UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 10-Q

(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                For the quarterly period ended September 30, 2015
                                       or

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

         For the transition period from _____________ to _____________

                        Commission File Number 000-54332


                               LITHIUM CORPORATION
             (Exact name of registrant as specified in its charter)

             Nevada                                               98-0530295
  (State or other jurisdiction                                  (IRS Employer
of incorporation or organization)                            Identification No.)

1031 Railroad St. Ste. 102B, Elko, Nevada                           89801
 (Address of principal executive offices)                         (Zip Code)

                                 (775) 410-5287
              (Registrant's telephone number, including area code)

              (Former name, former address and former fiscal year,
                         if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. [X] YES [ ] NO

Indicate by check mark whether the registrant has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of
this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files). [X] YES [ ] NO

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a small reporting company. See
the definitions of "large accelerated filer", "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]                        Accelerated filer [ ]

Non-accelerated filer [ ]                          Smaller reporting company [X]
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act [ ] YES [X] NO

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports required to be
filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. [ ] YES [ ] NO

                      APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
74,911,408 common shares issued and outstanding as of November 2, 2015

                               LITHIUM CORPORATION

                                    FORM 10-Q

                                TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements                                                  3

Item 2.  Management's Discussion and Analysis of Financial Condition and
         Results of Operations                                                14

Item 3.  Quantitative and Qualitative Disclosures About Market Risk           23

Item 4.  Controls and Procedures                                              24

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings                                                    24

Item 1A. Risk Factors                                                         24

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds          24

Item 3.  Defaults Upon Senior Securities                                      24

Item 4.  Mine Safety Disclosures                                              24

Item 5.  Other Information                                                    24

Item 6.  Exhibits                                                             24

SIGNATURES                                                                    26

                                       2

                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Our unaudited interim financial  statements for the three and nine month periods
ended September 30, 2015 form part of this quarterly report.  They are stated in
United States  Dollars  (US$) and are prepared in accordance  with United States
Generally Accepted Accounting Principles.


                                       3

                               Lithium Corporation
                      Condensed Balance Sheets (Unaudited)



                                                                           September 30,          December 31,
                                                                               2015                   2014
                                                                           ------------           ------------
                                                                                            
                                     ASSETS

CURRENT ASSETS
  Cash                                                                     $    174,717           $    379,512
  Deposits                                                                          700                    700
  Prepaid expenses                                                               38,589                 41,362
                                                                           ------------           ------------
Total Current Assets                                                            214,006                421,574

OTHER ASSETS
  Investment                                                                     87,132                 82,132
  Mineral rights                                                                187,653                187,653
                                                                           ------------           ------------

TOTAL ASSETS                                                               $    488,791           $    691,359
                                                                           ============           ============

                                  LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES

CURRENT LIABILITIES
  Accounts payable and accrued liabilities                                 $      3,310           $     15,720
                                                                           ------------           ------------
TOTAL CURRENT LIABILITIES                                                         3,310                 15,720
                                                                           ------------           ------------

TOTAL LIABILITIES                                                                 3,310                 15,720
                                                                           ------------           ------------

Commitments and contingencies

STOCKHOLDERS' EQUITY
  Common stock, 3,000,000,000 shares authorized, par value $0.001;
   74,661,408 and 74,661,408 common shares outstanding, respectively             74,662                 74,662
  Additional paid in capital                                                  3,368,453              3,368,453
  Additional paid in capital - options                                          159,301                159,301
  Additional paid in capital - warrants                                         257,949                257,949
  Accumulated deficit                                                        (3,374,884)            (3,184,726)
                                                                           ------------           ------------
TOTAL STOCKHOLDERS' EQUITY                                                      485,481                675,639
                                                                           ------------           ------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                 $    488,791           $    691,359
                                                                           ============           ============


   The accompanying notes are an integral part of these financial statements.

                                       4

                               Lithium Corporation
                 Condensed Statements of Operations (Unaudited)



                                                 Three Months       Three Months       Nine Months        Nine Months
                                                     ended             ended              ended              ended
                                                 September 30,     September 30,      September 30,      September 30,
                                                     2015               2014               2015              2014
                                                 ------------       ------------       ------------      ------------
                                                                                             
REVENUE                                          $         --       $         --       $         --      $         --
                                                 ------------       ------------       ------------      ------------
OPERATING EXPENSES
  Professional fees                                     6,104              8,372             25,468            36,582
  Exploration expenses                                 24,025             54,661             51,819            79,462
  Consulting fees                                      19,000             29,338             65,200            74,863
  Insurance expense                                     4,225              4,371             12,863             7,286
  Investor relations                                    3,675              8,314              9,735            26,929
  Transfer agent and filing fees                          930              1,615              6,910             3,519
  Travel                                                  510              3,829             11,064            17,387
  General and administrative expenses                   1,394              3,439              7,249             8,773
                                                 ------------       ------------       ------------      ------------
TOTAL OPERATING EXPENSES                               59,863            113,939            190,308           254,801
                                                 ------------       ------------       ------------      ------------

LOSS FROM OPERATIONS                                  (59,863)          (113,939)          (190,308)         (254,801)

OTHER INCOME (EXPENSES)
  Loss on investment                                       --            (17,868)                --           (17,868)
  Interest income                                          36                 64                150               228
                                                 ------------       ------------       ------------      ------------
TOTAL OTHER INCOME (EXPENSE)                               36            (17,804)               150           (17,640)
                                                 ------------       ------------       ------------      ------------

LOSS BEFORE INCOME TAXES                              (59,827)          (131,743)          (190,158)         (272,441)

PROVISION FOR INCOME TAXES                                 --                 --                 --                --
                                                 ------------       ------------       ------------      ------------

NET LOSS                                         $    (59,827)      $   (131,743)      $   (190,158)     $   (272,441)
                                                 ============       ============       ============      ============

NET LOSS PER SHARE: BASIC AND DILUTED            $      (0.00)      $      (0.00)      $      (0.00)     $      (0.00)
                                                 ============       ============       ============      ============
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
 BASIC AND DILUTED                                 74,661,408         74,661,408         74,661,408        74,676,060
                                                 ============       ============       ============      ============



   The accompanying notes are an integral part of these financial statements.

                                       5

                                  LITHIUM Corp.
                  Statements of Stockholders' Equity (Deficit)



                                                                     Additional    Additional
                                    Common Stock      Additional      Paid-in       Paid-in                        Total
                                ------------------     Paid-in        Capital -     Capital -    Accumulated    Stockholders'
                                Shares      Amount     Capital        Warrants      Options       Deficit          Equity
                                ------      ------     -------        --------      -------       -------          ------
                                                                                            
Balance, December 31, 2012    74,661,408    $74,662    $3,292,348     $257,949      $174,041    $(2,439,861)     $1,359,139

Shares issued with respect
 to BC Sugar                     250,000        250         8,250           --            --             --           8,500
Issuance and modification
 of newly and previously
 issued options                       --         --            --           --        16,642             --          16,642
Expiration of stock options           --         --        70,105           --       (70,105)            --              --
Net loss                              --         --            --           --            --       (378,257)       (378,257)
                              ----------    -------    ----------     --------      --------    -----------      ----------

Balance, December 31, 2013    74,911,408     74,912     3,370,703      257,949       120,578     (2,818,119)      1,006,023

Stock based compensation              --         --            --           --        38,723             --          38,723
Cancellation of stock           (250,000)      (250)       (2,250)          --            --             --          (2,500)
Net loss                              --         --            --           --            --       (366,607)       (366,607)
                              ----------    -------    ----------     --------      --------    -----------      ----------

Balance, December 31, 2014    74,661,408     74,662     3,368,453      257,949       159,301     (3,184,726)        675,639

Net loss                              --         --            --           --            --       (190,158)       (190,158)
                              ----------    -------    ----------     --------      --------    -----------      ----------

Balance, September 30, 2015   74,661,408    $74,662    $3,368,453     $257,949      $159,301    $(3,374,884)     $  485,481
                              ==========    =======    ==========     ========      ========    ===========      ==========



   The accompanying notes are an integral part of these financial statements.

