The Saudi Arabia of Lithium Is Hiding Under a Saskatchewan Wheat Field, and One Junior Owns 205,000 Acres of It

Highest-grade lithium brine in Canada. PEA: US$1.49B NPV, 55% IRR, 2.1-year payback. Three levels of the Canadian government already writing cheques. Market cap: $67 million, roughly 5% of its nearest peer.

Disseminated on behalf of EMP Metals Corp.

The lithium bear market is over.

Lithium carbonate has already ripped 2.5x off the 2025 bottom, trading at over US$25,000 per tonne as of June 2026.¹ The consensus called EVs dead, and the consensus was wrong.

“The lithium market is heading into a supply crunch much sooner than many industry players expect. Under ambitious climate scenarios, we see deficits emerging from 2028.” Allan Pedersen, Research Director, Wood Mackenzie.²

Wood Mackenzie now forecasts a global lithium supply gap of up to 8.5 million tonnes LCE by 2050, requiring US$104 to US$276 billion in new investment.³ That is the demand backdrop in front of EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF) right now.

China is tightening. Zimbabwe banned raw lithium exports, knocking 7% of global supply offline.⁴ South American salars are running out of water, and Africa is choking on permits.

The supply has to come from North America, and one project beats every box on the checklist. That project belongs to EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF).

Saskatchewan. The Duperow Formation. The heart of the Bakken.

EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF) controls 204,000 net acres of the highest-grade lithium brine ever tested in Canada.⁵

One junior. One resource grew 78.5% in a single update.⁶ One PEA showing US$1.49 billion NPV, 55% IRR, and a 2.1-year payback.⁷

Three levels of Canadian government have committed nearly $8.5 million in non-dilutive funding to the EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF) project. Its market cap today: $67 million (US$48 million).

Its nearest Canadian peer trades at roughly 17 times that.

Highest-Grade Lithium Brine in Canada. Full Stop.

In a brine project, grades are everything. Higher grade means smaller plants, cheaper power, and lower OPEX, and it compounds through every line of the income statement.

"We’ve got two wells that have tested the highest lithium brine concentration in Canada."

— Karl Kottmeier, CEO, EMP Metals Corp.8

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Viewfield: 259 mg/L. Mansur: 217 mg/L. Horizontal flow test across a one-mile dual-leg completion: 241 mg/L.⁹

Now look at the neighbours:

EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF) is not modestly better. At Viewfield, the company’s first area of development and now at indicated resource status, average concentration hits 141 mg/L, roughly double the nearest Canadian peers. On a single-zone basis, grades run as high as triple the peer average.

And it sits inside the Bakken oil corridor, with a century of subsurface data, an existing service industry, shallow 1,800-metre drilling, and roughly US$1 million per vertical well.

On August 12, 2025, EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF) announced a 78.5% increase in its total resource across all categories.¹⁰

The NI 43-101 now stands at:

Indicated: 931,038 tonnes LCE at 141 mg/L
Inferred: 1,117,225 tonnes LCE at 112 mg/L

Combined: over 2.0 million tonnes LCE, inside a company trading for less than $100 million.

And the resource covers 50% of the land base, but the PEA only covers 14%. The rest is exploration upside sitting on top of producer-grade economics.

The PEA That Embarrasses Every Comparable

In 2024, EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF) delivered a Preliminary Economic Assessment on Viewfield that stands up against any lithium study filed in North America this decade.¹¹

Read these numbers, then read them again.

Pre-tax NPV (8%): US$1.493 billion
Pre-tax IRR: 55%
Payback: 2.1 years
Total CAPEX: US$571 million
Cash OPEX: US$3,319 per tonne
Project life: 23.2 years

A 55% IRR on a 23-year project. An NPV-to-CAPEX ratio of 2.6x, which means every dollar of capex generates $2.60 of net present value.

Those are not junior numbers. Those are major-producer numbers at a junior share price, and they belong to EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF).

Compare it to Standard Lithium (NYSE:SLI), the most advanced pure-play DLE brine peer in North America. Its DFS: 20.2% IRR, US$1.45 billion CAPEX, US$4,516 per tonne OPEX.¹² Market cap: roughly US$957 million.

EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF) trades at US$48 million. Same economics, better capital efficiency, and 1/18th the market cap.

The Peer Group, Side By Side:

EMPS LP2 comp table

A re-rate to even a fraction of the nearest peer represents multiples of EMP’s current enterprise value.

Three Levels of Canadian Government. One Project.

Sophisticated investors underwrite jurisdictions and government alignment, not just price decks. EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF) has lined up the most unusual non-dilutive funding stack in Canadian lithium:

Sept 17, 2025: Government of Saskatchewan, up to $4.27M in SCMII royalty tax credits.¹³
Mar 2, 2026: Province of B.C., up to $1.0M from Innovate BC for Project Aurora.¹⁴
Apr 15, 2026: Government of Canada, up to $3.2M through Next Generation Manufacturing Canada.¹⁵

Combined, that is nearly $8.5 million non-dilutive from three arms of government in a single fiscal cycle, and no other Canadian lithium junior has this.

