[Interim Condensed Consolidated Financial Statements](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Consolidated Statements of Financial Position](index=2&type=section&id=Interim%20Consolidated%20Statements%20of%20Financial%20Position) As of May 31, 2024, total assets were $49.85M, liabilities $2.16M, and equity $47.69M, reflecting changes from August 2023 Consolidated Statement of Financial Position Highlights (in thousands of USD) | Account | May 31, 2024 | August 31, 2023 | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | $4,765 | $6,989 | ($2,224) | | Mineral properties | $44,051 | $41,614 | $2,437 | | **Total Assets** | **$49,850** | **$50,021** | **($171)** | | **Liabilities** | | | | | Accounts payable and accrued liabilities | $236 | $1,367 | ($1,131) | | **Total Liabilities** | **$2,159** | **$2,647** | **($488)** | | **Equity** | | | | | Total shareholders' equity | $47,691 | $47,374 | $317 | [Interim Consolidated Statements of Loss and Comprehensive Loss](index=3&type=section&id=Interim%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) For the nine months ended May 31, 2024, net loss was $4.017M, with comprehensive loss at $3.795M, a significant improvement from prior year Statement of Loss Highlights (in thousands of USD, except per share data) | Metric | Nine months ended May 31, 2024 | Nine months ended May 31, 2023 | | :--- | :--- | :--- | | General and administrative | $2,567 | $2,922 | | Stock based compensation expense | $1,613 | $1,586 | | **Net Loss for the period** | **$4,017** | **$4,049** | | **Comprehensive Loss for the period** | **$3,795** | **$10,157** | | Basic and diluted loss per common share | $0.04 | $0.04 | [Interim Consolidated Statements of Changes in Equity](index=4&type=section&id=Interim%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total shareholders' equity increased to $47.69M by May 31, 2024, driven by a $2.5M share issuance and $1.1M stock compensation, offsetting a $4.017M net loss - Shareholders' equity increased from **$25.73 million** to **$24.94 million** for shareholders of the parent company, while non-controlling interest increased from **$21.65 million** to **$22.75 million**[6](index=6&type=chunk) - Key equity changes during the nine-month period included a **$2.5 million** share issuance, a **$4.017 million** net loss, and **$1.1 million** in stock-based compensation[6](index=6&type=chunk) [Interim Consolidated Statements of Cash Flows](index=5&type=section&id=Interim%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash decreased by $2.446 million for the nine months ended May 31, 2024, primarily due to investing activities, partially offset by financing activities Cash Flow Summary (in thousands of USD) | Activity | For the nine-month period ended May 31, 2024 | For the nine-month period ended May 31, 2023 | | :--- | :--- | :--- | | Net cash from Operating Activities | ($1,801) | ($3,087) | | Net cash from Financing Activities | $2,384 | $2,521 | | Net cash from Investing Activities | ($3,029) | ($3,172) | | **Net decrease in cash** | **($2,446)** | **($3,738)** | | **Cash, end of period** | **$4,765** | **$8,218** | [Notes to the Interim Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes cover company operations, accounting policies, Waterberg Project focus, ownership, financing, legal proceedings, and related-party transactions under IFRS [Note 1. Nature of Operations](index=6&type=section&id=1.%20NATURE%20OF%20OPERATIONS) Platinum Group Metals Ltd. is a development-stage company focused on mineral properties in South Africa, primarily the Waterberg Project, held through subsidiaries and joint ventures - The company is a development-stage entity focused on mineral properties in South Africa containing platinum group metals[8](index=8&type=chunk) - The company holds its interests through several subsidiaries, including a **37.10%** direct interest in Waterberg JV Resources (Pty) Ltd. and a **52.08%** interest in Lion Battery Technologies Inc[10](index=10&type=chunk) [Note 2. Basis of Presentation and Material Accounting Policies](index=6&type=section&id=2.%20BASIS%20OF%20PRESENTATION%20AND%20MATERIAL%20ACCOUNTING%20POLICIES) Interim consolidated financial statements are prepared under IFRS (IAS 34), consistent with annual policies, with the United States Dollar (USD) as the presentation currency - Financial statements are prepared in accordance with IFRS applicable to interim financial statements (IAS 34)[12](index=12&type=chunk) - The presentation currency is the United States Dollar (USD)[13](index=13&type=chunk) [Note 3. Mineral Properties](index=7&type=section&id=3.%20MINERAL%20PROPERTIES) The Waterberg Project's capitalized costs increased to $44.05 million, with the company holding a 50.07% controlling interest, while the mining right faces ongoing legal challenges Waterberg Project Capitalized Costs (in thousands of USD) | Date | Amount | | :--- | :--- | | Balance August 31, 2023 | $41,614 | | Additions | $2,299 | | Foreign currency translation adjustment | $138 | | **Balance May 31, 2024** | **$44,051** | - As of May 31, 2024, the company held a controlling **50.07%** interest in Waterberg JV Co. This interest is expected to increase to **50.16%** after covering a cash call for partner Implats, whose interest will be diluted to **14.86%**[23](index=23&type=chunk)[28](index=28&type=chunk) - A new legal application was filed on March 7, 2024, seeking to set aside the 2021 grant of the Waterberg Mining Right. The company has filed a notice of opposition[32](index=32&type=chunk) [Note 4. Lion Battery Technologies Inc.](index=9&type=section&id=4.%20LION%20BATTERY%20TECHNOLOGIES%20INC.) Lion Battery Technologies Inc., a joint venture with Amplats, researches PGM-based battery technology, funded with $4.612 million, holding five U.S. patents and engaging BIC for commercialization - Lion is a joint venture with Amplats to research PGM-based battery technology, with total funding of **$4.612 million** as of May 31, 2024[33](index=33&type=chunk)[34](index=34&type=chunk) - Lion holds exclusive rights to five U.S. patents for battery technology and has engaged The Battery Innovation Center (BIC) to advance commercialization efforts[36](index=36&type=chunk)[37](index=37&type=chunk) [Note 5. Share Capital](index=10&type=section&id=5.