Platinum Group Metals Ltd. Completes Non-Brokered Private Placement

838 – 1100 Melville Street

Vancouver, BC V6E 4A6

P: 604-899-5450

F: 604-484-4710

News Release No. 25-488

May 29, 2025

Platinum Group Metals Ltd. Completes

Non-Brokered Private Placement

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

(“Platinum Group ” or the “ Company”) reports the closing on May 29, 2025 of a non-

brokered private placement of common shares at a price of US$1.26 per common share as

previously announced on May 12, 2025. An aggregate of 800,000 common shares were

subscribed for and issued to existing major beneficial shareholder, Hosken Consolidated

Investments Limited (“ HCI”) through its subsidiary Deepkloof Limited, resulting in gross

proceeds to the Company of US$1,008,000 (the “ Private Placement ”). Closing of the

Private Placement allows HCI to return to a 26% interest in the Company.

The Company intends to use the net proceeds of the Private Placement for its share of pre-

construction site work, engineering and preparation costs on the Waterberg Project in South

Africa, and for general corporate and working capital purposes.

Securities purchased pursuant to the Private Placement may not be traded for a period of four

months plus one day from the closing of the Private Placement. The securities described

herein have not been, and will not be, registered under the United States Securities Act of

1933 (the “Act”), as amended, 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.

HCI is a “related party” of the Company (as defined by Multilateral Instrument 61-101 -

Protection of Minority Securityholders in Special Transactions (“ MI 61-101 ”)) and the

Company intends to rely on the exemptions from both the formal valuation requirement and

the minority shareholder approval requirement under sections 5.5(a) and 5.7(1)(a),

respectively, of MI 61-101, on the basis that neither the fair market value of the subject

matter of, nor the fair market value of the consideration for, the transaction, insofar as it

involves HCI, exceeds 25 per cent of the Company's market capitalization calculated in

accordance with MI 61-101. The Company did not file a material change report more than

21 days before the expected closing date of the above transaction as it has negotiated the

above transaction on an expedited basis.

838 – 1100 Melville Street

Vancouver, BC V6E 4A6

P: 604-899-5450

F: 604-484-4710

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 platinum, palladium, rhodium and gold deposit located in South Africa.

The Waterberg Project was discovered by Platinum Group and is being jointly developed with

Impala Platinum Holdings Ltd., Mnombo Wethu Consultants (Pty) Ltd., and HJ Platinum Metals

Company, a company established in 2023 by Japan Organization for Metals and Energy

Security and Hanwa Co. Ltd. as a special purpose company to hold and fund their aggregate

equity interests in the Waterberg Project.

On behalf of the Board of

Platinum Group Metals Ltd.

Frank R. Hallam

President and CEO

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 press release may contain 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”, “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 press release include, without limitation,

statements regarding the use of proceeds of the Private Placement, and the advancement of the

Company’s objectives 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 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

PLATINUM GROUP METALS LTD. …3

actual and estimated metallurgical recoveries and between estimated and actual production;

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 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 Wethu Consultants (Pty) Ltd.; 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 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 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 40-F annual

report, annual information form and other filings with the U.S Securities and Exchange Commission

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

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 because of new information, future events or results or

otherwise.