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Peru denies Plateau Energy's appeal to suspend uranium concession cancellations

Plateau Energy Metals Inc. said July 31 that its subsidiary Macusani Yellowcake S.A.C. received resolutions from the Ministry of Energy and Mines in Peru denying Plateau Energy's appeal to suspend the Institute of Geology, Mining and Metallurgy's recommendation to cancel the validity of the company's seven of 32 uranium mineral resource concessions under administrative procedure due to the late receipt of annual concession payments.

The seven concessions are Lincoln XXIX, Lincoln XXVI, Lincoln XXXII, Huarituna I, Huarituna II, Tantamaco 6, Tantamaco 7, which represent 3,900 hectares or 4% of Plateau Energy's 93,000-hectare concession package.

There is no outcome yet for the administrative process on the remaining 25 concessions leading to a delay in conducting a preliminary economic assessment on the Falchani lithium project in Peru.

The company claimed that validity payments for 2018 and 2019 on all its 149 concessions were paid in April and May, prior to the due date this year.