TECHNICAL REPORT, GEOLOGICAL INTRODUCTION AND INITIAL MINERAL RESOURCE ESTIMATIONS FOR THE ENERTOPIA CORP. WEST TONOPAH LITHIUM PROJECT IN ESMERALDA COUNTY, NEVADA, UNITED STATES
Prepared For:	Enertopia Corp. #18, 1873 Spall Road Kelowna, BC V1Y 4R2 Canada
Prepared by:	APEX Geoscience Ltd. 1 100, 11450-160 ST NW Edmonton AB T5M 3Y7 Canada
	M.Plan International Limited 2 Suite 601, 90 Eglington Ave. East Toronto, ON M4P 2Y3 Canada
1 D. Roy Eccles M.Sc., P. Geol. P. Geo. 2 John Derbyshire, B.Sc. FSAIMM Effective Date: 1 November 2023 Signing Date: 1 November 2023

Contents

Tables

Figures

1 Summary

1.1 Issuer and Purpose

This technical report has been prepared for Enertopia Corp. (Enertopia), a Canadian- based Nevada Incorporated company. The focus of this technical report is on Enertopia's West Tonopah Lithium Project in the Big Smoky Valley basin of Esmeralda County, southwest Nevada.

Enertopia is exploring the Miocene-aged Siebert Formation sedimentary and volcaniclastic rocks in the Big Smoky Valley basin for their lithium-claystone potential. During 2021-2023, Enertopia conducted 1) 2021 prospecting and a winkie drill program, and 2) 2022 and 2023 sonic drill programs that collectively drilled 22 holes to a total depth of 4,913.0 feet (1,497.5 m). The Enertopia exploration program results demonstrate the Siebert Formation is enriched in lithium and that portions of the West Tonopah Lithium Project have a lithium inventory with reasonable prospects of eventual economic extraction.

Accordingly, the intent and focus of this technical report is to 1) describe the West Tonopah Lithium Project's land position, geological setting, and lithium-claystone mineralisation, 2) prepare initial mineral resource models and estimations, and 3) make recommendations for future work programs. The technical report is prepared in accordance with:

• The Canadian Institute of Mining, Metallurgy, and Petroleum definition standards and best practice guidelines, and the Canadian Securities Administration's Standards for Disclosure of Mineral Projects, National Instrument 43-101.

• Item 1300 of Regulation S-K under the United States Securities Exchange Act of 1934, as amended (S-K 1300).

1.2 Authors and Site Inspection

This technical report has been prepared by Mr. Roy Eccles P. Geol. P. Geo. of APEX Geoscience Ltd. and Mr. John Derbyshire FSAIMM who is a metallurgical consultant of Ontario registered M.Plan International Ltd. The authors are independent of Enertopia, the West Tonopah Lithium Project and property, and are Qualified Persons as defined in National Instrument 43-101 and as defined under S-K 1300.

Mr. Eccles performed a personal site inspection at the West Tonopah Lithium Project on July 25-27, 2023. The inspection enabled the Qualified Person to verify the land position, access, geological setting, 2021-2023 exploration work, and independently validate the lithium-claystone mineralisation that is the subject of this technical report.

1.3 Property Location, Description and Access

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

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. The Property can be accessed via the United States Highway Route 6, a well-maintained paved highway that divides the property into southern and northern portions. 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. 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.

1.4 Geology and Mineralisation

Tectonically, a prominent regional structural feature in the Tonopah area is defined by a diffuse zone of normal and strike-slip faults known as the Walker Lane fault system. The northwest-orientated dextral-slip tectonism occurred between 26 and 17 Ma and was accompanied by volcanism; these structures are cut by east-trending fractures that further control the distribution of volcanic centers. Tectonic extension, which began around 17 Ma, formed the Basin and Range Province physiography that is defined by alternating mountain ranges (horsts) and elongated valleys (grabens) attributed to crustal extension and faulting along the western margin of North America.

Valleys and low-lying grabens in the Basin and Range Province are filled with sedimentary rocks eroded from nearby mountains, or accumulated evaporite deposits from playa lakes formed within the topographical lows. The Big Smoky Valley represents a drainage divide landform within the Tonopah Basin that extends north south for approximately 100 miles (160 km) in length and has a watershed area of approximately 4,960 square miles (12,800 km²).

The Miocene Siebert Formation (17-13 Ma) was derived from volcaniclastic fluvial and lacustrine deposits that include mudstone, siltstone, sandstone, and conglomerate with intercalated pyroclastic flows and tuff. Based on Enertopia's exploration work results, the Qualified Person advocates that an inferred north-south fault zone differentiates the property into two separate stratigraphic packages that may result in either upthrown or downthrown blocks of the Siebert Formation. Additional exploration work and stratigraphic studies are required to validate this hypothesis as other factors could also influence the Siebert Formation depositional environment. For example, 1) the Siebert Formation strata could be co-mingled with erosional and channel fill material along the uplifted valley flanks, 2) the margins of the basin could create depositional environments that favour the emplacement of coarser sedimentary material in comparison to central, deep, basinal mudstone, and/or 3) potential interaction with rock types other than Seibert Formation along valley flanks.

 The mineralisation discussed in this technical report belongs to the lithium-claystone deposit type. The Siebert Formation, and particularly the mudstone dominant horizons, at the Western Tonopah Lithium Project are enriched in lithium. Of 754 sonic drill core samples logged and analyzed by Enertopia, the minimum and maximum lithium values range from below the minimum limit of detection (20 ppm Li) to 1,520 ppm Li with an average value of 583.1 ppm Li.

1.5 Historical Exploration and Adjacent Properties

Enertopia discovered lithium-claystone at the West Tonopah Lithium Project in 2021, and hence, there is no specific history of lithium exploration within the boundaries of the Company's project.

Rather, historical exploration references relate to adjacent property information including 1) the Silver Peak and Clayton Valley areas (approximately 45 km southwest of Enertopia's project), and 2) the area directly surrounding Enertopia's lithium-claystone project. Please note the Qualified Person has been unable to verify the adjacent property historical information, and therefore, states that the information may not necessarily be indicative of the mineralisation on Enertopia's West Tonopah Lithium Project that is the subject of this technical report.

The first known interest in lithium in the region occurred during the 1950s, when a potash-focused exploration company reported elevated potassium and lithium within formation water, or brine, in the Clayton Valley area near the unincorporated Community of Silver Peak, NV. Several companies, including the current operator Albemarle Corporation, have historically extracted lithium from Silver Peak Lithium Brine Operation by beneficiation of the brine to higher concentrations of lithium through a series of evaporation ponds.

In the 1970s, lithium-bearing claystone rocks were reported in Clayton Valley area by the United States Geological Survey including claystone bedrock situated adjacent to the Silver Peak lithium-brine operation. The mudstone is defined within the Esmeralda Formation, which is stratigraphically younger (Upper and Middle Miocene) than the Lower to Middle Miocene Siebert Formation.

Presently, the Big Smoky Valley basin west of Tonopah, NV, is being explored by numerous companies that are interested in modern critical metals (predominantly lithium) within lithium-claystone host rocks, and as a result, Enertopia's land position is encompassed by numerous explorers focused on the lithium-claystone deposit type.

1.6 Enertopia Exploration

In 2021, Enertopia geologists collected a grab sample of Siebert Formation sedimentary (mudstone) and volcaniclastic rocks from an outcrop in the northern part of the property. The sample yielded 570 ppm Li, and a follow-up sample had 630 ppm Li. A winkie drillhole, DH-1, was drilled at the discovery outcrop and intersected lithium- claystone at 2 to 14 feet (0.6-4.3 m) below surface that yielded between 690 and 860 ppm Li with an average of 750 ppm Li. The last 4 feet (1.2 m) of hole DH1 had 860 ppm Li.

A second outcrop and winkie drillhole DH-5, located approximately 490 m east- southeast of the discovery outcrop (and winkie drillhole DH-1), yielded lower lithium. The second outcrop samples had 290 ppm and 250 ppm Li. Claystone and siltstone material from DH-5 collared at the second outcrop yielded 230 ppm and 270 ppm over 6 feet and 2.5 feet (1.83 m and 1.07 m), respectively.

During 2022 and 2023, Enertopia conducted 2 separate sonic drill programs at the West Tonopah Lithium Project that collectively drilled 22 holes to a total depth of 4,913.0 feet (1,497.5 m). Siebert Formation core samples collected from these programs yielded lithium values of between 20 ppm and 1,520 ppm Li with an overall average of 583 ppm Li (n=754 samples).

A significant takeaway from Enertopia's drill programs, and subsequent analytical results, is that the Siebert Formation within the West Tonopah Lithium Project has elevated values of lithium. Within the Siebert Formation, lithium is highest within intercalated mudstone with volcaniclastic tuff/ash stratigraphic horizons. In comparison, lower lithium is recorded in the intercalated siltstone/sandstone with volcaniclastic tuff/ash and the ash-tuff-dominant horizons.

Consequently, the west part of the project area consists largely of mudstone with a higher modal abundance of lithium in comparison to the east part of the property which appears to comprise more siltstone and sandstone, and hence, lower lithium. With respect to comparisons between the lithium concentrations in the west and east parts of the West Tonopah Lithium Project property:

• In the west part of the property defined by 16 drillholes, 587 core samples yield between the minimum limit of detection (20 ppm Li) and 1,520 ppm Li with an average of 647 ppm Li. Of the 587 analyses, 519 samples had >300 ppm Li (88%), 382 samples had >500 ppm Li (65%), 250 samples had >700 ppm Li (43%), and 72 samples had >1,000 ppm Li (12%).

• In the east part of the property defined by 6 drillholes, 167 cores samples yield between the minimum limit of detection (20 ppm Li) and 800 ppm Li with an average of 359 ppm Li. Of the 167 analyses, 112 samples had >300 ppm Li (67%), 30 samples had >500 ppm Li (18%), 5 samples had >700 ppm Li (3%), and none of the samples had >1,000 ppm Li.

Based on lithological and lithium concentrations variations, there is evidence that the western and eastern parts of the West Tonopah Lithium Project property represent different stratigraphic sections. The Qualified Person hypothesizes that a north-south- trending fault divides the property into at least two stratigraphically succinct sections - both of which are comprised within the Siebert Formation - but likely represent either upthrown or downthrown blocks with different stratigraphic lithologies and depositional environments. The timing of localized faulting and its effect on the distribution of stratigraphic intervals has not been determined.

Based on Enertopia's exploration results, the Qualified Person concludes that the resource modelling and subsequent mineral resource estimations be conducted on the lithology- and lithium value-differentiated west and east resource areas.

