Platinum Group Metals Ltd. Reports Second Quarter 2026 Results
838 – 1100 Melville Street
Vancouver, BC V6E 4A6
P: 604-899-5450
F: 604-484-4710
News Release No. 26-494
April 10, 2026
Platinum Group Metals Ltd. Reports Second Quarter 2026 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 second quarter of fiscal 2026 dated February 28, 2026, and provides an update and
outlook. The Company’s material property is the Waterberg project located on the Northern
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.
For details of the condensed consolidated interim financial statements (the “ Financial
Statements”) and Management’s Discussion and Analysis (“MD&A”) for the six months
ended February 28, 2026, please see the Company’s filings on SEDAR+ (www.sedarplus.ca)
or 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 February 28, 2026, the Waterberg Project is owned by Waterberg JV Resources (Pty)
Ltd. (”Waterberg JV Co.”), which is in turn owned by Platinum Group (37.425%), Mnombo
Wethu Consultants Proprietary Limited (“Mnombo”) (26.0%), HJ Platinum Metals Company
Ltd. (“HJM”) (21.95%) and Impala Platinum Holdings Ltd. (“Implats”) (14.625%). Platinum
Group holds a further 12.97% indirect interest in Waterberg JV Co. through a 49.9% interest
in Mnombo.
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%
PLATINUM GROUP METALS LTD. …2
interest for HJM going forward, with JOGMEC to fund 75% of future equity investments into
HJM and Hanwa the remaining 25%.
Since early 2024, Implats has not funded their share of Waterberg Project cash calls and their
interest in Waterberg JV Co. h as diluted by approximately 0.375%. Platinum Group has
funded Implats’ shortfall and the Company’s direct interest in Waterberg JV Co. has increased
concurrently with Implats’ dilution.
Recent Events
On March 10, 2026, the Company entered into an Equity Distribution Agreement with BMO
Nesbitt Burns Inc. and Beacon Securities Limited (the “Canadian Agents”) and BMO Capital
Markets Corp. (the “U.S. Agent” and together with the Canadian Agents, the “Agents”) for
a new at-the-market equity program (the “2026 ATM”) to distribute up to $60.0 million (or
the equivalent in Canadian dollars) of Common Shares (the “Offered Shares”). The Offered
Shares may be issued by the Company to the public from time to time, through the Agen ts,
at the Company’s discretion until December 13, 2026. Offered Shares sold under the 2026
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 staged development program s at the Waterberg Project and
general, corporate and administrative expenses. To date, no sales of Common Shares
pursuant to the 2026 ATM have occurred.
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 (“Stage Six Budget ”), 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
covers 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 cover ed the
period ending August 31, 2025, and include d some components of the Pre-Construction
Program.
PLATINUM GROUP METALS LTD. …3
Results For the Period Ended February 28, 2026
On December 5, 2024, the Company entered into an Equity Distribution Agreement with the
Agents for an at-the-market equity program (the “ 2025 ATM”) to distribute up to $50.0
million of Common Shares. Sales of Common Shares on the NYSE American commenced on
January 22, 2025, and to the completion of the 2025 ATM on January 23, 2026, the Company
sold an aggregate of 22,726,804 Common Shares at an average price of $2.20 for gross
proceeds of $50 million before deducting directly attributable costs paid to the Agents of $1.25
million. During the six month period ended February 28, 2026, 13,785,310 Common Shares
were sold at an average price of $ 2.67 for gross proceeds of $ 36.82 million before directly
attributable costs of $0.92 million.
During the six months ended February 28, 2026, the Company incurred a net loss of $3.84
million (February 28, 2025 – net loss of $2.25 million). General and administrative expenses
during the period were $ 2.18 million ( February 28 , 2025 - $2.0 million). Share based
compensation expense was $1.71 million (February 28, 2025 - $0.45 million). The foreign
exchange loss recognized in the current period was $0.43 million (February 28, 2025 – gain
of $0.15 million) due primarily to the U.S. Dollar falling in value relative to the Canadian Dollar
during the period.
At February 28, 2026, finance income consisting of interest earned in the six month period
amounted to $0.53 million (February 28, 2025 - $0.10 million). Basic and diluted l oss per
share for the six months ended February 28, 2026, was $0.03 (February 28, 2025 - $0.02).
Accounts receivable at February 28, 2026, totalled $0.13 million (August 31, 2025 - $0.08
million) while accounts payable and other liabilities amounted to $ 1.68 million (August 31,
2025 - $0.78 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 six
month period ended February 28, 2026, were approximately $1.16 million (February 28, 2025
- $0.99 million). At period end, $55.5 million (February 28 , 202 5 - $45.9 million) in
accumulated net costs were capitalized to the Waterberg Project. Total expenditures on the
property since inception to February 28, 2026, are approximately $92.3 million.
