Sand the surface of the plywood sheets with coarse-grit sandpaper, which will remove any large areas of unevenness and splintering, then sand the sheets again using medium-grit sandpaper to create a smooth, even surface.
Vacuum the plywood sheets, using a vacuum with a brush attachment. This will remove any sawdust and debris caused by the sanding.
Fill a 10-gallon bucket with fine-grit stucco grout, then scoop some of the stucco grout onto the end of a triangular trowel.
Spread the stucco grout over the plywood sheets in an even, 1-inch-thick layer. Allow the triangular end of the trowel to create dips and swirls in the grout as you apply it to the plywood. Allow the stucco to dry for 18 to 24 hours.
Fill a paint tray with masonry sealant, either matte or glossy, then apply the sealant over the stucco sheets, using a 3-inch filbert paintbrush. Allow the sealant to dry for 12 to 18 hours.