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SECUTORCAPITAL MANAGEMENT CORPORATION

October 6, 2016

Wellgreen Platinum Ltd.

World Class Ni + Cu + PGM Project in Mining-Friendly Yukon

Price:Market Cap:Common Shares:Fully Diluted:52 Wk Range:3 Month Avg Vol:

Source: quotemedia.com

$0.45$91 M202.7 M312.5 M$0.16 - $0.62198,666

Location:Flagship:Ownership:Commodity:Status:Resources:

Catalysts:

YukonWellgreen Project100%Ni + Cu + PGM + AuPEAM&I 330 M t @ 0.261% Ni + 0.141% Cu + 0.237 g/t Pt + 0.24 g/t Pd + 0.045 g/t AuExploration results, metallurgical test work

COMPANY SUMMARY

MARKET DATA

Company Update

T-WG

Prepared by:Craig Stanley, M.Sc.Analyst

Wellgreen Platinum is an exploration and development company focused on its 100% owned Wellgreen nickel + copper + platinum group metal + gold (Ni + Cu + PGM + Au) project in the Yukon Territory. The property is accessible from the paved Alaska Highway and a 14 kilometer gravel road, which leads to year-round deep sea ports in southern Alaska.

Wellgreen is host to one of the largest undeveloped nickel and PGM resources in the world and is one of the few large-scale nickel + PGM deposits situated in a mining friendly jurisdiction. A 2015 Preliminary Economic Assessment demonstrated the project has the potential to become a large, low cost open pit producer of Ni + Cu + PGM + Au.

Over the past several months, a number of significant steps have been taken to revitalize the direction of the company.

Diane Garrett was hired as President and CEO in June 2016. Dr. Garrett was most recently President and CEO of Romarco Minerals Inc., which was acquired by OceanaGold Corp. in 2015 for over $550 million. A broadened technical team with significant depth of expertise in Ni + Cu + PGE metallurgy and project development has also been hired. As well, Electrum Opportuni-ties Fund L.P. has made a $10 million equity investment into the company.

Wellgreen is advancing the project on a number of fronts. It has initiated a metallurgical test work program designed to determine the optimal flow sheet and processing method to produce a bulk Ni + Cu + PGM concentrate. In addition, the test work will determine the potential for producing separate nickel and copper concentrates, thereby providing flexibility in marketing the concentrates. It is anticipated that higher payables will be received from each concentrate due to the PGM + Au content.

As well, the Company is in the process of updating the geologic resource model from the past two drill programs (late 2015 and mid 2016) in order to convert a portion of the inferred resource into the measured and indicated categories and potentially expand the starter pit.

In anticipation of a future mine application, environmental baseline studies continue on the Wellgreen Project, including collection of meteorological data, surface water quality and flow data, ground water quality and flow data as well as wildlife and vegetation studies. These baseline studies are being conducted in collaboration with the Kluane First Nation.

Given the technical and socioeconomic challenges faced by PGM mines in southern Africa and Russia, which currently account for over 90% of global production, the development of an open-pit, road-accessible Ni + Cu + PGM + Au project in the mining-friendly Yukon Territory represents a unique oppor-tunity.

Wellgreen is well financed with $15 million in its treasury and no debt.

SHAREHOLDERS

Secutor contact:George [email protected](416) 545-1015

Electrum Strategic Opportunities Fund (27%)High Net Worth Investors (24%)Resource Capital Fund (9%)Drake Capital, Solway Investment Group (7%)Insiders (3%)


SECUTORCAPITAL MANAGEMENT CORP

October 6, 2016

MANAGEMENT

Wellgreen is led by President and Chief Executive Officer Diane Garrett. Dr. Garrett has more than 20 years of senior manage-ment and financial expertise in the field of natural resources. Most recently she held the position of President and CEO of Romarco Minerals Inc., starting in 2002 with no assets and a market capitalization of less than C$20 million, then acquiring and developing the Haile gold deposit in South Carolina through to final feasibility, permitting and into construction until it was acquired by OceanaGold Corp. in 2015 for over C$550 million. Prior to that, she held numerous senior positions in public mining companies including Vice President Corporate Development of both Dayton Mining Corp. and Beartooth Platinum Corp. Earlier in her career Dr. Garrett was the Senior Mining Analyst and Portfolio Manager in the precious metals sector with US Global Investors.

