Meeting and Voting Procedures - The annual general meeting of Platinum Group Metals Ltd. is scheduled for February 24, 2026, at 10:00 a.m. Pacific time in Vancouver, British Columbia[11]. - Shareholders will vote on the audited consolidated financial statements for the year ended August 31, 2025, along with the auditor's report[14]. - The management recommends the election of six directors and the appointment of auditors, as well as the approval of an amendment to the share compensation plan[27]. - The company has adopted a Notice and Access model to deliver meeting materials electronically, aiming to enhance environmental sustainability and reduce costs[10]. - Registered shareholders can vote by proxy until 10:00 a.m. Pacific time on February 20, 2026, or 48 hours before any adjourned meetings[21]. - Beneficial shareholders must follow specific instructions from their intermediaries to vote, as they cannot vote directly at the meeting[42]. - The company reports in Canadian dollars, with all dollar references in the circular indicating Canadian dollars unless specified as U.S. dollars[38]. - The management information circular includes details on the proposed amendments to the deferred share unit plan[14]. - The company will bear all costs associated with the solicitation of proxies, which will primarily be conducted by mail[36]. - Shareholders are encouraged to review the entire information circular before voting to make informed decisions[26]. - The Company has issued 123,405,039 Common Shares as of January 8, 2026[54]. - Hosken Consolidated Investments Limited holds 27,767,994 Common Shares, representing 22.50% of the voting rights[57]. - The audited consolidated financial statements for the financial year ended August 31, 2025, have been approved by the Board[59]. - The Meeting will address the election of six directors, with the current Board consisting of six members[60]. - The Company will seek approval for an amendment to its share compensation plan, required every three years by the TSX[62]. - The Majority Voting Policy mandates that any director nominee receiving more "withheld" votes than "for" votes must tender a resignation offer[63]. - The Company will reimburse intermediaries for reasonable out-of-pocket costs incurred in mailing proxy materials to Beneficial Shareholders[49]. - Beneficial Shareholders must return voting instruction forms to Broadridge well in advance of the Meeting to ensure their Common Shares are voted[54]. - The Company has adopted the Notice and Access procedure for distributing proxy-related materials to shareholders[47]. - Beneficial Shareholders can attend the Meeting as proxyholders for registered shareholders to vote their Common Shares[50]. - The company reported a 98.20% approval for the appointment of directors during the 2025 voting results[67]. Share Compensation Plan - The Share Compensation Plan allows for the issuance of RSUs and Options limited to 10% of the issued and outstanding Common Shares at the time of any grant[71]. - Amendments to the Share Compensation Plan include the removal of existing limits on Options granted to non-employee directors, allowing for a maximum value of Options not to exceed $100,000 in any financial year[78]. - The maximum combined annual value of all equity-based compensation granted to a non-employee director may not exceed $150,000, subject to specified exceptions[78]. - The company intends to modernize the Share Compensation Plan by permitting RSU awards for non-executive directors[72]. - The Board recommends shareholders vote FOR the Share Compensation Plan Amendment Resolution[79]. - The company has no indebtedness to the directors listed in the management information circular[68]. - The Share Compensation Plan was last amended and reapproved in February 2023[71]. - The company aims to ensure compliance with current governance and market practices through the amendments to the Share Compensation Plan[72]. - The Share Compensation Plan requires shareholder approval every three years, with the current approval sought for the 2026 Amended and Restated Share Compensation Plan[80]. - The Company can grant options and RSUs under the Share Compensation Plan until February 24, 2029, which is three years from the date of the current shareholder approval[81]. - The maximum aggregate number of Common Shares available for issuance under the Share Compensation Plan is capped at 10% of the outstanding Common Shares[83]. Deferred Share Unit Plan - The 2026 Amended and Restated DSU Plan allows Eligible Directors to convert Board Fees into Deferred Share Units (DSUs) ranging from 20% to 100%[84]. - The 2026 Amended and Restated DSU Plan includes provisions for settling DSUs in Common Shares in addition to cash[85]. - The total number of Common Shares reserved for issuance under the 2026 Amended and Restated DSU Plan shall not exceed 10% of the issued and outstanding Common Shares[91]. - The maximum combined value of all grants to any non-employee director under any security-based compensation arrangements is limited to $150,000 annually[94]. - Redemptions of DSUs may be in Common Shares or cash, with cash settlements calculated based on the Fair Market Value of a Common Share on the Redemption Date[95]. - The aggregate number of Common Shares issuable to Insiders under the 2026 Amended and Restated DSU Plan shall not exceed 10% of the issued and outstanding Common Shares on a non-diluted basis[93]. - The 2026 Amended and Restated DSU Plan will be administered by the Board or designated persons, ensuring compliance with regulatory requirements[92]. - As of the Record Date, there were 1,035,212 DSUs outstanding, representing approximately 0.84% of the issued and outstanding Common Shares[112]. - The 2026 Amended and Restated DSU Plan will not create an additional reserve and will be governed by the existing 10% rolling limit applicable to all security-based compensation arrangements[112]. - The Board has unanimously approved the 2026 Amended and Restated DSU Plan and recommends shareholders vote FOR the resolution[118]. Executive Compensation - The Company does not currently generate operating cash flow and relies on equity and debt financings to fund its exploration and corporate activities[127]. - The Compensation Committee is responsible for ensuring appropriate executive