MINERAL RESOURCE ESTIMATES FOR THE FALCHANI LITHIUM PROJECT IN THE PUNO DISTRICT OF PERU Prepared for Plateau Energy Metals Inc. under the Guidelines of National Instrument 43-101 and accompanying documents NI 43-101.F1 and NI 43-101.CP By The Mineral Corporation, Bryanston, South Africa Effective Date: 01 March 2019 Report No: C-MYI-EXP-1727-1134 [Publish Date]18 April 2019 Signed “Stewart Nupen” BSc (Hons), FGSSA Pr Sci Nat, Qualified Person 18 April 2019 © Copyright Mineral Corporation Consultancy (Pty) Ltd This document is for the use of Plateau Energy Metals Inc. only and outside of the purposes legislated under provincial and other securities laws or as otherwise stipulated in the client’s contract may not be transmitted to any other party, in whole or in part, in any form without the written permission of Mineral Corporation Consultancy (Pty) Limited. Mineral Corporation Consultancy (Pty) Ltd Homestead Office Park P O Box 1346 Tel: +27 11 463 4867 Reg. No. 1995/000999/07 65 Homestead Avenue Cramerview Fax: +27 11 706 8616 Trading as: The Mineral Corporation Bryanston 2021 South Africa 2060 South Africa email: [email protected] www.mineralcorp.co.za i TABLE OF CONTENTS SUMMARY ............................................................................................................................................................. 1 INTRODUCTION .................................................................................................................................................... 4 RELIANCE ON OTHER EXPERTS ........................................................................................................................ 4 PROPERTY DESCRIPTION AND LOCATION ...................................................................................................... 5 Introduction .............................................................................................................................................. 5 Mineral Tenure ......................................................................................................................................... 5 Regulatory mechanism ............................................................................................................................ 5 Property and title ...................................................................................................................................... 5 Environmental regulations ........................................................................................................................ 5 Granting of mining concessions ............................................................................................................... 5 Work programme for mining concessions ................................................................................................ 6 Mining concession description ................................................................................................................. 6 Conclusions and limitations ...................................................................................................................... 6 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ..................... 9 Access to site ........................................................................................................................................... 9 Access to land .......................................................................................................................................... 9 Climate ..................................................................................................................................................... 9 Local Resources ...................................................................................................................................... 9 Infrastructure ............................................................................................................................................ 9 Physiography ........................................................................................................................................... 9 HISTORY ............................................................................................................................................................. 10 Introduction ............................................................................................................................................ 10 Previous Regional Exploration ............................................................................................................... 10 Instituto Peruano de Energia Nuclear .................................................................................................... 10 UNDP/IAEA ............................................................................................................................................ 10 Previous Ownership ............................................................................................................................... 10 Uranium price fluctuations ...................................................................................................................... 10 Macusani Yellowcake ............................................................................................................................. 10 The Cameco-Vena Joint Venture ........................................................................................................... 11 Azincourt buys Minergia ......................................................................................................................... 11 Macusani purchases Minergia ................................................................................................................ 11 Macusani changes name to Plateau Uranium Inc. ................................................................................. 11 Plateau Uranium Inc. changes name to Plateau Energy Metals Inc. ...................................................... 11 Previous exploration ............................................................................................................................... 11 GEOLOGICAL SETTING AND MINERALIZATION .............................................................................................. 13 Regional Geology ................................................................................................................................... 13 Local Geology ........................................................................................................................................ 13 Property Geology ................................................................................................................................... 16 Geological description ............................................................................................................................ 16 Mineralization Model .............................................................................................................................. 17 DEPOSIT TYPES ................................................................................................................................................. 18 EXPLORATION .................................................................................................................................................... 18 DRILLING ............................................................................................................................................................. 19 Drilling programme ................................................................................................................................. 19 Drilling methodology ............................................................................................................................... 19 Sample recovery and core ..................................................................................................................... 19 SAMPLE PREPARATION, ANALYSES, AND SECURITY ................................................................................... 21 Introduction ............................................................................................................................................ 21 Sampling methods ................................................................................................................................. 21 Sampling recovery ................................................................................................................................. 21 Sample quality ........................................................................................................................................ 21 Sample preparation, assaying and analytical procedures ...................................................................... 21 Sample preparation ................................................................................................................................ 21 Sample delivery procedures ................................................................................................................... 21 Sample preparation and analysis ........................................................................................................... 21 Analytical quality assurance and control (QAQC) procedures................................................................ 22 Introduction ...........................................................................................................................................