Enertopia Campaign – Fundamental Research Corporation

Enertopia Corporation

OTCQB: ENRT

Lithium prices are up 416% YoY on stronger demand, inflation, and supply disruptions. However, we expect prices to ease in the latter half of the year as supply chain bottlenecks ease in China, and production ramps up in South America.

Exposure

ENRT has shifted focus to its recently acquired lithium project, also in Nevada. The West Tonopah lithium project covers 1,760 acres, and is prospective for lithium-bearing claystone. Two out of four shallow drill holes returned promising grades. Follow-up drilling (totaling 15-20 holes) commenced earlier this month.

Equity Report

In our initiating report last year, we had predicted an M&A event considering ENRT’s proximity to larger lithium juniors. CYP paid US$4.2M for the project vs our fair value estimate of US$20M.

Market Overview

The market is assigning a significant discount to ENRT’s land package as it is in pre-resource stage. If positive, upcoming drill results will likely be major catalysts for ENRT. We note that delineating a lithium resource is a faster and cheaper process vs mainstream metals such as gold/copper.

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