                                       6

                               Lithium Corporation
                 Condensed Statements of Cash Flows (Unaudited)



                                                                  Nine Months           Nine Months
                                                                     ended                ended
                                                                  September 30,        September 30,
                                                                      2015                 2014
                                                                   ----------           ----------
                                                                                    
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss for the period                                          $ (190,158)          $ (272,441)
  Adjustments to reconcile non-cash items used
   in operating expenses
     Loss on investment                                                17,868
  Changes in assets and liabilities:
     (Increase) decrease in prepaid expenses                            2,773               (6,933)
     Increase (decrease) in accounts payable and
      accrued liabilities                                             (12,410)               8,114
                                                                   ----------           ----------
Net Cash Used in Operating Activities                                (199,795)            (253,392)
                                                                   ----------           ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Deposit - other                                                          --                   --
  Purchase of long term investment                                     (5,000)            (100,000)
  Interest in mineral properties                                           --               (6,395)
                                                                   ----------           ----------
Net Cash Used in Investing Activities                                  (5,000)            (106,395)
                                                                   ----------           ----------
CASH FLOWS FROM FINANCING ACTIVITY:
  Repurchase of stock                                                      --               (2,500)
                                                                   ----------           ----------
Net Cash Used in Financing Activities                                      --               (2,500)
                                                                   ----------           ----------

Decrease in cash                                                     (204,795)            (362,287)
Cash, beginning of period                                             379,512              807,556
                                                                   ----------           ----------
Cash, end of period                                                $  174,717           $  445,269
                                                                   ==========           ==========
SUPPLEMENTAL CASH FLOW INFORMATION:
  Cash paid for interest                                           $       --           $       --
                                                                   ==========           ==========
  Cash paid for income taxes                                       $       --           $       --
                                                                   ==========           ==========


   The accompanying notes are an integral part of these financial statements.

                                       7

                               Lithium Corporation
                   Notes to the Condensed Financial Statements
                         September 30, 2015 (Unaudited)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Lithium  Corporation  (formerly Utalk  Communications  Inc.) (the "Company") was
incorporated  on January 30,  2007 under the laws of Nevada.  On  September  30,
2009, Utalk Communications Inc. changed its name to Lithium Corporation.

Nevada Lithium  Corporation was incorporated on March 16, 2009 under the laws of
Nevada under the name Lithium  Corporation.  On September 10, 2009,  the Company
amended  its  articles  of  incorporation  to change its name to Nevada  Lithium
Corporation.  By agreement dated October 9, 2009 Nevada Lithium  Corporation and
Lithium Corporation  amalgamated as Lithium Corporation.  Lithium Corporation is
engaged in the acquisition  and development of certain lithium  interests in the
state of  Nevada,  and flake  graphite  prospects  in  British  Columbia  and is
currently in the exploration stage.

Accounting Basis
The Company  uses the accrual  basis of  accounting  and  accounting  principles
generally  accepted in the United  States of America  ("GAAP"  accounting).  The
Company has adopted a December 31 fiscal year end.

Cash and Cash Equivalents
Cash includes cash on account,  demand deposits, and short-term instruments with
maturities of three months or less.

Concentrations of Credit Risk
The Company maintains its cash in bank deposit  accounts,  the balances of which
at times may exceed federally insured limits. The Company  continually  monitors
its banking  relationships  and  consequently  has not experienced any losses in
such accounts.  The Company believes it is not exposed to any significant credit
risk on cash and cash equivalents.

Use of Estimates
The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect  the  reported  amounts  of assets  and  liabilities  and  disclosure  of
contingent  assets and  liabilities at the date of the financial  statements and
the reported amount of revenues and expenses during the reporting period. Actual
results could differ from those estimates.

Revenue Recognition
The Company has yet to realize  revenues from  operations.  Once the Company has
commenced  operations,  it will  recognize  revenues  when  delivery of goods or
completion of services has occurred provided there is persuasive  evidence of an
agreement,  acceptance has been approved by its  customers,  the fee is fixed or
determinable  based on the  completion  of  stated  terms  and  conditions,  and
collection of any related receivable is probable.

Loss per Share
Basic  loss  per  share  is  computed  by  dividing  loss  available  to  common
shareholders by the weighted average number of common shares  outstanding during
the year. The computation of diluted  earnings per share assumes the conversion,
exercise  or  contingent  issuance  of  securities  only when  such  conversion,
exercise or issuance  would have a dilutive  effect on earnings  per share.  The
dilutive effect of convertible  securities is reflected in diluted  earnings per
share by  application of the "if  converted"  method.  In the periods in which a
loss is incurred,  the effect of potential issuances of shares under options and
warrants  would be  anti-dilutive,  and therefore  basic and diluted  losses per
share are the same.

Income Taxes
The  asset  and  liability  approach  is used to  account  for  income  taxes by
recognizing  deferred tax assets and  liabilities  for the  expected  future tax
consequences of temporary  differences  between the carrying amounts and the tax
basis of assets and liabilities.

                                       8

                               Lithium Corporation
                   Notes to the Condensed Financial Statements
                         September 30, 2015 (Unaudited)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Financial Instruments
The Company's financial instruments consist of cash, deposits, prepaid expenses,
and accounts  payable and accrued  liabilities.  Unless  otherwise  noted, it is
management's  opinion that the Company is not exposed to  significant  interest,
currency or credit risks arising from these  financial  instruments.  Because of
the short  maturity  and  capacity  of prompt  liquidation  of such  assets  and
liabilities,  the fair value of these financial  instruments  approximate  their
carrying values, unless otherwise noted.

Mineral Properties
Costs of exploration,  carrying and retaining  unproven mineral lease properties
are expensed as incurred.  Mineral  property  acquisition  costs are capitalized
including  licenses and lease payments.  Although the Company has taken steps to
verify title to mineral properties in which it has an interest, these procedures
do not guarantee the Company's  title.  Such  properties may be subject to prior
agreements  or  transfers  and  title may be  affected  by  undetected  defects.
Impairment  losses are recorded on mineral  properties  used in operations  when
indicators of impairment are present and the  undiscounted  cash flows estimated
to be  generated  by those  assets are less than the  assets'  carrying  amount.
Impairment  of $0 and $0 was recorded  during the years ended  December 31, 2014
and 2013, respectively.

Office Lease
The  Company  rents  office  space in Elko,  Nevada  for  $350  per  month.  The
arrangement is on a month-by-month basis and can be terminated by either party.

Recent Accounting Pronouncements
On June 10, 2014,  the Financial  Accounting  Standards  Board  ("FASB")  issued
update ASU  2014-10,  Development  Stage  Entities  (Topic 915).  Amongst  other
things,  the  amendments in this update  removed the  definition of  development
stage  entity  from  Topic  915,  thereby   removing  the  distinction   between
development  stage  entities  and  other  reporting  entities  from US GAAP.  In
addition,  the  amendments  eliminate the  requirements  for  development  stage
entities to (1)  present  inception-to-date  information  on the  statements  of
income, cash flows and shareholders  equity, (2) label the financial  statements
as those of a  development  stage  entity;  (3)  disclose a  description  of the
development  stage activities in which the entity is engaged and (4) disclose in
the first year in which the entity is no longer a development  stage entity that
in  prior  years  it had  been in the  development  stage.  The  amendments  are
effective for annual  reporting  periods  beginning  after December 31, 2014 and
interim reporting  periods  beginning after December 15, 2015,  however entities
are  permitted  to early  adopt for any annual or interim  reporting  period for
which the financial statements have yet to be issued. The Company has elected to
early adopt these  amendments  and  accordingly  have not labeled the  financial
statements  as those  of a  development  stage  entity  and  have not  presented
inception-to-date information on the respective financial statements.

NOTE 2 - CONDENSED FINANCIAL STATEMENTS

The accompanying  financial statements have been prepared by the Company without
audit. In the opinion of management,  all adjustments (which include only normal
recurring  adjustments)  necessary to present  fairly the  financial  positions,
results of operations, and cash flows on September 30, 2015, and for all periods
presented herein, have been made.

Certain information and footnote  disclosures normally included in the financial
statements prepared in accordance with accounting  principles generally accepted
in the United States of America have been condensed or omitted.  It is suggested
that  these  condensed  financial  statements  be read in  conjunction  with the
financial  statements and notes thereto  included in the Company's  December 31,
2014 audited financial statements. The results of operations for the nine months
ended September 30, 2015 are not necessarily indicative of the operating results
for the full year.

