About Platinum Group Metals

Platinum Group Metals Ltd. operates as a platinum and palladium focused exploration, development, and operating company. The company conducts work primarily on mineral properties it has staked or acquired by way of option agreements or applications in the Republic of South Africa. The company's sole material mineral property is the Waterberg Project. The company continues to evaluate exploration opportunities both on owned properties and on new prospects. Principal Product The company's principal product from the Waterberg Project, in accordance with the Waterberg DFS, is planned to be a PGM (platinum group metals, i.e. platinum, palladium, rhodium and gold) bearing concentrate. The concentrate contains certain amounts of eight elements payable to the company's account consisted of platinum, palladium, rhodium, gold, ruthenium, iridium, copper, and nickel. Pursuant to the Implats' Right of First Refusal to enter into an offtake agreement, matching third party commercial arms-length terms offered to Waterberg JV Co., for the smelting and refining of mineral products from the Waterberg Project (Offtake ROFR), implats has acquired a right of first refusal to enter into an offtake agreement, on commercial arms-length terms, for the smelting and refining of mineral products from the Waterberg Project. The Waterberg Project is located 85 km (kilometres) north of the town of Mokopane in the province of Limpopo, South Africa, approximately 330 km NNE from Johannesburg. Elevation ranges from approximately 880 to 1365 metres above sea level. The project area is located approximately centred on UTM coordinates (Latitude 23°21'53 inches S, Longitude 28°48' 23 inches E). In 2021, Waterberg JV Co. filed for the closure of several small, uneconomic prospecting rights. In 2022, the Waterberg Project consisted of an aggregate of 65,903 hectares of granted prospecting rights and applied for prospecting rights, including the 20,482 hectares covered by the Waterberg Mining Right. During 2022, Waterberg JV Co. filed for closure on further 50,951 gross hectares of prospecting rights, of which 14,209 hectares were held within the granted mining right, leaving a net 36,742 hectares of uneconomic prospecting rights to be terminated. Once the closure applications become effective, the project area covers 29,161 hectares, being consisted of the Waterberg Mining Right covering 20,482 hectares, 4,190 hectares in active prospecting rights and 4,489 hectares of rights under application. On May 10, 2022, Japan Oil, Gas and Metals National Corporation (JOGMEC) confirms a decision to maintain JOGMEC's interests in the Waterberg Project and to support funding contributions for project development to the extent possible. As of August 31, 2023, Waterberg JV Co. owned 100% of the Waterberg Mining Right and prospecting rights comprising the entire Waterberg Project area. Waterberg JV Co. is owned 37.05% by Platinum Group Metals (RSA) Proprietary Limited (PTM RSA), a wholly owned South African subsidiary of Platinum Group, 12.195% by JOGMEC, 21.95% by HJ Platinum Metals Company Ltd. (HJM), 26% by Mnombo Wethu Consultants (Pty) Ltd. (Mnombo) and 15% by Implats, giving the company total direct and indirect ownership of 50.02% of the Waterberg Project. The Waterberg Project is located 85 kilometres (km) north of the town of Mokopane in the province of Limpopo, South Africa, approximately 330 km NNE from Johannesburg. The total project area, active prospecting rights (PRs), and mining right application area covers a total area of 99 244 hectare (ha). Elevation ranges from approximately 880 to 1 365 metres (m) above sea level. Foreign Operations The company conducts its business in South Africa, which hosts a large and well-developed mining industry. Mineral Property Interests The company's key development project is located in the Bushveld Complex. The Bushveld Complex is consisted of a series of distinct layers or reefs, three of which contain the majority of the economic concentrations of PGMs, and the subset of 4E (platinum, palladium, rhodium and gold, collectively) PGMs consisting of platinum, palladium, rhodium and gold, (or the subset of (platinum, palladium and gold, collectively) 3E PGMs consisting of platinum, palladium and gold) within the Bushveld Complex, such as the Merensky Reef (Merensky or MR), which occurs around the Western Limb of the Bushveld Complex; the Upper Group 2 Layer or Reef (UG2), which occurs around the Eastern Limb of the Bushveld Complex; and the Platreef (Platreef), found within the Northern Limb of the Bushveld Complex. These reefs exhibit extensive geological continuity and predictability and have an established history of economic platinum group metals (PGM) production. Regulations All of the company's prospecting rights, as well as the Waterberg Mining Right are so-called new order rights (i.e. rights granted under the MPRDA) as opposed to old order rights, being rights granted under pre-MPRDA legislation. Under the MPRDA, mining companies operating in South Africa were required to apply for conversion of old order rights into new order prospecting and mining rights issued by the South African state in terms of the Mineral and Petroleum Resources Development Act (MPRDA). New order rights in respect of mining are granted for a maximum period of 30 years, with renewals of up to 30 years at a time. The holder of a prospecting right granted under the MPRDA has the exclusive right to apply for and, subject to compliance with the requirements of the MPRDA, to be granted, a mining right in respect of the prospecting area in question. Under Mine Health and Safety Act, No. 29 of 1996 (the MHSA), the company is obligated, among other things, to ensure, as far as reasonably practicable, that its mines are designed, constructed and equipped to provide conditions for safe operation and a healthy working environment and are commissioned, operated, maintained and decommissioned in such a way that employees can perform their work without endangering their health and safety or that of any other person. The MHSA also authorizes mine inspectors to issue safety compliance notices to mines under section 55 of the MHSA and, should the inspectors feel that the action is warranted, to temporarily close part or all of the operations under powers conferred by section 54 of the MHSA, pending compliance with the compliance notice. History Platinum Group Metals Ltd. was founded in 2000. The company was incorporated in 2002.