Lastly, the lithium-claystone mineralisation is open at depth because the mineralisation extends beyond the current Enertopia drill depths. Numerous drillholes in 1) the north part of the west resource area (n=5 drillholes), 2) south part of the west and east resource areas (n=5 drillholes), and 3) an isolated hole in the uppermost northeast corner of the property terminated in some of the highest Li-claystone concentrations relative to the downhole geochemical profile of each hole. This demonstrates that the Li- claystone deposit could be targeted at depth as part of ongoing mineral exploration by Enertopia at the West Tonopah Lithium Project.

1.7 Mineral Processing

During 2022 and 2023, Enertopia conducted preliminary metallurgical test work at Base Metallurgical Laboratories Ltd, British Columbia on representative Siebert Formation samples from the West Tonopah Lithium Project.

Leach test work was carried out on unroasted and roasted material, utilising several acids. This early test work indicated that the un-roasted material, which had a head grade sample of 820 ppm Li, achieved higher extractions compared to the roasted material. The sulphuric acid leach appears to be enhanced by both elevated leach temperatures and extended residence times. Under the optimum sulphuric acid leaching conditions, it appears that lithium extractions of more than 80%, and possibly approaching 100%, may be expected of an unroasted sample.

With optimisation and additional test work, Enertopia has the potential to produce lithium extractions that can be further evaluated for battery grade lithium products. It is the Qualified Person's opinion, therefore, that Enertopia's preliminary mineral processing test work demonstrates reasonable prospects for eventual economic extraction.

1.8 Initial Assessment and Reasonable Prospects of Eventual Economic Extraction

The Qualified Person advocates that the West Tonopah Lithium Project represents a project of merit and has reasonable prospects for eventual economic extraction. This contention is based on 1) geological inferences from Enertopia's exploration work, 2) marketing considerations, and 3) Enertopia's initial, preliminary, leach extraction test work.

1.9 Mineral Resource Estimations

The mineral resource estimation work was conducted in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum definition standards and best practice guidelines, National Instrument 43-101 Standards of Disclosure for Mineral Projects, and in accordance with the requirements of S-K 1300.

The lithium-claystone resources defined in this technical report are constrained 1) stratigraphically to the Siebert Formation sedimentary and pyroclastic rock strata, and 2) are spatially split into the west and east resource areas divided by a Qualified Person- interpreted north-south trending fault.

Critical steps in the determination of the lithium-claystone resource model and estimations included:

• Definition of the geology and geometry of the Siebert Formation sedimentary and pyroclastic rocks in the west and east resource areas utilizing a 10 m resolution Digital Elevation Model, and geological information from 5 winkie drillholes and 22 sonic drillholes.

• Lithium grade estimation of the Siebert Formation blocks utilizing 766 lithium assays including 12 and 754 assays from the winkie and Sonic drill programs, respectively. To ensure lithium metal grades were not overestimated, composites were capped to specified maximum values of 1,250 ppm and 670 ppm in the west and east resource areas.

• Based on the drillhole spacing and detail within the 3D geological model, a block model with a block size of 66 x 66 x 10 feet (or 20 m by 20 m in the horizontal directions and 3 m in the vertical direction was generated).

• The Ordinary Kriging (OK) technique was used to estimate the lithium at each parent block within the Siebert Formation wireframe. A two-pass method was employed that used two different search ellipses.

• A conceptual pit shell based on theoretical, but reasonable, parameters (such as a lithium recovery of 80%) demonstrated that blocks contained within the conceptual pit satisfy the test of reasonable prospects for eventual economic extraction.

• A nominal density of 1.70 g/cm³ was applied to convert the Siebert Formation block volumes to tonnage based on analogous Tonopah- and Siebert Formation-based mineral resource studies.

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. 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:

• The west resource area has an indicated lithium-claystone resource estimate of 44,000 short tons (40,000 metric tonnes) of elemental Li (Table 1.1). The global (total) lithium carbonate equivalent (LCE) for the west indicated resource area, which is calculated by multiplying elemental lithium by a factor of 5.323, is 233,000 short tons (212,000 metric tonnes) LCE.

• The west resource area has an inferred lithium-claystone resource estimate of 87,000 short tons (79,000 metric tonnes) of elemental Li (Table 1.2). This translates to 463,000 short tons (420,000 metric tonnes) LCE.

• The east resource area has a lithium-claystone inferred resource estimate of 5,000 short tons (5,000 metric tonnes) of elemental Li (Table 1.2). This translates to 27,000 short tons (25,000 metric tonnes) LCE.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. It is reasonably expected that most inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

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.

Because the west resource area extends to the western edge of the property, and the mineral resource would be mined using an open pit methodology, a substantial amount of Siebert Formation mineralized claystone remains unclassified within the conceptual pit shell based on a pit slope of 45°. The unclassified rock mass is 32.5 million short tons (29.5 million tonnes), in comparison to the combined mineral resource classified rock mass of 202.8 short tons (184.0 million metric tonnes).

The west and east mineral resource areas are overlain by 71.9 and 11.0 million short tons (65.2 and 10.0 million metric tonnes) of overburden-pediment waste material, respectively.

Table 1.1 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 in-situ (global) volume and tonnage using a lower cutoff of 400 ppm Li (bold font highlighted in grey).

West Resource Area Indicated Mineral Resource Estimate

Note 1: Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Note 2: 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.

Note 3: The density used to convert volume to tonnage is 1.70 g/cm³ for the Siebert Formation and the overburden/pediment.

Note 4: 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% and a 3-year average lithium carbonate price: USD$26,500/tonne.

Note 5: To describe the resource in terms of the industry standard, a conversion factor of 5.323 is used to convert elemental Li to Li2CO3, or Lithium Carbonate Equivalent (LCE).

Table 1.2 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 in-situ (global) volume and tonnage using a lower cutoff of 400 ppm Li (bold font highlighted in grey).

A) West Resource Area Inferred Mineral Resource Estimate

B) East Resource Area Inferred Mineral Resource Estimate

Note 1: Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Note 2: 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.

Note 3: The density used to convert volume to tonnage is 1.70 g/cm³ for the Siebert Formation and the overburden/pediment.

Note 4: 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% and a 3-year average lithium carbonate price: USD$26,500/tonne.

Note 5: To describe the resource in terms of the industry standard, a conversion factor of 5.323 is used to convert elemental Li to Li2CO3, or Lithium Carbonate Equivalent (LCE).

1.10 Conclusions

The Enertopia 2021-2023 exploration program results demonstrate the Siebert Formation is enriched in lithium and that portions of the West Tonopah Lithium Project have a lithium inventory with reasonable prospects of eventual economic extraction.

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.

This contention is supported by the Qualified Person's 1) site inspection, which enabled the Qualified Person to understand the projects positive location and access, near-surface target unit geological setting, and independently validate the lithium mineralisation at West Tonopah Lithium Project, 2) positive review of Enertopia sample preparation, security, and analytical protocols, 3) review of the Quality Assurance-Quality Control methodologies employed, and the positive results of the Quality Assurance- Quality Control analytical work, and 4) review of the analytical results in conjunction with the independent and accredited laboratory certificates.

The Enertopia exploration work results provide additional geological and mineralogical information related to a lithium-claystone deposit potential of the Siebert Formation within the Big Smoky Valley near Tonopah, NV. The Qualified Person advocates that the information and data presented in this technical report forms a reasonable database for further exploration, mineral resource modelling, and mineral resource estimations. The data and subsequent interpretations support splitting the mineral resources into western and eastern resource areas based on definitive spatial variations in the Siebert Formation lithologies and the mudstone's lithium concentrations.

Based on a cutoff of 400 ppm Li and a focus on blocks contained within a conceptual pit shell, the West Tonopah Lithium Project is predicted to collectively 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.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

The west and east mineral resource areas are overlain by 71.9 and 11.0 million short tons (65.2 and 10.0 million metric tonnes) of overburden-pediment waste material, respectively.

1.11 Risks and Uncertainties

The mineral resource model and estimations are based on Enertopia's 2021-2023 exploration work at the West Tonopah Lithium Project. The lithium-claystone resources are subject to change as the project achieves higher levels of confidence in the geological setting, mineralisation, lithium recovery process development, and the implemented cutoff values. The current specific areas of uncertainty with the resource model include the inferred (speculated) fault zone that divides the west and resource areas, detailed stratigraphic modelling of specific Siebert Formation rock units, and the density used to calculate tonnage. The Qualified Person is not aware of any other significant material risks to the mineral resources other than the risks that are inherent to mineral exploration and development in general.

With respect to mineral processing, there is no guarantee that the Company can successfully extract lithium from claystone in a commercial capacity. The extraction technology is still at the developmental stage and while the Company has conducted preliminary indicative leach test work, the Qualified Person notes that no optimisation, variability, or reproducibility work has been undertaken at this stage of the study. This work is required prior to any solution impurity purification work. As the technology advances, there is the risk that the scalability of any initial mineral processing bench-scale and/or demonstration pilot test work may not translate to a full-scale commercial operation.

1.12 Recommendations

Enertopia's early-stage West Tonopah Lithium Project is a project of merit, and a two- phased program is recommended that continues to assess and advance the lithium- claystone potential at the property. The total estimated cost of the Phase 1 and Phase 2 exploration work, with a 10% contingency, is USD$2,777,500 (Table 1.3).

Phase 1 work to advance the subsurface stratigraphic and structural model of the Siebert Formation includes 1) relogging the 2022-2023 drill cores by a sedimentologist and a multi-sensor core logger, 2) create a detailed stratigraphic and structural model, 3) infill and exploratory drilling, and 4) conduct ongoing mineral processing test work. The total estimated cost of the recommended Phase 1 exploration work, with a 10% contingency, is USD$1,122,000.

The Phase 2 work is subject to the positive results of the Phase 1 work. Phase 2 work recommendations include 1) refinement of the lithium-claystone recovery process flowsheet toward the development and construction of a demonstration pilot plant, 2) implement studies in consideration of modifying factors, and 3) to conduct mineral resource modelling and estimations that include economic valuations. Technical reporting should be completed in accordance with Canadian Institute of Mining, Metallurgy and Petroleum definition standards and guidelines (2014, 2019), disclosure rule National Instrument 43-101, and in accordance with the requirements of S-K 1300. The total estimated cost of the recommended Phase 2 work, with a 10% contingency, is USD$1,655,500.

Table 1.3 Work recommendations.

¹ Currency conversion based on 1 USD equals 1.36 CDN (September 11, 2023). 

2 Introduction

2.1 Issuer and Purpose

This technical report has been prepared for Enertopia Corp. (Enertopia), a Canadian- based Nevada Incorporated company. The focus of this technical report is on Enertopia's West Tonopah Lithium Project in southwest Nevada. The project consists of 88 contiguous Lode Mining Claims that are 100% owned by Enertopia and encompass 735.79 ha. The claims were acquired directly from the United States Department of the Interior, Bureau of Land Management (BLM).