Saskatchewan is ranked the #1 mining jurisdiction in Canada by the Fraser Institute, and the lithium royalty rate is locked in at 3%.¹⁶

Project Aurora: The Blueprint, Not Just a Demo

On December 10, 2024, EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF) produced 99.7% purity lithium carbonate from Viewfield brine at pilot scale.¹⁷

Translation: the rock works, the chemistry works, and the product clears spec.

Project Aurora is the next step, a fully integrated, continuous-flow, 10 m³/day hub-and-spoke demonstration plant, built with Saltworks Technologies’ Generation II DLE technology.¹⁸

Startup is targeted for Q3 2026, with 12 to 18 months of planned operations.

Phase 2 is a 3,000 tpa Stage 1 commercial refinery at an estimated CAPEX of US$180 million. Subject to financing, major procurement and construction could start as early as Q1 2027.¹⁹

EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF) does not need to jump from demonstration plant to a US$571M build. It can scale modular, then repeat the model across its Saskatchewan land holdings.

The Drilling Economics, and the Team That Has Done This Before

"We’re about a million dollars to get down to that reservoir and have a vertical well ready for production."

— Karl Kottmeier, CEO, EMP Metals Corp.20

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$1 million per vertical well. At 1,800 metres. In the most-drilled basin on the continent.

Compare that to Clayton Valley test wells, Salton Sea geothermal wells at 8,000 ft and 650°F brines, or Thacker Pass’ unproven clay-leaching flowsheet at US$2.93 billion Phase 1 CAPEX.²¹

EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF) is not inventing a new mining model. It is applying lithium extraction to a reservoir Saskatchewan already understands.

Now stack EMP’s US$571 million CAPEX against the bills the majors are writing. That is roughly 40% of Standard Lithium and 20% of Lithium Americas’ Thacker Pass.

The brine chemistry helps too. Viewfield brine is notably cleaner than many global comparables, with no hydrogen sulfide, no oil, and low organics, which means minimal pre-treatment before DLE and lower processing costs at scale.

And a junior can have the best rock on the planet and still fail if the people running it cannot raise money. EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF) is not that kind of junior.

Karl Kottmeier, CEO: 25+ years of resource finance. Has raised $250M+ across his career, including stints leading Rockgate, Rockridge, and American Lithium.

Paul Schubach, P.Eng., COO: 10+ years onsite at Mosaic Potash Belle Plaine, the world’s largest potash solution mine. Saskatchewan solution mining and lithium brine processing are technical cousins.

Craig Foggo, Director: 13 years at Tembo Capital and CD Capital. Tembo holds 19.9% of EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF).

Bryden Wright, P.Eng., Director: Co-founder of ROK Resources, which holds 17.1% of the company.

75% of the float is held by founders and strategic institutions. Not promotional money, and not selling into the next catalyst.

The Catalyst Stack Is Live. The Setup Is Right In Front of You.

Junior lithium stocks rerate on catalysts, and EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF) has built the loudest near-term catalyst calendar in Canadian lithium for 2026.

Project Aurora commissions in Q3 2026, delivering first continuous-flow data from a real wellhead.²²

Stage 1 commercial scope comes into focus, with a 3,000 tpa refinery design crystallizing alongside Aurora.

Project financing and a Q1 2027 construction start is where the market reprices EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF) from “demo” to “builder.”

An updated Feasibility Study on the expanded resource is on the horizon. The 2024 PEA was modelled at US$20,000 per tonne. Spot is now over US$25,000 per tonne, roughly 35% above the PEA deck.

The resource is 78.5% larger. Higher NPV, higher IRR, and a faster payback are inevitable.

And the ESG story for EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF) is best in class: no fresh water (90% recovery from brackish non-potable water), no tailings ponds, no evaporation ponds, and no surface disruption. Wells drill, produce, and reinject, the same as a mature oilfield.

Lithium demand doubles by 2030 and triples by 2035. Wood Mackenzie says deficits hit by 2028, and North America has to fill the gap.

Inside North America, the highest-grade, lowest-CAPEX, most permittable lithium brine project in Canada is a 120-million-share junior trading at US$48 million. That junior is EMP Metals Corp. (CSE:EMPS) (OTCQB:EMPPF).

Grade: roughly double the nearest peer, up to 3x on a single-zone basis.

Resource: up 78.5%.

PEA: 55% IRR.

Government: $8.5M committed.

Comparables: 16 to 36 times larger.

Project Aurora is commissioning. The Frankfurt listing is live. The updated PEA is on the horizon.

