Platinum Group Metals Ltd. Reports 2025 Annual Results
838 – 1100 Melville Street
Vancouver, BC V6E 4A6
P: 604-899-5450
F: 604-484-4710
News Release No. 25-490
November 26, 2025
Platinum Group Metals Ltd. Reports 2025 Annual Results
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM:TSX; PLG:NYSE American)
(“Platinum Group”, “PTM” or the “Company”) reports the Company’s financial results for
the fiscal year ended August 31, 2025, and provides an update and outlook. The Company’s
material property is the Waterberg project located on the North ern Limb of the Bushveld
Complex in South Africa (the “Waterberg Project”). The Waterberg Project is planned as a
fully mechanised, shallow, decline access platinum, palladium, rhodium and gold (“4E” or
“PGM”) mine, including by-product copper and nickel production, and is projected to be one
of the largest and lowest cost underground platinum group metals (“PGM” or “PGMs”) mines
globally. The Company’s near -term objectives are to advance the Waterberg Project to a
development and construction decision, including the arrangement of construction financing
and concentrate offtake agreements.
The Company has filed its audited consolidated financial statements (the “ Financial
Statements”) for the year ended August 31, 2025, Annual Information Form (“ AIF”), and
Management’s Discussion and Analysis (“MD&A”) with Canadian securities regulators on
SEDAR+ (www.sedarplus.ca). The Company has also filed a Form 40-F annual report (“Form
40-F”), including the Financial Statements , with the U.S. Securities and Exchange
Commission (the “SEC”) on EDGAR (www.sec.gov). Shareholders are encouraged to visit the
Company’s website at www.platinumgroupmetals.net. Shareholders may receive a hard copy
of the complete Financial Statements and MD&A from the Company free of charge upon
request.
All amounts herein are reported in United States dollars unless otherwise specified. The
Company holds cash in Canadian dollars, United States dollars and South African Rand .
Changes in exchange rates may create variances in the cash holdings or results reported.
Project Ownership
As of August 31, 2025, the Waterberg Project is owned by Waterberg JV Resources (Pty) Ltd.
(”Waterberg JV Co.”), which is in turn owned by Platinum Group (37.32%), Mnombo Wethu
Consultants Proprietary Limited (“ Mnombo”) (26.0%), HJ Platinum Metals Company Ltd.
(“HJM”) (21.95%) and Impala Platinum Holdings Ltd. (“ Implats”) (14.73%). Platinum
Group holds a further 12.97% indirect interest in Waterberg JV Co. through a 49.9% interest
in Mnombo.
PLATINUM GROUP METALS LTD. …2
HJM was established in 2023 by Japan Organization for Metals and Energy Security
(“JOGMEC”) and Hanwa Co. Ltd. (“Hanwa”) as a special purpose company to hold and fund
their aggregate future equity interests in the Waterberg Project. The combined Waterberg JV
Co. ownership of JOGMEC (12.195%) and Hanwa (9.755%) were consolidated into a 21.95%
interest for HJM going forward, with JOGMEC to fund 75% of future equity investments into
HJM and Hanwa the remaining 25%.
In calendar 2023, Implats implemented a group wide restriction on capital expenditures. As
a result, since early 2024, Implats has not funded their share of Waterberg Project cash calls
and their interest in Waterberg JV Co. has diluted by approximately 0.27%. Platinum Group
has funded Implats shortfall and the Company’s direct interest in Waterberg JV Co. has
increased concurrently with Implats dilution. Implats has advised they w ill consider the
funding of new cash calls as future circumstances allow.
Recent Events
On September 17, 2025, the board of directors of Waterberg JV Co. unanimously approved
a sixth stage of work in the amount of Rand 92.1 million (approximately $5.11 million at the
time) for fiscal year 2026, to allow for the continuation of work programs underway. The
Stage Six Budget was subsequently approved by a consent resolution of the requisite majority
shareholders on September 26, 2025. The interim budget cover s the period ending August
31, 2026, and includes some components of a $21.0 million pre-construction work program
approved in principle for the Waterberg Project by the directors and shareholders of
Waterberg JV Co. on October 18, 2022 (the “Pre-Construction Program”).
