Platinum Group Metals Ltd. and Ajlan & Bros Company for Mining Enter Memorandum of Understanding with the Ministry of Investment of Saudi Arabia as Part of the Global Supply Chain Resilience Initiative for a Proposed PGM Smelter and Base Metal

838 – 1100 Melville Street

Vancouver, BC V6E 4A6

P: 604-899-5450

F: 604-484-4710

News Release No. 24-482

November 26, 2024

Platinum Group Metals Ltd. and Ajlan & Bros Company for Mining

Enter Memorandum of Understanding with the Ministry of

Investment of Saudi Arabia as Part of the Global Supply Chain

Resilience Initiative for a Proposed PGM Smelter and Base Metal

Refinery in Saudi Arabia

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

(“Platinum Group ” or the “ Company”) reports that a memorandum of understanding

(“MOU”) has been executed between the Company, Ajlan & Bros Company for Mining, a

subsidiary of Ajlan & Bros Holding (“Ajlan”), and the Ministry of Investment of Saudi Arabia

(“MISA”) as a part of the Global Supply Chain Resilience Initiative (“ GSCRI”), for the setup

of a proposed platinum group metals smelter (“PGM Smelter ”) and base metal refinery

(“BMR”) to be located in Saudi Arabia. The Company’s V ice President , Corporate

Development, Kris Begic, executed the MOU on behalf of the Company at a signing ceremony

held in Riyadh on November 26, 2024 during the 28th World Investment Conference.

According to the terms of the MOU, MISA will offer strategic guidance and study potential

financial support to the proposed PGM Smelter and BMR to be located in Saudi Arabia and the

Waterberg Project located in South Africa. The establishment of a PGM Smelter and BMR in

Saudi Arabia are being considered due to their potential to support the Kingdom of Saudi

Arabia’s Vision 2030 initiative to develop the mining and minerals industry to become the

third pillar of the Kingdom’s gross domestic product.

The MOU with MISA aligns with initiatives already underway between Ajlan and Platinum

Group, who together entered a Cooperation Agreement (the “Cooperation Agreement”) in

December 2023 to study the establishment of a PGM Smelter and BMR in Saudi Arabia. The

Cooperation Agreement encompasses three phases: a global PGM concentrate market study

(the “Market Study”), a Definitive Feasibility Study (“ Smelter DFS”) for the construction

and operation of PGM Smelter and BMR in Saudi Arabia, and an option to form an incorporated

50:50 joint ven ture following the completion of the Smelter DFS. The Smelter DFS will

assume the export of PGM concentrate from the Waterberg Project in South Africa to a port

facility in Saudi Arabia.

The Market Study was completed recently by a globally recognized consulting group

specializing in PGMs and associated base metal by-products. The objective of the study was

to identify potential sources of PGM bearing concentrate or material that could augment the

processing of Waterberg PGM concentrate and reduce the risk of operations being dependent

upon concentrate from one source. The Market Study concluded that end of life auto catalysts

and petrochemical catalysts, sourced from the Gulf Region, could augment the operation of a

PLATINUM GROUP METALS LTD. …2

Waterberg focused PGM Smelter and BMR in Saudi Arabia. Other sources of mined PGM

concentrate from Southern Africa, if available, may also be considered over the longer term.

A key requirement before a Waterberg focused PGM Smelter and BMR can be constructed and

operated in Saudi Arabia will be a long -term approval for the export of unrefined precious

metals in concentrate from South Africa. Platinum Group has been working with the

Government of South Africa to identify local beneficiation opportunities and to analyze the

possible impact of exporting concentrate on the value chain.

About The Global Supply Chain Resilience Initiative

GSCRI is a national initiative launched in 2022 as part of the National Investment Strategy

with the ambitious objectives of strengthening the position of the Kingdom of Saudi Arabia in

the global economy, strengthening the resilience of global value chains, mitigating the impact

of global disruptions, and attract ing world-scale export-oriented investments by leveraging

the Kingdom’s competitive advantages and unique propositions.

About The Ministry of Investment of Saudi Arabia

The ongoing transformation of Saudi Arabia under Vision 2030 is unlocking new opportunities

in the Kingdom. Vision 2030 seeks to drive economic growth in Saudi Arabia and diversify the

economy away from a reliance on oil, thereby achieving a positive impact through investment

and ensuring efficiency and accountability at all levels to build a vibrant society, and a thriving

economy in an ambitious nation. MISA is facilitating access to these opportunities by

developing a reliable, robust, business -friendly ecosystem, working across government to

ensure investors and businesses are supported through their investment journey.

About Ajlan & Bros Company for Mining

Ajlan & Bros Company for Mining is a subsidiary of Ajlan & Bros Holding, a large, diversified

holding company. Ajlan is actively seeking exploration and mining project investments to

provide feedstock and partnership opportunities to build smelting, refining/and processing

capacity and partnering with leading companies as financial investor s in transition metals,

precious and platinum group metals.

About Platinum Group Metals Ltd. and Waterberg Project

Platinum Group Metals Ltd. is the operator and majority owner of the Waterberg Project, a

bulk underground palladium and platinum deposit located in South Africa. The Waterberg

Project was discovered by Platinum Group and is being operated in joint-venture with Impala

Platinum Holdings Ltd., Mnombo Wethu Consultants (Pty) Ltd., Japan Organization for Metals

and Energy Security and Hanwa Co. Ltd.

On behalf of the Board of

Platinum Group Metals Ltd.

Frank R. Hallam

PLATINUM GROUP METALS LTD. …3

President, CEO and Director

For further information contact:

Kris Begic, VP, Corporate Development

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 news 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”, “may”,

“plans”, “would”, “will”, “could”, “can”, “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 news

release include, but are not limited to, statements regarding the potential PGM smelter and

BMR in Saudi Arabia, the studies to be undertaken in connection therewith, potential financial

support from MISA, required regulatory approvals and the potential benefits from the

foregoing; any future development of and production of concentrate from the Waterberg

Project; and the Company’s other future plans and expectations. Although the Company

believes any forward-looking statements in this news 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, inc luding the

Company’s inability to generate sufficient cash flow or raise additional capital, and to comply

with the terms of any new indebtedness; additional financing requirements; and any new

indebtedness may be secured, which potentially could result in the loss of any assets pledged

by the Company; 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 estim ates for the Waterberg Project as reported in

the 2024 definitive feasibility study update (the “2024 DFS”) ; 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; fluctuations in the relative values of the U.S. Dollar,

the South African Rand and the Canadian Dollar; volatility in metals prices; the uncertainty

of alternative funding sources for Waterberg JV Resources (Pty) Ltd. (“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 retain its key management employees and

skilled and experienced personnel; conflicts of interest; litigation or o ther 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 indust ry, and the risk of inadequate

insurance or inability to obtain insurance to cover these risks and other risks and

PLATINUM GROUP METALS LTD. …4

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 authorization s 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 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;

pandemics and other public health crises; 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; rising global inflation and increased potential supply chain disruptions;

international conflict and other geopolitical tensions and events; and other risk factors

described in the Company’s most recent AIF and Form 40 -F, 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.sedarplus.ca, respectively. Proposed cha nges in the

mineral law in South Africa, if implemented as proposed, may 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 results or otherwise.