Joe Romagnolo, CA, CPA, Senior Vice President and Chief Financial Officer, has extensive experience in the mining sector and in all areas of external financial reporting, budgeting, compliance, cash flow management, and implementation of financial reporting systems. At Romarco Minerals he held the positions of Vice President and Controller, Interim CFO and Controller since 2010. He was involved in over $500 million in equity financings and US$200 million of project debt financing with a syndicate of international banks. He remained with OceanaGold after the acquisition of Romarco until all financial functions were transitioned smoothly. Prior to Romarco, Mr. Romagnolo was Corporate Controller of Centenario Copper Corp., Atlas Cold Storage and The Molson Companies Ltd.

Heather White, Project Engineer, leads the metallurgical team of consultants in connection with XPS Testwork and Consulting Services (Sudbury, Ontario). Ms. White is a mining engineer and was the Chief Mine Engineer during the design and build of Inco’s Voisey’s Bay Mine where she later became the Mine Manager.

Gillyeard (Gil) Leathley was appointed as a director to board on behalf of Electrum Strategic Opportunities Fund L.P. pursuant to its rights under the terms of a unit purchase in March 2016. He has more than 50 years of experience in the mining industry, including Senior Vice President and Chief Operating Officer of Homestake Mining.

LOCATION

The Wellgreen project is located in the southwestern Yukon Territory, 317 kilometres northwest of Whitehorse.

Wellgreen Project, Southwest Yukon










Source: Company reports


Wellgreen Platinum Ltd. October 6, 2016

The site is accessible by vehicle from Whitehorse via the paved, all-weather Alaska Highway. From the Alaska Highway, travel is by a 14 kilometre gravel road.

Local Roads and Proposed Development at Wellgreen

The villages of Burwash Landing and Destruction Bay are located 15 and 30 kilometres, respectively, southeast from the property. An all-weather airstrip is located at Burwash Landing though it presently sees limited winter maintenance. The Yukon hydro-electric grid extends to within approximately 100 kilometers from the property along the Alaska Highway near Haines Junction.

All-season, deep-sea ports are located over 400 kilometres to the southeast in Haines and Skagway, both in Alaska. The ports operate year round and are accessible by paved highways. They are currently utilized by Capstone Mining (T-CS) and Alexco Resources (T-AXR) for the transport of concentrates to bulk container ships.

The project lies in the rain shadow of the Saint Elias Mountains, with low average annual total precipitation for the Burwash Landing station of 11 inches of which 7.6 inches typically falls as rain in summer and the remainder as snow in winter.

The property lies within the Kluane First Nation with whom Wellgreen signed an exploration cooperation and benefits agreement in August 2012.

Resource Capital Funds has a 1% net smelter return (NSR) royalty on the 5,933 hectare property.

YUKON OPEN TO MINING

The 2015 Fraser Institute Annual Survey of Mining Companies ranked the Yukon twelfth out of 109 jurisdictions on its Investment Attractiveness Index and fourth in Best Practices Mineral Potential Index.




Following an exploration boom in 2010-2012, member companies of the Yukon Mining Alliance added more than 7.3 million ounces of gold in new discoveries and 23 million ounces of gold, 50 million ounces of silver and 10 million ounces of platinum group metals added to known deposits.

On May 12, 2016 Goldcorp announced a friendly deal to acquire Kaminak Gold and its pre-production heap leach Coffee gold project in the Yukon for $520 million.

HISTORY

Hudson Bay Mining & Smelting Co. Ltd (HudBay) operated an underground mine at Wellgreen from 1971 to 1973, with production ceasing due to low metal prices. A total of 171,652 tonnes grading 2.23% Ni, 1.39% Cu, 1.3 g/t Pt, 0.92 g/t Pd and 0.171 g/t Au were milled on site to produce 33,853 tons of concentrate that was shipped to Sumitomo in Japan.

GEOLOGY

The Wellgreen deposit occurs along the lower margin of a 20 kilometre long Upper Triassic, ultramafic-mafic body called the Quill Creek Complex. The main mass of the Quill Creek Complex consists of the Wellgreen and Quill intrusions and measures 4.7 kilometres long and up to 1,000 metres wide.

These layered intrusions gradationally transition from dunite to peridotite, pyroxenite, clinopyroxenite and gabbro with a corresponding increasing sulphide content (disseminated to semi-massive and massive sulphide layers) towards the contact with Paleozoic sedimentary country rocks.