%20SHARE%20CAPITAL) Fiscal 2024 share capital activities include a $2.5 million private placement with HCI, 3.8 million stock options outstanding, and recorded compensation costs for DSU and RSU plans - In September 2023, the company closed a **$2.5 million** private placement with Deepkloof Limited (a subsidiary of HCI), issuing **2,118,645** common shares at **$1.18** each[39](index=39&type=chunk) Stock Option Activity | Status | Number of Options | Average Exercise Price (CAD) | | :--- | :--- | :--- | | Outstanding at Aug 31, 2023 | 4,793,837 | $3.17 | | Granted | 589,950 | $1.52 | | Cancelled / Expired | (1,584,169) | - | | **Outstanding at May 31, 2024** | **3,799,618** | **$2.19** | - During the period, the company recorded stock compensation costs of **$0.79 million** for options, **$0.69 million** for DSUs (including revaluation), and **$0.315 million** for RSUs[45](index=45&type=chunk)[48](index=48&type=chunk)[50](index=50&type=chunk) [Note 6. Related Party Transactions](index=12&type=section&id=6.%20RELATED%20PARTY%20TRANSACTIONS) The company engaged in transactions with related parties, including payments to directors and services from a common officer's company, with HCI holding a 26.3% interest and participating in a $2.5 million private placement - Major shareholder Hosken Consolidated Investments Limited (HCI) held a **26.3%** interest in the company as of May 31, 2024[51](index=51&type=chunk) - HCI subscribed to a **$2.5 million** private placement in September 2023, reinforcing its position as a key shareholder[51](index=51&type=chunk) [Note 7. Contingencies and Commitments](index=13&type=section&id=7.%20CONTINGENCIES%20AND%20COMMITMENTS) Total commitments are approximately $0.7 million, mainly office lease obligations, while the legal action by Africa Wide concerning the Maseve Mine sale was fully resolved in the company's favor Commitment Schedule (in thousands of USD) | Type | < 1 Year | 1 - 3 Years | 4 - 5 Years | Total | | :--- | :--- | :--- | :--- | :--- | | Lease Obligations | $94 | $270 | $75 | $439 | | Environmental Bonds | $43 | $129 | $86 | $258 | | **Totals** | **$137** | **$399** | **$161** | **$697** | - The legal challenge by Africa Wide regarding the Maseve Mine sale was dismissed by the South Africa Supreme Court of Appeal. Africa Wide was ordered to pay costs and paid **R2.99 million (approx. $159k)** to the company in February 2024[54](index=54&type=chunk)[55](index=55&type=chunk) [Note 8. Supplementary Cash Flow Information](index=13&type=section&id=8.%20SUPPLEMENTARY%20CASH%20FLOW%20INFORMATION) The net change in non-cash working capital was a positive $246 thousand for the nine months ended May 31, 2024, driven by a decrease in receivables and prepaids Net Change in Non-Cash Working Capital (in thousands of USD) | Item | May 31, 2024 | May 31, 2023 | | :--- | :--- | :--- | | Amounts receivable, prepaid expenses and other assets | $344 | ($193) | | Accounts payable and other liabilities | ($98) | ($529) | | **Total** | **$246** | **($722)** | [Note 9. Segmented Reporting](index=14&type=section&id=9.%20SEGMENTED%20REPORTING) The company operates in two segments, Canada and South Africa, with most assets ($45.46 million) in South Africa and most liabilities ($2.00 million) in Canada, and the net loss primarily from Canada Assets and Liabilities by Segment (in thousands of USD) - May 31, 2024 | Segment | Assets | Liabilities | | :--- | :--- | :--- | | Canada | $4,394 | $2,003 | | South Africa | $45,456 | $156 | | **Total** | **$49,850** | **$2,159** | Loss by Segment (in thousands of USD) - Nine months ended | Segment | May 31, 2024 | May 31, 2023 | | :--- | :--- | :--- | | Canada | $3,772 | $3,531 | | South Africa | $245 | $518 | | **Total** | **$4,017** | **$4,049** |

Preliminary Notes & Disclaimers [Note Regarding Forward-Looking Statements](index=2&type=section&id=Note%20Regarding%20Forward-Looking%20Statements) Forward-looking statements in the report are subject to significant risks and uncertainties that could cause actual results to differ materially - The report contains forward-looking statements concerning future activities, including the completion of the **Waterberg DFS Update**, securing **financing**, obtaining **environmental permits**, and developing **next-generation battery technology**[3](index=3&type=chunk)[8](index=8&type=chunk)[10](index=10&type=chunk) - A wide range of factors could cause actual results to differ from expectations, including **financing needs**, **history of losses**, **metal price fluctuations**, **legal proceedings**, **political instability in South Africa**, and **operational mining risks**[11](index=11&type=chunk)[12](index=12&type=chunk)[15](index=15&type=chunk) [Legislation and Mining Charter 2018](index=5&type=section&id=Legislation%20and%20Mining%20Charter%202018) South African legislation, including the MPRDA and Mining Charter 2018, mandates specific BEE shareholding levels for mining rights - Under the MPRDA and Mining Charter 2018, Waterberg JV Co. was required to have **26% BEE shareholding** for the grant of its mining right, which must increase to **30%** within five years of the grant's effective date[19](index=19&type=chunk) [Mineral Reserves and Resources](index=7&type=section&id=Mineral%20Reserves%20and%20Resources) Mineral resource and reserve estimates adhere to Canadian NI 43-101 standards, differing from SEC requirements, and are reviewed by a qualified person - Mineral resource and reserve estimates are prepared under **Canadian NI 43-101 standards**, which differ from **SEC Modernization Rules**, potentially leading to significant differences in reported mineralization compared to U.S. standards[23](index=23&type=chunk) - The technical and scientific information in the MD&A has been reviewed by **Robert van Egmond, P.Geo.