The West Tonopah Lithium Project is situated within the Big Smoky Valley basin of Esmeralda County, NV approximately 4 miles (6.4 km) west of the Unincorporated Town of Tonopah, NV (Figure 2.1). Enertopia is exploring the Lower to Middle Miocene Siebert Formation sedimentary and volcaniclastic rocks for their lithium-claystone potential. During 2021-2023, Enertopia conducted 1) prospecting and a winkie drill program that defined a discovery outcrop with 570 and 620 ppm lithium (Li) from exposed Siebert Formation bedrock exposures, and 2) two separate Sonic drill programs that collectively drilled 22 holes to a total depth of 4,913.0 feet (1,497.5 m). Siebert Formation core samples yielded lithium values of between 20 and 1,520 ppm Li with an overall average of 583 ppm Li.

Accordingly, the intent and focus of this technical report is to 1) describe the West Tonopah Lithium Project's land position, geological setting, and lithium-claystone mineralisation, 2) prepare initial mineral resource models and estimations, and 3) make recommendations for future work programs.

The technical report was prepared in accordance with Canadian Institute of Mining, Metallurgy, and Petroleum (CIM) definition standards and best practice guidelines for mineral resources and reserves (CIM, 2014, 2019), disclosure rule National Instrument 43-101 (NI 43-101), and Item 1300 of Regulation S-K under the United States Securities Exchange Act of 1934, as amended (S-K 1300).

2.2 Authors and Site Inspection

This technical report was prepared by Mr. Roy Eccles M.Sc. P. Geol. P. Geo. of APEX Geoscience Ltd. (APEX) in Edmonton, AB, and Mr. John Derbyshire FSAIMM of M.Plan International Limited in Toronto, ON. The authors are independent of Enertopia, the West Tonopah Lithium Project, and are Qualified Persons (QPs) as defined in NI 43-101 and as defined under S-K 1300.

The CIM and NI 43-101 defines a QP as "an individual who is a geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these; has experience relevant to the subject matter of the mineral project and the technical report; and is a member or licensee in good standing of a professional association."

Figure 2.1. General location of Enertopia Corp.'s West Tonopah Lithium Project.

S-K 1300 defines a QP as "an individual who is 1) a mineral industry professional with at least five years of relevant experience in the type of mineralization and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and 2) an eligible member or licensee in good standing of a recognized professional organization at the time the technical report is prepared."

Mr. Eccles takes QP responsibility for Sections 1.1 to 1.6, 1.8 to 1.12, 2 to 12, 14, 23, 24, 25.1, 25.3, 25.4, 26, and 27 of this technical report. Mr. Eccles is a Professional Geologist with the Association of Professional Engineers and Geoscientists of Alberta (APEGA) and Professional Engineers and Geologists of Newfoundland and Labrador (PEGNL) and has worked as a geologist for more than 35 years since his graduation from university.

Mr. Eccles has been involved in all aspects of in-situ global mineral exploration and mineral resource estimations for metallic, industrial, and specialty mineral projects and deposits. Mr. Eccles technical experience with respect to lithium includes exploration and resource estimations in the Western Canada Sedimentary Basin, southeastern and southwestern United States, central Europe, and other international destinations.

Mr. Eccles performed a personal site inspection at the West Tonopah Lithium Project on July 25-27, 2023. The inspection enabled the QP to verify the West Tonopah property land position, access, geological setting, 2021-2023 exploration work, and independently validate the lithium-claystone mineralisation that is the subject of this technical report.

Mr. Derbyshire takes QP responsibility for the mineral processing test work conducted on representative claystone collected from the West Tonopah Lithium Project (Sections 1.7, 13, and 25.2). Mr. Derbyshire is a Fellow of the Southern African Institute of Mining and Metallurgy (SAIMM) and has worked as a managing or consulting metallurgist for more than 42 years since his graduation from university. Mr. Derbyshire has international process engineering, metallurgy, metallurgical test work, and flow sheet development experience with various critical commodities that include rare earth elements, lithium, graphite, vanadium, etc. Mr. Derbyshire has operational experience with sulphuric acid plants, acid leach operations and lithium extraction processes such as ion exchange and solvent extraction.

2.3 Sources of Information

The QP, in writing this technical report, used sources of information as listed in Section 27, References.

With respect to the Lode Claims documented in Section 4, the legal information regarding mineral claims has not been independently verified; however, the QP has reviewed the West Tonopah Lithium Project property claim status at the USA Department of the Interior, Bureau of Land Management, Mining Claims - Serial Registration Page at: BLM Reporting Application, and found the claims active and in good standing at the Effective Date of this technical report.

The QP acquired, reviewed, and validated publicly available information and data, and exploration information and data as supplied by the Issuer, Enertopia. Publicly available information and data included miscellaneous reports, government data, and scientific papers (e.g., Meinzer, 1917; Steward and Carlson, 1976; Silberman et al., 1978; Bonham and Garside, 1979a,b; Ekren and Byers, 1984; Davis, 1986; John et al., 1989; Asher- Bolinder, 1991; Whitebread and John, 1992; Thompson, 1999; Wesnousky, 2005; Munck et al., 2011; Carlson et al., 2013; Hofstra et al., 2013; Araoka et al., 2014; Nevada Bureau of Mines and Geology, 2015, 2018; Price et al., 2000; Castor and Henry, 2020; Coffey et al., 2021; and Mindat.org, 2023). The QP also reviewed and utilized information from Enertopia's publicly available News Releases (e.g., Enertopia Corp., 2021, 2022, 2023a,b).

Enertopia provided electronic, compiled rock and drill core sample location and analytical data along with the laboratory's Certificate of Analysis. The rock and core samples were analyzed by ALS Limited at ALS Vancouver, BC with sample preparation completed at ALS Global in Reno, NV (collectively, ALS). ALS is independent of Enertopia and represents an established, commercial, Canadian lab accredited to ISO/IEC 17025:2017 (general requirements for the competence of testing and calibration laboratories). The lithium extraction test work was completed at Base Metallurgical Laboratories Ltd. (Base Met Labs) in Kamloops, BC. by professional engineers that specialize in metallurgical test programs, flotation, elutriation, beneficiation, solid mineral separation, and mineral process optimization and comminution.

The QP has reviewed all government and miscellaneous reports, and Issuer-supplied analytical data. The QP has deemed that the information and data are, to the best of his knowledge, valid and reasonable contributions to this technical report. The QP therefore takes ownership of the ideas and values as presented in this technical report.

2.4 Units of Measure

With respect to units of measure, unless otherwise stated, this technical report uses:

• Abbreviated shorthand consistent with the International System of Units (International Bureau of Weights and Measures, 2006).

• 'Bulk' weight is presented in both United States short tons (tons; 2,000 lbs or 907.2 kg) and metric tonnes (tonnes; 1,000 kg or 2,204.6 lbs.).

• Geographic coordinates are projected in the Universal Transverse Mercator (UTM) system relative to Zone 11 of the North American Datum (NAD) 1983.

• Currency in USA (USD$) and Canadian (CDN$) dollars unless otherwise specified.

3 Reliance of Other Experts

The QP is not qualified to provide an opinion or comment on issues related to legal agreements, mineral titles, royalties, permitting and environmental matters. Accordingly, the QP disclaims portions of Section 4, Property Description and Location.

With respect to Enertopia's exploration approvals, the QP is entirely reliant on information provided from Enertopia management on August 1, 2023. More specifically, the QP was provided a copy of, the "Bureau of Land Management Decision Notice NVN- 101244" (dated February 20, 2023).

Information related to the BLM Decision including the distinction as a Notice that involves exploration work spanning a surface disturbance area of 4.68 acres, and determination of required financial guarantee amount is discussed in Section 4.4, Permitting and Surface Rights.

4 Property Description and Location

4.1 Description and Location

During 2021, Enertopia applied for, and was granted by the United States Department of the Interior, Bureau of Land Management (BLM), a total of 88 unpatented Lode Claims that encompass a contiguous area of 735.79 ha in west-central Nevada (Table 4.1; Figure 4.1). According to Federal law (30 USC 612), the purpose of an unpatented mining claim is for mineral prospecting, mining, or processing operations, and uses reasonably related thereto, which would include erecting and maintaining the necessary structures, workings, machinery, and security measures. The Lode Claims are owned 100% by Enertopia.

The West Tonopah Lithium Project property is situated within the Big Smoky Valley of Esmeralda County, NV near its northeastern border with Nye County. Enertopia's West Tonopah Property is approximately 4 miles (6.4 km) west of the Unincorporated Town of Tonopah, NV (Figure 2.1). Tonopah is the county seat of, Nye County, Nevada, US and is located approximately half way between the cities of Las Vegas and Reno, NV, along United States Highway Route 95 (US 95). The centroid of the Property in Lambert Conformal projection is at Latitude 38.092867028 and Longitude -117.305668157, or in Universal Transverse Mercator projection at 473197 m Easting and 4216163 m Northing, Zone 11, North America Datum 83 (UTM, Z11, NAD83).

4.2 Maintenance

The maximum size of a lode claim is 1,500 feet (457.20 m) in length and 600 feet (182.88 m) in width (900,00 square feet or 8.36 hectares). The Lode Claims are located on BLM lands and are subject to the permitting rules and regulations imposed by the BLM. The 1872 Federal law requires a Lode Claim for "veins or lodes of quartz or other rock in place" (30 USC 26; 43 CFR 3841.1). A lode location gives the rights to any lodes, veins, or other minerals whose apex (or top) lies within the area of the claim (30 USC 26).

Table 4.1 Lode Claim descriptions.

Table 4.1, Continued.

Figure 4.1 Enertopia's Lode Claims spatial configuration.

Current Federal law (30 USC 28f; 43 CFR 3833.1-5) requires an annual claim maintenance fee of USD$165 per claim be paid at the State Office of the Bureau of Land Management on or before September 1. Hence Enertopia's Lode Claims are:

• Valid only for a period of one-year from September 1 to August 31, which is equivalent to the US Federal fiscal year.

• Require an annual claim maintenance fee (or assessment work) of USD$14,520 to maintain all 88 Lode Claims in good standing (Table 4.1; subject to adjustments and assessment work as described in the text below).

During the initial assessment year (the year of location), the claim maintenance fee must be paid at the time the notice of location is filed with the BLM. Failure to pay the claim maintenance fee will void the claim.

The QP has reviewed the West Tonopah Lithium Project property claim status at the BLM, Mining Claims - Serial Registration Page at: BLM Reporting Application, and found the Enertopia registered claims are active and in good standing.

The claim maintenance fee is required to be adjusted every 5 years after the date of enactment (1993) by the Secretary of the Interior to reflect the Consumer Price Index published by the Bureau of Labor Statistics. The Secretary of the Interior may also make the adjustment more frequently if deemed reasonable to do so. However, all claim owners must be notified by the Secretary of the Interior no later than July 1 of the year of the adjustment (30 USC 28j).

