Platinum Group Metals Ltd. Reports Third Quarter 2026 Results
838 – 1100 Melville Street
Vancouver, BC V6E 4A6
P: 604-899-5450
F: 604-484-4710
News Release No. 26-495
July 15, 2026
Platinum Group Metals Ltd. Reports Third 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 third quarter of fiscal 2026 dated May 31, 2026, 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.
For details of the condensed consolidated interim financial statements (the “ Financial
Statements”) and Management’s Discussion and Analysis (“MD&A”) for the nine months
ended May 31, 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 May 31, 2026, the Waterberg Project is owned by Waterberg JV Resources (Pty) Ltd.
(”Waterberg JV Co.”), which is in turn owned by Platinum Group (37.42%), Mnombo Wethu
Consultants (Pty) Ltd. (“Mnombo”) (26.00%), HJ Platinum Metals Company Ltd. (“ HJM”)
(21.95%) and Impala Platinum Holdings Ltd. (“Implats”) (14.63%). Platinum Group holds
a further 12.97% indirect interest in Waterberg JV Co. through a 49.90% 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 (12.19%) and Hanwa (9. 76%) were consolidated into a 21.95%
PLATINUM GROUP METALS LTD. …2
interest held by 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. has diluted by approximately 0.37%. 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 May 31, 2026, Waterberg JV Co. and Discovery Drilling (Pty) Ltd. entered a contractor
agreement for the drilling of fourteen NQ boreholes for the purpose of obtaining 600 kg to
800 kg of T-Zone ore material for metallurgical testing purposes. Plugged boreholes from
earlier drilling programs are to be re -entered to reduce drilling costs , with two or three
deflections to then be completed in the mineralized T-Zone for each borehole. Drilling
commenced in mid-June and to date approximately 398 kgs of T-Zone ore material has been
collected from six completed boreholes and fourteen deflections. T-Zone samples are to be
logged, assayed, and processed for metallurgical test ing, including conventional flotation
testing and Jameson Cell flotation testing.
On May 8, 2026, at the Annual General Meeting of Waterberg JV Co., a supplemental budget
(the “Supplemental Budget”) of Rand 27.4 million (approx. $1.69 million) was approved by
shareholders for funding of the fiscal 2026 portion of a T-Zone Mining Study (the “T-Zone
Study”) aimed at assessing the viability of developing the Waterberg Project in stages,
beginning with a smaller, lower cost T-Zone mine. The Supplemental Budget had been
approved earlier by the board of directors of Waterberg JV Co. at a meeting held on March
27, 2026. A further Rand 22.69 million (approx. $1.40 million) to complete the T-Zone Study
is expected to be approved as a component of the upcoming fiscal 2027 budget, which
commences on September 1, 2026. The Supplemental Budget is in addition to the Stage Six
Budget described below. The T-Zone Study is being completed by a team of specialists
including engineering firm Stantec Consulting International Ltd. and South African engineering
firm DRA South Africa Projects (Pty) Ltd. Engineering oversight and project management are
being provided by South African engineering firm Fraser McGill (Pty) Ltd. (“Fraser McGill”).
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 Agents,
at the Company’s discretion until December 13, 2026. Offered Shares 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 programs at the Waterberg Project and general,
corporate and administrative expenses.
PLATINUM GROUP METALS LTD. …3
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 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 Period Ended May 31, 2026
During the three month period ended May 31, 2026, a total of 1,059,233 Common Shares
were sold pursuant to the 2026 ATM at an average price of $1.90 for gross proceeds of $2.01
million before directly attributable costs of $0.05 million.
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 nine month period ended May 31, 2026, 13,785,310 Common S hares
were sold pursuant to the 2025 ATM at an average price of $2.67 for gross proceeds of $36.82
million before directly attributable costs of $0.92 million.
PLATINUM GROUP METALS LTD. …4
During the nine months ended May 31, 2026, the Company incurred a net loss of $2.88 million
(May 31, 2025 – net loss of $3.40 million). General and administrative expenses during the
period were $2.88 million (May 31, 2025 - $2.78 million). Share based compensation expense
was $1.01 million (May 31, 2025 - $0.79 million). The foreign exchange gain recognized in
the current period was $0.08 million (May 31, 2025 – gain of $0.06 million) due primarily to
the U.S. Dollar rising in value relative to the Canadian Dollar during the nine month period.
At May 31 , 202 6, finance income consisting of interest earned in the nine month period
amounted to $0.97 million (May 31, 2025 - $0.14 million). Basic and diluted loss per share
for the nine months ended May 31, 2026, was $0.02 (May 31, 2025 - $0.03).
Accounts receivable at May 31, 2026, totalled $0.21 million (August 31, 2025 - $0.08 million)
while accounts payable and other liabilities amounted to $ 0.77 million (August 31, 2025 -
$0.78 million). Accounts receivable were 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 nine
month period ended May 31, 2026, were approximately $1.8 million (May 31, 2025 - $1.6
million). At period end, $55.2 million (May 31, 2025 - $48.0 million) in accumulated net costs
were capitalized to the Waterberg Project. Total expenditures on the property since inception
to May 31 , 202 6, are approxima tely $92.9 million. For more information on mineral
properties, see Note 3 of the Financial Statements.
Waterberg Project Update
In addition to the T-Zone metallurgical drilling campaign described above, small scale physical
work activities recently commenced at the Waterberg Project and more work is planned ,
including w ork on initial road construction, construction water supply, and first stage
accommodation facilities. Progress is in varying stages, with first contractor site establishment
planned for August 2026. A construction manager to oversee activities was recently appointed
by Fraser McGill’s project office and is now on-site.
