Department of Mineral Resources and Energy Dismisses Appeals Against the Grant of Waterberg Mining Right
838 – 1100 Melville Street
Vancouver, BC V6E 4A6
P: 604-899-5450
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News Release No. 22-459
October 24, 2022
Department of Mineral Resources and Energy Dismisses Appeals
Against the Grant of Waterberg Mining Right
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM:TSX; PLG:NYSE American)
(“Platinum Group”, “PTM” or the “Company”) reports that on October 13, 2022, Minister
Gwede Mantashe (the “Minister”) of the South African Department of Mineral Resources and
Energy (“DMRE”) ruled to dismiss a series of appeals filed in 2021 against the grant of the
Waterberg Mining Right. The Waterberg Mining Right was granted on January 28, 2021. The
Company subsequently received several objections and notices of appeal, filed by individual
appellants from local communities, against the decision of the DMRE granting the Waterberg
Mining Right. See the Company’s news releases dated March 8, 2021, April 14, 2021, and
August 2, 2021 as well as the Company’s recent Financial Statements and Management’s
Discussion and Analysis for more details. In his ruling the Minister provided the regulatory
reasons why each appeal was denied and also confirmed the D MRE’s assessment that
Waterberg JV Resources (Pty) Ltd. has complied with Black Economic Empowerment
requirements and Social and Labour Plan community consultation processes.
Platinum Group President and CEO Frank Hallam stated “We are pleased with the decision of
the DMRE and that due process and regulatory oversight have been fairly applied. Through
our work and consultation with local communities and their leadership we have received a
great deal of support and encouragement to proceed with mine development. The Waterberg
Project represents an opportunity for positive economic, social, and community impacts and
the removal of unjustified hurdles is a necessary precursor to future development.”
About Platinum Group Metals Ltd. and the Waterberg Project
The Waterberg Project, discovered in 2011, is a bulk underground platinum and palladium
deposit located in South Africa. Platinum Group Metals Ltd. is the operator of the Waterberg
Project, which is owned indirectly by Platinum Group (37.05%), Mnombo Wethu Consultants
(Pty) Ltd. (“Mnombo”) (26.0%), Impala Platinum Holdings Ltd. (15%), Japan Oil, Gas and
Metals National Corporation (12.195%), and Hanwa Co. Ltd. (9.755%) through Waterberg JV
Co. As a result of its equity interest in Mnombo, the Company has an aggregate 50.02%
indirect interest in the Waterberg Project.
On behalf of the Board of
Platinum Group Metals Ltd.
Frank R. Hallam
President, CEO and Director
For further information contact:
Kris Begic, VP, Corporate Development
PLATINUM GROUP METALS LTD. …2
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / Toll Free: (866) 899-5450
www.platinumgroupmetals.net
Disclosure
The TSX and the NYSE American have not reviewed and do not accept responsibility for the
accuracy or adequacy of this news release, which has been prepared by management.
This press release contains forward-looking information within the meaning of Canadian securities
laws and forward -looking statements within the meaning of U.S. securities laws (collectively
“forward-looking statements”). Forward-looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are
those, which, by their nature, refer to future events. All statements that are not statements of
historical fact are forward-looking statements. Forward-looking statements in this press release
include but are not l imited to statements regarding potential development of the Waterberg
Project, and the potential economic, social and community impacts of the Waterberg Project .
Although the Company believes any forward -looking statements in this press release are
reasonable, it can give no assurance that the expectations and assumptions in such statements
will prove to be correct.
The Company cautions investors that any forward -looking statements by the Company are not
guarantees of future results or performance and tha t actual results may differ materially from
those in forward-looking statements as a result of various factors, including that the portions of
the Work Program subject to the Initial Budget are subject to further approval by the Waterberg
JV Co. owners; the timely completion of additional required financings and potential terms thereof;
possible adverse impacts due the global outbreak o f COVID -19; rising global inflation and
increased potential supply chain disruptions, international conflict and other geopolitical tensions
and events; the Company's history of losses and negative cash flow; the Company's properties
may not be brought into a state of commercial production; uncertainty of estimated production,
development plans and cost estimates for the Wat erberg Project; discrepancies between actual
and estimated mineral reserves and mineral resources, between actual and estimated
development and operating costs, between actual and estimated metallurgical recoveries and
between estimated and actual producti on; fluctuations in the relative values of the U.S. Dollar,
the Rand and the Canadian Dollar; volatility in metals prices; the uncertainty of alternative funding
sources for Waterberg JV Co.; the Company may become subject to the U.S. Investment Company
Act; the failure of the Company or the other shareholders to fund their pro rata share of funding
obligations for the Waterberg Project; any disputes or disagreements with the other shareholders
of Waterberg JV Co. or Mnombo; the ability of the Company to re tain its key management
employees and skilled and experienced personnel; conflicts of interest; litigation or other
administrative proceedings brought against the Company; actual or alleged breaches of
governance processes or instances of fraud, bribery or corruption; exploration, development and
mining risks and the inherently dangerous nature of the mining industry, and the risk of inadequate
insurance or inability to obtain insurance to cover these risks and other risks and uncertainties;
property and mineral title risks including defective title to mineral claims or property; changes in
national and local government legislation, taxation, controls, regulations and political or economic
developments in Canada and South Africa; equipment shortages and the ability of the Company
to acquire necessary access rights and infrastructure for its mineral properties; environmental
regulations and the ability to obtain and maintain necessary permits, including environmental
authorizations and water use licences; extr eme competition in the mineral exploration industry;
delays in obtaining, or a failure to obtain, permits necessary for current or future operations or
PLATINUM GROUP METALS LTD. …3
failures to comply with the terms of such permits; risks of doing business in South Africa, including
but not limited to, labour, economic and political instability and potential changes to and failures
to comply with legislation; the Company's common shares may be delisted from the NYSE
American or the TSX if it cannot maintain compliance with the applicable listing requirements; and
other risk factors described in the Company's most recent Form 20 -F annual report, annual
information form and other filings with the U.S Securities and Exchange Commission and Canadian
securities regulators, which may be viewed at www.sec.gov and www.sedar.com, respectively.
Proposed changes in the mineral law in South Africa if implemented as proposed would have a
material adverse effect on the Company's business and potential interest in projects. Any forward-
looking statement speaks only as of the date on which it is made and, except as may be required
by applicable securities laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether because of new information, future events or resul ts or
otherwise.