Nevada law (NRS 517.230) requires that on or before November 1 of each year that the annual assessment work is not required, the claimant, or someone in their behalf, must make and have recorded with the County Recorder a notice of "intent to hold". The notice of intent to hold is proof that the claimant intends to hold the claim from 12 p.m. on September 1 of the year before the affidavit was made and recorded until 11:59 a.m. on September 1 of the year the affidavit was made and recorded.

Federal mining law (30 USC 28; 43 CFR 3851.1) requires that labor or improvement worth at least USD$165 be done annually for each unpatented lode or placer claim in which the claim owner has been exempted from paying the claim maintenance fee. If several claims are held as a group and are contiguous, the labor or improvement can be done on any of the claims or outside the group if the work benefits all the claims in the group; the total work must be equivalent to a least $155 for each claim. A contiguous group of claims are claims held by the same locator that lie side by side or end to end with common boundaries or overlap. Claims touching only at their corners are not contiguous.

Any labor or improvement that tends to benefit the claim or group of claims and discloses or develops valuable minerals will qualify as assessment work. Beneficial work could include the cost of sinking shafts, pits, or trenches; running adits or drifts; mining ore; drilling costs; purchase and installation of necessary machinery or buildings; dewatering workings; building roads; and geological, geochemical, and geophysical work conducted by qualified experts.

The assessment year starts at noon on September 1, and labor or improvements worth at least USD$165 must be made for each claim by noon on the following September 1 (43 CFR 3851.1a, b). Assessment work is not required in the assessment year in which the claim is located (43 CFR 3851.1b); however, the BLM requires a Notice of Intent to hold the claim if a small miner fee waiver is filed for the next assessment year. Annual assessment work is not cumulative and excess work done in one assessment year cannot be credited against the next year's requirement.

Nevada law (NRS 517.230) requires that an affidavit ("proof of labor") attesting to completion of the work be filed with the County Recorder on or before November 1 following the end of the assessment year. Federal regulations (43 USC 1744) require that a copy of the recorded affidavit of annual assessment work for a lode or placer claim or a notice of intent to hold a mill site or tunnel right be filed at the State Office of the Bureau of Land Management on or before December 30 of each year (starting the calendar year following the calendar year in which the claim was located).

Federal law (30 USC 29-38, 42; 43 USC 661) provides for the patenting of a mining claim. The patenting process is complicated and often expensive, and it is by no means certain that a patent will be issued. To patent a claim, it is usually necessary for it to be part of an operating, profitable mine. A mill site can also be patented (30 USC 42a). Once the claim is patented, the claimant has clear and absolute title to the claim, and neither the claim maintenance fee nor the annual expenditure for labor or improvement and affidavit attesting to this work is required. An unpatented claim is not subject to property taxes (NRS 361), but a patented claim is entered on the tax roll (NRS 362.010-362.240). Note: Beginning in 1994, United States Congress has annually imposed a moratorium on new patent applications.

4.3 Royalties and Agreements

There are no royalties applicable to the West Tonopah Lode Claims. However, if mineral extraction were to occur in the future on these claims, the State of Nevada imposes taxes. Nevada rate of tax operates on a sliding scale tax of between 2% and 5% of profits. The tax rate on the earnings from each extractive operation depends on the remaining amount after deducting expenses (net proceeds) from the total earnings (gross proceeds). The tax rates vary depending on the percentage of net proceeds to gross proceeds, as shown in Table 4.2.

If the total tax rate, including all applicable rates imposed by the State of Nevada, exceeds 2% for the property where the operation is located, the minimum tax rate for the operation will be set at the higher of the two tax rates: the total combined tax rate or the standard tax rate. If the net proceeds of an operation exceed USD$4,000,000 in a calendar year, the tax rate is set at 5%.

Table 4.2. Nevada Rate of Tax upon Net Proceeds.

4.4 Permitting and Surface Rights

An unpatented mining claim is a parcel of land for which the claimant has asserted a right of possession and the right to develop and extract a discovered, valuable, mineral deposit. This right does not include exclusive surface rights (see Public Law 84-167 and see the text below with respect to Enertopia's surface authorization rights).

In contrast to an unpatented mining claim, a patented mining claim is a claim where the Federal Government has passed its title of ownership to the claimant, giving him or her exclusive title to the locatable minerals and in most cases, the surface, and all resources. Hence, a patented mining claim is considered private property. Patented mining claims usually have surface rights, but not always. A patent that has separate surface and sub-surface rights would be considered a split estate.

The surface management regulations 43 Code of Federal Regulations subpart 3809

(43 CFR 3809) incorporates 3 levels of operation:

1. Casual use by operator who does negligible disturbance. No notice or plan required. Need not contact BLM. Does not include use of mechanized earth- moving equipment or explosives.

2. Notice - includes exploration activities that propose disturbance of 5 acres or less. A written notice, including a reclamation cost estimate, must be submitted to the appropriate BLM Field Office 15 days prior to starting operations. A sufficient financial guaranteed amount must be approved by and submitted to the BLM prior to the commencement of operations. Effective for 2 years. May be extended for additional 2 years with the submittal of a revised/updated reclamation cost estimate.

3. Plan of Operations - includes all mining and processing activities and exploration exceeding 5 acres of disturbance. BLM approves plan.

Enertopia has obtained surface authorization rights in the form of a Notice of Intent through the BLM Tonopah Field Office (Battle Mountain District Office) in accordance with the regulations outlined in 43 CFR 3809. The Notice NVN-101244 (February 20, 2023) determined that Enertopia's financial guarantee reclamation cost estimate of USD$13,990 was sufficient and that the operations as proposed do not cause unnecessary or undue degradation of public lands and resources.

The authorization does not grant Enertopia exclusive rights to the surface resources of the claims, but rather grants the right to use the surface for the purposes of exploration, mining, and mineral processing activities. The reclamation cost estimate must be developed as if the BLM were to contract with a third-party to reclaim the operations according to the reclamation plan. In this instance, reclamation conditions of the Notice involve re-contouring drill pads and roads and applying salt desert shrub seed mix at a specified rate per acre of disturbed ground.

The term of Notice NVN-101244 remains in effect for 2-years from the date of the decision (February 20, 2023), unless Enertopia notifies the BLM Office that operations have ceased, and reclamation is completed. If Enertopia wishes to conduct operations for another 2-years after the expiration date of the Notice, then the Company must notify the BLM office in writing on or before the expiration date as required by 43 CFR 3809.333.

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 Western 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).

4.5 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.

Of note, Crescent Dunes Solar Energy Plant, which is being developed by SolarReserve, is directly north of the West Tonopah Lithium Project on 1,600 acres of land leased from the BLM. The project employs 10,347 tracking mirrors (Heliostats) that direct continuous sunlight to a salt receiver, which in turn directs molten salt to a heat exchanger to produce superheated steam, drive a steam turbine, and generate electricity. The Energy Plant generates more than 500,000 megawatt hours of electricity per year powering over 75,000 homes. While the project poses no significant risk to Enertopia's land position it is worth noting 1) the positive mindset of the State government and the BLM in renewable energy, and 2) that the 1,600-acre site land position is tied up indefinitely.

4.6 Significant Factors

Enertopia's West Tonopah Lithium Project is an early-stage exploration project. To the best of the QPs knowledge, there are no other significant factors or risks, that may affect access, title, or the right or ability to perform exploration work at the Western Tonopah Lithium Project property.

5 Accessibility, Climate, Local Resources, Infrastructure and Physiography

5.1 Accessibility

The property is situated in Nevada, USA, roughly 4 miles (6.4 km) west of the Unincorporated Town of Tonopah, NV. The Property can be accessed via the United States Highway Route 6 (US 6 or the Veterans Memorial Hwy), a well-maintained paved highway running directly through, and essentially dissecting, the property into southern and northern portions (Figure 5.1).

Off US 6, the southern portion of the property was easily accessed by numerous trails that divide the property into a series of north-south and east-west sections. The northern portion of the property was accessed by a paved two-lane road that extends from US 6 in a north-northeast direction to its intersection with Highway 89, and northwestward, to Pathfinder Development Corporation's Tonopah Hall Mine. Numerous trails were also observed in the northern portion of the property.

Figure 5.1 General Access to Enertopia's West Tonopah Lithium Property.

The Western Tonopah Lithium Project is centrally positioned between Reno and Las Vegas, and hence, in proximity to two significant population centers. Both cities serve as major transportation hubs, providing various transportation options, including international airports and major highway systems, which permit easy travel access to and from the property.

Enertopia's local storage space is proximal to the northern end of the property at Pathfinder Development Corporation's Hall Mine administrative offices where the Company stores equipment and archives its 2022 and 2023 drill cores.

5.2 Regional Topography, Elevation and Vegetation

The property is situated in the southern region of the Great Basin, specifically within the Big Smoky Valley drainage basin between the San Antonio Range (East) and Monte Cristo Range (West). The topography within the property is characterized by flat terrain with minimal variation in the elevation, which is approximately 5,400 ft (1,646 m) above sea level.

The regional vegetation is adapted to the arid desert climate, with arid land shrubs dominating the landscape. The vegetation composition is influenced by the region's aridity and daily/seasonal temperature fluctuations. Wildlife in the Tonopah region includes pronghorn antelope, wild horses, wild burros, big horn sheep, desert tortoise, mountain lions, coyotes, birds (e.g., eagles, mountain bluebird), reptiles (e.g., desert horned lizard, snakes), pica, jackrabbits, and fish (e.g., brown trout, cutthroat trout).

5.3 Climate

The climate in the area is characterized by a desert landscape, which contributes to significant daily temperature fluctuations. The region experiences cool to cold winters and warn to hot summers (Figure 5.2). The annual high temperature averages around 19.4º C (67.9º F), while the annual low temperature averages around 2.8º C (37.0º F).

Figure 5.2 Climate in Tonopah, NV. Source: www.WeatherSpark.com.

The hot season lasts for 3.2 months, from June 7 to September 14, with an average daily high temperature above 26 °C (78.8 °F). The hottest month of the year in Tonopah is July, with an average high of 31 °C (87.8 °F) and low of 13 °C (55.4 °F). The cold season lasts for 3.2 months, from November 19 to February 25, with an average daily high temperature below 10 °C (50 °F). The coldest month of the year in Tonopah is December, with an average low of -7 °C (19.4 °F) and high of 6 °C (42.8 °F). The average annual precipitation is approximately 132.9 mm (5.24 inches), and the average annual snowfall amounts to around 40.64 cm (16 inches; US Climate Data, 2023).

5.4 Local Resources and Infrastructure

There is a well-maintained highway and a transmission line that runs directly through the property, reducing the need for primary access, power, and infrastructure upgrades. Although there are no large surface water sources located within the property, an intermittent stream channel approximately 900 m south of the property could potentially be modified to retain runoff water and used as a potential local water source. Enertopia has yet to assess groundwater sources.

