Platinum Group Metals Ltd. Files Waterberg Independent Definitive Feasibility Study Technical Report

838 – 1100 Melville Street

Vancouver, BC V6E 4A6

P: 604-899-5450

F: 604-484-4710

News Release No. 19-401

October 7, 2019

Platinum Group Metals Ltd. Files Waterberg Independent

Definitive Feasibility Study Technical Report

(Vancouver, British Columbia ) Platinum Group Metals Ltd. (PTM-TSX; PLG -NYSE

American) (“Platinum Group” or the “Company”) reports that further to its news release

dated September 24, 2019 announcing an Independent Definitive Feasibility Study (“DFS”)

on the Waterberg Project located in the Bushveld Igneous Complex, South Africa, it has today

filed the associated National Instrument 43 -101 technical report (the “ DFS Technical

Report”).

The DFS Technical Report was formally delivered to all of the Waterberg Project owners on

October 4, 2019 as required under the Waterberg JV Resources Pty Ltd . shareholders

agreement.

The DFS Technical Report, entitled “Independent Technical Report, Waterberg Project

Definitive Feasibility Study and Mineral Resource Update, Bushveld Complex, South Africa”,

is dated October 3, 2019 and was prepared by Michael Murphy, P. Eng. of Stantec Consulting

Ltd., Charles J Muller, B. Sc. (Hons) Geology, Pri. Sci. Nat. of CJM Consulting (Pty) Ltd., and

Gordon I Cunningham, B. Eng. (Chemical), Pr. Eng., FSAIMM of Turnberry Projects (Pty) Ltd.

DRA Projects SA (Pty) Ltd ., an experienced South African engineering and EPCM firm ,

provided the plant design and compiled the capital cost estimates for the project qualified

persons. The DFS Technical Report also supports the disclosure of an updated independent

mineral resource estimate effective September 4, 2019.

A copy of the DFS Technical Report can be found at www.sedar.com and on the Company’s

website.

On behalf of the Board of

Platinum Group Metals Ltd.

R. Michael Jones

President and CEO

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 have not reviewed and do not accept

responsibility for the accuracy or adequacy of this news release, which has been prepared by

management.

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This press release may contain or reference 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, expe ct, 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. 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 Com pany 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

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; additional financing

requirements; the Company’s credit facility (the “ Sprott Facility”) with Sprott Resource Private

Lending II (Collector), LP (“Sprott”) and the other lenders party thereto is, and any new

indebtedness may be, secured and the Company has pledged its shares of Platinum Group Metals

(RSA) Proprietary Limited (“PTM RSA”), and PTM RSA has pledged its shares of Waterberg JV

Resources (Pty) Limited (“Waterberg JV Co.”) to Sprott, under the Sprott 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 Sprott Facility or any new secured indebtedness; the

Company’s history of losses and negative cash flow; the Company’s ability to continue as a going

concern; the Company’s properties may not be brought into a state of commercial production;

uncertainty of estimated production, development pla ns 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; 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 Project; any disputes or disagreements with the other shareholders of Waterberg

JV Co., Mnombo Wethu Consultants (Pty) Ltd. or Maseve; 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; the Company may

become subject to the U.S. Investment Company Act; 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 or regain compliance with t he 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 (“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

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any intent or obligation to update any forward - looking statement, whether as a result of new

information, future events or results or otherwise.

Estimates of mineralization and other technical information included herein have been prepared

in accordance with National Instrument 43 -101 – Standards of Disclosure for Mineral Projects

(“NI 43-101”). The definitions of proven and probable reserves used in NI 43-101 differ from the

definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 standards, mineralization may

not be classified as a “reserve” unless the mineralizat ion can be economically and legally

extracted or produced at the time the “reserve” determination is made. As a result, the reserves

reported by the Company in accordance with NI 43-101 may not qualify as “reserves” under SEC

Industry Guide 7. In addition, the terms “mineral resource” , “measured mineral resource” ,

“indicated mineral resource” and “inferred mineral resource” are defined in and required to be

disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide

7 and historically have not been permitted to be used in reports and registration statements filed

with the SEC pursuant to SEC Industry Guide 7. Mineral resources that are not mineral reserves

do not have demonstrated economic viability. Investors are cautioned no t to assume that any

part or all of the mineral deposits in these categories will ever be converted into reserves. In

particular, “inferred mineral resources” have a great amount of uncertainty as to their existence

and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or

any part of an “inferred mineral resource” will ever be upgraded to a higher category. Disclosure

of “contained ounces” in a resource is permitted disclosure under NI 43 -101; however, SEC

Industry Guide 7 normally only permits issuers to report mineralization that does not constitute

“reserves” by SEC Industry Guide 7 standards as in-place tonnage and grade without reference

to unit measures. Accordingly, descriptions of the Company’s mineral deposi ts in this press

release may not be comparable to similar information made public by U.S. companies subject to

the reporting and disclosure requirements of SEC Industry Guide 7.