The main sulphide minerals associated with economic mineralization at Wellgreen include pentlandite (nickel) and chalcopy-rite (copper), with the PGMs and gold included in sperrylite, merenskyite, sudburyite, and other lesser known minerals.

Exploration drilling has defined a mineralized zone over a 2.8 kilometre east-west striking trend. Mineralization within the main Wellgreen deposit has been delineated into six zones of massive and disseminated mineralization known respectively as the Far East Zone, East Zone, Central Zone, West Zone, Far West Zone, and North Arm Zone. The deposit averages 100 to 200 metres in thickness at surface in the Far West Zone, expands to 500 metres in thickness in the Central Zone and to nearly a kilometre wide in the Far East Zone where the deposit remains open down dip and along trend.

Plan View of the Geology at Wellgreen

October 6, 2016













The mineralization at Wellgreen is generally similar to other well-known magmatic Ni + Cu + PGM deposits such as those found in Norilsk, Stillwater and Sudbury. However Wellgreen does have a higher platinum-to-palladium ratio, greater width of continuous, disseminated mineralization and higher concentrations of rhodium compared to other magmatic Ni + Cu + PGM deposits.

RESOURCE

In July 2014, an updated resource estimate was announced for Wellgreen based on 229 surface holes and 547 underground holes.

July 2014 Resource (cut-off grade of 0.57 g/t Pt Eq. or 0.15% Ni Eq.)

July 2014 Resource (cut-off grade of 1.9 g/t Pt Eq. or 0.50% Ni Eq.)

Nickel equivalent and platinum equivalent grades are based on metal prices of US$8.35/lb Ni, US$3.00/lb Cu, US$13.00/lb Co, US$1,500/oz Pt, US$750/oz Pd and US$1,250/oz Au, and have not been adjusted to reflect metallurgical recoveries.

Pit constrained grade shells were determined using the aforementioned metal prices, a 45 degree pit slope; assumed metal-lurgical recoveries of 70% for Ni, 90% for Cu, 64% for Co, 60% for Pt, 70% for Pd and 75% for Au; an exchange rate of USD$1.00 = CAD$0.91; mining costs of $2.00 per tonne, processing costs of $12.91 per tonne, and general & administrative charges of $1.10 per tonne.

Measured resources are classified on 50 metre drill spacing. Indicated resources are based on 50 metre drill spacing for massive sulphide and gabbro domains, and 100 metre drill spacing for clinopyroxenite and peridotite domains. Blocks not classified as measured or indicated mineral resource were assigned to the inferred mineral category provided that they were extrapolated no further than 200 metres.

To put the resource into perspective, Wellgreen hosts more nickel than the Voisey’s Bay mine in Newfoundland and more PGEs than the Stillwater mine in Montana.












PRELIMINARY ECONOMIC ASSESSMENT

A February 2015 preliminary economic assessment (PEA) examined a 25 year mine plan consisting of a four stage open pit operation with an overall strip ratio of 0.75 to 1 from approximately 34% of the pit constrained resource.

Pre-production capital expenditures were estimated to be $586 million.

Milling would start at 25,000 tonnes per day (tpd) for the first five years of operation, then would scale up to 50,000 tpd in year six for an additional 20 years. Lower grade material would be stockpiled and processed in years 17 through 25. Ramp accessible underground mining of higher grade zones near existing underground workings would take place from years three through eight using open stoping and post pillar cut-and-fill mining.

The mine life could be extended by another 15 or 31 years through bulk underground development or with the develop-ment of a fifth stage open pit, respectively, from the existing resource.

Total operating costs were estimated at C$19.88 per tonne. The initial power draw is expected to be 36 megawatts in year one, with expansion to 69 Megawatts by year three of production in order to provide power for underground ventilation, open pit electric equipment and surface infrastructure.

In May 2014, the previous management signed a memorandum of understanding (MOU) with Northern Lights Energy for the potential supply of liquefied natural gas (LNG) from Alaska to the project; in August 2014 a MOU was signed with Ferus Natural Gas Fuels for the potential supply of Western Canadian. As well, a MOU was signed with General Electric for LNG power generation infrastructure, equipment and services.

