Plateau Energy Metals Inc.(PLU-V: C 1.15)October 4, 2018Joseph Fars, MBA, P.Geo / (416) [email protected]: C 2.70David A. Talbot / (416) [email protected] Processing Options Begin to UnfoldPLU-TSXVRatingTargetProjected ReturnDCF multiple (U3O8 only)Falchani Lithium10% DCF Corporate ValueCash and DebtAdditional Resource ValueNAVP/NAVNew-Company DataLast Price52-week RangeMarket Cap ( MM)Enterprise Value ( MM)Shares Outstanding - Basic (MM)Shares Outstanding - FD (MM)Avg Volume - 100d (000 shares/day)Cash (est.) ( MM)Debt ( MM)Working Capital (est.) ( MM)ForecastLithium Carbonate (US /t)Uranium Spot (US /lb)Foreign Exchange US /C EPSEBITDA ( MM)CFCF/shareCapex ( MM)FCF ( MM)2018E11,000280.80(0.11)-9(8)(0.11)0.0(8.3) )OldBUYC 2.70135%0.4xC 1.82C 0.70C 0.02C 0.17C )(232.7) 1.15 1.69 82.4 80.271.693.8155.5 2.2 0.0 2.0LT11,500600.85All Figures in C Unless Otherwise NotedSource: Compa ny Reports , Fa ctSet, Ei ght Ca pi ta lPLU-V: Price/Volume ChartSource: FactsetCompany DescriptionPlateau Energy Metals is a juniorlithium and uranium developmentcompany with two distinct assets inPeru. An initial Falchani resourceestimates 2.44MMt LCE and an averagegrade of 0.61% Li2O, placing it amongthe large lithium assets globally, withmuch potential for a much largerfootprint. A uranium asset PEAsuggests long-life, low cost productionfrom multiple shallow deposits. Posttax NPV8% of US 603MM yields a40.6% IRR assuming 6.1 MM lbs U3O8pa production over ten years.We recommend Plateau Energy Metals with a BUY and C 2.70/sh targetprice derived from a sum-of-all-parts valuation: 1) in-situ valuation appliedto a 2.44 MMt LCE resource (worth 1.80/sh); and 2) a 0.4x NAVPS multipleto our 12% DCF based on an updated uranium PEA (worth C 0.28/sh).Early metallurgical work was reported from three additional process optionscurrently being testing on lithium-rich volcanic ash from the Falchani project inPeru. These options are being considered in parallel with a baseline sulphuricacid leach option (see our initiation piece for more detail on Falchani Li-richTuff processing). ANSTO's mineral business unit is well known for metallurgicalconsultancy in both brine and hard-rock projects, and will oversee each of thefour processes. A local Peruvian lab, TECCMINE, will spearhead the preliminarytest work for hydrochloric acid leach. We noted that a stronger metallurgicalunderstanding was an important de-risking step and should be accretive to ourvaluation. We are beginning to see this pay off given the multiple trade-offstudies being produced. While today's results are positive and demonstrate thatlithium can be extracted using a variety of methods, they are preliminary anddon't provide much insight into production costs or requirements on acommercial scale. A key take-away is that none of these options entertainproprietary methodologies, and all the upfront extraction and downstreamprocessing steps are based on simple, conventional methods.Hydrochloric Acid Leach might be an early preference due to both technicaland economic considerations. Management suggests high lithium recoveriesapproaching 90% is similar to its baseline warm sulphuric acid approach.Precipitating metals from a chloride solution is easier than precipitating asulphate solution, and the acid is 75-80% recyclable which could save on Opex.Furthermore, chloride end-products open many doors. Lithium, cesium andrubidium may be captured using chloride solution. Falchani tuff is known tohost impressive cesium grades at the transition brecciated zone enveloping thelithium rich tuff. Management is confident that aluminum concerns are greatlyreduced with this route and aluminum chloride can be used to producealuminum oxides readily received by aluminum refineries/smelters.High-temperature roast to produce LCE or LiOH. This calcining approach"flash" roasts a lithium concentrate in order to break the tuffaceous glassstructure that hosts the lithium. This process is much like the steps taken toconvert alpha to beta spodumene in the calcination of many other hard-rocklithium projects, although spodumene is absent here. Lithium recovery beginsat 550 C and approaches 71% when roasting to between 900 C and 1000 C.Simple water leaching produces a liquid solution, thereby introducing a routeto lithium hydroxide or lithium carbonate. A calciner may introduce a largercapital expense upfront, and require higher energy output, but a shorter timeframe and premium end products may justify the expense. That said,extraction is notably lower than baseline sulphuric acid leach ( 90%), but thismethod allows for upfront rejection of Al, F, Fe, and Si impurities.Low temp baking may require more grinding. A low temperature "bake" atjust 150 C was attempted. This method helps minimize Al and F that reportsdownstream to purification circuits. Lithium extraction of up to 74% may beattractive but future trade-off studies will assess impact of energy and reagentconsumption and Capex. Finer grinding may be necessary to promote betterrecoveries and added filtration might be necessary.Please see Disclosures and Disclaimers at the end of this report.