compensation plans are in place to attract and retain talent[126]. - The Company's compensation philosophy includes long-term equity-based incentives as a significant component of executive compensation[128]. - Any DSUs issued or awarded are subject to the Company's Clawback Policy, allowing for cancellation or recovery under certain conditions[110]. - All unvested DSUs will vest immediately prior to a Change of Control as defined in the DSU Plan[109]. - The Company may amend the DSU Plan without participant consent, provided it does not adversely affect previously awarded DSUs[111]. - The 2026 Amended and Restated DSU Plan Resolution must be approved by at least a majority of the votes cast at the Meeting[120]. - The Company's President and CEO received a base salary of $475,000 for the financial year ended August 31, 2025, unchanged from the previous year[148]. - The CFO's base salary increased to $180,156 from $175,610 in the prior year, while the VP Corporate Development's salary rose to $245,858 from $240,350[148]. - The Company paid a total cash bonus of $92,100 to the President and CEO, consistent with the previous year, while the CFO received a bonus of $14,000, up from $13,770[151]. - The Compensation Committee evaluates NEO performance based on key measurements that correlate to long-term shareholder value and overall corporate goals[136]. - The Company aims to align officer compensation with shareholder interests through long-term equity-based incentives, including Options and RSUs[130]. - The Compensation Committee reviews compensation practices of peer companies annually to ensure market competitiveness[134]. - The Company’s share price decreased by approximately 32% from September 1, 2020, to August 31, 2025, compared to a 99% increase in the S&P/TSX Composite Index during the same period[160]. - The Compensation Committee has not recommended changing the base salary for any active NEO for fiscal 2026 despite achieving most performance milestones in fiscal 2025[146]. - The Company maintains a flexible compensation framework to encourage and reward employees based on both individual and corporate performance[130]. - Frank Hallam, President and CEO, received total compensation of $929,746 for the financial year ended August 31, 2025, down from $1,147,914 in 2024[170]. - Gregory Blair, CFO, had total compensation of $307,540 for the financial year ended August 31, 2025, compared to $334,841 in 2024[170]. - Kresimir (Kris) Begic, VP of Corporate Development, earned total compensation of $448,182 for the financial year ended August 31, 2025, down from $561,703 in 2024[170]. Share-Based Awards - The closing price of the Common Shares on the TSX on August 29, 2025, was $2.18[179]. - The Share Compensation Plan limits the number of Options and RSUs that can be issued annually without shareholder approval[167]. - The Company has not re-priced any Options under the Share Compensation Plan during the most recently completed financial year[167]. - The Company’s share-based awards consist of RSUs that are subject to vesting criteria, with values based on the fair market value at the time of grant[175]. - The value of option-based awards vested during the financial year ended August 31, 2025, for Frank Hallam was $27,030, and for Kresimir (Kris) Begic was $16,218[184]. - Share-based awards vested during the same period amounted to $165,182 for Frank Hallam and $66,255 for Kresimir (Kris) Begic[184]. - Non-equity incentive plan compensation earned during the year included $92,100 for Frank Hallam and $33,700 for Kresimir (Kris) Begic[184]. - Mlibo Mgudlwa received $4,055 from option-based awards and $41,641 from share-based awards during the year[185]. - Schalk Engelbrecht's option-based awards vested at $5,406, while his share-based awards amounted to $50,771[185]. Director Compensation - The company does not provide retirement benefits or a pension plan for its directors or officers[186]. - In the event of termination without cause, Frank Hallam is entitled to a severance of 24 months' annual salary, while Kresimir (Kris) Begic is entitled to 12 months' annual salary[191]. - Upon a change of control, non-vested options held by certain executives will be deemed vested, allowing participation in the transaction[192]. - The company has a clawback policy in place to recover incentive-based compensation in the event of a financial restatement due to noncompliance with financial reporting requirements[196][197]. - No termination or change of control payments are payable to Mlibo Mgudlwa under his employment agreement[193]. - The total compensation for non-NEO directors for the financial year ended August 31, 2025, ranged from CAD 110,234 to CAD 145,294, with an average total compensation of approximately CAD 128,000[202]. - Directors' fees are structured with 65% paid in cash and 35% in Deferred Share Units (DSUs)[204]. - The closing price of the Company's Common Shares on the TSX on August 31, 2025, was CAD 2.18[207]. - The Company has no arrangements for additional compensation for non-NEO directors beyond standard fees for their services[205]. - The annual retainer for the Board of Directors is set at USD 55,493.50, with additional fees for committee chairs ranging from USD 10,000 to USD 15,000[206]. - The Company has outstanding option-based awards for directors, with options priced between CAD 1.52 and CAD 2.37, expiring between 2026 and 2029[209]. - The total number of unexercised options for each director varies, with Timothy Marlow holding 21,000 options at an exercise price of CAD 2.32[209]. - The market value of the securities underlying the options at the end of the financial year was CAD 2.18, impacting the value of unexercised options[210]. - The Company does not provide additional compensation for special assignments beyond the per diem rate of USD 1,000 per day[206]. - The compensation structure is reviewed and recommended by the Compensation Committee based on peer group analysis[206].

Vancouver, British Columbia and Johannesburg, South Africa--(Newsfile Corp. - January 14, 2026) - Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) ("Platinum Group", "PTM" or the "Company") reports the Company's financial results for the first fiscal quarter of fiscal 2026 dated November 30, 2025, 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 ...

