected thus far on the project. DH23-03 was drilled on a line between DH22-01 and DH22-05, 500 feet NNW from DH22-01. The company expected this hole to confirm the grades intersected last year from DH22-01 and 05. But the returned grades were lower than expected at this location. DH23-09 was drilled 2,950 feet SSW from DH22-10 to test the southwest part of the WT project area. It confirmed the Li claystone is widespread and still open at a depth of 317 feet. Four intercepts of over 1,000 ppm were intersected in this hole in the interval from 205 - 3110 feet.DH23-08 and DH23-12 were drilled 975 feet and 1,500 feet east respectively of DH23-09 to test for the eastern extent of the higher-grade part of the deposit. Early analysis indicates potentially higher grades remain at depth as both holes ended with their ppm Li values being 750 ppm and 800 ppm Li respectively. Announcement • Feb 16
Enertopia Corp. Provides Drilling Update and WT Lithium Project Timeline Enertopia Corp. provided the following lithium project update. The company report NOI to drill has been filed with the BLM. The company expects to hear back within the next 30 days. The company is working hard on the logistics front and drilling could commence as early as March 2023. Building on last year's successful inaugural drilling program at our West Tonopah Lithium project, the NOI is for permitting 12 holes with maximum drilling depths to 450 feet for each hole, for an estimated total drilling program of 5,400 feet. The program's focus will be on completing drill holes into the known areas of the higher-grade upper claystone horizon, which is currently estimated to cover approximately 640 acres. The additional drill hole data will further help to define the stratigraphic and structural controls affecting claystone deposition & preservation over the area. For reference, the Clayton Valley project the company sold to Cypress Development Corp. in May 2022 covered 160 acres. Based on last year's drilling data, and the proposed 2023 drilling program, the company expects to come up with a measured/indicated and inferred resource over the estimated 640 acres of higher-grade upper claystone horizon. Upon completion of the 2023 drilling program, the Company will commission the writing of an inaugural 43-101 report for the West Tonopah Project. If possible, the Company may look at completing a preliminary feasibility study in 2024 pending the 43-101 results and recommendations from the report. Recent pre-feasibility news from American Lithium Corp, on February 1,2023 which owns the TLC project one mile north of our West Tonopah Project, showed that the Magnesium that is an element that needs to be removed in the lithium extraction process could be turned into MgS04 which currently sells for USD 150 per tonne. In the pre-feasibility report this could have a material positive effect on lowering the cost per tonne to produce Li2C03. This information should also be relative to future development potential on our West Tonopah project. Announcement • Jan 26
Enertopia Corporation Provides Drilling Update and WT Lithium Project Timeline Enertopia Corporation provided the following lithium project update. Building on last year's successful inaugural drilling program at the company West Tonopah Lithium project, the Board of Directors has approved a second phase drill program involving 10-13 holes with drilling depths of 300 feet to 450 feet for each hole, for an estimated total drilling program of 3,000 to 5,850 feet. The program's focus will be on completing drill holes into the known areas of the higher-grade upper claystone horizon, which is currently estimated to cover approximately 640 acres. The additional drill hole data will further help to define the stratigraphic and structural controls affecting claystone deposition & preservation over the area. For reference, the Clayton Valley project the company sold to Cypress Development Corp. in May 2022 covered 160 acres. Based on last year's drilling data, and the proposed 2023 drilling program, The company expects to come up with a measured/indicated and inferred resource over the estimated 640 acres of higher-grade upper claystone horizon. Upon completion of the 2023 drilling program, the Company will commission the writing of an inaugural 43-101 report for the West Tonopah Project. If Possible, the Company may look at completing a preliminary feasibility study in 2024 pending the 43-101 results and recommendations from the report. Recent news from American Lithium Corp, January 17,2023 which owns the TLC project one mile north of the company's West Tonopah Project, suggests they are expecting to have a completed pre-feasibility study out to the marketplace shortly. This information should also be relative to future development potential on the company's West Tonopah project. 2023 initiatives for West Tonopah Lithium Project: Submittal of updated NOI to the BLM for review and approval (Feb-Mar); Confirmation of drilling contractor and geological support staff (Apr-May); and 2023 Drill program, results, and commission of 43-101 Report (Jun-Oct). Announcement • Jan 21
Enertopia Corp., Annual General Meeting, Mar 22, 2023 Enertopia Corp., Annual General Meeting, Mar 22, 2023. 