Platinum Group Metals Reports on Maseve Mine Operations

788 – 550 Burrard Street

Vancouver, BC V6C 2B5

P: 604-899-5450

F: 604-484-4710

News Release No. 17-344

June 09, 2017

Platinum Group Metals Reports on Maseve Mine Operations

(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE MKT)

(“Platinum Group” or the “Company”) reports that during Ma y 2017 the Maseve Mine

produced approximately 2,480 ounces of platinum, palladium, rhodium and gold (“4E”)

in concentrate. Production is increasing and May 2017 was the best monthly level

achieved since commissioning; however, ramp -up continues to be behind schedule.

Further improvement in the ramp-up rate and effective mining grade is required.

Mining and Milling Overview

Delivered tonnes from Block 11 increased in May 2017 to almost 37,000 tonnes. Of the

tonnes delivered from Block 11, approximately 50% were from on reef development to

further open Block 11. Development tonnes have the effect of reducing overall delivered

head grade. Overbreak in mechanized stopes continues to be a focus area for

improvement. Company engineers are developing plans towards the commencement of

hybrid mining in Block 11. Hybrid mining consists of trackless development and

conventional breasting as the mining method ; conventional breasting allows for better

grade control by reducing overbreak and off reef mining. Grades sampled in the mining

faces and from the boreholes in Block 11 are in the range expected from the resource

model. Equipment availability, which had been limiting production, has been improving.

Improved tramming capacity has resulted in higher delivered tonnes to the mill, due in

part to a conveyor belt completion in late May towards Block 11, reducing a 2-kilometre

trucking distance to 1-kilometre. Mill performance is in-line with or in excess of design

specifications and expectations on throughput capacity and recoveries.

A summary of monthly production for calendar 2017 follows:

Month Dry Tonnes

Milled

Average Grade

gms/tonne

Recovery % 4E Ounces in

Concentrate

January, 2017 34,661 1.53 79.2 1,351

February, 2017(1) 36,848 1.59 80.3 1,651

March, 2017(1) 43,961 1.88 83.3 2,140

April, 2017 41,853 2.00 83.8 2,256

May, 2017 50,484 1.81 84.3 2,480

(1) Approximately 7,825 dry tonnes of ore mined in February 2017 were milled in March 2017 due

to severe weather events. This table adjusts the results of milling these 7,825 dry tonnes from

March 2017 back into February 2017 results.

Although the ounces for April and May show a n increase, the overall performance on

ounces produced is lower than targeted.

PLATINUM GROUP METALS LTD. …2

Outlook

The technical team at the Maseve Mine is focussed on improving performance. The

Company highlights that additional working capital will be required to maintain its

covenants with its lenders and to continue its operations. The Company is in discussions

with its lenders for waivers of the minimum working capital provisions and is actively

pursuing further funding. Financing methods in consideration by the Company include

but are not limited to sale of assets, debt or equity. While the Company believes that

further funding and waivers for debt conditions will be achieved, there is no assurance

that such will be concluded on terms acceptable to the Company, or at all.

The Company continues to work with BMO Capital Markets and Macquarie Capital to

review and assess corporate and asset strategic alternatives as well as potential further

financing opportunities.

About Platinum Group Metals Ltd.

Platinum Group, based in Johannesburg, South Africa and Vancouver, Canada, has a

successful track record with more than 20 years of experience in exploration, mine

discovery, mine construction and mine operations.

Formed in 2002, Platinum Group holds significant mineral rights and large-scale reserves

of platinum and palladium in the Bushveld Igneous Complex of South Africa, which is

host to over 70% of the world's primary platinum production. The Company is currently

focused on ramping up the Maseve Mine, its first near -surface platinum mine, to

commercial production.

Platinum Group has delineated new low cost, near surface reserves on the North Limb of

the Bushveld Complex on the Waterberg Project. Waterberg represents a new bulk type

of large scale, shallow low-cost platinum, palladium and gold deposit. Waterberg is one

of the only large scale dominantly palladium deposits in the world.