Financial Performance - For the fiscal year ended August 31, 2025, the Company reported a net loss of $4.54 million, slightly improved from a net loss of $4.61 million in the previous year[16]. - General and administrative expenses increased to $3.66 million from $3.42 million year-over-year[16]. - As of August 31, 2025, accounts receivable totaled $77 thousand, while accounts payable and other liabilities amounted to $0.78 million[18]. Waterberg Project Development - Total expenditures on the Waterberg Project for the year were approximately $2.0 million, down from $3.0 million in the previous year, with accumulated net costs capitalized to the project totaling $49.2 million[19]. - The Waterberg JV Co. approved a sixth stage of work with a budget of Rand 92.1 million (approximately $5.11 million) for fiscal year 2026[8]. - The Company is advancing the Waterberg Project towards a development and construction decision, with ongoing assessments for mine development financing and concentrate offtake arrangements[20][22]. - The Waterberg Project is projected to become one of the largest and lowest cost underground PGM mines globally[30]. - The company is advancing the Waterberg Project towards a development and construction decision, with a focus on financing and mine development[30]. - There is uncertainty regarding the estimated production and development costs for the Waterberg Project, as reported in the Waterberg DFS Update[31]. Financing and Share Issuance - The Company sold 8,941,494 shares at an average price of $1.47, generating gross proceeds of $13.2 million before costs, and an additional 3,728,000 shares at an average price of $2.46 for gross proceeds of $9.16 million after August 31, 2025[11]. - The company may require additional financing and faces risks related to its ability to generate sufficient cash flow[31]. Strategic Initiatives - The Company is exploring the establishment of a platinum group metals smelter and base metal refinery in Saudi Arabia as part of a strategic initiative[12]. - The company is exploring potential commercial alternatives for mine development and establishing a new PGM smelter in Saudi Arabia or elsewhere[30]. ESG and Compliance - The Company achieved a BBB score in its 2025 ESG disclosure report, indicating a commitment to environmental, social, and governance standards[25]. - The Waterberg DFS Update has been prepared in accordance with NI 43-101 and S-K 1300, indicating compliance with Canadian and U.S. standards[32]. Market and Risk Factors - The company faces risks including rising global inflation, supply chain disruptions, and geopolitical tensions that may impact future performance[31]. - The company acknowledges the potential for disputes with other shareholders of Waterberg JV Co. or Mnombo, which could affect project progress[31]. - The company may face challenges in obtaining necessary permits and maintaining compliance with environmental regulations[31]. - The company emphasizes the potential benefits of PGMs in solutions to climate change and the impact of battery electric vehicles on the PGM market[30]. - The Company has engaged in discussions with South African integrated producers for formal concentrate offtake arrangements, with no terms agreed to date[22].

Core Viewpoint - Platinum Group Metals Ltd. reported its financial results for the fiscal year ended August 31, 2025, highlighting the advancement of the Waterberg Project, which is expected to be one of the largest and lowest-cost underground platinum group metals mines globally [1][20]. Financial Results - The company incurred a net loss of $4.54 million for the fiscal year, slightly improved from a net loss of $4.61 million in the previous year [16]. - General and administrative expenses increased to $3.66 million from $3.42 million year-over-year [16]. - Share-based compensation decreased to $1.19 million from $1.36 million [16]. - The foreign exchange gain was $95 thousand, compared to $4 thousand in the previous year, primarily due to the U.S. Dollar's appreciation against the Canadian Dollar [16]. Project Ownership and Structure - As of August 31, 2025, the Waterberg Project is owned by Waterberg JV Resources (Pty) Ltd., with Platinum Group holding a 37.32% interest [4]. - The ownership structure includes Mnombo (26.0%), HJ Platinum Metals Company Ltd. (21.95%), and Impala Platinum Holdings Ltd. (14.73%) [4]. - HJ Platinum Metals Company Ltd. was established in 2023 to hold and fund future equity interests in the Waterberg Project [5]. Recent Developments - On September 17, 2025, Waterberg JV Co. approved a sixth stage of work budgeted at Rand 92.1 million (approximately $5.11 million) for fiscal year 2026 [7]. - A non-brokered private placement of common shares was closed on May 29, 2025, raising $1.0 million, allowing Hosken Consolidated Investments Limited to maintain a 26% interest in the company [8]. - An interim budget of Rand 42 million (approximately $2.27 million) was approved on February 18, 2025, for the continuation of work programs [9]. Project Expenditures - Total expenditures on the Waterberg Project for the year ended August 31, 2025, were approximately $2.0 million, down from $3.0 million in the previous year [19]. - Accumulated net costs capitalized to the Waterberg Project reached $49.2 million as of August 31, 2025, compared to $47.0 million the previous year [19]. Future Outlook - The primary business objective is to advance the Waterberg Project to a development and construction decision [20]. - The company is assessing commercial alternatives for mine development financing and concentrate offtake [22]. - Discussions are ongoing with South African integrated producers regarding formal concentrate offtake arrangements [22]. Environmental, Social, and Governance (ESG) - The company received a BBB score in its 2025 ESG disclosure report from Digbee Ltd., indicating a commitment to improving ESG performance [26].

Group 1: Dell Technologies Inc. - Dell raised its annual revenue growth and annual adjusted EPS growth guidance [2] - Dell plans to increase its quarterly dividend by at least 10% annually through fiscal 2030 [2] - Dell shares jumped 7.7% to $162.57 on Wednesday [2] - Wells Fargo analyst Aaron Rakers maintained Dell with an Overweight rating and raised the price target from $160 to $180 [1] - Bernstein analyst Mark Newman maintained the stock with an Outperform rating and raised the price target from $175 to $180 [1] Group 2: Market Performance - U.S. stocks were higher, with the Dow Jones index gaining around 100 points on Wednesday [1] - Several other stocks recorded significant gains, including Nanobiotix S.A. which jumped 24.4% to $26.08 [4] - I-Mab gained 22.7% to $5.36, and Diginex Limited rose 19.2% to $28.85 [4] - Critical Metals Corp. gained 18% to $11.82 after signing a 10-year offtake deal [4] - Select Medical Holdings Corporation gained 12.8% to $14.71, with RBC Capital analyst raising the price target from $16 to $20 [4]