**, an **independent Qualified Person** as defined by NI 43-101[24](index=24&type=chunk) Description of Business [Overview](index=7&type=section&id=Overview) Platinum Group Metals Ltd. focuses on the Waterberg Project in South Africa, holding a 50.02% controlling interest and assessing financing and offtake options - The Company's primary focus is the engineering and development of the **Waterberg Project**, a **PGE and base metal deposit** located on the Northern Limb of the Bushveld Igneous Complex in South Africa[33](index=33&type=chunk) - As of February 29, 2024, the Company held a controlling **50.02% interest** in the Waterberg Project, with partners including **Implats (15.0%)**, **Mnombo (26.0%)**, **JOGMEC (12.195%)**, and **Hanwa (9.755%)**[28](index=28&type=chunk) - The company is exploring options for **concentrate offtake**, including discussions with **existing South African smelters** and assessing the feasibility of constructing its **own smelter and base metal refinery (BMR)**[30](index=30&type=chunk) [Lion Battery Technologies Inc.](index=9&type=section&id=Lion%20Battery%20Technologies%20Inc.) The company develops next-generation battery technology through Lion Battery Technologies Inc., a joint venture with Amplats, funding research and securing five U.S. patents - Lion Battery Technologies Inc. is a joint venture with Amplats to develop **next-generation battery technology** using **platinum and palladium**, with PTM owning a **52.08% interest** in Lion as of February 29, 2024[37](index=37&type=chunk)[31](index=31&type=chunk) - Lion has an agreement with **Florida International University (FIU)** to fund a research program and holds **exclusive rights** to all intellectual property developed, which includes **five U.S. patents** issued to date[38](index=38&type=chunk)[39](index=39&type=chunk) - To advance commercialization, Lion has engaged **The Battery Innovation Center (BIC)** to conduct **independent trials and validation** of its proprietary platinum and palladium-based electrode technology[40](index=40&type=chunk) Properties [Waterberg Project](index=10&type=section&id=WATERBERG%20PROJECT) The Waterberg Project, the company's flagship, is undergoing a DFS update and pre-construction work, focusing on concentrate processing, mining rights, and ESG - As of February 29, 2024, **$42.5 million** in accumulated net costs had been capitalized to the Waterberg Project, with total expenditures on the property since inception from all sources approximately **$87.2 million**[164](index=164&type=chunk) [Recent Activities and DFS Update](index=10&type=section&id=Recent%20Activities%20and%20DFS%20Update) Recent activities include $1.6 million spent on Waterberg, a $21 million pre-construction program, Implats' interest dilution, and an ongoing DFS update expected mid-2024 - Approximately **$1.6 million** was capitalized at the Waterberg Project during the six-month period ended February 29, 2024, for work including feasibility engineering and community engagement[153](index=153&type=chunk) - Implats declined to fund its pro-rata share of the Stage Three Budget, resulting in its interest in Waterberg JV Co. being diluted to approximately **14.951%**, with Platinum Group funding the shortfall[155](index=155&type=chunk)[156](index=156&type=chunk) - An update to the Waterberg DFS is in process and expected to be completed in **mid-2024**, including revised mineral resource/reserve estimates, costs, and financial models, superseding the 2019 DFS[157](index=157&type=chunk)[215](index=215&type=chunk) [Concentrate Offtake and Processing](index=11&type=section&id=Concentrate%20Offtake%20and%20Processing) The company pursues concentrate processing strategies, including offtake agreements with existing smelters and evaluating building its own smelter/BMR in South Africa or Saudi Arabia - The **preferred option** for concentrate processing is to secure offtake terms with an **existing smelter/refiner in South Africa**, with discussions ongoing with several operators[198](index=198&type=chunk) - The company is studying the feasibility of constructing its **own smelter and BMR in South Africa** to process Waterberg concentrate[159](index=159&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk) - A **Cooperation Agreement** was signed with Ajlan & Bros to study the establishment of a stand-alone PGE smelter and BMR in **Saudi Arabia**, which may offer **competitive energy costs**, a **lower tax rate**, and **government financing incentives**[160](index=160&type=chunk)[202](index=202&type=chunk) [Waterberg DFS (2019) Highlights](index=12&type=section&id=Waterberg%20DFS%20(2019)%20Highlights) The 2019 Waterberg DFS outlined a large-scale, 45-year mine with an after-tax NPV of **$982 million**, initial capital of **$874 million**, and **420,000 4E ounces** annual production Waterberg 2019 DFS Key Metrics | Metric | Value (at Spot Prices, Sept 4, 2019) | | :--- | :--- | | After-Tax NPV (8% discount) | $982 million | | After-Tax IRR | 20.7% | | Estimated Project Capital | $874 million | | Peak Project Funding | $617 million | | Annual Steady State Production | 420,000 4E ounces | | Life of Mine Average Cash Cost | $640 per 4E ounce | Waterberg Mineral Reserves & Resources (2019 DFS, 2.5 g/t 4E cut-off) | Category | Tonnes (millions) | Grade (g/t 4E) | Contained Metal (million oz 4E) | | :--- | :--- | :--- | :--- | | Proven & Probable Mineral Reserves | 187 | 3.24 | 19.5 | | Measured & Indicated Mineral Resources | 242 | 3.38 | 26.4 | | Inferred Mineral Resources | 67 | 3.27 | 7.0 | [Mining Right and Community Considerations](index=17&type=section&id=Mining%20Right%20and%20Community%20Considerations) The Waterberg Mining Right, granted in January 2021, faces a new legal challenge, while the company invests **R428.9 million** in community development and plans for water and power - The Waterberg Mining Right was granted on **January 28, 2021**, and registered on **July 6, 2021**, with all initial appeals against the grant dismissed by the DMRE Minister on **October 13, 2022**[216](index=216&type=chunk)[217](index=217&type=chunk) - A new application was filed in the High Court in **March 2024** seeking to set aside the grant of the Waterberg Mining Right[79](index=79&type=chunk) - The Social and Labour Plan (SLP) includes a budget of **R428.9 million (approx. $22.34 million)** over five years for Human Resource Development and Local Economic Development projects[191](index=191&type=chunk)[82](index=82&type=chunk)[61](index=61&type=chunk) [Environmental, Social and Governance (ESG)](index=20&type=section&id=Environmental,%20Social%20and%20Governance%20(ESG)) The company demonstrates strong ESG commitment, achieving an improved Digbee score of **BBB** in 2023, with objectives focused on environmental care, community welfare, and robust governance - The company works with **Digbee Ltd.