Platinum Group Metals Closes US$10.4 Million Bought Deal Financing, US$9.2 and US$10 Million Private Placement Financings, Establishes a US$ 20 Million 2-3 Year Credit Facility and Repays Existing US$43 Million Credit Facility

News Release August 21, 2019

PLATINUM GROUP METALS CLOSES US$10.4 MILLION BOUGHT

DEAL FINANCING, US$9.2 AND US$10 MILLION PRIVATE

PLACEMENT FINANCINGS, ESTABLISHES A US$ 20 MILLION 2-3

YEAR CREDIT FACILITY AND REPAYS EXISTING US$43 MILLION

CREDIT FACILITY

Vancouver, B.C. ( August 21, 2019) – Platinum Group Metals Ltd. (PTM-TSX, PLG-

NYSE American) (the “Company” or “Platinum G roup Metals”) announces the closing

of its previously announced bought deal financing with BMO Capital Markets in the

United States , under which the Company sold 8,326,957 common shares of the

Company (the “Offered Shares”) at a price of US$1.25 per Offered Share for gross

proceeds of approximately US$10.4 million (the “Public Offering”) . In addition, the

Company closed the sale of 7, 575,758 common shares of the Company to Liberty

Metals & Mining Holdings, LLC (“LMM”) at a price of US$1.32 per share for gross

proceeds of US$10.0 million (the “LMM Private Placement”) and the sale of 6,940,000

common shares of the Company to Deepkloof Li mited, a subsidiary of Hosken

Consolidated Investments Limited at a price of US$1.32 per share for gross proceeds

of approximately US$9.2 million (the “Deepkloof Private Placement” and, together with

the LMM Private Placement, the “Private Placements”).

The Company used a portion of the proceeds of the Public Offering and the Private

Placements, together with a US$20.0 million advance under its new credit agreement

with Sprott Private Resource Lending II (Collector), LP , and the other lenders party

thereto, to repay its secured loan facility with LMM in full. The Company intends to use

the remaining net proceeds for working capital and general corporate purposes.

For the purposes of approval by the Toronto Stock Exchange (the “TSX”), the Company

has relie d 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 Public Offering was conducted pursuant to the Company's effective shelf

registration statement on Form F -3 filed with the U.S. Sec urities and Exchange

Commission. A copy of the prospectus supplement and base shelf prospectus relating

to the Public Offering in th e United States may be obtained by calling toll-free 1-800-

414-3627.

The Registration Statement and the prospectus supplement relating to the Public

Offering do not qualify in any of the provinces or territories of Canada the distribution

of the Offered Shares. No Offered Shares may be offered or sold, directly or indirectly,

in Canada or to any resident in Canada.

838 – 1100 Melville Street

Vancouver, BC V6E 4A6

P: 604-899-5450

F: 604-484-4710

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This news release shall not constitute an offer to sell or the solicitation of an offer to

buy, nor shall there be any sale of the Offered Shares in any jurisdiction in which such

offer, solicitation or sale would be unlawful prior to registration or qualification under the

securities laws of that jurisdiction.

About Platinum Group Metals Ltd.

Platinum Group Metals Ltd. is the operator of the Waterberg Project, a bulk

underground palladium and platinum deposit located in South Africa. Platinum Group

is listed on the NYSE American Exchange (PLG:NYSE.A) and the Toronto Stock

Exchange (PTM:TSX). Wa terberg was discovered by Platinum Group Metals and is

being jointly developed with Impala Platinum Holdings Limited, the Japan Oil, Gas and

Metals National Corporation (JOGMEC) and Hanwa Co. Ltd. The Company recently

founded Lion Battery Technologies in p artnership with Anglo American Platinum to

support the use of palladium and platinum in lithium battery applications.

For further information, please contact:

R. Michael Jones, President

or Kris Begic, VP, Corporate Development

Platinum Group Metals Ltd., Vancouver

Tel: (604) 899-5450 / Toll Free: (866) 899-5450

The Toronto Stock Exchange and the NYSE American LLC 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, without

limitation, statements regarding the use of proceeds from the Public Offer ing, Private

Placements and advance under the new credit agreement and the development of the

Waterberg Project. Although the Company believes the forward -looking statements in

this press release are reasonable, it can give no assurance that the expectatio ns 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 that actual results may differ materially from those

in forward-looking statements as a result of various factors, including, but not limited to,

the Company’s ability to comply with the terms of its indebtedness; cash flow and going

concern risks; risks related to the Waterberg definitive feasibility study; risks of delays

in the development of the Waterberg Project; variations in market conditions; the

nature, quality and quantity of any mineral deposits that may be located; metal prices;

other prices and costs; currency exchange rates; any disagreements wi th other

shareholders of the Company’s subsidiaries; the Company's ability to obtain any

necessary permits, consents or authorizations required for its activities and to comply

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with applicable regulations ; the Company's ability to produce minerals from its

properties successfully or profitably, to continue its projected growth, or to be fully able

to implement its business strategies; the Company’s ability to regain compliance with

NYSE American continued listing standards; and other risk factors described in the

Company's Form 20-F annual report, annual information form and other filings with the

SEC and Canadian securities regulators , which may be viewed at www.sec.gov and

www.sedar.com, respectively. Any forward -looking statement speaks only as of the

date on which it is made and, except as required by applicable securities laws, the

Company disclaims any intent or obligation to update any forward -looking statements,

whether as a result of new information, future events or results or otherwise.