Financial Performance - The Company reported a negative operating cash flow for the nine-month period ended May 31, 2025, indicating ongoing financial challenges[8]. - As of May 31, 2025, the company had working capital of $5.0 million and a cash balance of $5.7 million, with a total comprehensive loss of $4.0 million for the nine-month period[119]. - For the nine-month period ended May 31, 2025, the company incurred a net loss of $3.4 million, a decrease from a loss of $4.0 million in the same period the previous year[124]. - General and administrative expenses totaled $2.8 million for the nine-month period, compared to $2.6 million in the prior year, with share-based compensation decreasing to $0.8 million from $1.6 million[124]. - The company has never declared nor paid dividends on its Common Shares and does not intend to do so in the foreseeable future[127]. Project Development - The Company is in the development stage and continues to incur losses until the Waterberg Project reaches commercial production on a profitable basis[8]. - The Company is focused on obtaining a water use license and environmental permits for the Waterberg Project, which is located approximately 85 km north of Mokopane, South Africa[5]. - The Company is negotiating long-term access agreements with communities recognized as titled landowners of three farms where mining infrastructure is planned[5]. - The Company is actively monitoring and managing key environmental, social sustainability, and governance activities at the Waterberg Project[7]. - The Company aims to advance the Waterberg Project to a development and construction decision, requiring project financing and concentrate offtake arrangements[138]. Financial Support and Investments - The Company anticipates the completion of additional required financings and potential terms thereof to support its operations[5]. - The Company raised gross proceeds of $5.75 million by selling 4,350,928 Common Shares at an average price of US$1.32 during the nine-month period ended May 31, 2025[113]. - A non-brokered private placement on September 18, 2023, raised gross proceeds of US$2.5 million by issuing 2,118,645 Common Shares at US$1.18 per share[115]. - The Company has committed to advancing the Waterberg Project and general corporate purposes with the proceeds from recent equity financings[116]. - The Company received net proceeds of $12.1 million from the 2025 ATM, including $6.5 million after May 31, 2025, and an additional $1.0 million from a private placement with its largest shareholder[120]. Resource Estimates and Mining Operations - The Waterberg DFS Update reported total Measured and Indicated mineral resources of 345.03 million tonnes grading 3.04 4E g/t, equating to 33.76 million 4E oz, a 9.5% increase from the previous estimate[54]. - Proven and Probable mineral reserves increased by 20% to 23.41 million 4E oz, with an average grade of 2.96 4E g/t[55]. - The estimated after-tax net present value (NPV) of the project is $569 million, with an Internal Rate of Return (IRR) of 14.2%[55]. - The total project capital is estimated at $946 million, including 8.5% for contingencies, with peak capital estimated at $776 million[55]. - The Waterberg Project is expected to produce 4.8 million tonnes of ore per annum, with a life of mine (LOM) average of 353,208 4E ounces per year in concentrate, and maximum annual production estimated at 432,950 4E ounces[73]. Environmental and Social Governance (ESG) - The Company is exploring the establishment of a smelter and BMR in Saudi Arabia, supported by a cooperation agreement with Ajlan & Bros Mining and Metals Co.[44]. - The Waterberg SLP has budgeted R428.9 million (approximately $23.85 million) over a five-year period for community development initiatives[85]. - The company aims to achieve a high level of understanding and commitment to ESG performance indicators, covering social risk management, grievance management, and environmental impact mitigation[88]. - The company has engaged with Digbee Ltd. to assess its ESG development, achieving an overall score of BBB based on independent evaluation[91]. - The Company has developed a formal grievance mechanism for local communities, translated into the local language (Sepedi), to ensure accessibility[100]. Technological Development - The Company is developing next-generation battery technology through its joint venture, Lion Battery Technologies Inc.[7]. - The Company invested $4.69 million in Lion Battery Technologies Inc. to accelerate the development of next-generation battery technology[25]. - Lion has secured multiple patents related to battery technology utilizing platinum and palladium, with ongoing commercialization efforts[27]. - The Company is investing in battery technology through Lion with Valterra, aiming for vertical integration in the lithium battery market[143]. Market Conditions and Future Outlook - PGE prices have been volatile since 2022 but have increased since April 2025 due to rising Chinese investment and jewelry demand, as well as a rebound in global internal combustion vehicle production[141]. - The company anticipates strong future demand for platinum, rhodium, gold, copper, and nickel, with copper and nickel being crucial for battery electric vehicles[142]. - The long-term metal prices assumed for cut-off grade estimates include Pt at $1,050/oz, Pd at $1,300/oz, Rh at $5,000/oz, Au at $1,650/oz, Cu at $3.50/lb, and Ni at $8.50/lb[5].

Core Viewpoint - Platinum Group Metals Ltd. is focused on advancing the Waterberg Project in South Africa, which is projected to be one of the largest and lowest-cost underground platinum group metals mines globally [1][23]. Financial Results - For the nine months ended May 31, 2025, the company reported a net loss of $3.40 million, an improvement from a net loss of $4.02 million in the same period in 2024 [14]. - General and administrative expenses increased to $2.78 million from $2.57 million year-over-year, while stock-based compensation decreased to $0.79 million from $1.61 million [14]. - Basic and diluted loss per share was $0.03, compared to $0.04 for the same period in 2024 [15]. Project Development - The Waterberg Project is owned by Waterberg JV Resources, with Platinum Group holding a 37.32% interest [5]. - The company aims to finalize construction financing and concentrate offtake agreements to advance the Waterberg Project to a development and construction decision [2][23]. - An interim budget of Rand 42 million (approximately $2.27 million) was approved to continue work programs for the Waterberg Project [7]. Recent Events - A non-brokered private placement raised $1.0 million by issuing 800,000 common shares at $1.26 each, allowing a major shareholder to regain a 26% interest in the company [6]. - The company entered into an Equity Distribution Agreement to distribute up to $50 million of common shares through an at-the-market equity program [8][10]. Smelting and Refining Initiatives - A memorandum of understanding was signed with Ajlan & Bros for establishing a platinum group metals smelter and base metal refinery in Saudi Arabia [11]. - The company is conducting a trade-off study to assess the feasibility of exporting PGM concentrate from South Africa to Saudi Arabia [20][22]. Market Outlook - The company is exploring new applications for PGMs in battery technologies through its initiative with Lion Battery Technologies [2][29]. - Despite recent global tariffs raising market uncertainties, platinum and palladium prices have been increasing due to strong demand and supply concerns [30][32]. Environmental, Social, and Governance (ESG) - The company received a BBB score in its fourth annual ESG disclosure report, indicating a commitment to improving ESG performance [33][34].

