Platinum Group Metals Ltd. and JOGMEC Confirm Objective to Advance Waterberg Project

838 – 1100 Melville Street

Vancouver, BC V6E 4A6

P: 604-899-5450

F: 604-484-4710

News Release No. 22-452

May 12, 2022

Platinum Group Metals Ltd. and JOGMEC Confirm Objective to

Advance Waterberg Project

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

(“Platinum Group”, “PTM” or the “Company”) reports that the Company and Japan Oil, Gas

and Metals National Corporation (“ JOGMEC”) have signed a formal Memorandum of

Understanding (“MOU”) acknowledging a consensus to accelerate financing opportunities for

the Waterberg Project. Hanwa Co., Ltd. (“Hanwa”) was a witness to the MOU.

During a meeting held on the sidelines of the African Mining Indaba in Cape Town on May 10,

2022, representatives of JOGMEC and Platinum Group discussed finance and development

plans for the Waterberg Project. Following the meeting , both parties signed the MOU

acknowledging their discussion. Furthermore, JOGMEC expressed its intention to maintain

JOGMEC’s interests in the Waterberg Project and to support funding contributions for project

development to the extent possible.

Platinum Group President and CEO Frank Hallam stated, “We are honored and encouraged by

the declaration of support from our Japanese partners. The current geopolitical situation has

reinforced the importance of establishing a secure and ethically sourced supply of platinum

and palladium for Japanese and global industry. We look forward to working closely with

JOGMEC and Hanwa over the coming months to secure and finalize a funding package for the

Waterberg Project.”

About Platinum Group Metals Ltd. and the Waterberg Project

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

palladium and platinum deposit located in South Africa. The Waterberg Project was

discovered in 2011 and is being jointly developed by the Company, JOGMEC, Impala Platinum

Holdings Ltd., Mnombo Wethu Consultants (Pty) Ltd. (“Mnombo”), and Hanwa.

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., Vancouver

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

www.platinumgroupmetals.net

PLATINUM GROUP METALS LTD. …2

Disclosure

The TSX and the NYSE American have not reviewed and do not acce pt 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 limited to statements regarding accelerating financing opportunities for the

Waterberg Project, JOGMEC’s intention to maintain its interests in the Waterberg Project and

support funding contributions and the Company securing and finalizing a funding package for 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 that actual results may differ materially from

those in forward-looking statements as a result of various factors, including the potential inability

to obtain required regulatory approvals and satisfy other applicable closing conditions; possible

adverse impacts due the global outbreak o f COVID -19; rising global inflation and i ncreased

potential supply chain disruptions, international conflict and other geopolitical tensions and events;

the Company's inability to generate sufficient cash flow or raise suffici ent additional financing

requirements; 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 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 produ ction; 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 retain 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 t he 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; e xtreme 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; 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 vie wed at www.sec.gov and www.sedar.com, respectively.

PLATINUM GROUP METALS LTD. …3

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 re sults or

otherwise.