Webinar Presentation Wednesday November 18, 2020 12:00 (webinar link will be live at 11:45 am) Talk to start at 12:00 noon (see link below)

The Heaviest & Lightest Naturally Occurring Metals on Earth – Unique Deposits in Unique Rocks The Surficial-Supergene Macusani Uranium Deposit & Falchani Volcanogenic Lithium Deposit Macusani Plateau Area, Puno, Southeastern Peru

Ted O’Connor – Plateau Energy Metals History

Plateau Energy Metals, and its predecessor companies, have been exploring the Macusani Plateau area of Peru, uninterrupted since 2004, and currently hold 930 km2 of contiguous mineral concessions after consolidating most other company’s land positions between 2006-2014. The primary focus for the Company has been uranium exploration, as the Macusani region hosts globally unique, low temperature, surficial-supergene uranium deposits. The uranium deposits are hosted by Upper Miocene (10.1-5.1 Ma) subaerial, strongly-peraluminous , erupted as crystal-rich, frothy volcanic flows covering an aerial extent of over 1000 km2. However, the hexavalent (U+6) meta-autunite-dominated uranium mineralization is significantly younger (1 Ma-40 ka), and unrelated to volcanic processes or hydrothermal activity. The peraluminous rhyolites hosting the uranium deposits are known to be lithium-bearing, averaging 400-800 ppm Li.

Plateau Energy Metals controls all known uranium resources in Peru, with Indicated Resources totaling 51.9 Mlbs at 248 ppm U3O8 and Inferred Resources of 72.1 Mlbs at 251 ppm U3O8, in multiple individual deposits ranging between 2-30 Mlbs each, and all are located in the Macusani Uranium District. The latest Preliminary Economic Assessment (PEA) on the uranium project was completed in 2016, and concludes that the low grade uranium deposits have significant economic and low-cost potential. Leach testwork has suggested that lithium could be a viable co-product to uranium production.

Discovery, Delineation & Resources

In September 2017, access to a promising new area in the south-central area of the project concessions was granted by the local community of Chaccaconiza. Initial radiometric prospecting, sampling and mapping identified numerous radioactive anomalies, the largest of which is Falchani covering an area of ~2km2. Drilling commenced in October, with the initial 3 drill holes completed by mid-November. Initial drilling, targeting the centre of the Falchani radiometric anomaly for surficial-supergene uranium and low-grade Li, intersected ~37 m of high-grade uranium mineralization averaging 633 ppm U3O8 (388 ppm Li) from surface in typical peraluminous rhyolites overlying ~40 m of barren rhyolites. Underlying the rhyolites, a previously un-documented and un-recognized aqua-lain felsic ash fall tuff unit was intersected, with transitional volcaniclastic breccia units at both the upper and lower contacts of the tuff. The tuff unit averages 3,500 ppm Li (0.75% Li2O). The volcaniclastic breccia units have more variable Li contents, but average well over 2,000 ppm Li (0.43% Li2O). Beneath the lower breccia unit hypabyssal, subvolcanic intrusions with variable, but high Li contents averaging ~1,000 ppm Li are present, which are interpreted to be late syn-to post deposition of the tuff along the southern edge of the , where tested by drilling. The entire Li-rich volcaniclastic package and hypabyssal intrusive rocks have very low uranium contents averaging 15 ppm U.

Drilling continued, focusing on the newly discovered Li-rich volcanic package, with coincident mapping and sampling identifying broad areas of Li-rich tuff and breccia outcropping to the west of the discovery drill holes with little, or no cover.

Over the course of a little more than a year between the mid-November 2017 discovery and the latest mineral resource estimate drill cutoff date of December 30, 2018, Plateau has identified, within the Li- rich tuff sequence, only: Indicated Mineral Resources of 42.53Mt at 3,500 ppm Li containing 0.79Mt Li2CO3 equivalent (LCE) and Inferred Mineral Resources of 123.55Mt at 3,243 ppm Li containing 2.13Mt LCE. Within the wider Li-rich package including the upper and lower breccia units: Indicated Mineral Resources: 60.92Mt at 2,954 ppm Li containing 0.96Mt LCE and Inferred Mineral Resources of 260.07Mt at 2,706 ppm Li containing 3.75Mt LCE have been estimated.

