Platinum Group Metals Ltd. Files Waterberg Independent Definitive Feasibility Study Update Technical Report
838 – 1100 Melville Street
Vancouver, BC V6E 4A6
P: 604-899-5450
F: 604-484-4710
News Release No. 24-479
October 9, 2024
Platinum Group Metals Ltd. Files Waterberg Independent
Definitive Feasibility Study Update Technical Report
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE American)
(“Platinum Group ” or the “ Company”) reports that further to its news release dated
September 16, 2024, announcing an Independent Definitive Feasibility Study (“2024 DFS”)
on the Waterberg Project located in the Bushveld Igneous Complex, South Africa, it has today
filed the associated technical report (the “ DFS Technical Report ”) in compliance with
National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
The DFS Technical Report, entitled “Waterberg Definitive Feasibility Study Update, Bushveld
Igneous Complex, Republic of South Africa”, is dated October 9, 2024, with an effective date
of August 31, 2024, and was prepared by Michael Murphy, P. Eng. of Stantec Consulting
International Ltd. (“Stantec”), Charles Muller, B. Sc. (Hons) Geology, Pri. Sci. Nat. of Protek
Consulting (Pty) Ltd., and Gordon Cunningham, B. Eng. (Chemical), Pr. Eng., FSAIMM of
Turnberry Projects (Pty) Ltd., each being a Qualified Person within the meaning of NI 43-101
and Subpart 1300 and Item 601 of the U.S. Securities and Exchange Commission’s
Regulation S-K (“S-K 1300”). The team of specialists included international engineering
firm Stantec and South African engineering firm DRA Projects SA (Pty) Ltd. Engineering
oversight and project management was provided by South African engineering firm Fraser
McGill (Pty) Ltd. The DFS Technical Report also supports the disclosure of an updated
independent mineral resource estimate effective August 31, 2024.
A copy of the DFS Technical Report can be found at www.sedarplus.ca and on the Company’s
website.
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
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
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(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 regardi ng the success of the Company’s
objective to advance the Waterberg Project to a development and construction decision, the
findings of the 2024 DFS, the plan for and development of the Waterberg Project and the
potential benefits and results thereof including that it is projected to become one of the
largest and lowest cost underground PGM mines globally, financing and mine development
of the Waterberg Project, potential commercial alternatives for mine development, obtaining
concentrate offtake or processing, the size and cost of the Waterberg Project, the economic
feasibility of establishing a new PGM smelter and BMR in Saudi Arabia , work with local
communities, the ability of the Company to obtain all required permitting, surface access,
and infrastructure servitudes, the effect of battery electric vehicles on the market for PGMs,
the use of PGMs in solutions to climate change, 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 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 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 development s 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
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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; and other risk factors described in the Company’s most
recent AIF and Form 40 -F, other filings with the SEC 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, 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 a ny intent or obligation to
update any forward-looking statement, whether because of new information, future events
or results or otherwise.
The 2024 DFS has been prepared in accordance with NI 43-101 and S-K 1300. The technical
and scientific information contained in this news release has been prepared in accordance
with NI 43 -101, which differs from the standards adopted by the SEC. Accordingly, the
technical and scientific information contained in this news release , including any estimates
of mineral reserves and mineral resources, may not be comparable to similar information
disclosed by U.S. companies subject to the disclosure requirements of the SEC.