The unincorporated Town of Tonopah is the county seat of Nye County, Nevada, US. Examples of the services in Tonopah include accommodations, gas and vehicle repair shops, hardware stores, restaurants, and a United States Department of the Interior, Bureau of Land Management Office. Tonopah is nicknamed the Queen of the Silver Camps based on the town's rich, historical mining history. While Tonopah is currently a tourism-based resort town, the population of approximately 2,200 persons (2020 census) provides access to an experienced and knowledgeable metallic mineral mining workforce. Reno and Las Vegas, NV serve as viable population hubs for the Company to access mining personnel and supplies for exploration camp materials and services.

At this stage of Enertopia's project, no specific potential locations for tailings storage areas, waste disposal areas, or processing plant sites has been assessed.

5.5 Length of the Operating Season

Considering the property's location, accessibility, and climate, exploration activities at the West Tonopah Lithium Property can be carried out throughout the year although there may be occasional disruptions caused by extreme weather conditions such as snowfall or severe storms. The region generally permits year-round mining operations.

6 History

Enertopia discovered lithium-claystone at the West Tonopah Lithium Project in 2021, and hence, there is no specific history of lithium exploration within the boundaries of the Company's project. Rather, A brief synopsis of the exploration/mining work is presented to provide the reader with a reference to regions historical metallic mineral relevance. The historical exploration references relate to adjacent property information in 1) the Tonopah region, 2) the Silver Peak and Clayton Valley areas (approximately 45 km southwest of Enertopia's project), and 3) the area directly surrounding Enertopia's lithium-claystone project.

Please note the Qualified Person has been unable to verify the adjacent property historical information, and therefore, states that the information may not necessarily be indicative of the mineralisation on Enertopia's West Tonopah Lithium Project that is the subject of this technical report. The QP has added the appropriate disclaimer at the beginning of those sub-sections that reference historical work documented to have occurred outside of Enertopia's property.

6.1 Tonopah Metallic and Industrial Mineral Mining History

The Town of Tonopah, NV, and area has over a century of historical metallic and industrial mineral exploration and production. This work was conducted by company's other than Enertopia, and has occurred, largely, in areas other than the land position that defines the West Tonopah Lithium Project. Note that the QP has been unable to verify the historical information, and therefore, states that the information may not necessarily be indicative of the mineralisation on Enertopia's West Tonopah Lithium Project that is the subject of this technical report.

The Nevada silver district was discovered by James L. Butler in 1900, and silver production was initiated by the Tonopah Gold Mountain Mining Company. As a result of the discovery, numerous Tonopah region mines were developed and produced Ag-Pb- Cu-Au-W-As. Principal mines included Mizpah, West End Consolidated, Halifax Tonopah, Jim Butler Tonopah, MacNamara, Mizpah Extension, Montana - Tonopah, North Star, Rescue Eula, Tonopah Belmont, Tonopah Extension, and Tonopah Midway mines.

The most productive of the Tonopah mines were centered between Mount Oddie and Mt. Brougher, near the south end of the San Antonio Mountain Range. Some of the more productive mines were on the southwest flanks of Mount Oddie (MinDat.org, 2023). The deposits were hosted in volcanic rocks, including the Early Miocene Mizpah Trachyte, Miocene andesite of the Tonopah Formation, Tertiary West End Rhyolite, rhyolitic tuff, volcanic breccia (agglomerate), and tuffaceous sedimentary rocks (MinDat.org, 2023).

Structural controls on ore emplacement, as interpreted from localized breccia and gouge zones, included the Tonopah fault, the north-south-trending Halifax Fault Zone, the Merton Fault, and the Monarch-Pittsburg Fault.

The region produced metals between 1900 to 1947. Peak mine production occurred between 1900 and 1921; the record single year was 1913, when approximately $10 million in gold, silver, copper, and lead was mined (Town of Tonopah, 2023). Tonopah's mines maintained high yearly production until a slowdown occurred during the Great Depression (1929-1941). In 1947, the Tonopah and Goldfield Railroad was decommissioned, and the rails - which run through the southern portion of the West Tonopah Lithium Project - were removed.

In addition to metallic minerals, the Tonopah region also has a history of industrial minerals production, including clay, diatomite, and gypsum (Nevada Commission on Mineral Resources, 2018).

6.2 Historical Interest in Lithium in the Tonopah Region

Note that the QP has been unable to verify the historical information presented in this sub-section, and therefore, states that the information may not necessarily be indicative of the mineralisation on Enertopia's West Tonopah Lithium Project that is the subject of this technical report.

The first known interest in lithium in the region occurred during the 1950s, when a potash-focused exploration company reported elevated potassium and lithium within formation water, or brine, in the Clayton Valley area near the unincorporated Community of Silver Peak, NV. Several companies, including the current operator Albemarle Corporation, have historically extracted lithium from Silver Peak Lithium Brine Operation by beneficiation of the brine to higher concentrations of lithium through a series of evaporation ponds.

In the 1970s, lithium-bearing claystone rocks were reported in Clayton Valley area by the United States Geological Survey including claystone bedrock situated adjacent to the Silver Peak lithium-brine operation. The mudstone is defined within the Esmeralda Formation, which is stratigraphically younger (Upper and Middle Miocene) than the Lower to Middle Miocene Siebert Formation (Albers and Steward, 1972; Bonham and Garside, 1979a; Ingersoll, 2002).

Presently, the Big Smoky Valley basin west of Tonopah, NV, is being explored by numerous companies that are interested in modern critical metals (predominantly lithium) within lithium-claystone host rocks, and as a result, Enertopia's land position is encompassed by numerous explorers focused on the lithium-claystone deposit type. The reader is referred to Section 23 for additional Adjacent Property information.

6.3 Historical Exploration Conducted within the West Tonopah Lithium Project Property

Historical exploration conducted by companies other than Enertopia are evident within the boundaries of the West Tonopah Lithium Project property. The QP has been unable to verify the historical workings that occurred within the boundary of the West Tonopah Lithium Project, and therefore, states that the information may not necessarily be indicative of the mineralisation that is the subject of this technical report.

Exploration trails, and numerous shallow bulldozer/excavator trenches occur throughout the property. While these historical excavations were verified by the QP during a site inspection (see Section 12), to the best of the QPs knowledge, there is no historically recorded information known about the exploration program or the project owners that excavated the trenches within the boundaries of the West Tonopah Lithium Project.

The QP is aware that several companies evaluated, and/or continue to evaluate, the uranium potential of the region directly west of Tonopah, NV (e.g., Tigris Uranium Corp., 2012; Uranium Resources Corp., 2016; Alliance Mining Corp., 2018). In addition, the QP is also aware that several companies staked ground in the Tonopah region in search of lithium, gold, silver, molybdenum, and other metals including domestic clay (e.g., Columbus Gold Corp., IMV Nevada, Nevada Alaska Mining Company, West Kirkland Mining Inc., and Urania Resources Corp.; Nevada Bureau of Mines and Geology, 2015; Johansing, 2022).

6.4 Historical Well Data in the Tonopah Region (In Consideration of Potential Regional Lithium Indicators)

This section presents a brief overview of historical oil and gas wells, geothermal wells, and groundwater wells, including those that contain lithium geochemical results. The historical wells are located outside of the West Tonopah Lithium Project. Note that the QP has been unable to verify the adjacent property historical information, and therefore, states that the information may not necessarily be indicative of the mineralisation on Enertopia's West Tonopah Lithium Project that is the subject of this technical report.

The historical distribution of oil and gas wells in the Tonopah region, by well status and operator, is presented in Figure 6.1. The status of these wells is either abandoned wells or wells with uncertain status. The figure highlights the prominent operators and their contributions to the exploration and development of oil and gas resources in the area. To the best of the QPs knowledge, oil and gas wells in the figure area had no associated lithium-brine or -claystone concentrations recorded. There are no historical oil and gas well lithium geochemical assay data available for Enertopia's property.

Historical groundwater lithium geochemistry analytical results in the Tonopah region are presented in Figure 6.2. There are several elevated lithium concentration clusters throughout the region including at Albemarle Corporation's Silver Peak Lithium Operation (see Section 23). The average concentration of lithium in the groundwater samples shown in Figure 6.2 is 1.05 ppm Li, with concentrations of between 0 and 34 ppm Li. No historical groundwater lithium geochemical assay data is available for Enertopia's property.

Historical geothermal wells, thermal springs, and Specific Measurement Unit (SMU) gradient wells in the Tonopah region is presented in Figure 6.3. Geochemical samples from the thermal springs and wells yielded lithium concentrations of between 0 and 34 ppm. The average lithium concentration of the thermal springs and wells in the area shown in Figure 6.3 is 0.58 ppm Li, and 0.415 ppm Li excluding any samples with no (zero) Li. Geothermal and SMU wells had no associated lithium concentration data. There are no wells within Enertopia's property to indicate subsurface characteristics, or the potential presence, of lithium-enriched geothermal fluids.

Figure 6.1 Historical oil and gas wells in the Tonopah Region.

Figure 6.2 Historical groundwater lithium geochemistry in the Tonopah Region.

Figure 6.3 Historical geothermal wells in the Tonopah Region.

7 Geological Setting and Mineralisation

7.1 Regional Geology

The geology of Nevada began to form in the Proterozoic at the western margin of North America. During the Paleozoic and Mesozoic periods, terranes accreted to a marine-environment-defined continent. Over the past 66 million years, Farallon Plate and associated tectonic movement created intense volcanism and formed the Basin and Range Province. The prominent Walker Lane structural zone acts as a boundary separating the Sierra Nevada Mountain Range to the west from the Basin and Range province to the east. The formation of glaciers and valley lake watersheds continued to shape the current day landscape. These geological features are described in the text that follows.

7.1.1 Tectonic History

The oldest known tectonic event in western Nevada is associated with Late Devonian to Early Mississippian Antler Orogeny. This compressive event resulted in the upward thrusting of deep marine siliceous rocks eastward over shallow marine carbonate and shale. Plate convergence continued through the Mesozoic as the Farallon Plate transported terranes that subducted under North America developing numerous thrust faults due to compressional strain. The Late Cretaceous Sevier Orogeny generated large mountain ranges in eastern Nevada.

By the Cenozoic (roughly 60 million years ago; Ma), the downward angle of the Farallon Plate decreased, and the plate produced shear stress at the base of the North American Plate, driving the Laramide Orogeny, which created the Rocky Mountains. Due to conditions in the underlying crust, inferred to be a thinner section of the Farallon, intense volcanic activity began in the Eocene in northern Nevada around 43 Ma and continued until 7 Ma.

Relative right-lateral Pacific-North American transform motion across the western US is defined by the transpressional San Andreas and transtensional Walker Lane fault systems that separate the Sierra Nevada batholith from the Basin and Range province in the Great Basin of Nevada (Bonham and Garside, 1979aa). The Walker Lane system, which occurs directly east of the Western Tonopah Lithium Project (Figure 7.1), is defined as complex, discontinuous and broad system of strike-slip faults attributed to lower cumulative slip and an attendant extensional component of motion (Wesnousky, 2005). Offset Tertiary tuffs and lavas and older granites and volcaniclastic rocks are interpreted to indicate that the northwest-striking strike-slip faults of the Walker Lane block have taken up 48-60 km of right-lateral strike-slip (Ekren et al., 1980; Ekren and Byers, 1984).

