Platinum Group Metals Ltd. Receives Initial US$58M From Maseve Mine Sale to Pay Down Debt

788 – 550 Burrard Street

Vancouver, BC V6C 2B5

P: 604-899-5450

F: 604-484-4710

News Release No. 18-363

April 6, 2018

Platinum Group Metals Ltd. Receives

Initial US$58M From Maseve Mine Sale to Pay Down Debt

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

(“Platinum Group” “PTM” or the “ Company”) reports that Maseve Investments 11 (Pty)

Limited (“Maseve”) has now completed the sale of the Maseve concentrator plant and

certain surface rights (“Step One”) to Royal Bafokeng Platinum Ltd. (“RBPlat”) . The

Company and RBPlat executed definitive agreements for a two-step transaction valued at

approximately US$74 million on November 23, 2017 (the “Maseve Sale Transaction”) 1.

Conditions precedent to Step One were fulfilled on February 14, 2018. A deposit amount

in escrow of Rand 41 .37 million (approximately US$3. 5 million) (the “Deposit”) was

released to the Company on March 14, 2018 . The final Step One cash payment of Rand

646.72 million (approximately US$54.5 million) (the “Final Payment”) was received by the

Company in South Africa coincident with the registration of the applicable surface rights to

a wholly owned subsidiary of RBPlat.

RBPlat is next (“Step Two”) to acquire 100% of the shares in Maseve, the holding company

of the Maseve Mine, and all shareholder loans owed by Maseve , for an aggregate

consideration valued at approximately US$16 million on November 23, 2017 , of which

approximately US$855,000 is payable to a minority shareholder of Maseve. The parties

continue to work together in fulfilment of the remaining conditions precedent to the

completion of Step Two, which includes the Department of Mineral Resources approval to

the transaction under section 11 of the Mineral and Petroleum Resources Development Act,

which is expected in the weeks ahead.

An amount of Rand 40.94 million (approximately US$3.47 million) from the release of the

Deposit was used to settle outstanding contractor claims and pay an amount of US$107,755

to reduce outstanding indebtedness to the Sprott Resource Lending Partnership (“Sprott”)

pursuant to their first secured loan facility (the “Sprott Facility”).

The Company is to use approximately US$46.98 million from the Final Payment to repay all

remaining indebtedness under the Sprott Facility, consisting of the outstanding principal

amount of US$40.0 million, a bridge loan of US$5.0 million and all accrued and unpaid

interest and fees due of approximately US$1.98 million.

The Company is also in the process of paying US$7.52 million from the Final Payment to

reduce outstanding indebtedness and to pay fees due under a second secured loan facility

(the “LMM Facility”) with Liberty Metals & Mining Holdings, LLC (“LMM”). Following this

payment a pproximately US$44.45 million in principal , accrued interest and accrued

1 For more details please refer to the Financial Statements and Management’s Discussion and Analysis for the

three months ended November 30, 2017, the Company’s Annual Report on Form 20-F and the Company’s

Annual Information Form for the year ended August 31, 2017.

PLATINUM GROUP METALS LTD. …2

production payments will remain due to LMM. The Company is also required to pay LMM a

production payment termination fee (“PPTF”) of US$15 million before May 11, 2018, or if

later US$25 million. The LMM Facility matures on September 30, 2018. All payments to

LMM are first applied to the PPTF.

As previously reported, and as agreed with Sprott and LMM, the Company must raise US$20

million in subordinated debt and/or equity within 30 days of the Sprott Facility being repaid.

In addition, the Company must also complete a second required raise of US$20 million in

subordinated debt and/or equity before July 31, 2018. Proceeds from these required raises

will first be applied to remaining amounts payable for the PPTF and then to repay remaining

amounts due pursuant to the LMM Facility. Voluntary repayments to LMM in excess of the

first required US$20 million repayment will be applicable t o reduce the second required

US$20 million repayment (the “Second Required Repayment”) . The Company’s share of

proceeds receivable for Step Two of the Maseve Sale Transaction are to be applied towards

repayment of amounts owing to LMM.