                                       9

                               Lithium Corporation
                   Notes to the Condensed Financial Statements
                         September 30, 2015 (Unaudited)


NOTE 3 - PREPAID EXPENSES

Prepaid  expenses  consisted of the following at September 30, 2015 and December
31, 2014:

                                        September 30,          December 31,
                                            2015                   2014
                                          --------               --------
Bonds                                     $ 26,061               $ 23,361
Transfer agent fees                            900                  3,600
Insurance                                    9,858                  5,829
Office Misc                                     --                    700
Investor relations                           1,770                  7,872
                                          --------               --------
Total prepaid expenses                    $ 38,589               $ 41,362
                                          ========               ========

NOTE 4 - INVESTMENT

Effective April 23, 2014, the Company  entered into an operating  agreement with
All American  Resources,  L.L.C and TY & Sons  Investments  Inc. with respect to
Summa,  LLC, a Nevada limited  liability  company  incorporated  on December 12,
2013,  wherein we hold a 25% membership.  The Company's capital  contribution to
Summa,  LLC was  $125,000,  of which  $100,000  was in cash and the  balance  in
services.

The Company  participated  in the  formation of Summa,  which holds 88 fee-title
patented lode claims,  which cover  approximately  1,191.3 acres of  prospective
mineral lands. The Company has recently signed a joint operating  agreement with
the other  participants  to govern the conduct of Summa,  and the development of
the lands.  The Company's  Director and former  President,  Tom Lewis,  has been
named as a managing member of Summa.

The investment has been accounted for using the equity method of accounting.  As
such, the Company shall record its proportionate  share of income or loss in the
investment.  As of  September  30,  2015,  the  Company  has  recorded a loss on
investment of $17,868.

NOTE 5 - MINERAL PROPERTIES

Fish Lake Property

The Company purchased a 100% interest in the Fish Lake property by making staged
payments of $350,000  worth of common stock.  Title to the pertinent  claims was
transferred to the Company  through quit claim deed dated June 1, 2011, and this
quit claim was  recorded at the county level on August 3, 2011 and at the BLM on
August  4,  2011.  Quarterly  stock  disbursements  were  made on the  following
schedule:

     1st Disbursement: Within 10 days of signing agreement (paid)
     2nd Disbursement: within 10 days of June 30, 2009 (paid)
     3rd Disbursement: within 10 days of December 30, 2009 (paid)
     4th Disbursement: within 10 days of March 31, 2010 (paid)
     5th Disbursement: within 10 days of June 30, 2010 (paid)
     6th Disbursement: within 10 days of September 30, 2010 (paid)
     7th Disbursement: within 10 days of December 31, 2010 (paid)
     8th Disbursement: within 10 days of March 31, 2011 (paid)

                                       10

                               Lithium Corporation
                   Notes to the Condensed Financial Statements
                         September 30, 2015 (Unaudited)


NOTE 5 - MINERAL PROPERTIES (CONTINUED)

As at September 30, 2015, the Company has recorded $436,764 in acquisition costs
related to the Fish Lake Property and associated  impairment of $276,908 related
to  abandonment  of claims.  The  carrying  value of the Fish Lake  Property was
$159,856 as of September 30, 2015.

Mt. Heimdal Property

The Company  entered into an agreement in April 2013, as amended in August 2013,
whereby it earned a 100% interest in the Mt. Heimdal Flake Graphite  property in
BC,  subject to a 1.5% net  overriding  royalty.  The carrying  value of the Mt.
Heimdal property is $300 as of September 30, 2015.

BC Sugar Property

In June 2013,  the  company  purchased  claims in the  Cherryville,  BC area for
250,000  shares of the Company's  common stock.  Since this time the company has
expanded the claim block considerably, and has expended approximately $45,000 to
date exploring this property for flake graphite deposits. In January,  2014, the
company agreed to buy back the shares issued  pursuant to the June agreement for
$2,500.  The buy-back was completed in April,  2014 and recorded the purchase of
stock in the Company's equity.

Staked Properties

The Company has staked claims with various registries as summarized below:

Name                       Claims               Cost     Impairment      Value
----                       ------               ----     ----------      -----
SanEmidio                20 (1,600 acres)     $11,438     $(5,719)      $ 5,719
Cherryville/BC Sugar  8019.41 (hectares)      $21,778         Nil       $21,778

The Company performs an impairment test on an annual basis to determine  whether
a write-down is necessary with respect to the properties.  The Company  believes
no circumstances have occurred and no evidence has been uncovered that warrant a
write-down of the mineral  properties  other than those  abandoned by management
and thus  included in write-down of mineral  properties.  No impairment  charges
were recorded during the period ended September 30, 2015.

NOTE 6 - CAPITAL STOCK

The Company is  authorized  to issue  300,000,000  shares of it $0.001 par value
common stock.  On September 30, 2009,  the Company  effected a 60-for-1  forward
stock split of its $0.001 par value common stock.

All share and per share amounts have been retroactively  restated to reflect the
splits discussed above.

Common Stock

On June 6, 2013,  the Company  issued 250,000 shares of its common stock as part
of the Cherryville property acquisition located in British Columbia.

On January  17, 2014 the Company  repurchased  the 250,000  shares of its common
stock issued as part of the Cherryville  property  acquisition  for $2,500.  The
shares were returned to the treasury and retired in April 2014.

There  were  74,661,408  shares of common  stock  issued and  outstanding  as of
September 30, 2015.

                                       11

                               Lithium Corporation
                   Notes to the Condensed Financial Statements
                         September 30, 2015 (Unaudited)


NOTE 6 - CAPITAL STOCK (CONTINUED)

Warrants

The Company has no warrants outstanding as of September 30, 2015.

Stock Based Compensation

During the year ended December 31, 2010, the Company granted 500,000 consultants
options at an exercise  price of $0.28 and 400,000  options at an exercise price
of $0.24 to consultants in exchange for various  professional  services.  On May
31,  2012,  the options  granted  with  exercise  prices of $0.28 and  $0.24were
modified to exercise prices at $0.07. The  modification  resulted in stock based
compensation of $11,524. Also on May 31, 2012, the Company granted an additional
400,000 options to consultants for management services with an exercise price of
$0.07.  These  options  were  vested  on the  date  of  grant  and  resulted  in
stock-based  compensation  of  $23,891.On  September 30, 2014,  250,000  options
expired unexercised as a result of a director resigning from the Company.

On March 15, 2013, all pre-existing  options were modified to exercise prices of
$0.045. The modification resulted in stock-based compensation of $8,848. Also on
March 15, 2013, the Company issued an additional  200,000 options at an exercise
price of $0.045 to  consultants  for  management  services.  These  options were
vested on the date of grant and resulted in stock-based compensation of $7,794.

The  Company  uses the  Black-Scholes  option  valuation  model  to value  stock
options.  The  Black-Scholes  model was developed for use in estimating the fair
value  of  traded  options  that  have no  vesting  restrictions  and are  fully
transferable.  The  model  requires  management  to make  estimates,  which  are
subjective and may not be representative of actual results.  Assumptions used to
determine the fair value of the remaining stock options are as follows:

                                    Modification           New Options
                                    ------------           -----------
Risk free interest rate                0.35%                  0.67%
Expected dividend yield                   0%                     0%
Expected stock price volatility         129%                   129%
Expected life of options              3 years                5 years

On November 12, 2014, the Company  granted  700,000 options at an exercise price
of $0.045 in exchange for various professional and managerial services. The fair
value of these options was $38,723.  The Company uses the  Black-Scholes  option
valuation model to value stock options.  The  Black-Scholes  model was developed
for use in  estimating  the fair  value of traded  options  that have no vesting
restrictions and are fully  transferable.  The model requires management to make
estimates, which are subjective and may not be representative of actual results.
Assumptions  used to determine the fair value of the remaining stock options are
as follows:

Risk free interest rate                                       1.65%
Expected dividend yield                                          0%
Expected stock price volatility                                150%
Expected life of options                                     5 years

                                       12

                               Lithium Corporation
                   Notes to the Condensed Financial Statements
                         September 30, 2015 (Unaudited)


NOTE 6 - CAPITAL STOCK (CONTINUED)

Stock Based Compensation (continued)

The following  table  summarizes the stock options  outstanding at September 30,
2015:

                                                                Outstanding at
Issue Date           Number     Price        Expiry Date      September 30, 2015
----------           ------     -----        -----------        -------------
May 31, 2012         100,000    $0.045     May 31, 2017            100,000
March 15, 2013       200,000    $0.045     March 15, 2018          200,000
November 12, 2014    700,000    $0.045     November 12, 2019       700,000

NOTE 7 - SUBSEQUENT EVENTS

The Company has analyzed its operations subsequent to September 30, 2015 through
the date these financial statements were issued, and has determined that it does
not have any material subsequent events to disclose.