Qualified Person

R. Michael Jones, P.Eng., the Company’s President, Chief Executive Officer and a

significant 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 technical information contained in this news release.

He has verified the data by reviewing the detailed information of the geological and

engineering staff and the Independent Qualified Person reports as well as visiting the site

regularly.

On behalf of the Board of

Platinum Group Metals Ltd.

“Frank R. Hallam”

CFO and Director

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

www.platinumgroupmetals.net

PLATINUM GROUP METALS LTD. …3

The Toronto Stock Exchange and the NYSE MKT LLC 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 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 state ments 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 fac t are forward -looking statements.

Forward-looking statements in this press release include, without limitation, estimates of

May 2017 monthly production data, statements regarding anticipated or potential

developments at the Maseve Mine including improvements in ramp -up rate, effective

mining grade, overbreak in mechanized slopes, equipment availability and mine

performance, and the commencement of hybrid mining in Block 11 and the anticipated

effects thereof; financing requirements; compliance with working capital covenants and

potential waivers thereof; corporate and asset level strategic alternatives; potential sales

of debt, equity or assets; the potential economics of the Waterberg Project, if developed;

ramp-up and potential achievement of commercial production at the Maseve Mine; and

the Company’s key objectives. Statements of mineral resources and mineral reserves

also constitute forward -looking statements to the extent they represent estimates of

mineralization that will be encountered on a property and/or estimates regarding future

costs, revenues and other matters. Although the Company believes the 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 risks

related to indebtedness; the Company’s capital requirements may exceed its current

expectations; the uncertainty of cost, operational and economic projections; the ability

of the Company to negotiate and complete future funding transactions; variations in

market conditions; the nature, quality and quantity of any mineral deposits that may be

located; metal prices; other prices and costs; currency exchange rates; the Company’s

ability to obtain any necessary permits, consents or authorizations required for its

activities; the Company’s ability to produce minerals from its properties successfully or

profitably, to continue its projected growth, or to be fully able to implement its business

strategies; risks related to contractor performance and labour disruptions; and other risk

factors described in the Company’s Form 40 -F annual report, annual information form

and other filings with the Securities and Exchange Commission and Canadia n securities

regulators, which may be viewed at www.sec.gov and www.sedar.com, respectively.

Cautionary Note to U.S. and other Investors

Estimates of mineralization and other technical information included or referenced in this

press release have been prepared in accordance with NI 43-101. The definitions of proven

and probable reserves used in NI 43-101 differ from the definitions in SEC Industry Guide

7. Under SEC Industry Guide 7 standards, a "final" or "bankable" feasibility study is

required to report reserves, the three-year historical average price is used in any reserve

or cash flow analysis to designate reserves and the primary environmental analysis or

report must be filed with the appropriate governmental authority. As a result, the

reserves reported by the Company in accordance with NI 43 -101 may not qualify as

"reserves" under SEC standards. In addition, the terms "mineral resource", "measured

PLATINUM GROUP METALS LTD. …4

mineral resource", "indicated mineral resource" and "inferred mineral resource" are

defined in and requi red to be disclosed by NI 43 -101; however, these terms are not

defined terms under SEC Industry Guide 7 and normally are not permitted to be used in

reports and registration statements filed with the SEC. Mineral resources 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. "inferred mineral resources" 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. Under Canadian securities laws, estimates of inferred

mineral resources may not form the basis of feasibility or pre -feasibility studies, except

in rare cases. Additionally, disclosure of "contained ounces" in a resource is permitted

disclosure under Canadian securities laws; however, the SEC normally only permit s

issuers to report mineralization that does not constitute "reserves" by SEC standards as

in place tonnage and grade without reference to unit measurements. Accordingly,

information contained or referenced in this press release containing descriptions of the

Company's mineral deposits may not be comparable to similar information made public

by U.S. companies subject to the reporting and disclosure requirements of United States

federal securities laws and the rules and regulations thereunder.