In order to provide a financing alternative for a majority of the Second Required Payment

to LMM, on March 8, 2018 the Company entered into a non-binding Term Sheet (the “Sprott

Term Sheet”) with Sprott Private Resource Lending (Collector), LP (“Sprott PRL”) for a

US$15.0 million term loan facility (the “Sprott PRL Facility”) on industry standard costs,

terms and conditions for a loan of this nature. If the Sprott PRL Facility is completed, the

Sprott PRL Facility may be drawn upon by the Company until July 30, 2018, or such other

date as mutually agreed by the Company and Sprott PRL and would have a maturity date

of 12 months after the closing date.

About Platinum Group Metals Ltd.

Platinum Group is focused on, and is the operator of, the Waterberg Project, a bulk mineable

underground deposit in northern South Africa. Waterberg was discovered by the Company.

Waterberg has potential to be a low cost dominantly palladium mine and Impala Platinum

Holdings Limited, a smelter and refiner of platinum group metals, recently made a strategic

investment in the Waterberg Project.

On behalf of the Board of

Platinum Group Metals Ltd.

R. Michael Jones

President, CEO and Director

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 LLC have not reviewed and do not

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

prepared by management.

PLATINUM GROUP METALS LTD. …3

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, without limitation, the timing and

completion of Step Two of the Maseve Sale Transaction; receipt and timing of required

government approvals, satisfaction of other conditions precedent and consummation of

Step Two to the Maseve Sale Transaction as described herein; the Company’s realization

and intended use of proceeds derived from the Maseve Sale Transaction; future sales of

debt or equity; repayment of, and compliance with the terms of, indebtedness; completion

of the Sprott PRL Facility, including on industry standard costs, terms and conditions, the

drawing upon the Sprott PRL Facility and any subsequent repayment; and the Waterberg

Project’s potential to be a bulk mineable, low-cost dominantly palladium mine. Although the

Company believes the 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 delays in, or the inability to complete, Step Two of the Maseve Sale Transaction

component of the planned sale of the Maseve Mine or to realize on the proceeds thereof;

additional financing requirements; the Company’s history of losses; 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; the LMM Facility is, and

any new indebtedness may be, secured and the Company has pledged its shares of PTM

RSA, and PTM RSA has pledged its share s of Waterberg JV Resources (Pty) Limited

(“Waterberg JV Co.”) to Liberty Metals & Mining Holdings, LLC, a subsidiary of LMM, under

the LMM 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 LMM Facility or any new

secured indebtedness; the Company’s negative cash flow; the Company’s ability to continue

as a going concern; completion of the definitive feasibility study for the Waterberg Project,

which is subject to resource upgrade and economic analysis requirements; uncertainty of

estimated production, development plans and cost estimates for the Waterberg Project;

discrepancies between actual and estimated mineral reserves and mineral resources,

between act ual and estimated development and operating costs, between actual and

estimated metallurgical recoveries and between estimated and actual production; risks

related to the nature of the Maseve Sale Transaction and the uncertainty as to whether the

Company can successfully obtain all required government approvals, satisfy other closing

conditions and consummate Step Two of the Maseve Sale Transaction; potential delays in

the foregoing; 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; contractor performance

and delivery of services, changes in contractors or their scope of work or any disputes with

contractors; conflicts of interest; capital requirements may exceed its current expectations;

the uncertainty of cost, operational and economic projections; the ability of the Company

to negotiate and complete future funding transactions and either settle or restructure its

debt as required ; litigation or other administrative proceedings brought against the

PLATINUM GROUP METALS LTD. …4

Company; actual or alleged breaches of governance processes or instances of fraud, bribery

or corruption; exploration, development and mini ng 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 ac cess rights and infrastructure for its mineral properties ;

environmental regulations and the ability to obta in 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; and other risk

factors described in the Company’s most recent Form 20 -F annual report, annual

information form and other f ilings 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 any intent or obligation to update any forward- looking statement,

whether as a result of new information, future events or results or otherwise.