                                       13

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

                           FORWARD LOOKING STATEMENTS

This quarterly  report contains  forward-looking  statements.  These  statements
relate to future events or our future financial performance.  In some cases, you
can identify forward-looking  statements by terminology such as "may", "should",
"expects",  "plans",   "anticipates",   "believes",   "estimates",   "predicts",
"potential"  or  "continue"  or the negative of these terms or other  comparable
terminology. These statements are only predictions and involve known and unknown
risks,  uncertainties  and other  factors  that may cause our or our  industry's
actual results, levels of activity, performance or achievements to be materially
different  from  any  future  results,   levels  of  activity,   performance  or
achievements expressed or implied by these forward-looking statements.  Although
we believe that the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,  performance
or achievements.  Except as required by applicable law, including the securities
laws of the United States, we do not intend to update any of the forward-looking
statements to conform these statements to actual results.

Our unaudited financial statements are stated in United States Dollars (US$) and
are prepared in accordance  with United  States  Generally  Accepted  Accounting
Principles.  The following  discussion  should be read in  conjunction  with our
financial  statements  and the  related  notes  that  appear  elsewhere  in this
quarterly report. The following discussion contains  forward-looking  statements
that reflect our plans,  estimates and beliefs.  Our actual results could differ
materially from those discussed in the forward-looking statements.  Factors that
could cause or contribute to such differences  include,  but are not limited to,
those discussed below and elsewhere in this quarterly report.

Our  financial  statements  are stated in United  States  Dollars  (US$) and are
prepared  in  accordance  with  United  States  Generally  Accepted   Accounting
Principles.

In this quarterly  report,  unless otherwise  specified,  all dollar amounts are
expressed in United States dollars and all  references to "common  shares" refer
to the common shares in our capital stock.

As used in this quarterly report,  the terms "we", "us", "our" and "our company"
mean Lithium Corporation, unless otherwise indicated.

GENERAL OVERVIEW

We were  incorporated  under the laws of the State of Nevada on January 30, 2007
under the name "Utalk Communications Inc.". At inception,  we were a development
stage  corporation  engaged  in the  business  of  developing  and  marketing  a
call-back service using a call-back platform.  Because we were not successful in
implementing our business plan, we considered various alternatives to ensure the
viability and solvency of our company.

On August 31,  2009,  we entered  into a letter of intent  with  Nevada  Lithium
Corporation  regarding a business  combination which could be effected in one of
several different ways,  including an asset  acquisition,  merger of our company
and Nevada Lithium,  or a share exchange whereby we would purchase the shares of
Nevada Lithium from its  shareholders  in exchange for restricted  shares of our
common stock.

Effective September 30, 2009, we effected a 1 old for 60 new forward stock split
of our issued and outstanding  common stock. As a result, our authorized capital
increased from  50,000,000  shares of common stock with a par value of $0.001 to
3,000,000,000  shares of common  stock  with a par value of $0.001  and our then
issued and outstanding shares increased from 4,470,000 shares of common stock to
268,200,000 shares of common stock.

Also   effective   September   30,  2009,   we  changed  our  name  from  "Utalk
Communications,  Inc." to  "Lithium  Corporation",  by way of a merger  with our
wholly owned  subsidiary  Lithium  Corporation,  which was formed solely for the
change of name.  The name change and forward stock split became  effective  with

                                       14

the  Over-the-Counter  Bulletin  Board at the  opening for trading on October 1,
2009 under the stock symbol "LTUM". Our CUSIP number is 536804 107.

On October 9, 2009,  we entered  into a share  exchange  agreement  with  Nevada
Lithium and the shareholders of Nevada Lithium.  The closing of the transactions
contemplated  in the share exchange  agreement and the acquisition of all of the
issued and outstanding common stock in the capital of Nevada Lithium occurred on
October  19,  2009.  In  accordance  with  the  closing  of the  share  exchange
agreement,  we  issued  12,350,000  shares  of our  common  stock to the  former
shareholders of Nevada Lithium in exchange for the acquisition,  by our company,
of all of the 12,350,000 issued and outstanding shares of Nevada Lithium.  Also,
pursuant to the terms of the share exchange agreement, a director of our company
cancelled  220,000,000  restricted shares of our common stock.  Nevada Lithium's
corporate  status was allowed to lapse and the company's  status with the Nevada
Secretary of State has been revoked.

OUR CURRENT BUSINESS

We are an  exploration  stage  mining  company  engaged  in the  identification,
acquisition,  and  exploration  of metals and  minerals  with a focus on lithium
mineralization  on  properties  located in Nevada,  and graphite  properties  in
British Columbia.

Our current operational focus is to conduct  exploration  activities on the Fish
Lake  Valley  property  and San  Emidio  prospects  in  Nevada  and the BC Sugar
property in British Columbia.

We are currently  evaluating the opportunities that the Summa lands present (the
Hughes  Claims),  while also exploring  other locations which are believed to be
prospective  for  hosting  lithium  or  graphite  mineralization,   as  well  as
evaluating opportunities brought to our company by third parties.

Effective  April 23,  2014,  we entered  into an  operating  agreement  with All
American Resources,  L.L.C and TY & Sons Investments Inc. with respect to Summa,
LLC, a Nevada  limited  liability  company  incorporated  on December  12, 2013,
wherein we hold a 25% membership.  Our company's capital  contribution to Summa,
LLC was  $125,000,  of which  $100,000  was in cash and the balance in services.
During the  Quarter  ended  September  30,  2015,  our  company  contributed  an
additional $5,000 to Summa, LLC.

Effective  August 15, 2014,  we entered into an asset  purchase  agreement  with
Pathion,  Inc.,  a Delaware  corporation,  and  Pathion  Mining  Inc.,  a Nevada
corporation.  Pursuant to the Agreement,  we agreed to sell to Pathion, Inc. and
Pathion  Mining,  our  rights,  interests  and assets  relating to our Fish Lake
Valley, San Emidio and BC Sugar properties. The asset purchase agreement was set
to close at the end of September  2014,  but was extended to October 17, 2014 by
mutual agreement, and was further extended until January 19, 2015. After Pathion
failed to close the agreement within the agreed upon extended timeframe, we gave
notice on January 27, 2015 of the  termination of the asset  purchase  agreement
entered into on August 15, 2014.

On  February  20,  2015,  our company  signed a letter of intent with  Kingsmere
Mining  Ltd.,  which  is  the  preliminary  step  whereby  Kingsmere,  or  their
appointee, may choose to buy or option our company's lithium brine properties in
Nevada. The letter allows for a due diligence and election period until April 1,
2015 with  closing by April 15,  2015.  The terms of the  letter of intent  with
Kingsmere were subsequently  extended to May 31, 2015. Our company and Kingsmere
were not able to reach an agreement and a press release notifying the public was
issued on June 23, 2015.

Our company  intends to  continue  the  exploration/assessment  of the Fish Lake
Valley and San Emidio  lithium  brine  properties  in Nevada and on our BC Sugar
flake graphite property in British Columbia,  while determining further plans of
action with  respect to our Mount  Heimdal  flake  graphite  property in British
Columbia.  We will  continue  assessing  our  options  with  respect  to our 25%
interest in Summa, LLC, a private Nevada company, which holds the residue of the
"Howard  Hughes" Summa Corp.,  while  generating  new  prospects and  evaluating
property submittals for option or purchase.

                                       15

FISH LAKE VALLEY PROPERTY

Fish Lake Valley is a lithium  enriched  playa  (also known as a salar,  or salt
pan), which is located in northern  Esmeralda County in west central Nevada, and
the  property  is roughly  centered  at  417050E  4195350N  (NAD 27  CONUS).  We
currently hold forty, 80-acre Association Placer claims that cover approximately
3,200 acres (1280 hectares).  Lithium-enriched  Tertiary-era Fish Lake formation
rhyolitic  tuffs or ash flow  tuffs  have  accumulated  in a valley  or  basinal
environment.  Over time  interstitial  formational  waters in contact with these
tuffs, have become enriched in lithium, boron and potassium which could possibly
be amenable to extraction by evaporative  methods. Our company allowed 56 claims
to lapse on September 1, 2012,  which  covered the  southern  playa area.  These
claims  were  allowed to lapse as it was  determined  through the course of work
over the past  three  years  that they are not overly  prospective  for  hosting
lithium brine  resources,  nor is it  strategically  advantageous to continue to
hold them.