For more information on mineral properties, see Note 3 of the Financial Statements.
Outlook
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
PLATINUM GROUP METALS LTD. …4
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
Waterberg DFS Update see the Company’s news release dated September 16, 2024, the
MD&A, and the technical report referred to above.
Approximately one half of the $21.0 million Pre-Construction Program described above
remains to be completed , including proposed work on initial road access, water supply,
essential site facilities, a first phase accommodation lodge, a site construction power supply
and advancement of the Waterberg Social & Labour Plan (“SLP”). Remaining components
are being undertaken in phases as incremental budgets are approved. The Stage Six Budget
allows for the continuation of this work during the period ending August 31, 2026.
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, t he Company has engaged in discussions with all
South African integrated producers with a view to negotiating formal concentrate offtake
arrangements for the Waterberg Project. To date no terms have been agreed. As an
alternative, over the past three years the Company has studie d and proposed the
establishment of smelter and base metal refinery facilities located in either Saudi Arabia or
South Africa.
Before any processing of materials in Saudi Arabia could occur, South African Government
authorization for the export of concentrate or matte would be required and such approval has
been requested. Senior South African Government officials have stated their preference for
beneficiation to occur in South Africa. The Company is also investigating opportunities to
collaborate and co-invest with smaller furnace operators in South Africa who are interested
to modify and expand their existing operations such that the efficient processing of Waterberg
concentrate could be undertaken . In such a scenario the Waterberg Project could be
developed in stages so that smelting capacity could also be developed in stages.
The base case for mine development in the Waterberg DFS Update is focused first on lower
cost, bulk mining of F-Zone material from the F-Central deposit, followed by later mining from
the T-Zone. Although no decision has been made to alter the base case s cenario, given the
current price and outlook for gold, one concept being investigated is to begin staged
development at the Waterberg Project, first with decline development into the T -Zone,
followed by smaller scale T-Zone mining and then later expansion into the F-Central deposit
at the scale planned in the Waterberg DFS Update. As compared to F -Central ore, proven
and probable reserves for the T -Zone have a more favourable 4E prill split of approx. 29%
platinum (28% F-Central), 51% palladium (66% F-Central), 1% rhodium (1% F-Central) and
19% gold (5% F-Central). T-Zone proven and probable reserves also have a higher 4E grade
of 3.84 g/t (2.68 g/t F-Central).
PLATINUM GROUP METALS LTD. …5
The F-Central deposit, with true mining widths (hanging wall to footwall) of up to 107 metres,
and with approximately 87% of production planned from mining widths more than 15 metres,
is very favourable to low -cost bulk mining. The T -Zone, with approximat ely 92% of
production planned from mining widths between 2.4 metres and 15 metres, and 8% from
areas up to 20 metres thick, also allows for bulk mining (being longitudinal longhole stoping),
albeit at a higher cost per tonne versus the F-Central deposit.
At current metal prices, increased revenue per tonne from mining the T -Zone would more
than offset higher mining costs, and may allow for a lower capex, staged development
approach as described above. Internal studies are examining the financial impact of deferring
capital for power lines, paste backfill, milling capacity, and underground conveyors, while first
operating a T-Zone mine before using free cash flow to then develop a second stage F-Central
mine. T-Zone ore and waste can be trucked to surface for processing during initial mining
stages, allowing for a shortened ore build -up period and a reduced capital footprint in both
underground development and other underground infrastructure requirements. The use of
Jameson Cell high-intensity, compact flotation technology is also being investigated.
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. A new five year SLP commencing in 2026 has been developed with community
input and submitted to the DMR for review and approval.
The Company continues to advance 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. The investment in Lion creates a potential
vertical integration with a broader industrial market development strategy to bring new
technologies to market utilising the catalytic properties of pla tinum and palladium . The
Company and Valterra are currently assessing progress to date and potential next steps
towards the commercialisation and promulgation of the developed technology. For more
detail, please see the Company’s MD&A and current Annual Information Form (“ AIF”) and
Form 40-F.
Environmental, Social and Governance
Platinum Group recently received the 2025 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 E SG 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 been deve loped 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
2025 Digbee ESG Report please refer to the Company’s MD&A, AIF and Form 40-F.
PLATINUM GROUP METALS LTD. …6
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,
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
PLATINUM GROUP METALS LTD. …7
of the Waterberg Project, potential commercial alternatives for mine development, sequencing
of development activities , potential alternatives to the existing Waterberg Project
development plan and any related economic analysis, 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, surfac e 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
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 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
PLATINUM GROUP METALS LTD. …8
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.