Platinum Group Metals Ltd. Reports Third Quarter 2025 Results
838 – 1100 Melville Street
Vancouver, BC V6E 4A6
P: 604-899-5450
F: 604-484-4710
News Release No. 25-489
July 11, 2025
Platinum Group Metals Ltd. Reports Third Quarter 2025 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 nine-month period ended May 31 , 202 5, and provides an update and outlook. The
Company is focused on advancing 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
(“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 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”).
For details of the condensed consolidated interim financial statements for the nine months
ended May 31, 2025 (the “ Financial Statements ”), and Management’s Discussion and
Analysis (“MD&A”) for the nine months ended May 31, 2025, 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 May 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 (Pty) Ltd. (“Mnombo”) (26.00%), HJ Platinum Metals Company Ltd. (“ HJM”)
(21.95%) and Impala Platinum Holdings Ltd. (“ Implats”) (14.73%). Platinum Group holds
PLATINUM GROUP METALS LTD. …2
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 with JOGMEC expecting to
fund 75% of future equity investments into HJM going forward.
Recent Events
On May 29, 2025, the Company reported the closing of a non-brokered private placement
of 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 will cover the
period ending approximately August 31, 2025, and will include 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
Budget”).
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,
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 the Waterberg Project pre-construction site work, engineering and
preparation, a potential phase one development program at the Waterberg Project, a Saudi
Arabia smelter and base metal refinery definitive feasibilit y study, 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 nine months ended May 31, 2025,
the Company issued 4,350,928 Common Shares, at an average price of $1.32 per share, for
gross proceeds of $5.75 million. Directly attributable expenses and legal fees to implement
and maintain the 2025 ATM in good standing, and for commissions on equity sales, totaled
$1.09 million during the nine months ended May 31, 2025. After May 31, 2025, to the date
of this news release, the Company sold a further 4,172,397 Common Shares pursuant to the
2025 ATM at an average price of $1.60 per share, for net proceeds of $6.52 million.
PLATINUM GROUP METALS LTD. …3
On November 26, 2024, the Company entered a memorandum of understanding (“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 setup of a proposed platinum group metals smelter (“ PGM
Smelter”) and base metal refinery (“BMR”) to be located in Saudi Arabia. Ajlan is one of the
largest private sector diversified conglomerates in the Middle East. Earlier, in December 2023,
Ajlan and the Company entered into a Cooperation Agreement (as defined below) 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
Waterberg DFS Update see the Company’s news release dated September 16, 2024 , the
MD&A, and the technical report referred to above.
Results For The Nine Months Ended May 31, 2025
During the nine months ended May 31, 2025, the Company incurred a net loss of $3.40 million
(May 31, 2024 – net loss of $4.02 million). General and administrative expenses during the
period were higher at $2.78 million (May 31, 2024 - $2.57 million) due to the reimbursement
of legal costs in the previous comparable period. Stock based compensation was lower at
$0.79 million in the current period (May 31, 2024 - $1.61 million) due to the revaluation of
outstanding deferred share units in the current period. The foreign exchange gain recognized
in the current period was $0.06 million (May 31, 2024 - $0.04 million gain) due primarily to
PLATINUM GROUP METALS LTD. …4
the U.S. dollar increasing in value relative to the Canadian dollar during the nine-month
period.
At May 31 , 2025, finance income consisting of interest earned in the nine month period
amounted to $0.14 million (May 31, 2024 - $0.35 million). Basic and diluted loss per share
for the nine months ended May 31, 2025, amounted to $0.03, versus $0.04 per share for the
comparable period ended May 31, 2024.
Accounts receivable and 2025 ATM proceeds receivable at May 31, 2025, totalled $0.22 million
(August 31, 2024 - $0.23 million) and $0.07 million (August 31, 2024 – Nil) respectively,
while accounts payable and other liabilities amounted to $ 0.75 million (August 31, 2024 -
$0.91 million). Accounts receivable were comprised primarily of value added taxes repayable
to the Company in South Africa. Accounts payable consisted primarily of professional fees
payable in relation to the preparation and filing of the Shelf Prospectus, the Registration
Statement and the 2025 ATM, as well as for project engineering and maintenance costs on
the Waterberg Project.
Total expenditures on the Waterberg Project, before partner reimbursements, for the nine
months ended May 31, 2025, were approximately $1.6 million (May 31, 2024 - $2.3 million).
At period end, $48.0 million in accumulated net costs were capitalized to the Waterberg
Project. Total expenditures on the property since inception to May 31, 2025, are
approximately $91 million.
For more information on mineral properties, see Note 3 of the Financial Statements.
Smelting and Refining Update
On December 20, 2023, the Company announced a Cooperation Agreement (the
“Cooperation Agreement”) with Ajlan to study the establishment of a stand -alone PGM
Smelter and BMR in Saudi Arabia. The Cooperation Agreement encompasses three phases:
a global PGM concentrate market study (the “Market Study”), a Definitive Feasibility Study
for the construction and operation of the PGM Smelter and BMR in Saudi Arabia (the “Smelter
DFS”), and an option to form an incorporated 50:50 joint venture following the completion of
the Smelter DFS.
An initial trade -off study was completed in mid 2023 to first determine the viability of
exporting PGM concentrate from South Africa to Saudi Arabia. The Market Study was
completed in late 2024 by a globally recognized consulting group specializing in PG Ms and
associated base metal by-products. Based on the analysis, the combination of concentrate
from the Waterberg Project and end of life auto catalysts and petrochemical catalysts, sourced
from the Gulf Region, could justify the scale required to construct a long term PG M smelting
and refining complex in Saudi Arabia.