Walker Lane northwest-orientated dextral-slip tectonism occurred in the Tonopah region from 26 to 17 Ma and was accompanied by some of the volcanism in the Tonopah area. (John et al., 1989). Walker Lane structures are cut by east-trending fractures and further controlled the distribution of volcanic centers (Bonham and Garside, 1979a).

Figure 7.1. Regional geology in the vicinity of Enertopia's West Tonopah Lithium Project.

7.1.2 Basin and Range

The tectonic changes formed the basis for development of the Basin and Range Province horst and graben terrain that was further developed by approximately 15 Ma normal faulting (John et al., 1989; Figure 7.1). The Basin and Range Province is a vast physiographic region covering much of the inland Western United States and northwestern Mexico. Abrupt changes in elevation, alternating between narrow faulted mountain chains and flat arid valleys or basins characterize the province.

The physiography of the province is the result of tectonic extension that began around

17 Ma in the early Miocene epoch. The distinctive topography of alternating mountain ranges (horsts) and elongated valleys (grabens) is attributed to crustal extension and faulting along the western margin of North America. As the crust thinned and stretched, volcanic activity resulted in the eruption of magma and formed various volcanic features (e.g., lava flows, volcanic fields, cinder cones, and layers of volcanic ash).

Thinning of the upper crust caused deeper, highly metamorphosed rock masses to rise to the surface, where it is overlain by younger faulted and domed rocks. There are more than 24 metamorphic core complexes in the Basin and Range Province as a whole. In some cases, faulted blocks have shifted more than 50 miles (80.5 km) from the apex of the dome. Along detachment surfaces, mylonite forms due to shear.

Basin and Range faulting in the Tonopah area is estimated to have started approximately 16 to 17 Ma, as indicated by the age of basinal deposits of the Siebert Formation, and the extrusion of olivine trachyandesite (Bonham and Garside, 1979a).

7.1.3 Volcanism

Intense volcanic activity began in the Eocene around 43 Ma and continued until 7 Ma (Stewart and Carlson, 1976). The volcanism ejected some 17,000 cubic miles (70,860 km³) of material in 250 major eruptions and layering the landscape in tuff ash falls thousands of feet thick. Extinct calderas up to 35 miles wide are preserved in the mountains of south-central Nevada, particularly near the Tonopah range.

Additionally, the Walker Lane - an area of northwest trending right-lateral strike-slip faults formed 12 Ma - is associated with some of the most intense eruptions, such as the 16.0 to 6.5 Ma Southwest Nevada volcanic field.

During the last 10 million years, volcanic activity shifted to bimodal volcanism with basalt lava flows alternating with rhyolite domes. Some small cinder cones formed as recently as the Pleistocene and the Nye County Lunar Crater volcanic field was active only 15,000 years ago.

The Western Tonopah Lithium Project is directly west of the San Antonio Mountain Range, a Tertiary aged complex that underwent intermittent volcanism between 35 and 10 Ma (Bonham and Garside, 1979a).

7.1.4 Stratigraphic Sedimentary and Volcanic Rocks

The Tertiary stratigraphy of the Tonopah area consists of Oligocene and Miocene calc-alkaline to alkaline volcanic rocks (Carpenter et al., 1953). Tertiary rocks in the Tonopah area are presented in Figure 7.2 and described, from oldest to youngest, in the text that follows. Descriptions benefit from Thompson (1999) along with K-Ar age dates from Bonham and Garside (1979).

The Tonopah Formation (34.8 Ma to 24.3 Ma) is divided into two informal units. The lower unit is mainly welded, silicic ash-flow tuffs and epiclastic volcanic siltstone and sandstone. The upper unit is comprised of rhyolite domes and flows.

The Mizpah Andesite (20.6 Ma) is divided into 3 facies, 1) porphyritic lava flow and flow breccia vent material, 2) volcaniclastic composed of mudflows with minor lava flows, and 3) intrusive dacite to andesitic dykes.

The West End Rhyolite is a fine-grained, holocrystalline, weakly porphyritic rhyolite with abundant secondary pyrite.

The Fraction Tuff is dominated by welded quartz latitic to rhyolitic tuff. The unit is defined by 6 separate members. The Tonopah Summit Member, which has been dated at 21.5 to 17 Ma, is comprised of moderately to poorly welded, crystal-rich, vitric, quartz latite to rhyolite heterolith tuff. The Tonopah Summit Member uppermost contract is defined by moderately to strongly welded hematitic autobreccia.

The Lower to Middle Miocene Siebert Formation (17-13 Ma) was derived from volcaniclastic fluvial and lacustrine deposits that include mudstone, siltstone, sandstone, conglomerate, and interbedded tuff. It has been divided, variably, depending on its spatial location. For example, Franey (1985) divided the formation into 8 members at Hasbrouk Mountain. As described by Thompson (1999), facies could include tuffaceous sandstone, lacustrine siltstone, interbedded tuff, and pyroclastic flow deposits.

The Siebert Formation outcrops throughout the San Antonio Mountains, Lone Mountain, and Crescent Dunes and typically forms low rounded hills. The Siebert Formation exposed in the San Antonio Range is primarily fluvial sandstone and slope accumulations of pyroclastic rocks. Lacustrine rocks outcrop further west (basinward). A similar trend is seen at Lone Mountain, where fluvial rocks are exposed on the mountain whereas lacustrine units occur east (basinward).

The Oddie Rhyolite (16.9-16.4 Ma) occurs as plugs, dykes, and flow domes. The Brougher Rhyolite (16.1 Ma) represents the non-mineralized equivalent of the Oddie Rhyolite, and therefore, the Oddie and Brougher rhyolites are assumed to be sourced from the same magma system.

Figure 7.2 Stratigraphic sketch of Tertiary rocks in the Tonopah region. Source: Thompson (1999). Age determinations from Bonham and Garside (1979).

7.1.5 Big Smoky Valley Basin Watershed

Valleys and low-lying grabens in the Basin and Range were filled with sedimentary rocks eroded from nearby mountains or accumulated evaporite deposits from playa lakes formed within topographical lows. Figure 7.1 illustrates the boundaries of one such trough, the Big Smoky Valley.

The Big Smoky Valley is bordered on the northeast by the Toquima Range, on the northwest by the Toiyabe Range, on the east by the San Antonio Range, on the southwest by the Silver Peak Range, and on the west by the Monte Cristo Range. It represents a drainage divide landform within the Tonopah Basin that extends north-south through the counties of Esmeralda, Nye, and Lander, is about 100 miles (160 km) in length and has a watershed area of approximately 4,960 square miles (12,800 km²; Figure 7.1).

Historically, the Basin and Range formed valleys over time that are defined by various dimensions, water depths, and depositional environments due to basin-defining structural tectonics, paleoclimate patterns, erosional and depositional environments, etc. Based on the interpretation of regional gravity data by Fugro National Inc. (1980) that involved 1,386 gravity stations, the Big Smoky Valley is bound by major range-forming normal fault systems that extend the full length of the valley on both sides. The maximum depth calculated in the Big Smoky Valley is approximate 4,000 feet (1,219 m); however, this interpretation is subject to change because little is known about the actual density distribution in and around the valley. Basin-fill deposits within the valley reach combined thicknesses of about 3,000 feet (915 m; Rush and Schroer, 1970).

Presently, flood waters accumulate in valley lows. Because typical desert valleys are arid and have no drainage outlets, the waters are left to evaporate, leaving unique depositions of horizontal constructional flats, also called playas. Playa lakes, such as the two Pleistocene Lake bed areas shown in Figure 7.1, are shallow, ephemeral bodies of water that are fed by runoff from surrounding mountains during periods of rainfall or snowmelt. Within this region, the Smoky Valley Playa Complex serves as a catchment area for sediments eroded from the surrounding mountains. As water flows into the playa, it brings along fine-grained sediments and minerals, which settle and accumulate on the lakebed.

7.1.6 Quaternary Surficial Material

The regional bedrock map of the Tonopah area shows that bedrock is dominantly confined to the mountain ranges because of thrusting and uplift of tilted blocks of crust (Figure 7.3). The Western Tonopah Lithium Project property is generally covered by a thin veneer of Quaternary overburden and surficial pediment defined by a relatively flat surface of exposed alluvial soil, gravel, with fragments of resistant volcanic rocks.

Figure 7.3 Regional bedrock geology.

7.2 Property Geology

The bedrock geology within the Property area is presented in Figure 7.4 (Bonham and Garside, 1979b). Exposed surficial deposits and bedrock within the boundaries of the property include Quaternary fan and pediment deposits (Qfp on Figure 7.4) and discontinuous outcrops of the Siebert Formation volcaniclastic and tuffaceous sedimentary rocks (Ts on Figure 7.4). The lithium-bearing sedimentary-volcaniclastic rocks within the West Tonopah Lithium Project are defined as occurring within the Lower to Middle Miocene Siebert Formation.

The Siebert Formation has been age dated by K-Ar at 17-13 Ma (Bonham and Garside, 1979). The Siebert Formation, and associated volcanic-aged rocks, have been documented by several authors (e.g., Meinzer, 1917; Knopf, 1921; Stewart and Carlson, 1976; Silberman et al., 1978; Bonham and Garside, 1979a,b; Graney, 1985; Nash, 1985; Whitebreak and John, 1992; Thompson, 1999).

Inception of Basin and Range extensional faulting in the Tonopah area about 17 Ma ago initiated the deposition of fluvial and lacustrine sedimentary rocks of the Siebert Formation within a complex of fault block basins. Intercalated with these sedimentary rocks are subaerial and subaqueous deposited ash-fall and ash-flow tuffs that were erupted locally, from volcanic vents in the San Antonio Mountains that were later filled by lavas of the Brougher Rhyolite.

The Siebert Formation consists of a large suite of sedimentary and pyroclastic volcanic rocks, the bulk of which are derived from fluvial and lacustrine epiclastic volcanic conglomerate, sandstone, siltstone, and subaqueous/subaerial pelitic tuff deposits. The unit comprises a heterogenous mixture of fine- to coarse-grained sedimentary and pyroclastic rocks. At Enertopia's property, the Siebert is calcareous and locally contains dolomitic lacustrine sedimentary rocks.

The Siebert Formation reportedly contains an upper portion dominated by epiclastic sediments and a lower portion containing various lithic, crystal, and lapilli ash-flow units with interbedded epiclastic sediments. The Siebert Formation is unconformably underlain by the Fraction Tuff, which is exposed along the western edge of the three hills and to the north towards Tonopah.