[Platinum Group Metals Announces Positive Results of Annual General Meeting of Shareholders](index=1&type=section&id=Platinum%20Group%20Metals%20Announces%20Positive%20Results%20of%20Annual%20General%20Meeting%20of%20Shareholders) Platinum Group Metals Ltd. announced positive results from its Annual General Meeting on February 28, 2025, with strong shareholder support for the board of directors and all proposed resolutions - Platinum Group Metals Ltd. announced positive results from its Annual General Meeting on February 28, 2025, with strong shareholder support for the board of directors and all proposed resolutions[1](index=1&type=chunk)[2](index=2&type=chunk) [Annual General Meeting Results](index=1&type=section&id=Annual%20General%20Meeting%20Results) The Annual General Meeting held on February 28, 2025, had a shareholder turnout representing 59.31% of eligible shares, with all six management nominees for the board of directors elected with strong support, and the re-appointment of PricewaterhouseCoopers LLP as the company's auditor approved - Shareholder turnout for the Annual General Meeting was **59.31%** of the issued shares eligible to vote[2](index=2&type=chunk) Director Election Proxy Voting Results | DIRECTOR | NUMBER OF SHARES FOR | PERCENTAGE OF VOTES FOR | PERCENTAGE OF VOTES WITHHELD | | :--- | :--- | :--- | :--- | | Diana Walters | 48,788,342 | 99.10% | 0.90% | | Frank Hallam | 48,759,306 | 99.05% | 0.95% | | Timothy Marlow | 48,345,254 | 98.20% | 1.80% | | John Copelyn | 48,671,091 | 98.87% | 1.13% | | Stuart Harshaw | 48,732,566 | 98.99% | 1.01% | | Mpho Makwana | 48,764,078 | 99.06% | 0.94% | - The re-appointment of PricewaterhouseCoopers LLP as auditors was approved by **96.99%** of shareholders[3](index=3&type=chunk) [About Platinum Group Metals Ltd.](index=1&type=section&id=About%20Platinum%20Group%20Metals%20Ltd.) Platinum Group Metals Ltd. is the operator of the Waterberg Project, a significant underground palladium and platinum deposit located in South Africa, which is a joint venture with several partners - The company operates the Waterberg Project, a bulk underground palladium and platinum deposit in South Africa[5](index=5&type=chunk) - The Waterberg Project is a joint venture with Impala Platinum Holdings Ltd., Mnombo Wethu Consultants (Pty) Ltd., and HJ Platinum Metals Company Ltd. (representing Japan Organization for Metals and Energy Security and Hanwa Co. Ltd.)[5](index=5&type=chunk) [Disclosure](index=2&type=section&id=Disclosure) This section contains a standard disclosure stating that the Toronto Stock Exchange and NYSE American have not reviewed the news release for accuracy, along with a forward-looking statements disclaimer - 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[6](index=6&type=chunk) - The press release contains forward-looking statements and cautions that actual results may differ materially from those projected, directing readers to the company's risk factors in its SEC and Canadian securities filings[7](index=7&type=chunk)

Core Points - Platinum Group Metals Ltd. announced positive results from its Annual General Meeting held on February 28, 2025, in Vancouver, British Columbia [1] - The meeting had a shareholder turnout of 59.31% of issued shares eligible to vote, with strong support for the Board's appointment and proposed resolutions [2] Shareholder Voting Results - The number of directors was fixed at six, and all management's nominees were elected by shareholders [2] - Voting results for each director were as follows: - Diana Walters: 48,788,342 shares (99.10% for, 0.90% withheld) - Frank Hallam: 48,759,306 shares (99.05% for, 0.95% withheld) - Timothy Marlow: 48,345,254 shares (98.20% for, 1.80% withheld) - John Copelyn: 48,671,091 shares (98.87% for, 1.13% withheld) - Stuart Harshaw: 48,732,566 shares (98.99% for, 1.01% withheld) - Mpho Makwana: 48,764,078 shares (99.06% for, 0.94% withheld) [2] Auditor Re-appointment - PricewaterhouseCoopers LLP was re-appointed as auditors for the ensuing year, with 96.99% of shareholders voting in favor [2] Company Overview - Platinum Group Metals Ltd. operates the Waterberg Project, a bulk underground palladium and platinum deposit located in South Africa, in joint venture with several partners [4]

[Preliminary Notes](index=2&type=section&id=Preliminary%20Notes) This section provides disclaimers on forward-looking statements, legal compliance, and mineral reserve estimations [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section outlines the forward-looking statements within the report, which are subject to numerous risks and uncertainties - Forward-looking statements cover expectations regarding the **2025 At-The-Market (ATM) offering**, project financing, smelting arrangements, and projections from the Waterberg Definitive Feasibility Study (DFS) Update[5](index=5&type=chunk) - Key risk factors that could affect future results include the adequacy of capital, ability of partners to fund their share, future metal prices, power supply from ESKOM, South African political developments, and potential litigation outcomes[8](index=8&type=chunk) - Additional risks include labor disruptions, community relations, foreign exchange controls, and the potential for the Company's shares to be delisted[14](index=14&type=chunk) [Legislation and Mining Charter 2018](index=9&type=section&id=Legislation%20and%20Mining%20Charter%202018) The report notes legal requirements in South Africa under the MPRDA and Mining Charter 2018 for BEE shareholding - South African regulations require Waterberg JV Co. to have a **26% BEE shareholding** for the grant of a mining right, which must increase to **30% within five years** of the right's effective date[15](index=15&type=chunk) [Mineral Reserves and Resources](index=9&type=section&id=Mineral%20Reserves%20and%20Resources) Mineral resource and reserve figures are estimates, with differences noted between NI 43-101 and SEC S-K 1300 standards - Mineral resource and reserve estimates are expressions of judgment and may change as new information becomes available[17](index=17&type=chunk) - The technical information is prepared under Canadian NI 43-101 and SEC S-K 1300 standards, and has been reviewed by a Qualified Person, Robert van Egmond, P.Geo[18](index=18&type=chunk)[19](index=19&type=chunk) [Description of Business](index=11&type=section&id=1.