** for independent ESG assessment and improved its overall score from **BB in 2022** to **BBB in 2023**[85](index=85&type=chunk)[65](index=65&type=chunk) - Core ESG values include **caring for the environment**, contributing to **community welfare**, ensuring **safe workplaces**, and promoting **good corporate governance**[84](index=84&type=chunk)[223](index=223&type=chunk) - The company has established an **Environmental, Health, Safety and Technical Advisory Committee (EHST Committee)** to assist the Board in its oversight of ESG matters, including policies on human rights and environmental stewardship[93](index=93&type=chunk)[94](index=94&type=chunk) Discussion of Operations and Financial Condition [Liquidity and Capital Resources](index=25&type=section&id=(A)%20Liquidity%20and%20Capital%20Resources) As a development-stage company, PTM relies on equity financing, holding **$5.8 million** cash as of February 29, 2024, sufficient for 12 months, but requiring significant additional funding for mine construction - The company had cash on hand of **$5.8 million** at February 29, 2024, which is projected to be sufficient for budgeted expenditures over the next **12 months**, excluding major mine construction costs[124](index=124&type=chunk) - In September 2023, the company completed a non-brokered private placement for gross proceeds of **$2.5 million**[76](index=76&type=chunk) Contractual Obligations as at Feb 29, 2024 (in thousands of $) | Period | Lease Obligations | Environmental Bonds | Total | | :--- | :--- | :--- | :--- | | < 1 Year | 104 | 42 | 146 | | 1 - 3 Years | 287 | 127 | 414 | | 4 - 5 Years | 100 | 84 | 184 | | > 5 Years | - | - | - | | **Total** | **491** | **253** | **744** | [Results of Operations](index=26&type=section&id=(B)%20Results%20of%20Operations) For the six months ended February 29, 2024, the company reported a net loss of **$2.4 million**, an improvement from the prior year, primarily due to reduced general and administrative expenses Results of Operations (in millions of $) | Period Ended | Feb 29, 2024 | Feb 28, 2023 | Change | | :--- | :--- | :--- | :--- | | **Six Months** | | | | | Net Loss | (2.4) | (2.8) | Improvement | | General & Admin Expenses | 1.8 | 2.0 | Decrease | | **Three Months** | | | | | Net Loss | (0.8) | (1.2) | Improvement | | General & Admin Expenses | 0.7 | 0.9 | Decrease | Quarterly Financial Data (in thousands of $, except per share) | Quarter Ended | Net Loss | Basic Loss Per Share | Total Assets | | :--- | :--- | :--- | :--- | | Feb. 29, 2024 | 813 | 0.01 | 49,494 | | Nov. 30, 2023 | 1,558 | 0.02 | 50,940 | | Aug. 31, 2023 | 1,614 | 0.02 | 50,021 | | May 31, 2023 | 1,236 | 0.01 | 48,169 | | Feb. 28, 2023 | 1,199 | 0.01 | 51,150 | Other Corporate and Financial Information [Dividends, Related Parties, and Share Data](index=26&type=section&id=Dividends,%20Related%20Parties,%20and%20Share%20Data) The company has no dividend history or plans, with Deepkloof (HCI) as a key related party holding a **26.3%** interest, and **102,480,148** common shares outstanding as of February 29, 2024 - The Company has **never paid dividends** and has **no present intention** of doing so, as all available funds will be invested to finance its business[104](index=104&type=chunk) - As of February 29, 2024, HCI (via Deepkloof) held a **26.3% interest** in the Company and has the right to nominate one person to the board of directors[106](index=106&type=chunk) - As of February 29, 2024, the Company had **102,480,148 Common Shares**, **4,379,787 incentive stock options**, and **533,327 restricted share units** outstanding[108](index=108&type=chunk) [Risk Factors](index=27&type=section&id=8.%20RISK%20FACTORS) The company faces numerous risks, including the potential impact of international conflicts on commodity prices, supply chains, and financial markets - The company faces risks from **international conflicts** and **geopolitical tensions**, which can cause **volatility in commodity prices** and **supply chain disruptions**, adversely affecting the business[110](index=110&type=chunk)[131](index=131&type=chunk) - The company **successfully defended a legal action** from Africa Wide concerning the 2018 sale of Maseve, with costs awarded to the defendants and paid in **February 2024**[112](index=112&type=chunk)[141](index=141&type=chunk) [Outlook](index=28&type=section&id=9.%20OUTLOOK) The company aims to advance the Waterberg Project to a construction decision, contingent on financing and offtake, while navigating mixed PGE market outlooks and leveraging strategic battery technology investments - The key business objective is to advance the **Waterberg Project** to a development and construction decision, which requires securing **project financing** and a **concentrate offtake agreement**[113](index=113&type=chunk) - PGE prices have been **volatile and declining** since their **2021/22 peak**, but long-term demand for **platinum (fuel cells), copper, and nickel (EVs)** is projected to be **strong**, while palladium demand could soften with EV market penetration[143](index=143&type=chunk) - The investment in **Lion Battery Technologies** represents a **strategic opportunity** in the lithium battery field, creating potential for **vertical integration** and **new market development** for platinum and palladium[144](index=144&type=chunk) [Critical Accounting Estimates and Judgements](index=30&type=section&id=10.%20CRITICAL%20ACCOUNTING%20ESTIMATES%20AND%20JUDGEMENTS) Management applies significant judgment in assessing mineral properties for impairment and determining control over joint venture entities, specifically consolidating Mnombo and Waterberg JV Co - The company applies judgment to assess mineral properties for **impairment indicators**, such as **adverse changes in metal prices**, **decreases in mineral reserves**, or **changes in the business climate**[115](index=115&type=chunk)[137](index=137&type=chunk) - For accounting purposes, the Company has judged that it **controls Mnombo (49.9% ownership)** and **Waterberg JV Co.** due to its **power over the investees** and its role in **providing all material capital**[138](index=138&type=chunk)[146](index=146&type=chunk)

