Platinum Group Metals Closes US$17.62 Million Public Offering of Units Including Partial Exercise of over- Allotment Option

788 – 550 Burrard Street Vancouver, BC V6C 2B5 P: 604-899-5450 F: 604-484-4710

No. 18-373

News Release

May 15, 2018

PLATINUM GROUP METALS CLOSES US$17.62 MILLION PUBLIC OFFERING OF UNITS INCLUDING PARTIAL EXERCISE OF OVER- ALLOTMENT OPTION

Vancouver, B.C. (May 15, 2018) – Platinum Group Metals Ltd. (PTM-TSX, PLG-NYSE American) (the “Company” or “Platinum Group Metals”) announces the closing of its previously announced marketed public offering (the "Offering") of units (the “Units”). The Company has issued 117,453,862 Units at a price of US$0.15 per Unit for gross proceeds of approximately US$17.62 million, which includes the issuance of 3,453,862 Units pursuant to the partial exercise of an over-allotment option granted to the underwriters of the Offering. Each Unit consisted of one common share (“Common Share”) of Platinum Group Metals and one common share purchase warrant (a “Warrant”) of Platinum Group Metals. Each Warrant will entitle the holder thereof to purchase one Common Share at a price of US$0.17 for a term of 18 months from the date of closing of the Offering. Upon closing of the Offering, the Warrants began trading on the Toronto Stock Exchange under the symbol “PTM.WT.U”.

The net proceeds of the Offering, before expenses, were approximately US$16.56 million. The Company intends to use the net proceeds of the Offering: (i) towards repayment of a loan facility and production payment termination fees due to Liberty Metals & Mining Holdings, LLC; and (ii) for general corporate and working capital purposes.

BMO Capital Markets acted as sole book-running manager for the Offering. Leede Jones Gable Inc. and Roth Capital Partners acted as co-managers for the Offering. Roth Capital Partners only executed offers and sales outside of Canada.

For the purposes of approval by the Toronto Stock Exchange (the “TSX”), the Company has relied on the exemption in Section 602.1 of the TSX Company Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as the NYSE American.

The Offering was conducted pursuant to the Company's effective shelf registration statement on Form F-10 (the “Form F-10”) filed with the U.S. Securities and Exchange Commission (the "SEC") and a corresponding Canadian base shelf prospectus filed with the securities regulatory authority in each of the provinces of Canada, except Quebec. A prospectus supplement relating to the Offering was filed with the SEC and with the securities regulatory authority in each of the provinces of Canada, except Quebec.

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