%20DESCRIPTION%20OF%20BUSINESS) This section details the company's core business, focusing on the Waterberg Project and its strategic partnerships [Overview](index=11&type=section&id=Overview) Platinum Group Metals Ltd. focuses on the Waterberg Project in South Africa, holding a 50.16% interest - The Company's primary focus is the development of the **Waterberg Project**, a PGE and base metal deposit on the Northern Limb of the Bushveld Igneous Complex in South Africa[23](index=23&type=chunk) - As of November 30, 2024, the Company holds a **50.16% controlling beneficial interest** in the Waterberg Project and serves as its operator[24](index=24&type=chunk) - An updated Definitive Feasibility Study (Waterberg DFS Update) was published on September 16, 2024, and the company is exploring concentrate offtake arrangements or the possibility of constructing its own smelter[25](index=25&type=chunk)[26](index=26&type=chunk) [Lion Battery Technologies Inc.](index=11&type=section&id=Lion%20Battery%20Technologies%20Inc.) Lion Battery Technologies Inc. is a joint venture developing next-generation battery technology using platinum and palladium - Lion Battery Technologies is a joint venture with Amplats to develop next-generation battery technology using platinum and palladium[27](index=27&type=chunk) - Lion has exclusive rights to **five U.S. patents** issued to Florida International University for battery technology involving PGMs and has engaged The Battery Innovation Center (BIC) to help drive commercialization[30](index=30&type=chunk)[31](index=31&type=chunk) Funding to Lion Battery Technologies Inc. (in thousands) | Date | Gross Funding to Lion | | :--- | :--- | | July 2019 | $1,100 | | June 2020 | $700 | | February 2021 | $700 | | February 2022 | $500 | | February 2023 | $590 | | June 2023 | $560 | | November 2023 | $362 | | December 2023 | $100 | | October 2024 | $80 | | **Total** | **$4,692** | [Personnel](index=12&type=section&id=Personnel) The Waterberg Project is operated by the Company's staff, supplemented by contract services and consultants - The Company's personnel includes **8 individuals in South Africa** and **5 in Canada**, supported by contractors and consultants[32](index=32&type=chunk) [Properties](index=13&type=section&id=2.%20PROPERTIES) This section details the company's key asset, the Waterberg Project, including its development status and strategic plans [Waterberg Project](index=13&type=section&id=WATERBERG%20PROJECT) This section provides a comprehensive update on the Waterberg Project, detailing recent activities, financing, and strategic alternatives - During the period ended November 30, 2024, **$0.6 million** in expenditures were capitalized for the Waterberg Project[35](index=35&type=chunk) - As of November 30, 2024, accumulated net capitalized costs for the project totaled **$46.9 million**, with approximately **$89.7 million** spent since inception from all funding sources[36](index=36&type=chunk) [Recent Activities](index=13&type=section&id=Recent%20Activities) Work on the Waterberg Project is progressing through staged budgets, with Implats' interest diluted due to non-funding - Waterberg JV Co. approved a Stage Three Budget of **R29.8 million (~$1.65M)** and a Stage Four Budget of **R24.4 million (~$1.35M)**[39](index=39&type=chunk)[40](index=40&type=chunk) - Implats did not fund its share of the Stage Three and Four budgets, resulting in its interest being diluted to approximately **14.86%**, with Platinum Group funding the shortfall[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) - A new Waterberg Stage Five budget is planned for introduction in early calendar 2025[42](index=42&type=chunk) [Concentrate Offtake and Processing](index=14&type=section&id=Concentrate%20Offtake%20and%20Processing) The Company is exploring commercial alternatives for concentrate offtake, including a potential smelter in Saudi Arabia - The company is pursuing three main options for concentrate processing: offtake agreements with existing South African smelters, building a new smelter in South Africa, or building a new smelter outside South Africa[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - A Cooperation Agreement was signed with Ajlan & Bros Mining to study building a PGM smelter and BMR in Saudi Arabia, with a market study concluding its viability by combining Waterberg concentrate with recycled catalysts from the Gulf Region[46](index=46&type=chunk)[48](index=48&type=chunk) - The next step is a potential **$4.0 million Smelter DFS** for the Saudi Arabian facility, to be split 50:50 with Ajlan, requiring long-term approval for unrefined concentrate export from South Africa[49](index=49&type=chunk)[50](index=50&type=chunk) [Waterberg DFS Update](index=15&type=section&id=Waterberg%20DFS%20Update) The September 2024 Waterberg DFS Update shows significant improvements, including increased reserves and an extended mine life Waterberg DFS Update Highlights (Sept 2024) | Metric | Value | | :--- | :--- | | **Proven & Probable Reserves** | 23.41 million 4E oz (20% increase) | | **Measured & Indicated Resources** | 33.76 million 4E oz (9.5% increase) | | **Life of Mine (LOM)** | 54 years | | **Peak Annual Production** | 432,950 4E oz | | **After-Tax NPV (8%)** | $569 million | | **After-Tax IRR** | 14.2% | | **LOM Average Cash Cost** | $658 per 4E oz | | **All-in Sustaining Cost (AISC)** | $761 per 4E oz | | **Total Project Capital** | $946 million | Waterberg Mineral Reserves (Proven & Probable, Aug 31, 2024) | Zone | Tonnes (M) | 4E Grade (g/t) | 4E Metal (Moz) | | :--- | :--- | :--- | :--- | | T-Zone | 19.23 | 3.84 | 2.371 | | F-Zone Total | 226.97 | 2.88 | 21.034 | | **Waterberg Total** | **246.20** | **2.96** | **23.406** | DFS Update Long-Term Real Price Deck Assumptions | Commodity | Unit | Price (USD) | | :--- | :--- | :--- | | Platinum (Pt) | oz | $1,605 | | Palladium (Pd) | oz | $1,062 | | Gold (Au) | oz | $1,812 | | Rhodium (Rh) | oz | $6,209 | | Copper (Cu) | lb | $4.53 | | Nickel (Ni) | lb | $9.73 | | **Exchange Rate (Long Term)** | **USD/ZAR** | **20.07** | [Mining