Plateau Energy Metals Inc.October 4, 2018Plateau Energy Metals Inc.BUYJoseph Fars, Associate Analyst, Eight [email protected] figures in C , unless stated otherwiseASSUMPTIONS2018ELithiumUS /tUS 11000/tUraniumUS /lbUS 27.9/lbExchangeUS /C 0.80LITHIUM RESERVES & RESOURCES (as of Sept 2018)TonnesOwnershipMM tMeasured and Indicated 00%8.18Total M&I Resources40.59Inferred 00%20.45LBX100%34.46Total Inferred Resources121.7TOTAL LITHIUM RESOURCES162.29URANIUM RESERVES & RESOURCES (as of Jan 2016)TonnesOwnershipMM tMeasured and Indicated 00%3.40Corachapi100%11.59Colibri100%27.89Total M&I Resources102.58Inferred al Inferred Resources100%100%100%100%100%TOTAL URANIUM RESOURCESC TargetC Close 2.70 1.1512-month return135%GradeLi (ppm)2020EUS 11500/tUS 40.0/lb0.80GradeLi2O (%)2021EUS 11500/tUS 50.0/lb0.83Contrained 0.390.271.772,819Grade% U3O80.61%2.44Cont U3O8 (MM lbs)100% BasisPLU 2.452022E5.730005.732023E3.2700.4303.27URANIUM CASH COST ESTIMATES (US /lb)Year-end Dec.2019E2020EKihitian0.00.0Isivilla00Kihitian UG00Colibri 2 & 300Wt. Ave.N/AN/A2021EUS 21.9/lb000US 21.9/lb2022EUS 19.7/lb000US 19.7/lb2023EUS 16.9/lb0US 23.5/lb0US 20.0/lbC /shareC /share1.821. NAV(C Falchani Lithium AssetUranium Production DCFCash and otherExploration & Resources (U3O8)Corporate Adjustments0% NAV(C MM)170.69142.782.2119.1378.51Total413.3Eight Capital DCF Target Multiple (Uranium assets only )Share Price TargetTarget (C /share)0% Discount5% Discount12% Discount15% DiscountC 1.1571.671.693.8C 82.4Year-end September (C 000s)2019EUS 11500/tUS 33.5/lb0.80URANIUM PRODUCTION ESTIMATES (MM lbs)Year-end Dec.2019E2020EKihitian00Isivilla00Kihitian UG00Colibri 2 & 300Sub total00NET ASSET VALUEPLU-TSXVShares O/S (MM)Float (MM)Fully Diluted Shares (MM)Basic Mkt. Capitalization ( MM)Target Price Sensitivity to Long-term Uranium PricingLong Term Uranium Price Assumption (US /lb)US 40/lbUS 50/lbUS 60/lbUS .371.462.062.663.261.820.700.020.171.12BALANCE SHEETAssetsCash & ST InvestmentsOther Current AssetsCurrent 7,5072,2091272,336Mineral PropertiesOther non-current AssetsTotal 3)66991.7LiabilitiesCurrent LiabilitiesCapital lease / LT DebtOther non-current LiabilitiesTotal LiabilitiesCapital StockRetained EarningsTotal Shareholder EquityEARNINGS SUMMARYRevenueUraniumOtherTotal RevenueUranium CostsOther CostsDD&AExplorationS, G&AEBITFX GainInterestWritedown of min. propertiesEBTless TaxNet Income (reported)Average shares (MM) 2020E2018E0.3 06,5121,618(8,130)(48)2(8,177)(8,292)75.42019E Q3/18STATEMENT OF CASH FLOWSNet Income (000's )D, D&AFuture income taxesWritedown of min. propertiesFX GainChange in working capitalOther OperatingTotal Operating CFShort term investmentsMineral PropertiesAcquisitionsIncrease in InvestmentsOther InvestingTotal Investing CFEquity financingDebt IssueDebt RepaymentOther financingTotal Financing CFForeign Exchange effectChange in cashCash & ST Inv., end of year(000 (15)2,485(8)1,0502,209Uranium Production7,000256,0005,000204,000M lbsRating3,000152,000US 80/lb5.123.644.043.861,000020202021Colibri 2 & 3202220232024Kihitian O8 Cash CostSource: Company Reports, FactSet, Eight CapitalEIGHT CAPITAL Page 2

Plateau Energy Metals Inc.October 4, 2018Disclosures and DisclaimersThis research report (as defined in IIROC Rule 3400) is issued and approved for distribution in Canada by Eight Capital, amember of the Investment Industry Regulatory Organization of Canada, and the Canadian Investor Protection Fund. EightCapital accepts responsibility for the dissemination of this report. Non-client recipients of the research report should notrely solely on the investment recommendations contained herein and should consult their own professional advisors. EightCapital will not treat any non-client receiving this report as its own. 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Plateau Energy Metals Inc.October 4, 2018Recommendations: BUY: Total returns expected to be materially better than the overall market with higher returnexpectations needed for more risky securities. NEUTRAL: Total returns expected to be in line with the overall market.SELL: Total returns expected to be materially lower than the overall market. TENDER: The analyst recommends tenderingshares to a formal tender offer. UNDER REVIEW: The analyst will place the rating and/or target price Under Review whenthere is a significant material event with further information pending; and/or when the analyst determines it is necessaryto await adequate information that could potentially lead to a re-evaluation of the rating, target price or forecast; and/orwhen coverage of a particular security is transferred from one analyst to another to give the new analyst time to reconfirmthe rating, target price or forecast.SECURITY ABBREVIATIONS: NVS (non-voting shares); RVS (restricted voting shares); RS (restricted shares); SVS(subordinate voting shares).Eight Capital Equity Research Ratings:88%78%% of companies covered by Eight Capital in each ratingcategory77%66%55%% of companies within each rating category for which EightCapital has provided investment banking services for a feein the past 12 months.44%33%24%19%22%11%4%3%0%0%BuyNeutralSellAs at October 1, 2018Source: Eight CapitalEIGHT CAPITAL Page 5

convert alpha to beta spodumene in the calcination of many other hard-rock lithium projects, although spodumene is absent here. Lithium recovery begins at 550C and approaches 71% when roasting to between 900C and 1000 . C Simple water leaching produces a liquid solution, thereby intro