[Interim Condensed Consolidated Financial Statements](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's financial position, performance, and cash flows for the interim period [Interim Consolidated Statements of Financial Position](index=2&type=section&id=Interim%20Consolidated%20Statements%20of%20Financial%20Position) As of November 30, 2023, total assets increased to **$50.94 million** from **$50.02 million**, while total liabilities decreased to **$1.94 million** and total shareholders' equity rose to **$49.00 million** Consolidated Statements of Financial Position (in thousands USD) | | November 30, 2023 | August 31, 2023 | | :--- | :--- | :--- | | **Total current assets** | $7,517 | $7,552 | | **Total assets** | **$50,940** | **$50,021** | | **Total current liabilities** | $661 | $1,367 | | **Total liabilities** | **$1,942** | **$2,647** | | **Total shareholders' equity** | **$48,998** | **$47,374** | | **Total liabilities and shareholders' equity** | **$50,940** | **$50,021** | [Interim Condensed Consolidated Statements of Loss and Comprehensive Loss](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) For the three months ended November 30, 2023, the company reported a net loss of **$1.56 million**, a slight improvement from the **$1.61 million** loss in the prior year period Statements of Loss (in thousands USD) | | Period Ended Nov 30, 2023 | Period Ended Nov 30, 2022 | | :--- | :--- | :--- | | General and administrative | $1,090 | $1,173 | | Stock based compensation expense | $459 | $830 | | Interest income | $(135) | $(138) | | **Loss for the period** | **$1,558** | **$1,614** | | **Comprehensive loss for the period** | **$1,650** | **$1,706** | | **Basic and diluted loss per common share** | **$0.02** | **$0.02** | [Interim Consolidated Statements of Changes in Equity](index=4&type=section&id=Interim%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Shareholders' equity increased to **$49.00 million** by November 30, 2023, primarily due to **$2.5 million** from share issuance and **$0.5 million** from stock-based compensation, partially offset by the net loss Changes in Equity for the period ended Nov 30, 2023 (in thousands USD) | Description | Amount | | :--- | :--- | | **Balance August 31, 2023** | **$47,374** | | Stock based compensation | $503 | | Share issuance - financing | $2,500 | | Share issuance costs | $(89) | | Net loss for the period | $(1,558) | | Other adjustments | $(219) | | **Balance November 30, 2023** | **$48,998** | [Interim Consolidated Statements of Cash Flows](index=5&type=section&id=Interim%20Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by **$0.12 million** to **$7.11 million**, driven by **$2.39 million** from financing activities, offset by cash used in operating and investing activities Cash Flow Summary (in thousands USD) | | For the period ended Nov 30, 2023 | For the period ended Nov 30, 2022 | | :--- | :--- | :--- | | **Cash used in Operating Activities** | **$(917)** | **$(1,906)** | | **Cash from Financing Activities** | **$2,389** | **$1,561** | | **Cash used in Investing Activities** | **$(1,401)** | **$(567)** | | Net increase (decrease) in cash | $71 | $(912) | | **Cash, end of period** | **$7,105** | **$11,566** | [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed explanations and supplementary information for the interim financial statements [Note 1: Nature of Operations](index=6&type=section&id=1.%20NATURE%20OF%20OPERATIONS) Platinum Group Metals Ltd. is a development-stage company focused on mineral properties in South Africa, consolidating subsidiaries and using the equity method for its joint venture - The company is a development stage entity focused on mineral properties in South Africa containing platinum group metals[7](index=7&type=chunk) - The company holds a **52.3%** ownership in Lion Battery Technologies Inc. but accounts for it using the equity method due to joint control[9](index=9&type=chunk) - For accounting purposes, the company controls and consolidates Mnombo Wethu Consultants (**49.95%** ownership) and Waterberg JV Resources (**37.05%** direct ownership), resulting in an effective ownership of **63.05%** in Waterberg JV Co[9](index=9&type=chunk)[10](index=10&type=chunk) [Note 2: Basis of Presentation and Material Accounting Policies](index=6&type=section&id=2.%20BASIS%20OF%20PRESENTATION%20AND%20MATERIAL%20ACCOUNTING%20POLICIES) These interim financial statements are prepared in accordance with IFRS, specifically IAS 34, using the United States Dollar as the presentation currency - The financial statements are prepared in accordance with IFRS, specifically IAS 34 Interim Financial Reporting[11](index=11&type=chunk) Foreign Exchange Rates Used | Currency Pair | Period-end rate (Nov 30, 2023) | Period-average rate (Nov 30, 2023) | | :--- | :--- | :--- | | Rand/USD | R18.8718 | R18.8412 | | CAD/USD | C$1.3582 | C$1.3655 | [Note 3: Mineral Properties](index=7&type=section&id=3.%20MINERAL%20PROPERTIES) The Waterberg Project in South Africa is the company's sole active mineral property, with capitalized costs increasing to **$42.58 million** and a controlling **50.02%** interest held by the company Waterberg Project Capitalized Costs (in thousands USD) | | Amount | | :--- | :--- | | Balance August 31, 2023 | $41,614 | | Additions | $1,022 | | Foreign currency translation adjustment | $(54) | | **Balance November 30, 2023** | **$42,582** | - The company holds a controlling **50.02%** interest in Waterberg JV Co. Other partners include HJM (JOGMEC and Hanwa) with **21.95%**, Implats with **15.0%**, and Mnombo with a **26.0%** direct interest (of which the company owns **49.9%**)[15](index=15&type=chunk) - The Waterberg Mining Right was granted on January 28, 2021, and remains active, with all appeals against the grant dismissed by the Minister of the DMRE on October 13, 2022[16](index=16&type=chunk)[18](index=18&type=chunk) - Implats retains a **15.0%** interest and a right of first refusal for offtake, but elected not to exercise its option to increase its stake to **50.01%** in June 2020 due to economic uncertainty from the COVID-19 pandemic[22](index=22&type=chunk) [Note 4: Lion Battery Technologies Inc.](index=9&type=section&id=4.%20LION%20BATTERY%20TECHNOLOGIES%20INC.) Lion Battery Technologies Inc., a joint venture with Amplats, focuses on developing lithium battery technology using platinum and palladium, having funded **$4.512 million** and secured five U.S. patents - Lion is a joint venture with Amplats to research lithium battery technology using platinum and palladium. The partners have funded a total of **$4.512 million** as of November 30, 2023, including a **$362 thousand** tranche in November 2023[26](index=26&type=chunk) - Lion has exclusive rights to intellectual property developed under a Sponsored Research Agreement with Florida International University (FIU), which has resulted in five issued U.S. patents related to battery cathodes and interlayers using platinum and palladium[28](index=28&type=chunk) - To advance commercialization, Lion has engaged The Battery Innovation Center (BIC) to conduct independent trials and validation of its proprietary electrode compositions in both lithium-sulfur and lithium-ion (NMC) cells[29](index=29&type=chunk) [Note 5: Share Capital](index=10&type=section&id=5.