Plateau subsequently issued a news release stating there was "no material information to be issued at this time".

Solis said European mutual funds had provided funding to develop Plateau's Falchani deposit in Puno with the company due to provide the rest of the total $844 million required.

A July 2018 resource estimate said Falchani hosted 34.82 million tonnes grading 0.73% Li2O (or 630,000 tonnes of lithium carbonate) plus inferred resources of 80Mt grading 0.72% Li2O (or 1.76Mt of lithium carbonate).

Leach tests carried out on Falchani ore in laboratories in Australia and Peru achieved lithium recoveries up to 90% using warm sulfuric acid in atmospheric testing, suggesting the project could produce battery-grade lithium carbonate.

Plateau discovered the lithium deposit while exploring for uranium. Unlike the majority of lithium deposits in South America which are brine deposits in salares, Falchani is a hard rock deposit and amenable to openpit mining.

Shares in Plateau Energy Metals are trading at C23c, valuing the company at $22 million.