The property was  originally  held under mining lease purchase  agreement  dated
June 1, 2009, between Nevada Lithium  Corporation,  and Nevada Alaska Mining Co.
Inc., Robert Craig, Barbara Craig, and Elizabeth Dickman.  Nevada Lithium issued
to the vendors  $350,000  worth of common stock of our company in eight  regular
disbursements.  All disbursements  were made of stock worth a total of $350,000,
and claim ownership was transferred to our company.

The geological  setting at Fish Lake Valley is highly analogous to the salars of
Chile,  Bolivia,  and Peru, and more importantly Clayton Valley, where Albemarle
has its Silver Peak  lithium-brine  operation.  Access is excellent in Fish Lake
Valley with all-weather gravel roads leading to the property from state highways
264, and 265,  and  maintained  gravel roads ring the playa.  Power is available
approximately  10  miles  from  the  property,   and  the  village  of  Dyer  is
approximately  12 miles to the  south,  while  the town of  Tonopah,  Nevada  is
approximately 50 miles to the east.

Our company  completed a number of geochemical  and  geophysical  studies on the
property,  and  conducted a short drill program on the periphery of the playa in
the fall of 2010. Near-surface brine sampling during the spring of 2011 outlined
a  boron/lithium/potassium  anomaly on the  northern  portions  of the  northern
playa, that is roughly 1.3 x 2 miles long, which has a smaller higher grade core
where lithium  mineralization  ranges from 100 to 150 mg/L (average 122.5 mg/L),
with boron ranging from 1,500 to 2,670 mg/L (average 2,219 mg/L),  and potassium
from 5,400 to 8,400 mg/L  (average  7,030  mg/L).  Wet  conditions  on the playa
precluded  drilling  there in 2011,  and for a good  portion of 2012,  however a
window of opportunity  presented itself in late fall 2012. In  November/December
2012 we conducted a short  direct push drill  program on the northern end of the
playa,  wherein a total of 1,240.58 feet (378.09 meters) was drilled in 20 holes
at 17 discrete  sites,  and an area of 3,356 feet  (1,023  meters) by 2,776 feet
(846 meters) was systematically  explored by grid probing.  The deepest hole was
81 feet (24.69 meters),  and the shallowest hole that produced brine was 34 feet
(10.36 meters). The average depth of the holes drilled during the program was 62
feet   (18.90   meters).    The   program    successfully    demonstrated   that
lithium-boron-potassium-enriched  brines exist to at least 62 feet (18.9 meters)
depth in sandy or silty aquifers that vary from approximately  three to ten feet
(one to three  meters)  in  thickness.  Average  lithium,  boron  and  potassium
contents of all samples are 47.05  mg/L,  992.7 mg/L,  and 0.535%  respectively,
with lithium values ranging from 7.6 mg/L to 151.3 mg/L,  boron ranging from 146
to 2,160.7 mg/L, and potassium ranging from 0.1 to 1.3%. The anomaly outlined by
the program is 1,476 by 2,461 feet (450 meters by 750 meters),  and is not fully
delimited,  as the area  available for probing was restricted due to soft ground
conditions  to the east and to the south.  A 50 mg/L  lithium  cutoff is used to
define this anomaly and within this zone average  lithium,  boron and  potassium
contents are 90.97 mg/L, 1,532.92 mg/L, and 0.88% respectively.  On September 3,
2013,  we  announced  that  drilling had  commenced at Fish Lake Valley.  Due to
storms and wet conditions in the area which our company hoped to concentrate on,
the playa was not passable,  and so the program  concentrated on larger step-out
drilling  well off the playa.  This 11 hole,  1,025 foot  program did prove that
mineralization  does not extend much,  if at all, past the margins of the playa,
as none of the fluids  encountered in this program were particularly  briny, and
returned values of less than 5 mg/L lithium.

Our company is very pleased with the results  here,  and believes that the playa
at Fish Lake Valley may be conducive to the  formation of a "silver  peak" style
lithium  brine  deposit.  Our  company  reviewed  the  results in regards to the
overall  geological  interpretation of the lithium,  boron and potassium bearing
strata. The results confirm the presence of targeted  mineralization and further
evaluation   programs  will  focus  on  determining  the  extent  and  depth  of
mineralization.  Our  company  is  currently  assessing  options  on how best to
further explore here.

                                       16

SAN EMIDIO PROPERTY

The San Emidio property,  located in Washoe County in northwestern  Nevada,  was
acquired  through the staking of claims in September 2011. The twenty,  80-acre,
Association  Placer claims  currently  held here cover an area of  approximately
1,600 acres (640 hectares).  Ten claims in the southern portions of the original
claim block that was staked in 2011 were  allowed to lapse on September 1, 2012,
and a further  ten claims were then  staked and  recorded.  These new claims are
north of and  contiguous to the  surviving  claims from our earlier  block.  The
property is  approximately 65 miles  north-northeast  of Reno,  Nevada,  and has
excellent infrastructure.

We developed this prospect during 2009, and 2010 through surface  sampling,  and
the early  reconnaissance  sampling determined that anomalous values for lithium
occur in the playa  sediments  over a good portion of the playa.  This  sampling
appeared to indicate that the most prospective  areas on the playa may be on the
newly staked block  proximal to the  southern  margin of the basin,  where it is
possible the structures that are responsible for the geothermal  system here may
also have influenced lithium deposition in sediments.

Our company conducted  near-surface  brine sampling in the spring of 2011, and a
high resolution gravity geophysical survey in summer/fall 2011. Our company then
permitted a 7 hole drilling  program with the Bureau of Land  Management in late
fall 2011, and a direct push drill program was commenced in early February 2012.
Drilling here  delineated a narrow  elongated  shallow brine  reservoir which is
greater  than 2.5 miles  length,  and  which is  adjacent  to a basinal  feature
outlined by the earlier gravity survey.  Two values of over 20  milligrams/liter
lithium were obtained from two holes located centrally in this brine anomaly.

Most recently we drilled this prospect in late October 2012, further testing the
area of the  property in the  vicinity  where prior  exploration  by our company
discovered elevated lithium levels in subsurface brines. During the 2012 program
a total of 856 feet (260.89 meters) was drilled at 8 discrete sites. The deepest
hole was 160 feet (48.76  meters),  and the shallowest  hole that produced brine
was 90 feet (27.43 meters).  The average depth of the seven hole program was 107
feet (32.61 meters). The program better defined a lithium-in-brine  anomaly that
was  discovered  in early 2012.  This  anomaly is  approximately  0.6 miles (370
meters) wide at its widest point by more than 2 miles (3  kilometers)  long. The
peak value seen within the anomaly is 23.7 mg/l lithium, which is 10 to 20 times
background levels outside the anomaly. Our company believes that, much like Fish
Lake  Valley,  the playa at San Emidio may be  conducive  to the  formation of a
"Silver Peak" style lithium brine  deposit,  and the recent  drilling  indicates
that the anomaly occurs at or near the  intersection  of several faults that may
have  provided  the  structural   setting  necessary  for  the  formation  of  a
lithium-in-brine deposit at depth.

Our company has compiled all data and amended our permit with the Bureau of Land
Management to allow for the drilling of three reverse circulation drill holes to
depths of 500 feet in order to test for lithium brine mineralization.

MOUNT HEIMDAL FLAKE GRAPHITE PROPERTY

On April 15, 2013, we entered into a mining option  agreement with, Tom Lewis, a
director and former officer of our company, wherein we had the option to acquire
a 100%  interest  in the Mount  Heimdal  Flake  Graphite  property in the Slocan
Mining Division of British Columbia, Canada.

The Mount Heimdal property is comprised of three mineral claims, which encompass
2,582 acres  (1,045  hectares)  of highly  metamorphosed  rock.  The property is
roughly six miles (10 kms) south of Eagle Graphite's  Black Crystal quarry,  and
is located within the same package of gneisses,  graphite  mineralized  marbles,
and calc-silicate  gneisses.  Data from BC Geological Survey assessment  reports
indicate that mineralization  grading up to 4.8% graphitic carbon may be located
on the property.

High purity  graphite is  presently  the most  widely  used anode  material  for
lithium  ion  battery  technology,  and  typically  greater  than 10 times  more
graphite is used in comparison to lithium in lithium ion battery production.  In
addition  to  increased  graphite  consumption  due to  growth  in  lithium  ion
batteries  sales,  carbon fiber  composites are  increasingly  being utilized in
auto, and aircraft construction.  Also, presently there is considerable research
into  graphene,  a flake  graphite  product,  and it is possible a myriad of new
applications or discoveries will ensue as a direct result of this work.