%20SHARE%20CAPITAL) The company's share capital activities included a **$2.5 million** private placement with HCI, with **4,446,787** stock options outstanding and active DSU and RSU plans [Shares Issued](index=10&type=section&id=5.1%20Shares%20Issued) In fiscal 2024, the company completed a **$2.5 million** private placement with HCI's subsidiary, issuing **2,118,645** common shares at **$1.18** each - On September 18, 2023, the company closed a non-brokered private placement with a subsidiary of major shareholder HCI for **2,118,645** common shares at **$1.18** each, raising gross proceeds of **$2.5 million**[31](index=31&type=chunk) [Incentive stock options](index=10&type=section&id=5.2%20Incentive%20stock%20options) As of November 30, 2023, **4,446,787** share purchase options were outstanding with a weighted average exercise price of **C$2.24**, with **$0.384 million** in related stock compensation expense Share Purchase Option Activity | | Number of Share Options | Average Exercise Price (CAD) | | :--- | :--- | :--- | | **Outstanding at Aug 31, 2023** | **4,793,837** | **$3.17** | | Granted | 589,950 | $1.52 | | Cancelled | (937,000) | $6.58 | | **Outstanding at Nov 30, 2023** | **4,446,787** | **$2.24** | - Of the **4,446,787** options outstanding at November 30, 2023, a total of **2,147,170** were exercisable[35](index=35&type=chunk) [Deferred and Restricted Share Units](index=11&type=section&id=5.3%20Deferred%20and%20Restricted%20Share%20Units) The company maintains DSU and RSU plans, with **754,212** DSUs and **732,338** RSUs outstanding as of November 30, 2023, and **$120 thousand** in RSU stock compensation expense recorded - At November 30, 2023, a total of **754,212** Deferred Share Units (DSUs) were issued and outstanding for non-executive directors[39](index=39&type=chunk)[40](index=40&type=chunk) - At November 30, 2023, there were **732,338** Restricted Share Units (RSUs) issued and outstanding for officers and employees, with none being vested[41](index=41&type=chunk)[42](index=42&type=chunk) [Note 6: Related Party Transactions](index=12&type=section&id=6.%20RELATED%20PARTY%20TRANSACTIONS) The company engaged in transactions with related parties, including a **$2.5 million** private placement with major shareholder HCI, which holds a **26.3%** interest - Major shareholder HCI, which has the right to nominate one director, participated in a **$2.5 million** private placement in September 2023. As of November 30, 2023, HCI held a **26.3%** interest in the Company[46](index=46&type=chunk) - During the period, **$79 thousand** was paid or accrued to independent directors for fees and services[46](index=46&type=chunk) [Note 7: Contingencies and Commitments](index=12&type=section&id=7.%20CONTINGENCIES%20AND%20COMMITMENTS) The company has **$0.528 million** in future lease commitments, and a long-standing legal action by Africa Wide was dismissed, with the court ordering Africa Wide to pay **$159 thousand** in legal costs Commitments (in thousands USD) | | < 1 Year | 1 - 3 Years | 4 - 5 Years | Total | | :--- | :--- | :--- | :--- | :--- | | Lease Obligations | $118 | $285 | $125 | $528 | | Environmental Bonds | $43 | $129 | $86 | $258 | | **Totals** | **$161** | **$414** | **$211** | **$786** | - Legal proceedings instituted by Africa Wide in 2018 to set aside the sale of Maseve have been dismissed by the South Africa Supreme Court of Appeal. Africa Wide's final application for reconsideration was dismissed on October 6, 2023[46](index=46&type=chunk)[47](index=47&type=chunk) - The High Court determined that Africa Wide owes the Company **$159 thousand** (R2.99 million) in costs, and a demand for payment was served on November 29, 2023[47](index=47&type=chunk) [Note 8: Supplementary Cash Flow Information](index=13&type=section&id=8.%20SUPPLEMENTARY%20CASH%20FLOW%20INFORMATION) This note details the components of the net change in non-cash working capital, which was a minimal outflow of **$1 thousand** for the period ended November 30, 2023 Net change in non-cash working capital (in thousands USD) | | Nov 30, 2023 | Nov 30, 2022 | | :--- | :--- | :--- | | Amounts receivable, prepaid expenses and other assets | $150 | $(505) | | Accounts payable and other liabilities | $(151) | $(347) | | **Total** | **$(1)** | **$(852)** | [Note 9: Segmented Reporting](index=13&type=section&id=9.%20SEGMENTED%20REPORTING) The company operates in Canada and South Africa, with South Africa holding the majority of assets (**$44.0 million**) and reporting a larger loss of **$1.48 million** for the period Segmented Information as of Nov 30, 2023 (in thousands USD) | Segment | Assets | Liabilities | Loss for the period | | :--- | :--- | :--- | :--- | | Canada | $6,903 | $1,699 | $175 | | South Africa | $44,037 | $243 | $1,475 | | **Total** | **$50,940** | **$1,942** | **$1,650** |

[Introduction and Business Focus](index=1&type=section&id=Introduction%20and%20Business%20Focus) PTM focuses on advancing its Waterberg Project and developing platinum and palladium applications in lithium batteries - The company's main focus is advancing the Waterberg Project, a planned fully mechanized, shallow, decline access 4E mine projected to be one of the largest and lowest-cost underground PGM mines globally[1](index=1&type=chunk) - Near-term objectives include arranging construction financing and concentrate offtake agreements for the Waterberg Project[2](index=2&type=chunk) - The company is also advancing an initiative through Lion Battery Technologies Inc. to use platinum and palladium in lithium battery technologies, in collaboration with Anglo American Platinum and Florida International University[2](index=2&type=chunk) [Recent Events](index=1&type=section&id=Recent%20Events) Key 2023 milestones include securing financing, advancing Waterberg, progressing battery tech, and resolving legal issues - A Stage Three Budget of **$1.62 million** for the Waterberg Project is being approved