Lithium Equity Report

Enertopia Corporation – OTCQB: ENRT

Enertopia Equity Research provides you with in-depth analysis of ENRT’s land package, including a detailed evaluation of the upcoming drill results.

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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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