A key requirement for the establishment of a PGM Smelter and BMR in Saudi Arabia would be
a long-term South African government approval for the export of unrefined precious metals
PLATINUM GROUP METALS LTD. …5
in concentrate. Platinum Group has been working with the Government of South Africa to
identify local beneficiation opportunities and to analyze the possible impact of exporting
concentrate on the value chain. Through these discussions the Government of South Africa
has expressed their preference and support for beneficiation in South Africa. As a result, the
Company, Ajlan, MISA and the Government of South Africa are now considering the concept
of establishing a matte furnace in South Africa capable of smelting Waterberg Project
concentrate. Such a facility would ideally be located near the Waterberg Project with existing
power, water and environmental authorizations. The converter matte produced would be
shipped to Saudi Arabia for further processing through a BMR , at which time spent auto
catalysts and other PGM bearing materials could be co-processed.
The Company and Ajlan are currently conducting a trade off study and developing a scope of
work and cost estimate for the engineering studies required to assess the above scenario ,
should it be chosen as the primary plan . One noteworthy consideration would be the much
lower volume of material to be shipped to Saudi Arabia. Rather than shipping up to 130,000
tonnes of concentrate a year, or approximately fourteen concentrate trucks a day, the volume
of converter matte to be shipped would be reduced to approximately 8,000 tonnes a year, or
approximately one truck a day.
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 representatives from joint venture partners
Implats, Mnombo, and HJM.
In accordance with the Pre -Construction Budget, Waterberg JV Co. has recently completed
exploration and engineering work related to the Waterberg DFS Update and is working on
engineering and planning related to initial road access, construction water supply,
infrastructure, essential site facilities, a first phase accommodation lodge, and a site
construction power supply from state utility Eskom.
Work pursuant to the Waterberg Social & Labour Plan (“SLP”) has been undertaken and
further SLP work is both underway and planned. Community infrastructure work has been
completed and is underway at present. Skills and needs assessment surveys were completed
in 2023, which will help to inform planned education and training programs. In 2024, 49
learners from host communities completed a portable skills training program and 15 tertiary
education bursaries were granted between 2023 and 2025. Engagement wi th local
communities has been ongoing and together the parties have agreed upon the location of
project facilities and infrastructure.
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.
PLATINUM GROUP METALS LTD. …6
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. In addition to the Company’s investigation of smelting and base metal refining
options in Saudi Arabia (as described above), the Company has discussed possibilities with
all major South African smelter operators, including Implats, with a view to negotiating formal
concentrate offtake arrangements for the Waterberg Project.
As the world seeks to decarbonize and look for solutions to climate change, the adoption of
battery electric vehicles (“BEVs”) has been forecast to reduce the future demand for PGMs
used in autocatalysis. More recently, the rate of adoption for BEVs has slowed down. This
slowdown may be attributed to several factors, including the availability of supporting
infrastructure (particularly in emerging markets), a shift towards hybrid vehicles, and
potential challenges in supply chains. Growth rates vary by region. For example, China has
seen strong BEV adoption as compared to other jurisdictions.
The unique properties of PGMs as powerful catalysts are being applied to various technologies
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. Research and development efforts by FIU on behalf of Lion continue.
Technical results from Lion’s research may have application to most lithium-ion and lithium-
sulfur battery chemistries.
Although platinum and palladium are exempt, as they are considered critical minerals, the
new global tariffs recently announced by the United States administration in Washington, DC,
layered on top of previously announced tariffs on auto mobiles, steel, aluminum, etc. , have
raised uncertainty regarding markets in general and specifically to the production and sale of
automobiles and light duty vehicles. A period of uncertainty is likely as investors and
consumers consider the impact of these tariffs, and as the level of retaliation and market
diversification by other nations becomes apparent.
International conflict and other geopolitical tensions and events, including war, military action,
terrorism, trade disputes, and international responses thereto have historically led to, and
may in the future lead to, uncertainty or volatility in global energy, supply chain and financial
markets, which may have a negative impact on the demand for PGMs.
Notwithstanding the above, platinum and palladium prices have recently been increasing due
to a combination of factors including strong Chinese demand, persistent supply concerns, and
renewed investor interest. Specifically, platinum is seeing increased demand as a substitute
for gold in jewelry and as a hedge, while palladium demand for use in auto catalytic converters
has remained strong.
PLATINUM GROUP METALS LTD. …7
For more detail, please see the Company’s MD&A and Annual Information Form (“AIF”).
Environmental, Social and Governance
During the nine-month period ended May 31, 2025 Platinum Group received its fourth 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 2024, Platinum Group achieved an overall score of BBB with a range of CC
to AAA based on the information provided. Digbee ESG has 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 2024 Digbee ESG Report please refer to the Company’s
MD&A, AIF and Annual Report on Form 40-F (“Form 40-F”).
Regulatory
The Company advises that its consolidated Financial Statements for the fiscal year ended
August 31, 202 4, included in the Company's Form 40-F, contain an audit report from its
independent registered public accounting firm that includes a going concern emphasis of
matter. The foregoing statement is required by Section 610(b) of the NYSE American
Company Guide.
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
palladium and platinum deposit located in South Africa. The Waterberg Project was
discovered by Platinum Group and is being jointly developed with Implats, Mnombo, and HJM.
PLATINUM GROUP METALS LTD. …8
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
of the Waterberg Project, potential commercial alternatives for mine development, obtaining
concentrate offtake or processing, the size and cost of the Waterberg Project, the 2025 ATM
and the use of proceeds under the 2025 ATM, the economic feasibility of establishing a new
PGM smelter and BMR in Saudi Arabia , the economic feasibility of establishing a new PGM
matte furnace in South Africa, the possible effect of tariffs and other trade policy
announcements by the United States Government in Washington, DC and other countries ,
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; international conflict and other
geopolitical tensions and events; 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