On May 29, 2025, Platinum Group reported the closing of a non-brokered private placement
of common shares of the Company (“Common Shares”) at a price of $1. 26 per Common
Share. 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 $1.0 million (the
“Private Placement”). Closing of the Private Placement allowed HCI to return to a 26%
interest in the Company at that time.
On February 18, 2025, the board of directors for Waterberg JV Co. unanimously approved
a Rand 42 million interim budget (approximately $2.27 million at the time) to allow the
continuation of work programs for the Waterberg Project . The interim budget covered the
period ending August 31, 2025, and included some components of the Pre-Construction
Program.
On December 5, 2024, the Company entered into an Equity Distribution Agreement with
BMO Nesbit Burns Inc. and Beacon Securities Limited (the “Canadian Agents”) and BMO
Capital Markets Corp. (the “ U.S. Agent ” and together with the Canadian Agent s, the
“Agents”) for a new at -the-market equity program (the “ 2025 ATM”) to distribute up to
$50.0 million (or the equivalent in Canadian dollars) of Common Shares (the “ Offered
Shares”). The Offered Shares will be issued by the Company to the public from time to time,
PLATINUM GROUP METALS LTD. …3
through the Agents, at the Company’s discretion. The Offered Shares sold under the 2025
ATM will be sold at the prevailing market price at the time of sale. The net proceeds of any
such sales will be used for pre-construction site work, engineering and preparation, a potential
first phase development program at the Waterberg Project, smelter and base metal refinery
studies, a contingency provision and general, corporate and administrative expenses. Sales
of Common Shares on the NYSE American pursuant to the 2025 ATM through the U.S. Agent
commenced on January 22, 2025, and during the period ended August 31, 2025, 8,941,494
shares were sold at an average price of US$1.47 for gross proceeds of $13.2 million before
directly attributable costs of $0.33 million. After August 31, 2025, to the date of this news
release, the Company sold a further 3,728,000 shares at an average price of US$2. 46 for
gross proceeds of $9.16 million before deducting directly attributable costs of $0.23 million.
On November 26, 2024 , the Company entered a memorandum of understanding (the
“MOU”)with Ajlan & Bros Company for Mining, a subsidiary of Ajlan & Bros Holding (“Ajlan”),
and the Ministry of Investment of Saudi Arabia (“MISA”) as a part of the Global Supply Chain
Resilience Initiative, for the s tudy of a proposed platinum group metals smelter (“ PGM
Smelter”) and base metal refinery (“ BMR”) to be located in Saudi Arabia. Earlier in
December 2023, Ajlan and the Company entered into a Cooperation Agreement to study the
establishment of a stand-alone PGM Smelter and BMR in Saudi Arabia. According to the terms
of the MOU, MISA will offer strategic guidance and study potential financial support to the
proposed PGM Smelter and BMR and the Waterberg Project located in South Africa.
On November 13, 2024, the Company filed a final short form base shelf prospectus (the
“Shelf Prospectus”) with the securities regulatory authorities in each of the provinces and
territories of Canada and a corresponding registration statement on Form F -10 (the
“Registration Statement”) with the U.S. Securities and Exchange Commission (“SEC”),
under the Multijurisdictional Disclosure System established between Canada and the United
States. Pursuant to the Shelf Prospectus and the Registration Statement, the Company may
offer and sell Common Shares, debt securities, warrants, subscription receipts, or a
combination thereof up to an aggregate initial offering amount of $250 million (or its
equivalent in Canadian dollars) from time to time, separately or together, in amounts, at
prices and on terms to be determined based on market conditions at the time of the offering
and as set out in an accompanying prospectus supplement, during the 25-month period that
the Shelf Prospectus and the Registration Statement remain effective.