Right and Community Considerations](index=20&type=section&id=Mining%20Right%20and%20Community%20Considerations) The Waterberg Mining Right is active but faces a legal challenge, while community relations and infrastructure planning advance - The Waterberg Mining Right was granted on January 28, 2021, and remains active[70](index=70&type=chunk) - A legal application was filed in March 2024 to set aside the mining right grant; the company has filed a notice of opposition and believes the grant was correctly issued[71](index=71&type=chunk)[72](index=72&type=chunk) - A final settlement agreement with the principal host community was executed in April 2024, and work on long-term surface lease agreements is underway[73](index=73&type=chunk) - Planning for water supply, power infrastructure (including a potential solar farm), and workforce training is advancing in collaboration with local communities and ESKOM[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) [Social and Labour Plan (SLP)](index=21&type=section&id=Social%20and%20Labour%20Plan%20(SLP)) The Waterberg SLP outlines a **R428.9 million** (approx. **$23.77 million**) budget over five years for community development - The Waterberg SLP has a budgeted expenditure of **R428.9 million** (approx. **$23.77 million**) over a five-year period to support local communities[81](index=81&type=chunk) - The SLP includes **R13.3 million** for Human Resource Development, focusing on skills training, learnerships, and bursary programs[82](index=82&type=chunk) - A budget of **R405.6 million** is allocated for Local Economic Development projects, including infrastructure, school and clinic support, and water projects[83](index=83&type=chunk) [Environmental, Social and Governance (ESG)](index=24&type=section&id=Environmental,%20Social%20and%20Governance%20(ESG)) The Company emphasizes its commitment to responsible and sustainable business practices, guided by core ESG values and independent assessment - The Company engaged Digbee Ltd. for an independent ESG assessment, achieving an overall score of **BBB** in September 2024[88](index=88&type=chunk)[90](index=90&type=chunk) - Environmental initiatives in the Waterberg DFS Update include using dry stack tailings, which reduces steady-state water requirements by **36%**[94](index=94&type=chunk) - Social initiatives include creating community trusts, providing legal representation for communities, granting bursaries, and implementing a formal grievance mechanism[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) - Governance is managed through several board committees, including the Environmental, Health, Safety and Technical Advisory Committee, and policies covering human rights, anti-bribery, and business conduct[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) [Discussion of Operations and Financial Condition](index=28&type=section&id=3.%20DISCUSSION%20OF%20OPERATIONS%20AND%20FINANCIAL%20CONDITION) This section analyzes the company's financial performance, liquidity, capital resources, and going concern status [Liquidity, Capital Resources and Going Concern](index=28&type=section&id=(A)%20Liquidity,%20Capital%20Resources%20and%20Going%20Concern) The Company is managing liquidity through equity financing, but faces substantial doubt about its ability to continue as a going concern - The Company established a new At-The-Market (ATM) program in December 2024, allowing it to sell up to **$50 million** in common shares[108](index=108&type=chunk) Financial Position as of Nov 30, 2024 | Metric | Value (USD) | | :--- | :--- | | Working Capital | $1.6 million | | Cash Balance | $2.1 million | | Comprehensive Loss (Q1 2025) | $2.7 million | | Cash Outflows from Operations | $0.8 million | - Management has identified material uncertainties that raise substantial doubt about the Company's ability to continue as a going concern, as additional financing is required to fund operations for the next year[115](index=115&type=chunk)[116](index=116&type=chunk) Contractual Obligations as of Nov 30, 2024 (in thousands) | Payments Due by Year | < 1 Year | 1 - 3 Years | 4 - 5 Years | > 5 Years | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Lease Obligations | $101 | $266 | $24 | $ - | $391 | | Environmental Bonds | $47 | $140 | $93 | $ - | $280 | | **Totals** | **$148** | **$406** | **$117** | **$ -** | **$671** | [Results of Operations](index=29&type=section&id=(B)%20Results%20of%20Operations) For Q1 2025, the Company reported an increased net loss of **$1.8 million**, primarily due to higher share-based compensation Q1 2025 vs Q1 2024 Results (in millions USD) | Metric | Q1 2025 (ended Nov 30, 2024) | Q1 2024 (ended Nov 30, 2023) | | :--- | :--- | :--- | | Net Loss | $1.8 | $1.6 | | General & Admin Expenses | $1.2 | $1.1 | | Share Based Compensation | $0.7 | $0.5 | | Waterberg Project Spend | $0.6 | $1.0 | Quarterly Financial Information (in thousands USD, except per share) | Quarter ended | Nov. 30, 2024 | Aug. 31, 2024 | May 31, 2024 | Feb. 29, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net loss | $1,835 | $590 | $1,646 | $813 | | Basic loss per share | $0.02 | $0.01 | $0.02 | $0.01 | | Total assets | $50,170 | $52,093 | $49,850 | $49,494 | [Dividends](index=30&type=section&id=4.%20DIVIDENDS) This section outlines the company's dividend policy, indicating no current intention to pay dividends [Dividend Policy](index=30&type=section&id=Dividend%20Policy) The Company has never paid dividends and anticipates reinvesting all available funds to finance its business - The Company has never declared or paid a dividend and does not intend to in the foreseeable future[121](index=121&type=chunk) [Related Party Transactions](index=30&type=section&id=5.%20RELATED%20PARTY%20TRANSACTIONS) This section summarizes transactions with related parties, including director fees and a private placement with a major shareholder [Summary of Transactions](index=30&type=section&id=Summary%20of%20Transactions) Related party transactions include director fees and a private placement with Deepkloof Limited, a subsidiary of HCI - During the period, **$86,000** was paid or accrued to independent directors for fees and services[123](index=123&type=chunk) - Deepkloof Limited, a subsidiary of HCI, subscribed to a private placement of **2,118,645 common shares** for gross proceeds of **$2.5 million** in September 2023, with HCI holding a **26.3% interest** as of August 31, 2024[123](index=123&type=chunk) [Off-Balance Sheet Arrangements](index=31&type=section&id=6.