Enertopia Corporation (ENRT: OTCQB – TOP-CSE) announced today the Company is planning to enter into the Lithium business. The Company explains in the announcement that they have had experience working in the field of metallurgy for the mining and resource sectors and the utilization of advanced technologies in renewable energy. The letter of intent is to purchase a 100% interest in approximately 2,560 acres of a Lithium enriched brine aquifer placer mining claim with a minimum Lithium average content of 300 ppm over 100 feet of liquid brine reservoir located in Nevada, USA.
President Robert McAllister stated: “The lithium market is undergoing a structural shift with accelerating demand growth and many analysts believe this rapid growth rate will be sustainable well into the next decade. Today’s Technologies now allow for easy access for the night time storage of electricity at far lower rates than daytime peak demand hours, so whether one is using Tesla’s Powerwall Lithium battery storage system or AES Energy Lithium Storage, it has never been easier to find a storage platform for electricity. Hopefully our society will move to storing more energy at night instead of letting it go down the line unused and thus wasted while we are sleeping. Today our society has the technology options to produce and capture electricity like never before. Rather than building expensive, environmentally destructive and outdated hydro projects that could burden our children with even more debt for decades to come, we need to look forward into the next decade and not backwards. The Company believes that its learned knowledge in the mining and clean tech sector’s and network of technical advisors offer the ability for the Company to leverage this knowledge to being a potential low cost producer in the Lithium sector.”
Companies are clambering to get in the Lithium game as consumers demand increased development of lithium-based products which has lead to rapid growth opportunities for Mining companies. World production of lithium is skyrocketing, about five percent of the lithium carbonate produced in the world today goes to the pharmaceutical market, however global lithium consumption doubled in recent years, driven largely by its use in lithium-ion batteries for cell phones and power tools. The boom will continue as lithium-ion battery manufacturers such as Tesla’s Gigafactory; which is estimated to have an annual battery production capacity of 35 gigawatt-hours, could by itself soak up as much as 17% of existing lithium supply as estimated by Goldman Sachs.
Enertopia has been selling its patent pending personal lubricant V-love and has recently closed a letter of intent to acquire a profitable private nutritional vitamin/supplement company. The Company has also dabbled in the medical marijuana space.
Enertopia stock price was up 89% on the news and closed at $0.02 cents on volume over 3,600,000, well above its 30 day average trading volume.