The thickness of the Siebert Formation varies, roughly 300 to 450 m thick east of Crescent Dunes (west of Battle Mountain, NV), and 600 feet (180 m) thick on Seibert Mountain, southeast of Tonopah (e.g., Knopf, 1921).

The true thickness of the Siebert Formation lithium-bearing mudstone has yet to be determined at the West Tonopah Lithium Project. To date, Enertopia's deepest drillhole, DH-23-01, which was drilled in the uppermost northwest portion of the property, penetrated, and ended in, Siebert Formation to a depth of 400 feet (122 m).

Figure 7.4 Bedrock geology in the property area.

Siebert Formation outcrops were discovered by Enertopia at the Western Tonopah Lithium Project and have been exposed in shallow trenches. The Siebert outcrop is more common in the eastern part of the property in comparison to the west. This is validated by drill programs that show the overburden can extend to thicknesses of up to 70' (21 m) in the western portion of the property.

North-trending faults are interpreted Big Smoky Valley including in the American Lithium TLC Property which is directly north of the West Tonopah Lithium Project (Loveday and Turner, 2020). The faulting is interpreted to post-date lithium mineralisation and may down-drop stratigraphy to the west.

Hydrothermal alteration is widespread in the Divide District (Bonham and Garside, 1979). Tuffaceous rocks of the Siebert Formation commonly contain silica-rich streaks or fragments up to about 5 cm wide and generally less than a centimeter thick, which suggests that silica was mobilized - probably in association with hydrothermal activity - during Siebert Formation deposition. In the Divide District, the lower part of the Siebert is a strongly silicified, pale yellow-green, rhyolitic pyroclastic breccia.

7.3 Mineralisation

The Siebert Formation at the Western Tonopah Lithium Project is enriched in lithium. Of 754 core samples analyzed, and regardless of lithology, the minimum and maximum lithium values are 20 ppm and 1,520 ppm with an average value of 583.1 ppm Li. A histogram of the distribution is presented in Figure 7.5. These data form the assay database for the resource modelling and estimation process presented in Section 14.

Figure 7.5 Histogram of the drill core analytical results (n=754 analyses). The data are presented regardless of lithology sampled.

Volcaniclastic rocks are dominantly incorporated into the sedimentary rock package - and dominantly the mudstone lithological facies - as distinctly reworked pyroclasts, or epiclasts, and lithic tuff. Sections of the core with elevated lithium contents, seem to correspond with higher modal abundances of tuff clasts. These sections are often characterized by 'mottled', 'rubbly', and 'blocky' textures. It is possible that the tuff clasts are either 1) directly responsible for elevated lithium contents, or 2) increase the porosity of the claystone which may create accommodation space for lithium-enriched fluids to move through and accumulate in the strata. This hypothesis requires further validation.

The QP advocates that an inferred north-south fault zone differentiates the property into separate 'west' and 'east' stratigraphic blocks that may result in either upthrown or downthrown Siebert Formation blocks. This contention is supported by:

1. Preliminary outcrop and drill core observations by the QP suggest that the Siebert Formation in the eastern part of the property has a higher sand modal abundance in comparison to the western mudstone-dominated strata.

2. Evaluation of the Enertopia lithium assays shows that the western portion of the property contains higher lithium claystone in comparison to the east side of the property (Figure 7.6 and see Section 10).

Figure 7.6 Histogram of the drill core analytical results separating the assays into eastern (n=167 analyses) and western (n=587 analyses) groupings. The data are presented regardless of lithology sampled.

Additional exploration work and stratigraphic studies are required to validate this hypothesis because other factors could also influence the Siebert Formation depositional environment. For example, 1) the Siebert Formation strata could be co-mingled with erosional and channel fill material along the uplifted valley flanks, 2) the margins of the basin could create depositional environments that favour the emplacement of coarser sedimentary material in comparison to central, deep, basinal mudstone, and/or 3) potential interaction with rock types other than Seibert Formation along valley flanks.

In the interim, incorporation of an inferred north-south orientated fault zone is recommended in the initial resource modelling and estimations presented in this technical report.

To illustrate the lithium-bearing Seibert Formation lithologies in correlation with the lithium mineralisation, the QP presents a quick log and geochemical lithium profile of the deepest drillhole drilled to date, DH-23-01, which was drilled in the northern portion of the west resource area. The DH-23-01 drill core was logged by the QP during a 2023 site inspection, in conjunction with Enertopia drill logs. Five distinct lithological units within the Siebert Formation were interpreted as presented in Table 7.1 and Figure 7.7. The drillhole core is dominated by varying mudstone units easily distinguished by the colour of the mudstone. Within the hole, two separate upper grey mudstone and light grey mudstone units (42-216' or 12.8-65.8 m) are differentiated from a lower medium grey-green mudstone unit (240-400', or 73.2-121.9 m) by an ash-tuff horizon (216-240', or 65.8-73.2 m).

Table 7.1 Qualified Person quick log of drillhole DH-23-01 in the northern portion of the west resource area.

A downhole geochemical profile of lithium is included in Figure 7.7 and demonstrates that variations in lithium concentration correlate well with:

• Differentiating the upper grey and light grey mudstone units from the lower medium grey-green mudstone unit. The upper grey and light grey mudstone units (42-216' or 12.8-65.8 m) yield between 50 ppm and 1,200 ppm Li with un-weighted average of 771 ppm Li. The lower medium grey-green mudstone unit (240-400', or 73.2-121.9 m) contains between 190 ppm to 1,520 ppm Li with an un-weighted average of 894 ppm Li.

• The ash-tuff unit has lower lithium values and separates the upper grey-light grey mudstone and lower medium grey-green mudstone sub-units. The ash-tuff horizon contains between 190 ppm and 360 ppm Li with an un-weighted average of 255 ppm Li.

Figure 7.7 Summary of the various Siebert Formation lithologies within drillhole DH-23-01.

8 Deposit Types

Lithium occurs in 3 main categories of deposit types:

1) Mineral deposits, in which lithium is primarily extracted from pegmatite deposits that are found globally and account for half of the lithium produced today (Benson et al., 2017). Spodumene is the most abundant lithium-bearing mineral found in economic deposits.

2) Brine deposits which can be separated into:

a. Surface or near-subsurface continental deposits that occur in endorheic basins where inflowing surface and groundwater is moderately enriched in lithium (continental deposits currently account for all known global brine production), and

b. Confined aquifer deposits that occur in deep, subsurface basial reservoirs in which the brine is pumped as a waste product of hydrocarbon production or within the geothermal production circuit.

3) Sediment-hosted deposits, which are better described as the lacustrine clay- lithium deposit type. The clay-lithium deposit type is the focus of this technical report. Lithium-clay deposits has developed recent, expanded interest because of their high Li content and therefore potential as new lithium resource type.

Studies on clay-lithium deposit type rocks determined that lithium could accumulate in the octahedral layer of the clay structure when the clay is subject to elevated concentrations of Li associated with formation solutions, temperature, and time (Decarreau et al., 2012). Examples of clay-lithium deposits include Clayton Valley and McDermitt Caldera in Nevada, USA (e.g., Castor and Henry, 2020; Coffey et al., 2022).

The source of lithium in clay-lithium deposits has been studied by several authors. Historical studies associate lithium sourced from, and being introduced to the claystone sedimentary stratum by, 1) surrounding tuffaceous rocks (Davis et al. (1986), 2) rhyolite lava flows and rhyolitic ash flow tuffs (Price et al., 2000), 3) melt inclusions in quartz phenocrysts from rhyolites (Hofstra et al., 2013), 4) geothermal waters that emanate as surficial geothermal springs (Munk et al., 2011), 5) Li-enriched hydrothermal fluids resulting from high temperature water-rock interaction (Araoka et al., 2014), and 6) a combination of hydrothermal activity and leaching from clays and volcanic ash found in the basin fill (Munk et al., 2016).

Recent source hypotheses for lithium-clays involve hydrothermal fluids in combination with 1) closed hydrologic system diagenesis and geothermal-meteoric hybrid diagenetic fluid (Castor and Henry, 2020), and 2) linear sequestration of Li from bulk sedimentary/volcaniclastic rocks via fluid interaction and compaction pressure (Figure 8.1; Coffey et al., 2022).

With respect to exploration, lithium-clay deposit areas can be delineated, initially, through geological compilation studies that, for example, target basinal areas with known geothermal affinities (e.g., hot springs, volcanism, rifting, etc.). Ground exploration involves prospecting and geochemical analysis of outcrops if present. Ultimately, drilling is required to substantiate the deposit to depth in the subsurface. Depending on the texture, consistency, diagenesis, alteration, and nature of the clay, drilling could employ auger, winkie, diamond, and/or Sonic drills. Geological confidence in basinal deposit settings can be advanced through geophysical surveys, such as seismic and magnetic/electromagnetic surveys, to delineate basin dimensions and detect faults and horsts/grabens. Short wave infrared (SWIR) hyperspectral mapping of drill cores could improve the understanding of the mineralogical alteration distribution around lithium- enriched and/or hydrothermal horizons/zones.

Figure 8.1 Conceptual model for the Clayton Valley basin brine aquifer system including the generalized stratigraphy, Li distribution in the lacustrine clay-rich basin fill sediments, and mechanisms for brine formation and migration. Source: Coffey et al. (2021).

9 Exploration

9.1 Prospecting and Discovery

In 2021, Enertopia initiated a prospecting program at the West Tonopah Lithium Project. Several outcrops of Seibert Formation sedimentary and volcaniclastic rocks were discovered in the northern part of the property directly adjacent to Highway 89.

A grab rock sample of Siebert Formation was collected from a single exposed outcrop location, defined as the 'discovery outcrop' (Figure 9.1). The sample returned 570 ppm Li (Enertopia Corp., 2021). The discovery outcrop is composed "primarily light greenish exposures of claystone, mudstone and volcaniclastic material forming part of a sequence of uplifted paleo-lake deposits on the flank of the basin" (Enertopia Corp., 2021).

An additional 'secondary outcrop' was located and sampled by Enertopia approximately 475 m southeast of the discovery outcrop. Despite having the same general claystone lithology, the 'secondary outcrop' sample yielded lower lithium (290 ppm Li) in comparison to the discovery outcrop.

The discovery and secondary outcrops were resampled by Enertopia and yielded similar results of 630 ppm and 250 ppm Li, respectively.

Note: Both outcrops were sampled by the QP during a 2023 site inspection (see Section 12).

Based on the 2021 prospecting results, Enertopia tested the immediate subsurface in the vicinity of the discovery outcrops using a winkie (portable) drill, which is limited to depths of approximately 15 feet (4.6 m). A total of 5 winkie drillholes were completed (Figure 9.1). This information is presented in Section 10, Drilling.