                                       17

Pursuant  to the terms of the  original  agreement,  we were  required  to spend
$15,000 in  exploration  on the property and  complete an  assessment  report by
November 30, 2013, and upon successful completion of the program and the report,
our  company was to earn a 100%  interest  in the claims,  subject to a 1.5% net
overriding royalty to the vendor from the proceeds of production.

Prospecting  work was performed on the Mount Heimdal  property in June/July 2013
and several  mineralized  zones were noted here,  the best of which graded 3.72%
flake  graphite.  Although  the work was  encouraging  it was  decided  that our
company would be best served presently by focusing on the BC Sugar property. Our
company negotiated an agreement with Tom Lewis, a director and former officer of
our company,  with Tom Lewis as the vendor of Mount  Heimdal,  whereby Mr. Lewis
assigned his 100%  interest in the property for a 2% net smelter  royalty on any
proceeds from future  production from the property.  In addition Mr. Lewis holds
title to both the Mount  Heimdal,  and BC Sugar  properties,  in trust,  for our
company and will  transfer  all  interest at such time as our company  creates a
subsidiary  that is  eligible  to hold  title in mineral  properties  in British
Columbia.

In August 2014, an  exploration  crew was mobilized to explore the Mount Heimdal
flake graphite  property.  The program focused on flake graphite  mineralization
discovered on the property  during the brief program  undertaken in 2013,  while
exploring  other areas of the property that were felt to also be prospective for
hosting flake graphite mineralization. No further significant mineralization was
found, and our company is considering options for this property moving forward.

BC SUGAR FLAKE GRAPHITE PROPERTY

On June 6, 2013, we entered into a mining claim sale  agreement  with Herb Hyder
wherein Mr.  Hyder  agreed to sell to our company a 50.829 acre (20.57  hectare)
claim located in the Cherryville area of British Columbia.  As consideration for
the purchase of the property,  we issued 250,000 shares of our company's  common
stock to Mr. Hyder.  In addition to the acquired  claim,  our company  staked or
acquired another 13 claims at various times over the subsequent months, to bring
the total area held under tenure to approximately 19,816 acres (8,020 hectares).
The flake graphite  mineralization  of interest here is hosted  predominately in
graphitic quartz/biotite, and lesser graphitic calc-silicate gneisses. The rocks
in the general  area of the BC Sugar  prospect  are similar to the host rocks in
the area of the crystal graphite deposit 55 miles (90 kms) to the southeast,  in
the vicinity of our company's Mount Heimdal block of claims.

The BC Sugar property is well placed in the Shushwap  Metamorphic  Complex, in a
geological  environment  favorable for the formation of flake graphite deposits,
and is in an area of excellent logistics, with a considerable network of logging
roads within the project area.  Additionally  the town of Lumby is approximately
19 miles (30 kms) to the south of the property, while the City of Vernon is only
30 miles (50 kms) to the southwest of the western portions of the claim block.

We received  final  assays  from the October  2013  prospecting  and  geological
program at the BC Sugar  property in December of 2013.  That work  increased the
area  known  to  be  underlain  by  graphitic  bearing  gneisses,   and  further
evaluations were made in the area of the Sugar Lake, Weather Station, and Taylor
Creek  showings.  In the  general  vicinity of the Weather  Station  showing,  a
further 13 samples  were  taken,  and hand  trenching  was  performed  at one of
several  outcrops in the area.  In the trench a 5.2 meter  interval  returned an
average  of  3.14%  graphitic  carbon,  all in an  oxidized  relatively  friable
gneissic  host  rock.  Additionally  a  hydrothermal  or vein  type  mineralized
graphitic  quartz  boulder was  discovered  in the area which graded up to 4.19%
graphitic  carbon.  The source of this  boulder was not  discovered  during this
program,  but  it  is  felt  to  be  close  to  its  point  of  origin.  Samples
representative   of  the   mineralization   encountered   here  were  taken  for
petrographic  study,  which was received in late 2013. A brief  assessment  work
program was performed in September 2014 to ensure all claims in the package were
in good  standing  prior  to the  anticipated  sale of this  asset  to  Pathion.
Recommendations  were made by the consulting  geologist who wrote the assessment
report with respect to trenching,  and eventually  drilling the Weather  Station
showing.  Our company  submitted a Notice of Work to the BC  Government in early
May 2015 to enable our  company to  conduct a program  of  excavator  trenching,
sampling and geological  mapping on the Weather Station showing.  In May of 2015
we signed an agreement with KLM  Geosciences LLC of Las Vegas to conduct a short
Ground  Penetrating  Radar (GPR) survey on the property in the Weather Station -
Taylor  Creek  areas.  The GPR  survey as well as a GEM-2  electromagnetic  (EM)
survey took place in approximately  mid-May 2015. The GPR survey did not provide
useful data because of the moisture saturation in the shallow subsurface. The EM
survey  successfully  generated an anomaly over known  mineralization as well as
extended  the  anomaly  to the  west  under  an  area  of  cover  consisting  of
glacial/fluvial  till. Lithium Corporation is pleased with the results of the EM

                                       18

survey and is considering  modifying our work plans to include  additional  work
that builds on the results of this survey.  In August of 2015 our Notice of Work
for  trenching  was  approved by the BC  Government  and in October we commenced
work. A trench of 265.76 feet (81 meters) was excavated and graphitic gneiss was
mapped and sampled.  The company is currently  waiting for the assay  results of
the  sampling  to confirm  the grade and length of the  graphite  mineralization
intersected. Our company judges these results as a technical success and at this
time further exploration is justified.  We plan to use the results of the trench
sampling to plan the future work plans.

THE HUGHES CLAIMS

Effective  April 23,  2014,  we entered  into an  operating  agreement  with All
American Resources,  L.L.C and TY & Sons Investments Inc. with respect to Summa,
LLC, a Nevada  limited  liability  company  incorporated  on December  12, 2013,
wherein we hold a 25%  membership  in a number of  patented  mining  claims that
spring  from the once vast  holdings of Howard  Hughes.  Our  company's  capital
contribution paid to Summa, LLC was $125,000,  of which $100,000 was in cash and
the balance in services.

Our company  participated  in the  formation of Summa,  which holds 88 fee-title
patented lode claims,  which cover  approximately  1,191.3 acres of  prospective
mineral lands. Our company has recently signed a joint operating  agreement with
the other  participants  to govern the conduct of Summa,  and the development of
the lands.  Our  company's  director,  Tom  Lewis,  has been named as a managing
member of Summa.

The Hughes lands are situated in six discrete prospect areas in Nevada, the most
notable of which  being the  Tonopah  block in Nye County  where  Summa holds 56
claims that cover  approximately  770 acres in the heart of the historic  mining
camp where over 1.8 million ounces of gold and 174 million ounces of silver were
produced  predominately in the early 1900's.  The Hughes claims include a number
of the  prolific  past  producers in Tonopah,  such as the  Belmont,  the Desert
Queen,  and the Midway mines.  In addition  there are also claims in the area of
the past  producing  Klondyke  East  mining  district,  which is to the south of
Tonopah,  and at the town of Belmont (not to be confused  with the Belmont claim
in Tonopah),  Nevada,  another notable silver producer from the 1800's, which is
roughly 40 miles to the northeast of Tonopah.

Recently research has been conducted on the Hughes  properties,  focusing on the
Tonopah area where  reporting in the 1980's,  indicate  that over 2.175  million
tons of mine dumps and mill tailings exist at surface on Summa's properties that
contain in the order of 3.453  million  ounces of silver,  and 28,500  ounces of
gold. In addition to this easily extractable  surficial resource,  other reports
indicate that 300 - 500,000 tons of  mineralized  material is expected to remain
at depth in old workings on Summa's properties,  which is believed to contain an
average 20 ounces  silver and 0.02 ounces gold per ton.  Also several  partially
tested exploration targets have been identified on Summa's Tonopah claims, where
further work could  potentially  lead to a marked increase in known  underground
resources.

In the general area of our company's  newest  acquisition,  West Kirkland Mining
has recently  announced that it has completed a $29.2 million dollar  financing,
the proceeds of which were used to purchase a 75% interest in Allied Nevada Gold
Corporation's Tonopah properties.  West Kirkland also has the option to purchase
the remaining 25% interest by paying Allied Nevada a further $10 million dollars
on or before  October 23, 2016.  West Kirkland has recently  compiled an updated
NI-43-101  resource on the Hasbrouck and Three Hills prospects which are roughly
5.5 and 2 miles,  respectively,  from Summa's Tonopah claim block and it is West
Kirkland's  intent to advance these  properties to a  pre-feasibility  study and
initiate  mine  permitting.  The Nye  County  Recorder's  office  only  recently
recorded title in favor of Summa LLC., so we are only now beginning to determine
how best to capitalize on this asset.