Evolving Geological Interpretation

The unique Falchani deposit in the Central Andean Eastern Cordillera now constitutes the 6th largest known hardrock lithium resource in the world. There is no doubt that known resources will increase along with our geological understanding as further exploration drilling and mapping continues, and research on these unique rocks commences.

The current interpretation is that the Falchani lithium deposit is hosted by a waterlain rhyolitic tuff up to ~100m thick bracketed by breccia units of highly variable thickness ranging from a few metres to over 150m. The tuff unit is interpreted to have been deposited as a maar sediment within a circular, 5-6 km diameter, resurgent caldera, which subsequently fed the intermediate flows of the strongly- peraluminous, subaerial, Upper Miocene Macusani Formation rhyolites that host uranium mineralization. The Macusani rhyolites are uniformly lithium-rich (av. 250-800 ppm Li) with the lithium hosted in alkali feldspar, biotite, muscovite, volcanic glass and pumice. The Falchani Tuff and breccia units, however, are an order of magnitude richer, with average lithium contents of ~2,500-3,500 ppm Li, with coincident high enrichment in cesium and rubidium.

The consistent chemistry of the Falchani tuff closely matches that of the local “macusanite” , occurring as inclusions in the Macusani Formation rhyolites and as alluvial pebbles overlying the volcanic pile, and resulted from extreme fractional crystallization and/or the segregation of a supercritical silicate melt/fluid. Both the Falchani Tuff and the obsidian have the bulk composition of rare-element (Li-Cs-Sn- Ta) granitic pegmatites. The tuff is inferred to record multiple explosive events which enabled subsequent obsidian eruption. The Falchani deposit represents the ultimate “lithium volcano”, located within the world-class Carabaya polymetallic (Sn, W, U, Zn, Ag, Au) sub-province at the northern termination of the Central Andean Inner Arc and the “Bolivian Tin-Silver Belt”. The metallogeny of the region records partial melting of metasediments resulting from the incursion of mafic potassic/ultrapotassic mantle melts during crustal shortening and antithetic subduction during the ongoing Quechua . Albeit less enriched in lithium, rhyolitic volcanics elsewhere in the Inner Arc metallogenetic province are interpreted to be the source of the lithium trapped in contiguous salares from Bolivia to northwest Argentina, but no comparable depositional environments exist in the Falchani-Macusani area.

Speakers Biography - Ted O’Connor Ted O’Connor P.Geo. (APEGS), M.Sc., B.Sc. is a Professional Geoscientist with over 30 years of experience, predominantly in the uranium industry. He is currently a Director/Technical Advisor, and formerly CEO of Plateau Energy Metals for the past 6 years working on the Macusani Plateau region of southeastern Peru. Ted also spent two years as CEO & President of Azincourt Energy working on grassroots uranium projects in the southwestern Athabasca Basin. Prior to this, Ted spent 20 years with Cameco Corporation, one of the world’s largest uranium producer, most recently as a Director in Cameco’s Corporate Development group. During his time at Cameco, Ted was responsible for evaluating, directing and exploring for uranium deposits throughout North America, Australia, South America and Africa. He successfully led new project generation from early exploration through to discovery on multiple uranium projects. Ted was also responsible for opportunity evaluation, acquisition and managing Cameco’s exploration partnerships aimed at growing and diversifying Cameco’s exploration portfolio in new jurisdictions and multiple uranium model types. Prior to joining Cameco, Mr. O’Connor was an exploration field and underground mine geologist for major mining companies and junior explorers searching for gold, diamonds and base metals.

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