Note than on September 21, 2016 Western Copper and Gold Corp. (T-WRN) and Selwyn Chihong Mining Ltd. signed a MOU with Ferus Natural Gas Fuels for LNG supply to the proposed Casino and Selwyn Chihong mine projects located in the Yukon and Northwest Territories that are anticipated to be commissioned in 2020 and 2022 respectively. To ensure proximal and long-term security of supply for the mines, Ferus plans to build and operate a two-phase LNG plant in the vicinity of Fort Nelson, British Columbia.

The 2015 PEA assumed the mill would produce a bulk Ni-Cu-Co-PGM-Au concentrate through conventional sulphide flotation for shipping via existing deep sea ports in Alaska.

2015 PEA Metallurgical Assumptions

The PEA determined that there are at least seven large nickel smelters that could process the bulk concentrate from Wellgreen: Jinchuan and Jilin Jien in China; Xstrata Nickel and Vale in Sudbury, Canada; Stillwater in the United States; Kalgoorlie in Australia; and Boliden Harjavalta in Finland.

During the first 16 years of operation, Wellgreen has projected average annual production of 73 million pounds of nickel, 55 million pounds of copper and 208,880 ounces of platinum + palladium + gold.



2015 PEA Base case and Expansion Production Profiles

At base case metal price assumptions of US$8.00/lb Ni, US$3.00/lb Cu, US$1,450/oz Pt, US$800/oz Pd, US$1,250/oz Au, US$14.00/lb Co and US$0.90 = C$1.00, half of the project’s projected revenue would come from nickel.

2015 PEA Revenue Projected by Metal (Base Case Prices)

Wellgreen would be one of the projected lowest cost PGM producers globally, with all-in sustaining costs of US$457 per ounce of 3E, and US$5.78 per pound of Ni Eq. for base metals, on a co-product basis.

At the base case prices, the project is projected to generate an after-tax net present value at a 7.5% discount rate of $1.193 billon, and internal rate of return of 24.6% and a payback period of just over three years.

Quantification of less common PGM (rhodium, iridium, osmium and ruthenium) production represents an opportunity to improve the project’s economics as these metals occur in concentrates produced during metallurgical testing but are not part of the resource estimate and therefore cannot be included in the PEA.





October 6, 2016

NICKEL + PLATINUM PRICES POISED TO CONTINUE GAINS

Nickel prices have jumped over 25% in 2016 as elevated Chinese imports, the result of robust stainless steel production that has eroded global stockpiles as The Philippines, the world’s largest shipper of mined nickel, carries out an environmental audit. In late September, the country’s Department of Environment and Natural Resources announced that it has recom-mended the suspension of another 20 mines following the completion of its audit of mining operations in the country. A total of 17 nickel mines have now been ordered for suspension, representing approximately 140,000 tonnes of contained nickel per annum (55% of supply). If these mines are permanently suspended, this would likely reduce Chinese nickel pig iron produc-tion, resulting in a six to eight percent drop in 2017 global refined nickel production.

As well, though nickel inventories remain high, approximately 40% of the world’s production currently loses money in this price environment. Glencore Plc expects nickel prices to climb through 2018 as demand outstrips supply.

Platinum prices have also jumped in 2016. The World Platinum Investment Council adjusted its supply deficit forecast for 2016 upwards by 16% or 65,000 ounces to 520,000 ounces, also making 2016 the fifth annual year of market shortages. According to a recent report by PwC, recent strikes plus the threat of more labour action in South Africa, which is responsible for 73% of global annual supply, as well as chronic under-investment, will exacerbate the supply deficit.

Outside of South Africa and Russia there are only two primary PGM producers: Stillwater (N-SWC) in Montana and North American Palladium (T-PDL) in Ontario. Both these companies are palladium dominant producers whereas Wellgreen has a platinum-to-palladium ratio of 1:1, making it a unique deposit.

METALLURGY

Wellgreen initiated a metallurgical test work program in April 2016. The program is being carried out by XPS Consulting and Test Work Services in Falconbridge, Ontario together with Wellgreen's internal metallurgical consulting team.

Wellgreen Metallurgical Test Work Program

Management anticipates receiving the final results from Phase 1A and 1B of the program by the end of the year.

Wellgreen’s economics could be materially improved by the production of separate nickel and copper concentrates that would increase payabilities and provide additional marketing flexbility. Separation of bulk concentrate copper and nickel minerals is a proven process that can be accomplished by flotation of the copper from nickel-bearing pentlandite and iron sulphide (e.g., depressing nickel-bearing minerals by raising the pH, adding simple chemical depressants and elevating slurry temperature).