%20OFF-BALANCE%20SHEET%20ARRANGEMENTS) This section confirms the absence of any special purpose entities or off-balance sheet arrangements [Status of Arrangements](index=31&type=section&id=Status%20of%20Arrangements) The Company confirms that it does not have any special purpose entities and is not a party to any off-balance sheet arrangements - The Company has no off-balance sheet arrangements[124](index=124&type=chunk) [Outstanding Share Data](index=31&type=section&id=7.%20OUTSTANDING%20SHARE%20DATA) This section provides a snapshot of the Company's outstanding securities, including common shares and options [Share Capital Summary](index=31&type=section&id=Share%20Capital%20Summary) This section provides a snapshot of the Company's outstanding securities, including common shares, incentive stock options, and restricted share units Outstanding Securities | Security Type | As of Nov 30, 2024 | As of MD&A Date (Jan 14, 2025) | | :--- | :--- | :--- | | Common Shares | 102,687,546 | 102,732,914 | | Incentive Stock Options | 3,656,520 | 3,644,520 | | Restricted Share Units | 790,927 | 726,998 | [Risk Factors](index=31&type=section&id=8.%20RISK%20FACTORS) This section highlights key risks, including the impact of international conflicts on commodity prices and supply chains [Key Risk Disclosures](index=31&type=section&id=Key%20Risk%20Disclosures) The Company is subject to numerous risks detailed in its 2024 AIF and 40-F filings, including international conflicts - The Company directs readers to its 2024 AIF and 2024 40-F for a comprehensive list of business risks[126](index=126&type=chunk) - International conflicts, like the Russian-Ukrainian war, are highlighted as a specific risk that can cause volatility in commodity prices and supply chains, potentially having an adverse effect on the Company[127](index=127&type=chunk)[128](index=128&type=chunk) [Outlook](index=31&type=section&id=9.%20OUTLOOK) This section outlines the company's future objectives, focusing on the Waterberg Project and long-term market trends [Company Outlook](index=31&type=section&id=Company%20Outlook) The Company's primary objective is to advance the Waterberg Project to a construction decision, contingent on financing and offtake - The key business objective is to advance the Waterberg Project to a construction decision, which requires securing project financing and concentrate offtake[129](index=129&type=chunk) - The company is evaluating the feasibility of establishing its own smelter and BMR as an alternative to traditional offtake agreements[130](index=130&type=chunk) - While PGM prices have been volatile and declining since 2021/22, the long-term demand for platinum, copper, and nickel is projected to be strong, partly due to their use in battery electric vehicles and the hydrogen economy[132](index=132&type=chunk)[133](index=133&type=chunk) - The investment in Lion Battery Technologies represents a potential vertical integration opportunity in the high-profile battery research field[134](index=134&type=chunk) [Significant Accounting Judgements and Estimates](index=33&type=section&id=10.%20SIGNIFICANT%20ACCOUNTING%20JUDGEMENTS%20AND%20ESTIMATES) This section details key areas where management applies significant judgment and estimates in financial reporting [Key Judgements and Estimates](index=33&type=section&id=Key%20Judgements%20and%20Estimates) Management applies significant judgment in assessing impairment indicators for mineral properties and assuming control over Waterberg JV Co - Management applies significant judgment in assessing impairment indicators for its mineral properties, considering factors like metal prices and business climate[137](index=137&type=chunk) - The Company has judged that it controls Waterberg JV Co. based on its direct and indirect ownership interest (effective **63.19%**) and its role as project manager[138](index=138&type=chunk) [Disclosure Controls and Internal Control Over Financial Reporting](index=34&type=section&id=11.%20DISCLOSURE%20CONTROLS%20AND%20INTERNAL%20CONTROL%20OVER%20FINANCIAL%20REPORTING) This section confirms the Company's maintenance of disclosure controls and internal controls over financial reporting [Controls and Procedures](index=34&type=section&id=Controls%20and%20Procedures) The Company maintains disclosure controls and procedures, with no material changes to internal control over financial reporting - The Company maintains disclosure controls and procedures to ensure compliance with SEC and Canadian Securities Administrators requirements[139](index=139&type=chunk) - There were no material changes to the Company's internal control over financial reporting during the period ending November 30, 2024[140](index=140&type=chunk) [Other Information](index=34&type=section&id=12.%20OTHER%20INFORMATION) This section directs readers to other public filings for additional information about the Company [Additional Information](index=34&type=section&id=Additional%20Information) This section directs readers to other public filings for additional information about the Company on SEDAR+ and EDGAR - Additional information about the Company can be found on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov)[141](index=141&type=chunk) [List of Directors and Officers](index=34&type=section&id=13.%20LIST%20OF%20DIRECTORS%20AND%20OFFICERS) This section provides a list of the Company's directors and officers as of the reporting date [Directors and Officers](index=34&type=section&id=Directors%20and%20Officers) The report concludes with a list of the Company's directors and officers as of the reporting date Directors and Officers | Role | Name(s) | | :--- | :--- | | **Directors** | Diana Walters, Frank R. Hallam, Timothy Marlow, John Copelyn, Mpho Makwana | | **Officers** | Frank R. Hallam (President & CEO), Greg Blair (CFO), Kris Begic (VP, Corporate Development), Mimy Fernandez-Maldonado (Corporate Secretary), Stuart Harshaw |