Plateau Energy Metals Inc. announced positive preliminary pre-concentration test results from the Colibri II-III and Corachapi uranium deposits at the company’s Macusani Uranium Project (“Macusani”) in Peru. This process testing was completed by TECMMINE E.I.R.L. (“TECMMINE”), a metallurgical consulting company based in Lima, Peru, and also involved DRA Global in South Africa. These results build from, and improve on, previous work completed by the Cameco Corporation in 2013 when they were involved with the Tantamaco uranium deposit discovery. These results should substantially improve on the encouraging potential economics for Macusani reported in the previous 2016 Preliminary Economic Assessment (“PEA”) 1 and will help form the basis for an updated PEA, currently being contemplated. In August to September 2020, while adhering to strict national and local COVID-19 regulations and with the support of local communities, Plateau’s technical team in Peru completed bulk sampling of several outcrops covering both the Colibri II-III and Corachapi uranium deposits for current and future metallurgical and processing test work purposes. The mini-bulk samples from the Colibri II-III and Corachapi uranium deposits consisted of >500 kg of mineralized rocks from each deposit. The new bench scale test work was planned to replicate and improve upon encouraging wet scrubbing test work completed in 2012 and 2013 by the Cameco Corporation while involved in uranium exploration in Peru. The hexavalent Macusani uranium mineralization is known to preferentially report to the finer fractions during size reduction comminution processes, highlighting that upgrading is possible. The current test work scope and plan was designed by TECMMINE in Lima and DRA Global using their South Africa based personnel with deep experience in uranium processing and plant design, including direct upgrading/comminution expertise in hexavalent uranium mineralization. The comminution testing was carried out by TECMMINE, in Lima, Peru, between August 2020 and March 2021. A variety of parameters were varied to optimize the results from the single stage scrubbing tests completed by Cameco. Parameters included variable scrubbing residence time (5-15 minutes), slurry densities (45-70% solids by mass) and classification sizes (212 µm and 300 µm) to optimize results using both primary and secondary scrubbing. Initial samples were crushed to 100% passing ½-inch and followed by an initial wet scrubbing stage (varying scrubbing residence times and solid/liquid ratios in multiple tests) retaining the material passing 2mm for the secondary wet scrubbing stage (also varying scrubbing times and solid/liquid ratios in multiple tests) retaining material passing the 212 µm or 300 µm screen. The mass and grade of the fine fractions were established, as well as the residual coarser material reject to arrive at the reported results for recovered uranium and mass pull. Highlights: Colibri II-III Deposit – 81.6% of U retained in 35.3% of original mass passing 300 µm; Calculated Head Grade of 270 ppm U upgraded to 623 ppm U (Upgrade factor 2.3) using double scrubbing for 12 minutes each cycle. Corachapi Deposit – 73% of U retained in 31% of original mass passing 212 µm; Calculated Head Grade of 245 ppm U upgraded to 570 ppm U (Upgrade factor 2.3) using initial scrubbing for 15 minutes at 60% solids (by mass) followed by secondary scrubbing for 5 minutes at 45% solids. Tantamaco Deposit - 2013 processing leach test work by Cameco using 74.1 kg of drill core from drill holes from the Tantamaco Uranium deposit included selective comminution (ore scrubbing) tests that identified an opportunity to reject between 50% to 60% of the feed material weight in a coarse (+0.2 mm) size fraction while recovering 80% to 85% of the uranium to the fines (-0.2 mm). Upgrading results also highlight the opportunity to bring in lower grade deposits previously not included in the PEA production schedule. Higher grade feed material should positively impact the PEA Capital Costs with a smaller plant footprint and PEA Operating Costs due to lower energy and reagent costs. Trade off studies between original heap leach processing and tank/vat leach processing options will be conducted optimizing the split achievable in a scrubbing and classification circuit.