for the period from September 1, 2023, to February 29, 2024[5](index=5&type=chunk) - Closed a non-brokered private placement of approximately **$2.5 million** with major shareholder Hosken Consolidated Investments Limited (HCI), allowing HCI to return to a near **27%** interest in the Company[6](index=6&type=chunk) - Lion Battery Technologies Inc. engaged The Battery Innovation Center (BIC) to help commercialize its platinum and palladium-based battery chemistries, aiming for prototypes in 2024[7](index=7&type=chunk) - Japanese partners JOGMEC and Hanwa consolidated their interests into a new special purpose company, HJM, holding a combined **21.95%** interest in the Waterberg Project[8](index=8&type=chunk) - Positive results were reported from the infill drill campaign at the Waterberg Project for both T Zone and F Zone boreholes, with results to be incorporated into a definitive feasibility study update[10](index=10&type=chunk)[14](index=14&type=chunk) - The South African Supreme Court of Appeal denied Africa Wide's application for reconsideration regarding the 2018 Maseve Mine sale, ordering Africa Wide to pay costs[15](index=15&type=chunk) [Financial Results (Fiscal Year 2023)](index=4&type=section&id=Results%20For%20The%20Year%20Ended%20August%2031%2C%202023) FY2023 saw a reduced net loss of **$5.66 million** due to eliminated interest expense and successful ATM equity raises Fiscal Year 2023 vs. 2022 Financial Highlights | Financial Metric | FY 2023 (ended Aug 31) | FY 2022 (ended Aug 31) | Change | | :--- | :--- | :--- | :--- | | **Net Loss** | **$5.66 million** | **$8.24 million** | **Improvement** | | Loss Per Share | $0.06 | $0.09 | Improvement | | General & Admin Expenses | $3.89 million | $4.34 million | Decrease | | Interest Expense | $nil | $1.65 million | Eliminated | | Finance Income | $0.58 million | $0.18 million | Increase | - The company raised gross proceeds of **$1.98 million** by issuing 1,089,503 common shares through its at-the-market (ATM) equity program at an average price of **$1.81 per share**[23](index=23&type=chunk) - Total expenditures on the Waterberg Project for the fiscal year were approximately **$4.44 million**, bringing the total capitalized costs since inception to **$85.4 million**[25](index=25&type=chunk) [Outlook](index=5&type=section&id=Outlook) The company's outlook focuses on advancing the Waterberg Project, optimizing concentrate processing, and developing battery technology [Waterberg Project Advancement](index=5&type=section&id=Waterberg%20Project%20Advancement) The primary objective is advancing the Waterberg Project to a construction decision through a phased **$21.0 million** pre-construction work program - The main business objective is to advance the Waterberg Project to a development and construction decision, operated by PTM under a technical committee with JV partners[26](index=26&type=chunk) - A **$21.0 million** pre-construction Work Program is in progress, set to conclude by August 31, 2024. It includes work on infrastructure, site facilities, and a DFS Update[27](index=27&type=chunk) - The Work Program is being executed in phased budgets: an Initial Budget (**$2.5M**, complete), a Stage Two Budget (**$3.6M**, complete), a Stage Three Budget (**$1.62M**, in approval), and a final Stage Four to be considered in early 2024[28](index=28&type=chunk) [Concentrate Processing and Offtake Strategy](index=6&type=section&id=Concentrate%20Processing%20and%20Offtake%20Strategy) The company is exploring alternative concentrate processing and offtake strategies, including building its own refinery in South Africa or abroad - The company is assessing the economic feasibility of constructing a matte furnace and base metal refinery in South Africa to process Waterberg concentrate[31](index=31&type=chunk) - An alternative being studied is building a refinery outside of South Africa, where a trade-off study indicates savings on power and water could offset additional transport costs. This would require government approval for concentrate export[32](index=32&type=chunk) [Battery Technology Initiative (Lion Battery)](index=6&type=section&id=Battery%20Technology%20Initiative%20%28Lion%20Battery%29) The Lion Battery initiative aims to create new PGM demand by developing platinum and palladium applications in advanced lithium-ion batteries - The company acknowledges that the adoption of battery electric vehicles may reduce future demand for PGMs in autocatalysis[33](index=33&type=chunk) - The investment in Lion Battery Technologies Inc. represents an opportunity to create new demand for PGMs in the high-profile lithium battery field, potentially offsetting declines from other sectors[33](index=33&type=chunk) [Environmental, Social and Governance (ESG)](index=6&type=section&id=Environmental%2C%20Social%20and%20Governance) The company improved its ESG performance, achieving an overall 'BBB' score in its 2023 Digbee disclosure report, up from 'BB' in 2022 - The company received its third annual ESG disclosure report from Digbee Ltd., a UK-based firm with an industry-standard framework for the mining sector[34](index=34&type=chunk) - For 2023, the company achieved an overall ESG score of BBB, an improvement from the BB score in 2022[34](index=34&type=chunk) [Regulatory and Disclosure](index=7&type=section&id=Regulatory%20and%20Disclosure) This section outlines important regulatory and disclosure information, including risk factors, qualified person details, and forward-looking statement cautions - The reader is encouraged to review the 'Risk Factors' section in the Company's current AIF and Form 40-F[36](index=36&type=chunk) - Rob van Egmond, P.Geo., is the independent qualified person as defined in NI 43-101 who has reviewed and approved the scientific and technical information[37](index=37&type=chunk) - The news release contains forward-looking statements, and the company cautions that actual results may differ materially from those expressed due to a variety of risk factors[40](index=40&type=chunk)[43](index=43&type=chunk) - The technical and scientific information has been prepared in accordance with Canadian NI 43-101 standards, which differ from SEC standards, and may not be comparable to disclosures by U.S. companies[44](index=44&type=chunk)

