Platinum Group Metals Closes Private Placement and Appoints an Additional Director

News Release No. 18-372

May 15, 2018

PLATINUM GROUP METALS CLOSES PRIVATE PLACEMENT

AND APPOINTS AN ADDITIONAL DIRECTOR

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 strategic investment in the Company by Hosken Consolidated

Investments Limited (“HCI”) on a private placement basis. HCI has subscribed,

through a subsidiary, for 15,090,999 units (t he “Units”) at a price of US$0.15 per

unit for gross proceeds of US$2,263,649.85 (t he “Private Placement”). Each Unit

consists of one common share and one common share purchase warrant, with each

common share purchase warrant allowing HCI to purchase one further common share

of the Company at a price of US$0.17 per share for a period of 18 months until

November 15, 2018.

HCI is a South African black empowerment investment holding company with a

US$1.1 billion market capitalization, listed on the JSE Securities Exchange. Pursuant

to the subscription agreement, upon completion of the Private Placement, HCI

became entitled to nominate one person to be appointed to the board of directors of

the Company and has a right to participate in future equity financings of the Company

to maintain its pro-rata interest. Accordingly, the Company has appointed HCI’s

nominee, Mr. John Anthony Copelyn, B.A. Ho ns, B.Proc., Chief Executive Officer of

HCI, to its board of directors.

The Company intends to use the net proceeds of the Private Placement: (i) for debt

repayment towards a loan facility and production payment termination fees due to

Liberty Metals & Mining Holdings, LLC; an d (ii) for general corporate and working

capital purposes.

The securities described herein have not b een, and will not be, registered under the

United States Securities Act of 1933, as amended (the “Act”), and may not be offered

or sold within the United States or to, or for the account or benefit of, U.S. persons

absent registration or an applicable exemption from the registration requirements of

such Act.

788 – 550 Burrard Street

Vancouver, BC V6C 2B5

P: 604-899-5450

F: 604-484-4710