October 6, 2016

Management is targeting the production of separate concentrates grading 25-30% copper and 8-10% nickel using off-the-shelf technology, not hydrometallurgical processes such as CESL or Platsol.

Wellgreen’s concentrate marketing studies will be led by Heidi Mani who has over 25 years of process mineralogy and concen-trate sales, including as a former director of Vale and in concentrate marketing for Polymet (T-POM).

EXPLORATION

In July 2016, management announced commencement of geological field work and a 2,500 metre drill program.

The drilling is designed to:

• Convert a portion of the inferred resource in the Central Zone into the measured and indicated categories.

• Potentially expand the starter pit detailed in the 2015 PEA.

• Test continuity of higher grade intercepts in the Central Zone in the lower portion of the 2015 PEA base case pit.

• Expand the resource along the North Arm and Middle Arm zones, some of which were unclassified in the 2014 resource model and categorized as waste in the PEA. A borehole electromagnetic (EM) survey conducted in the fourth quarter of 2015 identified previously drilled massive sulphides several tens of metres off-hole in the North Arm and Middle Arm. Therefore, management plans to conduct additional borehole EM surveys this year to assist with targeting potential massive sulphides.

Exploration Potential at Wellgreen

Following the exploration results, management will work on an updated mine plan.

PERMITTING





October 6, 2016

The Hudbay property is not under Wellgreen’s control but as a gesture of good environmental practices management is taking the lead on the cleanup and sharing the costs with Hudbay and the Yukon government. Wellgreen has cleaned up surface debris at the old mill site and removed contaminated soils. These activities were initiated in 2009 and were completed in 2013. Some additional reclamation activities remain outstanding associated with the historic HudBay mill site and tailings impoundment that are not on the Wellgreen property. The Government of Yukon and HudBay, with technical support from Wellgreen, are in discussions concerning the final reclamation and restoration of these historic sites. These additional reclamation activities are estimated to cost $1.5 million.

Historical and ongoing placer mining in the Wellgreen area has impacted or removed fish populations in the area and has also had a significant impact on the wildlife and vegetation in the region. This level of existing disturbance should simplify the permitting process.

Though Wellgreen borders the Kluane National Park, the streams and rivers in the area around Wellgreen all flow to the north whereas the Park is located to the south.

At the proposed throughput rate in the 2015 PEA, Wellgreen would represent the largest mine in the Yukon.

COMPARABLES

One comparable to Wellgreen is Polymet Mining (TSX-POM) that is focused on permitting, building and operating the North-Met Cu-Ni-PGE project in Minnesota.

Comparing the deposits (cut-off grades of 0.15% Ni E. for Wellgreen and 0.2% Cu for Northmet), Wellgreen has

• 96% more resource tonnes

• 193% higher M&I nickel grade

• 57% lower M&I copper grade

• 193% higher platinum grade

• 18% lower palladium grade, and

• 11% higher gold grade.

Polymet has a $291 million market as whereas Wellgreen is just $91 million.

Wellgreen can also be compared to the Kevitsa Ni-Cu-PGE mine in Finland. Wellgreen has similar base metal grades but higher PGE grades, a lower strip ratio and larger resource size, though Kevitsa is connected to grid power.

The Kevitsa mine started open pit operations in 2012 and produces separate nickel and copper concentrates (with PGE credits). Mill through of 25,000 tpd is identical to that proposed in Wellgreen’s 2015 PEA. In March 2016, First Quantum Minerals sold Kevitsa to Boliden for US$712 million in cash.



Secutor Capital Management Corporation Commentary DisclaimersThe information and opinions contained in this commentary were obtained or arrived at from sources we believe to be reliable at the time and neither Secutor Capital Management Corporation (Secutor) nor its employees, agents or information suppliers can guarantee that such information is accurate or complete and it should not be relied on as such. Investing in companies within the mining and resource sector typically carries a great deal of risk, includ-ing forecast, financial, valuation, exchange and political risks. Past performance should not be seen as an indication of future performance. Any securities in this commentary can fluctuate in value and accordingly you are not certain to make a profit by purchasing or selling them: you could make a loss. Mr. Craig Stanley is an independent contractor retained by Secutor for the purpose of generating company commentaries and updates.

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I, Craig Stanley, certify that the views expressed in this commentary accurately reflect my personal views about the subject issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing my views in this commentary, from the subject issuers.

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