During March 2023 , Waterberg JV Co. assisted two local landowners to apply for Mining
Permits to mine aggregate for Waterberg JV Co.’s construction purposes. Waterberg JV Co.
has received responses on requests for quotation sent to contractors to start to mine, extract,
crush and stockpile the aggregate for use in road upgrade work proximal to the Waterberg
Project Mine Site. Tender documents are being assessed with a view to appoint a contractor
within the fourth fiscal quarter of 2026.
Waterberg JV Co. prepared applications to ESKOM Holdings (SOC) Limited (“Eskom”) for Cost
Estimate Letters and paid Eskom for a Budget Quotation for establishment/construction of a
temporary 22kV, 3 MVA electrical feed to the Waterberg Project Mine Site for use during
construction and development. Detailed engineering work is underway to determine the best
PLATINUM GROUP METALS LTD. …5
route for a ±30km powerline, associated equipment selection , and initial procurement
activities for construction once approved by Eskom.
The establishment of servitudes for power line routes and detailed planning and permitting
with Eskom for approximately a 70 km, 132MvA permanent line to the Waterberg Project is
ongoing. Power line environmental and servitude work is being completed by specialist
consultants and a high voltage engineering company, Kumena Consulting Pty Ltd. (previously
Private National Grid and TDx Power assisted Waterberg JV Co.), in coordination with Eskom.
Waterberg JV Co. has completed the next phase of certain necessary maintenance and water
infrastructure upgrades on the farm Early Dawn. Waterberg JV Co. is awaiting available dates
from the Capricorn District Municipality and Blouberg Local Municipality to formally hand over
this completed phase of the project . Waterberg JV Co. also intends to commence with the
necessary maintenance of certain water infrastructure on the farm Ketting. A contractor has
been appointed, and Waterberg JV Co. has received formal written approval from the
Capricorn District Municipality to commence with work. Waterberg JV Co. is still in the process
of obtaining the Community’s consent to commence with the necessary maintenance. Both of
these water infrastructure upgrades form a part of a Bulk Water Reticulation Local Economic
Development (“LED”) Programme under the Waterberg JV Co. Social & Labour Plan (“SLP”).
Site establishment for a Medical Clinic Upgrade LED Programme on the farm Goedetrouw has
been completed. A number of local community members have been appointed as contract
labour and the work commenced in early June 2026. The upgrades will cost in the region of
R2.2m (approx. $134,000).
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 was submitted to the Department of Mineral and Petroleum Resources (“ DMPR”)
for review and approval in late 2025. Waterberg JV Co. submitted its annual SLP compliance
report and an annual Mining Charter compliance report to the DMPR on May 21, 2026.
The process to obtain surface lease agreements with both the Ketting and Goedetrouw
communities is ongoing. Draft surface lease agreements have been exchanged with
Goedetrouw and Ketting community representatives and their legal counsels. Formal
independent expert land valuations have been completed. An application for a water use
license and an application for land use rezoning are pending the completion of surface lease
agreements.
The recognized leadership and the majority of community members living on the farms
Goedetrouw, Ketting and Early Dawn have expressed their support for the Waterberg Mine.
Notwithstanding such support there are opponents. A Court Case filed in March 2024 by
certain members of the Early Dawn community seeking condonation and challenging the grant
of the Waterberg Mining Right in 2021 is unadjudicated. No mine infrastructure is planned
for location on the farm Early Dawn.
PLATINUM GROUP METALS LTD. …6
Two appeals to the inclusion of the farms Bonne Esperance and Too Late into the Waterberg
Mining Right were received in 2025, one from a member of a faction within the Early Dawn
community, and the other from an NGO called the Wildlife and Environment Society of South
Africa. The farms in question are down dip of the current mineral reserve at the Waterberg
Project, would only ever be accessed from underground, and would not likely be scheduled
for mining until approximately 50 years of mining have occurred.
A final draft Heritage Management Plan (“HMP”) was submitted to the South African Heritage
Resource Agency (“ SAHRA”) on March 9, 2026. SAHRA provided its final approval of the
HMP on April 14, 2026. One formal appeal had been received directly by Waterberg JV Co.
SAHRA advised that a panel to review the appeal was appointed on May 29, 2026, and a
hearing is scheduled to take place on July 21, 2026.
Outlook
Approximately $9.2 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 SLP. Remaining components are being undertaken in phases
as incremental budgets are approved. The Stage Six Budget and the Supplemental Budget
allow for the continuation of 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
Project 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 in the T-Zone Study (as
described above) 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
PLATINUM GROUP METALS LTD. …7
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).
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. The T-Zone Study is 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 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 The Florida International University (“FIU”). 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 platinum and palladium . The
Company and Valterra are working towards the commercialisation and promulgation of the
developed technology and are currently in discussions with FIU to establish a pilot
manufacturing facility capable of prod ucing lithium sulphur pouch cells and Lion proprietary
cathodes for delivery to industrial users and manufacturers for testing. The investment
decision will be guided by a December 2025 report prepared by an independent third -party
commercial battery specialist assessing Lion’s technology, and the validation work completed
by the Battery Innovation Center, Inc. The independent specialists provided guidance on
potential pathways to commercialization and next steps and have been engaged to provide
ongoing direction and evaluation. For more detail, please see the Company’s MD&A and
current Annual Information Form (“AIF”) and Form 40-F.
Environmental, Social and Governance
In October 2025, Platinum Group 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
PLATINUM GROUP METALS LTD. …8
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 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
2025 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