On September 16, 2024, the Company reported positive results from an Independent
Definitive Feasibility Study Update ( the “ Waterberg DFS Update”) for the Waterberg
Project. The associated technical report entitled “Waterberg Definitive Feasibility Study
Update, Bushveld Igneous Complex, Republic of South Africa”, with an effective date of August
31, 2024, was filed on SEDAR+ on October 9, 2024. The Waterberg DFS Update was prepared
by independent qualified persons in accordance with Canadian National Instrument 43-101
Standards of Disclosure for Mineral Projects (“NI 43-101”) and Subpart 229.1300 and Item
601(b)(96) of the SEC's Regulation S -K ( collectively, “ S-K 1300”). The Waterberg DFS
Update included revised mineral resource and mineral reserve estimates. For details of the
PLATINUM GROUP METALS LTD. …4
Waterberg DFS Update see the Company’s news release dated September 16, 2024, the
MD&A, and the technical report referred to above.
On April 3, 2024, the directors and shareholders of Waterberg JV Co. unanimously approved
a $1.35 million budget to allow the continuation of work programs underway while finalizing
the Waterberg DFS Update . This budget, covering the period from March 2024 to
approximately August 2024, was a subcomponent of the Pre-Construction Program.
Results For the Year Ended August 31, 2025
During the fiscal year August 31, 2025, the Company incurred a net loss of $4.54 million
(August 31, 2024 – net loss of $4.61 million). General and administrative expenses during
the period were $3.66 million (August 31, 2024 - $3.42 million). Share based compensation
was $1.19 million (August 31, 2024 - $1.36 million). The foreign exchange gain recognized
in the current period was $95 thousand (August 31, 2024 - $4 thousand) due primarily to the
U.S. Dollar increasing in value relative to the Canadian Dollar during the year.
At August 31, 2025, finance income consisting of interest earned in the twelve-month period
amounted to $0.28 million (August 31, 2024 - $0.44 million). Basic and diluted loss per share
for the year ended August 31, 2025, was $0.04 (August 31, 2024 - $0.05).
Accounts receivable at August 31, 2025, totalled $77 thousand (August 31, 2024 - $0.23
million) while accounts payable and other liabilities amounted to $ 0.78 million (August 31,
2024 - $0.90 million). Accounts receivable was comprised primarily of value added taxes
repayable to the Company in South Africa. Accounts payable consisted primarily of accruals
and payables related to accounting costs, legal costs and project engineering and
maintenance costs on the Waterberg Project.
Total expenditures on the Waterberg Project, before partner reimbursements, for the year
ended August 31, 2025, were approximately $2.0 million (August 31, 2024 - $3.0 million).
At period end, $49.2 million (August 31, 2024 - $47.0 million) in accumulated net costs were
capitalized to the Waterberg Project. Total expenditures on the property since inception to
August 31, 2025, are approximately $91.1 million.
For more information on mineral properties, see Note 4 of the Financial Statements.
Outlook
The Company’s primary business objective is to advance the Waterberg Project to a
development and construction decision. PTM is the operator of the Waterberg Project as
directed by a technical committee comprised of itself and representatives from joint venture
partners Implats, Mnombo, and HJM.
On October 18, 2022, Waterberg JV Co. approved in principle the Pre-Construction Program,
including proposed work on initial road access, water supply, essential site facilities, a first
PLATINUM GROUP METALS LTD. …5
phase accommodation lodge, a site construction power supply from state utility Eskom and
advancement of the Waterberg Social & Labour Plan. Work to prepare the Waterberg DFS
Update, including drilling and updated mineral resource and mineral reserve estimates , was
a component of the Pre-Construction Program and has been completed. Approximately one
half of the Pre-Construction Program has been completed. Remaining components are being
undertaken in phases as incremental budgets are approved.
