Platinum Group Metals Ltd. Reports Approval of Waterberg Definitive Feasibility Study by Joint Venture Partners
838 – 1100 Melville Street
Vancouver, BC V6E 4A6
P: 604-899-5450
F: 604-484-4710
News Release No. 19-404
December 5, 2019
Platinum Group Metals Ltd. Reports Approval of Waterberg
Definitive Feasibility Study by Joint Venture Partners
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM:TSX; PLG:NYSE American)
(“Platinum Group” “PTM” or the “Company”) reports that the shareholders of Waterberg
JV Resources (Pty) Limited (“ Waterberg JV Co. ”) have today unanimously approved a
recently completed Definitive Feasibility Study for the Waterberg Project (the “ Waterberg
DFS”). The Waterberg DFS w as provided to the shareholders on September 4, 2019. The
Waterberg DFS was managed by Waterberg JV Co. representing the joint venture partners
and owners, being Platinum Group, Impala Platinum Holdings Ltd., Japan Oil, Gas and
Metals National Corporation, Hanwa Co. Ltd. and Mnombo Wethu Consultants (Pty) Ltd.
Qualified Person
R. Michael Jones, P.Eng., the Company’s President, Chief Executive Officer and a
shareholder of the Company, is a non -independent qualified person as defined in National
Instrument 43 -101 Standards of Disclosure for Mineral Projects (“NI 43 -101”) and is
responsible for preparing the scientific and technical information contained in this news
release. He has verified the data by reviewing the detailed information of the geological and
engineering staff and independent qualified person reports as well as visiting the Waterberg
Project site regularly.
About Platinum Group Metals Ltd. and Waterberg Project
Platinum Group Metals Ltd. is the operator of the Waterberg Project, a bulk underground
palladium and platinum deposit located in South Africa . The Waterberg DFS concludes the
Waterberg Project can be one of the largest fully mechanised, low cost platinum group
metals mines in the world. The Waterberg Project was discovered by Platinum Group and is
being jointly developed with the shareholders of Waterberg JV Co.
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
PLATINUM GROUP METALS LTD. …2
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.
This press release contain s forward-looking information within th e 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 statement that the Waterberg Project would be
a fully mechanized, shallow, decline access 4E mine and one of the largest and lowest cost
palladium mines in the world, mineral reserve and mineral resource estimates and other
projections contained in the DFS, and statements regarding the exercise of Implats’ option,
financing and mine development at the Waterberg Project, grant of the mine right application,
future market outlook for palladium, potential for continued pal ladium supply deficit,
advancement of other objectives and future milestones. 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
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 Sprott Facility, 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 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 plans and cost estimates for the
Waterberg Project; discrepancies be tween 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; Implats may not exercise its option; 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, developm ent 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
PLATINUM GROUP METALS LTD. …3
licences; extreme competition in the mineral exp loration 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 the 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 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 N I 43-101. The definitions of proven and probable reserves used in NI 43 -
101 differ from the definitions in SEC Industry Guide 7. Under S EC Industry Guide 7 standards,
mineralization may not be classified as a “reserve” unless the mineralization can be economically
and legally extracted or produced at the time the “reserve” determination is made. As a result,
the reserves reported by the Co mpany 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 resour ces
that are not mineral reserves do not have demonstrated economic viability. Investors are
cautioned not to assume that any part or all of the mineral deposits in these categories will ever
be converted into reserves. In particular, “inferred mineral res ources” 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. Discl osure 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 deposits 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.