9.2 Preliminary Bulk Density Measurements

During the site visit, the QP discovered that Enertopia had yet to conduct bulk density measurements. Hence, and in addition to samples collected for assaying, the QP collected 10 drill core samples to obtain bulk density measurements of various Siebert Formation lithologies including variably coloured claystone with intercalated volcanic tuff, volcanic tuff, and overburden/pediment. The bulk density samples were collected such that the QP could evaluate the densities to convert mineral resource volumes to tonnages.

The bulk density samples were couriered to ALS Vancouver and measured using ALS Code OA-GRA08b (specific gravity on pulps using pycnometer). The preliminary bulk density analytical results are presented in Table 9.1 and associated QP observations include:

• The overburden/pediment had a bulk density of 2.82 g/cm³ (n=1 analysis; EWRT- BD004).

• The minimum, maximum, and average bulk density measurements of the Seibert Formation strata were 2.79 g/cm³, 2.82 g/cm³, and 2.81 g/cm³, respectively (n=8 analyses).

• The bulk density of the tuff/ash unit is 2.81 g/cm³; n=1 analysis; EWRT-BD007).

Based on these analyses, the average Seibert Formation bulk density is 2.81 g/cm³. The bulk density used to convert the mineral resource volume to tonnage is discussed further in Sections 14.6.1.

Table 9.1 Preliminary bulk density analytical results. Note: ALS Code OA-GRA08b initially measured specific gravity; the analytical methodology used fluid with density values close to that of water (1.0 g/cm³), and hence, the resulting bulk density calculation is close to the specific gravity.

Figure 9.1 Location of Siebert Formation outcrops/trenches and the winkie drillholes excavated/drilled by Enertopia in 2021.

10 Drilling

10.1 2021 winkie drill Program

During 2021, Enertopia drilled a total of 5 shallow surface holes at the West Tonopah Lithium Project using a winkie drill (see Figure 9.1). The winkie drillholes were drilled vertically (orientation of zero and dip of -90°) to a maximum depth of 17.5 feet (5.3 m).

Apart from drillhole DH2, which did not intersect bedrock, the drillhole material (clipping returns) from 4 of the 5 holes were sampled by Enertopia geologists and sent to ALS Chemex in Reno, NV for geochemical analysis using ALS Code ME-ICP61 (4 acid digestion with ICP-AES analysis for 33 elements).

Results of the winkie drill program yielded:

• Drillhole DH1 was drilled at the discovery outcrop exposure and intersected 12 feet (3.7 m) of lithium-claystone (from 2 to 14 feet below surface or 0.6-4.3 m). Analyses of the winkie drill return material yielded between 690 and 860 ppm Li with an average grade of 750 ppm Li. The last 4 feet (1.2 m) of the hole returned 860 ppm Li, which represents the highest lithium-claystone encountered in the winkie drill program (Table 10.1).

• Drillhole DH2 did not penetrate bedrock and yielded only overburden and pediment material.

• Drillhole DH3 was drilled approximately 3,600 feet (1.1 km) south from DH-1 and intersected lithium-claystone from the surface to a depth of 14 feet (4.3 m). Claystone from this hole yielded between 370 and 730 ppm Li with an average grade of 532 ppm Li. The highest-grade interval was from the surface to a depth of 4 feet (1.2 m) and returned 730 ppm Li (Table 10.1). The lithium concentrations decrease down the hole; perhaps because the Siebert Formation transitions from intercalated mudstone and tuffaceous material at the top (higher lithium) to higher modal abundances of siltstone at depth (lower lithium).

• Drillholes DH4 and DH 5 yielded lower lithium values of 200 to 270 ppm Li in comparison to the DH1 and DH3 holes. Hole DH-5 was collared adjacent to the second outcrop sampled by Enertopia, which also yielded lower lithium in comparison to the discovery outcrop (290 ppm and 250 ppm Li). An explanation for this is that the DH4 and DH5 drillholes were collared in the eastern part of the property where the Siebert Formation lithology is siltier in comparison to the claystone-dominated strata in the western part of the property as documented and sampled in drillholes DH1 and DH3.

• Note that a tuff/ash marker unit encountered in the near surface at drillholes DH1 and DH4 was not sampled by Enertopia.

 Table 10.1 2021 winkie drill lithium analytical results. Source: Enertopia Corp. (2021).

10.2 2022-2023 Sonic drill Programs

10.2.1 Introduction

During 2022 and 2023, Enertopia conducted 2 separate Sonic drill programs at the West Tonopah Lithium Project that collectively drilled 22 holes to a total depth of 4,913.0 feet (1,497.5 m; Table 10.2, Figure 10.1). The programs included,

• A 2022 program that drilled 10 holes totalling 1,560.0 feet (475.5 m).

• A 2023 program that drilled 12 holes totalling 3,353.0 feet (1,022.0 m).

The drillhole descriptions are presented in Table 10.2, and in summary, all holes were drilled vertically at an orientation of Azimuth zero degrees and a dip of -90 degrees. Enertopia commissioned Gregory Drilling Inc. in Yuba, CA and Boart Longyear in Elko, NV to complete the 2022 and 2023 drilling, respectively. Both drilling companies used a track mounted Sonic drill rig and drilled 4-inch cores (101.6 mm).

The drill collars were surveyed by Enertopia geologists using a handheld GPS. The holes were drilled to end-of-hole depths of between 120 and 400 feet (40 and 122 m) with an average drillhole depth of 223 feet (68 m). The sonic rig and large diameter cores were implemented to maximize core recovery within the sedimentary and volcaniclastic strata. The target unit Seibert Formation core recovery in the 2022 and 2023 programs is estimated at 85% and >90%, respectively.

10.2.2 Lithium Analytical Results

All assay values described in this technical report are presented as core interval apparent widths. Downhole surveys were not completed, and therefore, true thicknesses are not known.

Enertopia logged and sampled the drill cores. The Company rented warehouse space for core storage at the historical Hall Mine, which approximately 13.5 miles (22 km) north of the West Tonopah Lithium Project. The decommissioned mine property and mine site infrastructure are currently owned by Pathfinder Development Corporation.

A total of 754 Siebert Formation sedimentary/volcaniclastic drill core samples were collected by Enertopia geologists for analysis. This included 221 and 533 samples/analyses during the 2022 and 2023 drill programs, respectively.

The minimum, maximum, and average lithium values on a hole-by-hole basis is presented in Table 10.2 and Figure 10.2. Lithium values ranged between 20 and 1,520 ppm Li with an overall average of 583.1 ppm Li. Lithium-clay concentrations are noticeably higher in the western portion of the West Tonopah Lithium Project property (see Section 7.3, Mineralisation).

Table 10.2 Drillhole descriptions and summary of lithium analytical results.

A) 2022 Drillhole program lithium analytical summary

B) 2023 Drillhole program lithium analytical summary

1 Average Li presented as the arithmetic mean.

Figure 10.1 Location of Enertopia's 2022 and 2023 drillholes.

Figure 10.2 Minimum, maximum, and average (un-weighted) lithium analytical results for each drillhole. A north-south-trending inferred fault (blue dashed line) is hypothesized to divide the Siebert Formation into west and east mineral resource areas. Grey dashed polygons represent zones where the Li-claystone values increase toward the end of the drillhole (see Figures 10.3 and 10.4).

All 10 holes drilled in 2022 ended in claystone with lithium mineralisation including values that ranged from 330 ppm to 1,045 ppm Li. Observations of the drill cores suggests local normal faulting and structuring occurs in the area. Overburden varied from 13 feet to a maximum of 90 feet (4.0 to 27.4 m).

A summary of Enertopia's 2022 drillhole results is presented in Table 10.3 and summarized as follows:

• Drillhole DH-22-10 had an average lithium grade of 831 ppm Li from 70 feet (21.3 m) to the end of hole at 170 feet (51.8 m), including 1,045 ppm Li in the holes last 10 feet (3.1 m).

• Drillhole DH-22-04 intersected a suspected lower claystone horizon with a thickness of 160 feet (48.8 m). The average lithium content in this hole was 395 ppm Li (n=29 analyses), and because of the lower lithium values, Enertopia postulated that the hole may have been drilled across a fault or within a different structural/stratigraphic block in comparison to higher lithium-bearing clays in the western part of the property (Enertopia Corp., 2022).

Table 10.3 Select 2022 drillhole lithium analytical results. Source Enertopia Corp. (2022).

The 2023 drill program outlined a broad area of green claystone ranging from 15 feet to 130 feet below surface (4.6 to 39.6 m; Enertopia Corp., 2023a). The thickness of the green claystone horizon varies from 50 to 195 feet in thickness (15.2 to 59.4 m). All twelve holes ended in claystone. A summary of Enertopia's 2023 drillhole results is presented in Table 10.4 and summarized as follows:

• Drillhole DH23-02 yielded 184 feet (56.1 m) with 828 ppm Li with several intercepts of over 1,000 ppm Li.

• DH23-04 yielded 2 intercepts of over 1,000 ppm Li between 199 - 209 feet (60.7 to 63.7 m).

• DH23-05 yielded a 157-foot (47.9 m) interval averaging 637 ppm Li.

• DH23-06 was drilled to test for the eastern extent of the deposit and yielded lower lithium. The higher modal abundance of ash tuff could indicate a different depositional (e.g., lagoon margin) or a tectonically re-positioned block of strata that yields lower lithium values with respect to the western portion of the property.

• DH23-07 was drilled to a depth of 181 feet (55.2 m) and averaged 516 ppm Li between 50 feet (15.2 m) to the EOH.

• DH23-10 yielded 7 intercepts of over 1,000 ppm Li with intercepts of 843 ppm Li over 236 feet (71.9 m) and 1,410 ppm Li over 5 feet (1.5 m).

• DH23-11 intersected a thick lithium-clay zone of 248 feet (75.6 m) that averaged 844 ppm Li with 8 separate zones grading above 1,000 ppm Li (Enertopia Corp., 2023b).

10.2.3 Observations on the Spatial (Lateral and Subsurface) Distributions of Lithium

Within the boundaries of the property, Enertopia's exploration work has shown that the Siebert Formation in the western portion of the project area contains higher lithium values in comparison to the east. To support this contention:

• In the west part of the property defined by 16 drillholes, 587 core samples yield between the minimum limit of detection (20 ppm Li) and 1,520 ppm Li with an average of 646.9 ppm Li. Of the 587 analyses, 519 samples had >300 ppm Li (88%), 382 samples had >500 ppm Li (65%), 250 samples had >700 ppm Li (43%), and 72 samples had >1,000 ppm Li (12%).

• In the east part of the property defined by 6 drillholes, 167 cores samples yield between the minimum limit of detection (20 ppm Li) and 800 ppm Li with an average of 359.0 ppm Li. Of the 167 analyses, 112 samples had >300 ppm Li (67%), 30 samples had >500 ppm Li (18%), 5 samples had >700 ppm Li (3%), and none of the samples had >1,000 ppm Li.

Table 10.4 Select 2023 drillhole lithium analytical results. Source Enertopia Corp. (2023b).