The window to position ahead of the catalyst stack is open today.

It is not going to stay that way once a Duperow wellhead starts producing commercial-grade lithium carbonate.

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*All figures in Canadian dollars unless otherwise stated.

Disclaimer

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footnotes:
[1] https://tradingeconomics.com/commodity/lithium exchange rate: 1.00 CNY = 0.14788390 USD [2]https://www.woodmac.com/press-releases/lithium-eto-2026/ [3]https://electrek.co/2026/03/03/lithium-shortages-could-hit-by-2028-as-ev-demand-surges/ [4]https://www.fastmarkets.com/insights/zimbabwe-imposes-immediate-ban-on-exports-of-raw-minerals-lithium-concentrates/ [5]https://empmetals.com/wp-content/uploads/2026/05/EMP-Metals-Deck-Q2-Website.pdf [6]https://empmetals.com/emp-metals-reports-substantial-increase-in-high-grade-resource-across-all-categories-for-its-viewfield-and-mansur-projects-saskatchewan/ [7]https://empmetals.com/emp-metals-reports-preliminary-economic-assessment-on-viewfield-lithium-brine-project-with-pre-tax-npv-of-us1-49b-irr-of-55-and-payback-of-2-1-years/ [8]https://www.youtube.com/watch?v=C7c17i_zBNY [9] https://empmetals.com/wp-content/uploads/2026/05/EMP-Metals-Deck-Q2-Website.pdf [10]https://empmetals.com/emp-metals-reports-substantial-increase-in-high-grade-resource-across-all-categories-for-its-viewfield-and-mansur-projects-saskatchewan/ [11] https://empmetals.com/emp-metals-reports-preliminary-economic-assessment-on-viewfield-lithium-brine-project-with-pre-tax-npv-of-us1-49b-irr-of-55-and-payback-of-2-1-years/ [12] https://www.standardlithium.com/_resources/news/nr-20251014v2.pdf [13]https://finance.yahoo.com/news/emp-metals-approved-4-27-121400789.html [14]https://empmetals.com/emp-metals-and-saltworks-project-aurora-awarded-1-million-in-funding-from-british-columbias-integrated-marketplace/ [15]https://empmetals.com/emp-metals-approved-for-up-to-3-2-million-in-funding-from-ngen-for-project-aurora/ [16] https://www.saskatchewan.ca/government/news-and-media/2025/october/06/saskatchewan-defines-royalty-structure-to-prepare-for-lithium-development [17] https://empmetals.com/emp-metals-reports-99-7-lithium-carbonate-from-viewfield-pilot-program/ [18] https://empmetals.com/emp-metals-project-aurora-partner-saltworks-announces-second-generation-dle-technology/ [19] https://www.youtube.com/watch?v=Kx06MekeJJ4 [20]https://www.youtube.com/watch?v=Kx06MekeJJ4 [21]https://lithiumamericas.com/news/news-details/2026/Lithium-Americas-Provides-a-Project-Update-and-2026-Capex-Guidance-for-Thacker-Pass/default.aspx [22] https://empmetals.com/wp-content/uploads/2026/05/EMP-Metals-Deck-Q2-Website.pdf [23] https://tradingeconomics.com/commodity/lithium exchange rate: 1.00 CNY = 0.14674911 USD

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The Saudi Arabia of Lithium Is Hiding Under a Saskatchewan Wheat Field, and One Junior Owns 205,000 Acres of It

Highest-grade lithium brine in Canada. PEA: US$1.49B NPV, 55% IRR, 2.1-year payback. Three levels of the Canadian government already writing cheques. Market cap: $67 million, roughly 5% of its nearest peer.

Highest-Grade Lithium Brine in Canada. Full Stop.

The PEA That Embarrasses Every Comparable

Three Levels of Canadian Government. One Project.

Project Aurora: The Blueprint, Not Just a Demo

The Drilling Economics, and the Team That Has Done This Before

The Catalyst Stack Is Live. The Setup Is Right In Front of You.

QUICK LINKS TO PREFERRED BROKERAGES

More News From This Company

EMP Metals Corp.

Company News

Don't Hesitate! Get The Corporate Presentation Now

PLUS

Highest-Grade Lithium Brine in Canada. Full Stop.

The PEA That Embarrasses Every Comparable

Three Levels of Canadian Government. One Project.

Project Aurora: The Blueprint, Not Just a Demo

The Drilling Economics, and the Team That Has Done This Before

The Catalyst Stack Is Live. The Setup Is Right In Front of You.

SUBSCRIBE FOR TRADING INSIGHTS AND ALERTS. STAY AHEAD.

QUICK LINKS TO PREFERRED BROKERAGES

More News From This Company

EMP Metals Corp.

Company News

Don't Hesitate! Get The Corporate Presentation Now

PLUS