We are currently  pursuing other properties which are believed to be prospective
for  hosting  lithium  or  graphite   mineralization,   as  well  as  evaluating
opportunities brought to our company by third parties.

Additionally our company is looking to ramp up its generative  program exploring
for new deposits of next generation battery related materials.

                                       19

RESULTS OF OPERATIONS

THREE  MONTHS  ENDED  SEPTEMBER  30,  2015  COMPARED TO THE THREE  MONTHS  ENDED
SEPTEMBER 30, 2014

We had a net loss of $59,827  for the three month  period  ended  September  30,
2015,  which was $71,916  less than the net loss of $131,743 for the three month
period ended  September 30, 2014. The change in our results over the two periods
is a result of a decrease in exploration  expenses,  consulting  fees,  investor
relations and travel.

The  following  table  summarizes  key items of  comparison  and  their  related
increase  (decrease)  for the three month periods  ended  September 30, 2015 and
2014:

                                                               Change Between
                                                              Three Month Period
                                                                   Ended
                                Three Months   Three Months   September 30, 2015
                                   Ended          Ended             and
                                September 30,  September 30,    September 30,
                                    2015           2014             2014
                                 ----------     ----------       ----------
Professional fees                $    6,104     $    8,372       $   (2,268)
Exploration expenses                 24,025         54,661          (30,636)
Consulting fees                      19,000         29,338          (10,338)
Insurance expense                     4,225          4,371             (146)
Investor relations                    3,675          8,314           (4,639)
Transfer agent and filing fees          930          1,615             (685)
Travel                                  510          3,829           (3,319)
General and administrative            1,394          3,439           (2,045)
Loss on investment                       --         17,868          (17,868)
Interest/Other (income) expense         (36)           (64)              28
                                 ----------     ----------       ----------
Net loss                         $  (59,827)    $ (131,743)      $  (71,916)
                                 ==========     ==========       ==========

NINE MONTHS ENDED SEPTEMBER 30, 2015 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER
30, 2014

We had a net loss of $190,158  for the nine month  period  ended  September  30,
2015,  which was $82,283  less than the net loss of $272,441  for the nine month
period ended  September 30, 2014. The change in our results over the two periods
is primarily the result of decreases in exploration  expenses,  consulting fees,
investor relations and travel.

The  following  table  summarizes  key items of  comparison  and  their  related
increase  (decrease)  for the nine month  periods  ended  September 30, 2015 and
2014:

                                                               Change Between
                                                              Nine Month Period
                                                                   Ended
                                Nine Months    Nine Months   September 30, 2015
                                   Ended          Ended             and
                                September 30,  September 30,    September 30,
                                    2015           2014             2014
                                 ----------     ----------       ----------
Professional fees                $   25,468     $   36,582       $  (11,114)
Exploration expenses                 51,819         79,462          (27,643)
Consulting fees                      65,200         74,863           (9,663)
Insurance expense                    12,863          7,286            5,577
Investor relations                    9,735         26,929          (17,194)
Transfer agent and filing fees        6,910          3,519            3,391
Travel                               11,064         17,387           (6,323)
General and administrative            7,249          8,773           (1,524)
Loss on investment                       --         17,868          (17,868)
Interest/Other income                  (150)          (228)              78
                                 ----------     ----------       ----------
Net loss                         $ (190,158)    $ (272,441)      $  (82,283)
                                 ==========     ==========       ==========

                                       20

REVENUE

We have not earned any revenues  since our  inception  and we do not  anticipate
earning revenues in the upcoming quarter.

LIQUIDITY AND CAPITAL RESOURCES

Our balance sheet as of September 30, 2015 reflects  current assets of $214,006.
We had cash in the  amount of  $174,717  and  working  capital  in the amount of
$210,696 as of September 30, 2015. We have sufficient  working capital to enable
us to carry out our stated plan of operation for the next twelve months.

WORKING CAPITAL

                                                      At               At
                                                 September 30,     December 31,
                                                     2015             2014
                                                   --------         --------
Current assets                                     $214,006         $421,574
Current liabilities                                   3,310           15,720
                                                   --------         --------
Working capital                                    $210,696         $405,854
                                                   ========         ========

We  anticipate  generating  losses  and,  therefore,  may be unable to  continue
operations further in the future.

CASH FLOWS

                                                         Nine Months Ended
                                                           September 30,
                                                        2015           2014
                                                     ----------     ----------
Net cash (used in) operating activities              $ (199,795)    $ (253,392)
Net cash (used in) investing activities                  (5,000)      (106,395)
Net cash provided by (used in) financing activities          --         (2,500)
                                                     ----------     ----------
Net (decrease) in cash during period                 $ (204,795)    $ (362,287)
                                                     ==========     ==========

OPERATING ACTIVITIES

Net cash used in operating activities during the nine months ended September 30,
2015 was  $199,795,  a decrease of $53,597  from the  $253,392  net cash outflow
during the nine months ended September 30, 2014.

INVESTING ACTIVITIES

The  primary  driver  of  cash  used  in  investing   activities  was  continued
expenditures related to the acquisition and maintenance of resource properties.

Cash used in investing  activities  during the nine months ended  September  30,
2015 was $5,000,  which was a $101,395  decrease  from the $106,395 cash used in
investing  activities  during the nine months  ended  September  30,  2014.  The
decrease was a result of our company not  requiring to spend funds to acquire an
investment in the current period when compared to the same period in 2014.

FINANCING ACTIVITIES

Cash used in financing  activities  during the nine months ended  September  30,
2015 was $0 as  compared  to $2,500 in cash  provided  by  financing  activities
during the nine months ended September 30, 2014.

We estimate that our operating expenses and working capital requirements for the
next 12 months to be as follows:

                                       21

            ESTIMATED NET EXPENDITURES DURING THE NEXT TWELVE MONTHS

             General and administrative expenses          $150,000
             Exploration expenses                          100,000
             Travel                                         30,000
                                                          --------
             TOTAL                                        $280,000
                                                          ========

To date we have relied on proceeds from the sale of our shares and on loans from
our sole  officer in order to sustain  our basic,  minimum  operating  expenses;
however, we cannot guarantee that we will secure any further sales of our shares
or that our sole officer and director with provide us with any future loans.  We
estimate that the cost of maintaining basic corporate operations (which includes
the cost of satisfying our public reporting  obligations)  will be approximately
$2,000 per month. Due to our current cash position of approximately  $174,717 as
of September 30, 2015, we estimate that we have  sufficient  cash to sustain our
basic operations for the next twelve months.

We  are  not  aware  of  any  known  trends,  demands,  commitments,  events  or
uncertainties that will result in or that are reasonably likely to result in our
liquidity increasing or decreasing in any material way.

FUTURE FINANCINGS

We anticipate continuing to rely on equity sales of our common stock in order to
continue to fund our business  operations.  Issuances of additional  shares will
result in dilution to our existing  stockholders.  There is no assurance that we
will achieve any additional  sales of our equity  securities or arrange for debt
or other financing to fund our planned business activities.

We presently  do not have any  arrangements  for  additional  financing  for the
expansion of our  exploration  operations,  and no potential  lines of credit or
sources of financing are currently  available for the purpose of proceeding with
our plan of operations.

OFF-BALANCE SHEET ARRANGEMENTS

We have no off-balance sheet  arrangements that have or are reasonably likely to
have a current or future effect on our financial condition, changes in financial
condition,  revenues or expenses, results of operations,  liquidity, and capital
expenditures or capital resources that are material to stockholders.

CRITICAL ACCOUNTING POLICIES

ACCOUNTING BASIS

Our company  uses the accrual  basis of  accounting  and  accounting  principles
generally  accepted in the United  States of America  ("GAAP"  accounting).  Our
company has adopted a December 31 fiscal year end.

CASH AND CASH EQUIVALENTS

Cash includes cash on account,  demand deposits, and short-term instruments with
maturities of three months or less.

CONCENTRATIONS OF CREDIT RISK

Our company maintains our cash in bank deposit  accounts,  the balances of which
at times may exceed federally insured limits. Our company  continually  monitors
our banking  relationships  and  consequently  has not experienced any losses in
such accounts. Our company believes we are not exposed to any significant credit
risk on cash and cash equivalents.

