Enertopia Announces Proposed Financing

• Enertopia Corporation announced a proposed non-brokered private placement equity financing on May 22, 2026.
• The offering targets gross proceeds of up to CAD $800,000 via 4,000,000 units priced at CAD $0.20 per unit.
• Each unit includes one common share and one non-transferable share purchase warrant.
• Warrant terms allow holders to purchase an additional common share at USD $0.20 for a period of 24 months from issuance.
• Proceeds are designated to accelerate hydrogen technology portfolio development, investigate acquisition opportunities, and fund general corporate working capital.
• The company may pay broker commissions or finder's fees up to 10% in cash and 10% in warrants.
• This follows a January 2026 asset sale where the West Tonopah lithium project was sold to American Battery Technology Company for USD $505,596.

• The financing amount of CAD $800,000 is small relative to typical public company capital needs, indicating limited materiality regarding immediate solvency or major expansion.
• Offering price of CAD $0.20 represents a discount compared to the recent trading close of CAD $0.25 (May 21, 2026), which is dilutive and negative for existing shareholders.
• The issuance of warrants adds future equity overhang with a strike price of USD $0.20, creating potential selling pressure upon exercise in two years.
• Proceeds are directed toward development and acquisitions rather than immediate revenue generation, maintaining the speculative nature of the stock.
• No strategic investor participation (e.g., Sprott, Lundin) is disclosed to validate the valuation or technology, reducing confidence in the "Game Changer" potential.

• Enertopia Corporation operates in the technology and mining sectors, focusing on patented green-technology platforms.
• Flagship initiatives include a portfolio of patent and patent-pending hydrogen technologies.
• The company recently divested its West Tonopah lithium project in Nevada to focus on industrial or metallic exploration synergistic with its tech stack.
• Management is led by CEO Robert McAllister, who emphasizes leveraging patented technology for future opportunities.