Enertopia Corporation provided 43-101 West Tonopah Mineral Resource Report. The West Tonopah (WT) Lithium Project encompasses 88 unpatented lode claims covering approximately 1,760 acres. Enertopia controls 100% of the mining lode claims comprising the West Tonopah property and the rights to all locatable subsurface minerals without any royalties.

Enertopia is evaluating the Miocene Siebert Formation for its lithium-claystone potential. In the period of less than 18 months the Company has completed two drill programs with 22 sonic drillholes totaling 4,913 feet and completed the maiden mineral resource National Instrument 43-101 technical report . The Technical Report has an Effective Date of November 1, 2023, and 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) and the disclosure rule National Instrument 43-101 (NI 43-101).

The lithium-claystone resources at the WT Lithium Project 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. 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 utilized 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 utilized 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%, 3-year average lithium carbonate price of USD 26,500 per tonne, mining and processing costs of USD 3.33 per tonne and USD 31.56 per tonne, and a pit slope of 45 degrees) 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 area, Siebert Formation-based mineral resource studies.

The WT Lithium Project represents a project of merit and has reasonable prospects for eventual economic extraction based on 1) geological inferences from Enertopia's exploration work, 2) marketing considerations, and 3) Enertopia's preliminary leach extraction test work results. In consideration of CIM definition standards, the west resource area is classified as indicated and inferred mineral resources and the east resource area is classified as an inferred mineral resource. Indicated mineral resources are defined with areas where 3 drillholes are within 1,476 feet of one another.

Inferred resources are designated outside of the indicated resources and in areas where there is applicable drillhole information. Unclassified areas include those areas that are not drill tested and/or where there are only isolated sonic drillholes. The mineral resources are reported for the Siebert Formation as a total (global) volume and tonnage using a lower cutoff of 400 ppm Li and on blocks contained within the conceptual pit shell.

The WT 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 at an average grade of 609 ppm Li. 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 at an average grade of 722 ppm Li.

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 at an average grade of 499 ppm Li. 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.