Platinum Group Metals Ltd. Amends Liberty Metals & Mining Credit Facility

788 – 550 Burrard Street

Vancouver, BC V6C 2B5

P: 604-899-5450

F: 604-484-4710

News Release No. 18-367

May 1, 2018

Platinum Group Metals Ltd. Amends Liberty Metals & Mining

Credit Facility

(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM:TSX; PLG:NYSE American)

(“Platinum Group” “PTM” or the “ Company”) reports today that Liberty Metals & Mining

Holdings, LLC (“LMM”) and the Company have agreed to amended credit terms for an

existing secured loan facility (the “LMM Facility”), which include:

i. the Company must raise a minimum of US$20 million in subordinated debt and/or

equity (the “First Required Financing”) before May 15, 2018 (previously required

before May 10, 2018); and

ii. provided that the Company applies the first US$20 million of net proceeds from the

First Required Financing to reduce indebtedness under the LMM Facility before May

15, 2018, and is not otherwise in default under the LMM Facility:

a. a previous second required financing to raise a further US$20 million in

subordinated debt and/or equity before July 31, 2018 will be eliminated;

b. the LMM Facility maturity date will be extended to June 30, 2019 (previously

September 30, 2018); and

c. interest will continue to accrue until the maturity date (previously interest

became payable quarterly after June 30, 2018).

The Company may elect to make further repayment toward the LMM Facility if the First

Required Financing exceeds the minimum requirement. LMM will continue to be entitled to

50% of the proceeds from future equity offerings of the Company greater than US$500,000.

LMM will also be entitled to 50% of the proceeds upon exercise of any warrants or other

convertible securities issued by the Company.

About Platinum Group Metals Ltd.

Platinum Group is focused on, and is the operator of, the Waterberg Project, a bulk mineable

underground deposit in northern South Africa. Waterberg was discovered by the Company.

Waterberg has potential to be a low cost dominantly palladium mine and Impala Platinum

Holdings Limited, a smelter and refiner of platinum group metals, recently made a strategic

investment in the Waterberg Project.

On behalf of the Board of

Platinum Group Metals Ltd.

R. Michael Jones

President, CEO and Director

PLATINUM GROUP METALS LTD. …2

For further information 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

www.platinumgroupmetals.net

Disclosure

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 withi n 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, anticipa te, 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 First Required Financing; repayment of indebtedness; potential amendments

to the LMM Facility; and the Waterberg Project’s potential to be a bulk mineable, low-cost

dominantly palladium mine. Although the Company believes the 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 that actual results may differ materially from those in forward-looking

statements as a result of various factors, including the inability to receive, the remaining

proceeds of the Maseve Sale Transaction or to realize on the proceeds thereof; additional

financing requirements and the uncertainty of future financing ; the Company’s history of

losses; the Company’s inability to generate sufficient cash flow or raise sufficient additional

capital to make payment on its indebtedness, and to comply with the terms of such

indebtedness; the LMM Facility is, and any new indebtedness may be, secured and the

Company has pledged its shares of PTM RSA, and PTM RSA has pledged its shares of

Waterberg JV Resources (Pty) Limited (“ Waterberg JV Co. ”) to Liberty Metals & Mining

Holdings, LLC, a subsidiary of LMM, under the LMM Facility, which potentially could result in

the loss of the Company’s interest in PTM RSA and the Waterberg Project in the event of a

default under the LMM Facility or any new secured indebtedness; the Company’s negative

cash flow; the Company’s ability to continue as a going concern; completion of the definitive

feasibility study for the Waterber g Project, which is subject to resource upgrade and

economic analysis requirements; uncertainty of estimated production, development plans

and cost estimates for the Waterberg 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 production; the Company’s ability to regain compliance with NYSE

American continued listing req uirements; fluctuations in the relative values of the U.S.

Dollar, the Rand and the Canadian Dollar; volatility in metals prices; the failure of the

Company or the other shareholders to fund their pro rata share of funding obligations for

the Waterberg Pr oject; any disputes or disagreements with the other shareholders of

Waterberg JV Co. or Mnombo Wethu Consultants (Pty) Ltd. or former shareholders of

Maseve; the ability of the Company to retain its key management employees and skilled

and experienced pers onnel; contractor performance and delivery of services, changes in

PLATINUM GROUP METALS LTD. …3

contractors or their scope of work or any disputes with contractors; conflicts of interest;

capital requirements may exceed its current expectations; the uncertainty of cost,

operational and economic projections; the ability of the Company to negotiate and complete

future funding transactions and either settle or restructure its debt as required; 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 devel opments 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; extreme competition in the mineral exploration industry; delays in obtaining, or a

failure to obtain, permits necessary for current or future operations or fai lures 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; and other risk factors desc ribed 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 (“SEC”) 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 as a result of new information, future events or results or

otherwise.