Before a construction decision can be undertaken , arrangements will be required for
Waterberg Project concentrate offtake or processing. The Company and Waterberg JV Co.
are assessing commercial alternatives for mine development financing and concentrate
offtake. As a part of the Company’s investigation of smelting and base metal refining options,
the Company has engaged in discussions with all South African integrated producers ,
including Implats, with a view to negotiating formal concentrate offtake arrangements for the
Waterberg Project. To date no terms have been agreed. As an alternative the Company is
also studying the possible establishment of smelter and base metal refinery facilities located
in either Saudi Arabia or South A frica. Before any processing of materials in Saudi Arabia
could occur, South African Government authorization for the export of concentrate or matte
would be required.
The Company continues to work closely with regional and local communities and their
leadership on mine development plans to achieve optimal outcomes and best value to all
stakeholders.
The Company is also advancing an initiative through Lion Battery Technologies Inc. (“Lion”)
using platinum and palladium in lithium battery technologies in collaboration with an affiliate
of Valterra Platinum Limited (previously Anglo American Platinum Limited) (“ Valterra”) and
Florida International University (“ FIU”). As the world seeks to decarbonize and look for
solutions to climate change, the adoption of battery electric vehicles is forecast to reduce the
future demand for PGMs used in autocatalysis. T he unique properties of PGMs as powerful
catalysts are being applied to various technol ogies as possible solutions for more efficient
energy generation and storage, which may create new demand for PGMs . The Company’s
battery technology initiative through Lion with partner Valterra represents one such new
opportunity in the high-profile lithium battery research and innovation field. The investment
in Lion creates a potential vertical integration with a broader industrial market development
strategy to bring new technologies to market which use palladium and platinum. For more
detail, please see the Company’s MD&A and AIF.
Environmental, Social and Governance
Platinum Group recently received the annual Environmental, Social and Governance (“ESG”)
disclosure report from Digbee Ltd. (“ Digbee”), a United Kingdom based company that has
developed an industry standard ESG disclosure framework for the mining sector providing a
right-sized, future looking set of frameworks against which they can credibly disclose, track,
compare and improve their ESG performance. For 2025, Platinum Group achieved an overall
score of BBB with a range of CC to AAA based on the information provided. Digbee ESG has
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been developed in consultation with mining companies, ESG specialists and capital providers
and is endorsed by leading financial institutions, producing mining companies and other
industry stakeholders. Digbee’s reporting framework is aligned with global standards,
including the Equator Principles. For more details about the Company’s 202 5 Digbee ESG
Report please refer to the Company’s MD&A, AIF and Form 40-F.
Regulatory
As well as the discussions within this news release, the reader is encouraged to also see the
Company’s disclosure made under the heading “Risk Factors” in the Company’s current AIF
and Form 40-F.
Qualified Person
Rob van Egmond, P.Geo., a consultant geologist to the Company and a former employee, is
an independent qualified person as defined in NI 43-101. Mr. van Egmond has reviewed,
validated and approved the scientific and technical information contained in this news release
and has previously visited the Waterberg Project site.
About Platinum Group Metals Ltd. and the Waterberg Project
Platinum Group Metals Ltd. is the operator of the Waterberg Project, a bulk underground PGM
and base metal deposit located in South Africa. The Waterberg Project was discovered by
Platinum Group and is being jointly developed with Mnombo, HJM and Implats.
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
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
(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,
PLATINUM GROUP METALS LTD. …7
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 regarding the success of the Company’s
objective to advance the Waterberg Project to a development and construction decision, the
findings of the Waterberg DFS Update, 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 or elsewhere, 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, including rising global
inflation and increased potential supply chain disruptions; the impact of international trade
disputes and the imposition of tariffs, international conflict and other geopolitical tensions and
events; the Company’s inability to generat e 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 estimates for the Waterberg Project as
reported in the Waterberg DFS Update; 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 t he 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 i nstances 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 u ncertainties; 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
PLATINUM GROUP METALS LTD. …8
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; pandemics and other public health crises; the Com pany’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 any intent or obligation to update any forward-looking
statement, whether because of new information, future events or results or otherwise.
The Waterberg DFS Update 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.