USE OF ESTIMATES

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect  the  reported  amounts  of assets  and  liabilities  and  disclosure  of

                                       22

contingent  assets and  liabilities at the date of the financial  statements and
the reported amount of revenues and expenses during the reporting period. Actual
results could differ from those estimates.

REVENUE RECOGNITION

Our company has yet to realize  revenues from  operations.  Once our company has
commenced  operations,  we will  recognize  revenues  when  delivery of goods or
completion of services has occurred provided there is persuasive  evidence of an
agreement,  acceptance has been approved by our  customers,  the fee is fixed or
determinable  based on the  completion  of  stated  terms  and  conditions,  and
collection of any related receivable is probable.

LOSS PER SHARE

Basic  loss  per  share  is  computed  by  dividing  loss  available  to  common
shareholders by the weighted average number of common shares  outstanding during
the year. The computation of diluted  earnings per share assumes the conversion,
exercise  or  contingent  issuance  of  securities  only when  such  conversion,
exercise or issuance  would have a dilutive  effect on earnings  per share.  The
dilutive effect of convertible  securities is reflected in diluted  earnings per
share by  application of the "if  converted"  method.  In the periods in which a
loss is incurred,  the effect of potential issuances of shares under options and
warrants  would be  anti-dilutive,  and therefore  basic and diluted  losses per
share are the same.

INCOME TAXES

The  asset  and  liability  approach  is used to  account  for  income  taxes by
recognizing  deferred tax assets and  liabilities  for the  expected  future tax
consequences of temporary  differences  between the carrying amounts and the tax
basis of assets and liabilities.

FINANCIAL INSTRUMENTS

Our company's financial instruments consist of cash, deposits, prepaid expenses,
and accounts  payable and accrued  liabilities.  Unless  otherwise noted, it our
management's  opinion that our company is not exposed to  significant  interest,
currency or credit risks arising from these  financial  instruments.  Because of
the short  maturity  and  capacity  of prompt  liquidation  of such  assets  and
liabilities,  the fair value of these financial  instruments  approximate  their
carrying values, unless otherwise noted.

MINERAL PROPERTIES

Costs of exploration,  carrying and retaining  unproven mineral lease properties
are expensed as incurred.  Mineral  property  acquisition  costs are capitalized
including  licenses and lease payments.  Although our company has taken steps to
verify title to mineral  properties in which our company has an interest,  these
procedures do not guarantee our company's title.  Such properties may be subject
to prior  agreements  or  transfers  and title  may be  affected  by  undetected
defects. Impairment losses are recorded on mineral properties used in operations
when  indicators  of  impairment  are  present and the  undiscounted  cash flows
estimated to be  generated  by those  assets are less than the assets'  carrying
amount. Impairment of $0 and $0 was recorded during the years ended December 31,
2014 and 2013, respectively.

OFFICE LEASE

Our company  rents  office  space in Las Vegas,  Nevada for $350 per month.  The
arrangement is on a month-by-month basis and can be terminated by either party.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a "smaller reporting company", we are not required to provide the information
required by this Item.

                                       23

ITEM 4. CONTROLS AND PROCEDURES

MANAGEMENT'S REPORT ON DISCLOSURE CONTROLS AND PROCEDURES

We maintain  disclosure controls and procedures that are designed to ensure that
information  required to be disclosed in our reports filed under the  SECURITIES
EXCHANGE  ACT OF 1934,  as  amended,  is  recorded,  processed,  summarized  and
reported  within the time  periods  specified  in the  Securities  and  Exchange
Commission's  rules and forms,  and that such  information  is  accumulated  and
communicated to our management, including our president (our principal executive
officer,  principal financial officer and principle accounting officer) to allow
for timely decisions regarding required disclosure.

As of the  end of  the  quarter  covered  by  this  report,  we  carried  out an
evaluation,  under the supervision and with the  participation  of our president
(our principal  executive  officer,  principal  financial  officer and principle
accounting  officer),  of the  effectiveness  of the design and operation of our
disclosure controls and procedures.  Based on the foregoing,  our president (our
principal   executive  officer,   principal   financial  officer  and  principle
accounting  officer) concluded that our disclosure  controls and procedures were
effective as of the end of the period covered by this quarterly report.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

During the period  covered by this report  there were no changes in our internal
control over financial  reporting that  materially  affected,  or are reasonably
likely to materially affect, our internal control over financial reporting.

                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We know of no  material,  existing  or pending  legal  proceedings  against  our
company,  nor are we involved  as a  plaintiff  in any  material  proceeding  or
pending  litigation.  There are no  proceedings  in which any of our  directors,
executive officers or affiliates,  or any registered or beneficial  stockholder,
is an adverse party or has a material interest adverse to our interest.

ITEM 1A. RISK FACTORS

As a "smaller reporting company", we are not required to provide the information
required by this Item.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibit
Number                              Description
------                              -----------
(3)      ARTICLES OF INCORPORATION AND BYLAWS

3.1      Articles  of   Incorporation   (Incorporated   by   reference   to  our
         Registration Statement on Form SB-2 filed on December 21, 2007)

3.2      Bylaws (Incorporated by reference to our Registration Statement on Form
         SB-2 filed on December 21, 2007)

                                       24

3.3      Articles of Merger  (Incorporated by reference to our Current Report on
         Form 8-K filed on October 2, 2009)

3.4      Certificate of Change  (Incorporated by reference to our Current Report
         on Form 8-K filed on October 2, 2009)

(4)      INSTRUMENTS   DEFINING  THE  RIGHTS  OF  SECURITY  HOLDERS,   INCLUDING
         INDENTURES

4.1      2009 Stock Option Plan (Incorporated by reference to our Current Report
         on Form 8-K filed on December 30, 2009)

(10)     MATERIAL CONTRACTS

10.1     Lease  Purchase  Agreement  dated June 1, 2009 between  Nevada  Lithium
         Corporation,  Nevada Mining Co., Inc., Robert Craig,  Barbara Craig and
         Elizabeth Dickman.  (Incorporated by reference to our Current Report on
         Form 8-K filed on October 26, 2009)

10.3     Mining  Option  Agreement  dated April 15, 2013 between our company and
         Thomas Lewis  (incorporated  by reference to our Current Report on Form
         8-K filed on April 22, 2013)

10.4     Mining Claim Sale Agreement  dated June 6, 2013 between our company and
         Herb Hyder (incorporated by reference to our Current Report on Form 8-K
         filed on June 12, 2013)

10.5     Trust Agreement dated August 30, 2013 between our company and Tom Lewis
         (incorporated  by reference to our Quarterly  Report on Form 10-Q filed
         on November 7, 2013)

10.6     Operating Agreement dated effective April 23, 2014 between our company,
         All  American  Resources,   L.L.C.  and  TY  &  Sons  Investments  Inc.
         (incorporated  by reference to our Current  Report on Form 8-K filed on
         April 29, 2014)

10.7     Asset Purchase  Agreement dated August 15, 2014 between our company and
         Pathion,  Inc.  (incorporated  by reference to our Quarterly  Report on
         Form 10-Q filed on November 7, 2014)

(14)     CODE OF ETHICS

14.1     Code of Business  Conduct and Ethics  (incorporated by reference to our
         Annual Report on Form 10-K filed on April 15, 2013)

(31)     RULE 13A-14 (D)/15D-14D) CERTIFICATIONS

31.1*    Section 302 Certification by the Principal Executive Officer, Principal
         Financial Officer and Principal Accounting Officer

(32)     SECTION 1350 CERTIFICATIONS

32.1*    Section 906 Certification by the Principal Executive Officer, Principal
         Financial Officer and Principal Accounting Officer

101**    INTERACTIVE DATA FILE
101.INS  XBRL Instance Document
101.SCH  XBRL Taxonomy Extension Schema Document
101.CAL  XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF  XBRL Taxonomy Extension Definition Linkbase Document
101.LAB  XBRL Taxonomy Extension Label Linkbase Document
101.PRE  XBRL Taxonomy Extension Presentation Linkbase Document

----------
* Filed herewith.

                                       25

                                   SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                                         LITHIUM CORPORATION
                                         (Registrant)


Dated: November 5, 2015                  /s/ Brian Goss
                                         ---------------------------------------
                                         Brian Goss
                                         President, Treasurer, Secretary and
                                         Director (Principal Executive Officer,
                                         Principal Financial Officer and
                                         Principal Accounting Officer)

                                       26