Interim Condensed Consolidated Financial Statements [Consolidated Statements of Financial Position](index=2&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) As of May 31, 2023, total assets decreased to **$48.2 million** from **$53.7 million** at August 31, 2022, primarily due to reduced cash, resulting in a decline in total shareholders' equity to **$46.2 million** Consolidated Statements of Financial Position (in thousands USD) | | May 31, 2023 | August 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $8,788 | $12,764 | | **Total assets** | **$48,169** | **$53,679** | | **Total current liabilities** | $622 | $1,121 | | **Total liabilities** | **$2,000** | **$2,124** | | **Total shareholders' equity** | **$46,169** | **$51,555** | | **Total liabilities and shareholders' equity** | **$48,169** | **$53,679** | - Cash and cash equivalents decreased from **$12.3 million** at August 31, 2022, to **$8.2 million** at May 31, 2023[2](index=2&type=chunk) [Consolidated Statements of Loss and Comprehensive Loss](index=3&type=section&id=Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) For the nine months ended May 31, 2023, net loss significantly improved to **$4.05 million** from **$7.26 million** in the prior year, though comprehensive loss slightly increased to **$10.16 million** due to currency translation Loss and Comprehensive Loss Summary (in thousands USD) | | Nine months ended May 31, 2023 | Nine months ended May 31, 2022 | | :--- | :--- | :--- | | Total Expenses | $4,514 | $7,005 | | **Net Loss for the period** | **$4,049** | **$7,260** | | Currency translation adjustment | $6,108 | $2,792 | | **Comprehensive loss for the period** | **$10,157** | **$10,052** | | Basic and diluted loss per share | $0.04 | $0.08 | - General and administrative expenses for the nine months ended May 31, 2023, were **$2.92 million**, down from **$3.26 million** in the prior-year period[4](index=4&type=chunk) [Consolidated Statements of Changes in Equity](index=4&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total shareholders' equity decreased from **$51.56 million** to **$46.17 million** due to net loss and negative currency translation, partially offset by stock-based compensation and share issuances Changes in Equity (Nine months ended May 31, 2023, in thousands USD) | Description | Amount | | :--- | :--- | | **Balance August 31, 2022** | **$51,555** | | Stock based compensation | $1,744 | | Share issuance - financing | $1,975 | | Share issuance costs | ($354) | | Net loss for the period | ($4,049) | | Currency translation adjustment | ($6,108) | | Other adjustments | $1,406 | | **Balance May 31, 2023** | **$46,169** | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash decreased by **$3.74 million** to an ending balance of **$8.22 million** for the nine months ended May 31, 2023, primarily due to significantly lower financing proceeds compared to the prior year Cash Flow Summary (Nine months ended, in thousands USD) | | May 31, 2023 | May 31, 2022 | | :--- | :--- | :--- | | Net cash from Operating Activities | ($3,087) | ($3,800) | | Net cash from Financing Activities | $2,521 | $14,629 | | Net cash from Investing Activities | ($3,172) | ($3,471) | | **Net (decrease) increase in cash** | **($3,738)** | **$7,358** | | **Cash, end of period** | **$8,218** | **$13,628** | [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) These notes detail the company's development-stage status, Waterberg Project, Lion Battery joint venture, repayment of key loans, and provide specifics on share capital, related party transactions, commitments, and segmented financial performance [Note 1. Nature of Operations](index=6&type=section&id=Note%201.%20Nature%20of%20Operations) The company is a development-stage entity focused on mineral property development in South Africa, primarily for platinum group metals, operating through subsidiaries including a controlling interest in Waterberg JV Resources - The company is a development stage entity focused on mineral properties in South Africa, with key metals of interest being platinum, palladium, rhodium, gold, copper, and nickel[7](index=7&type=chunk) Subsidiaries and Joint Ventures (as at May 31, 2023) | Name of subsidiary | Principal activity | Place of operation | Ownership interest | | :--- | :--- | :--- | :--- | | Platinum Group Metals (RSA) (Pty) Ltd. | Development | South Africa | 100.00% | | Mnombo Wethu Consultants (Pty) Limited | Development | South Africa | 49.95% | | Waterberg JV Resources (Pty) Ltd. | Development | South Africa | 37.05% | | Lion Battery Technologies Inc. | Research | Canada | 52.64% | [Note 2. Basis of Presentation and Significant Accounting Policies](index=6&type=section&id=Note%202.%20Basis%20of%20Presentation%20and%20Significant%20Accounting%20Policies) These interim financial statements are prepared in accordance with IFRS (IAS 34) and use the United States Dollar (USD) as the presentation currency, with consistent accounting policies from the prior annual period - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and use the United States Dollar (USD) as the presentation currency[10](index=10&type=chunk)[12](index=12&type=chunk) Key Foreign Exchange Rates Used | Currency Pair | Period-end rate (May 31, 2023) | Period average rate (Nine months ended May 31, 2023) | | :--- | :--- | :--- | | Rand/USD | R19.7488 | R17.8965 | | CAD/USD | C$1.3603 | C$1.3516 | [Note 3. Mineral Properties](index=7&type=section&id=Note%203.%20Mineral%20Properties) The Waterberg Project in South Africa, with **$38.6 million** in capitalized costs, is the company's sole active mineral property, where it holds a controlling **50.02%** interest, and its mining right has been successfully defended against legal appeals - The company's only active mineral property is the Waterberg Project. The capitalized cost was **$38.6 million** at May 31, 2023, down from **$40.4 million** at August 31, 2022, due to foreign currency translation adjustments[14](index=14&type=chunk) - The company holds a controlling **50.02%** interest in Waterberg JV Co. Other partners include Implats (**15.0%**) and HJM (a joint venture of JOGMEC and Hanwa) with **21.95%**[15](index=15&type=chunk)[16](index=16&type=chunk) - A mining right for the Waterberg Project was granted and is active. Appeals against the grant were dismissed by the DMRE in October 2022, and a related court interdict application was dismissed in May 2023[17](index=17&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [Note 4. Lion Battery Technologies Inc.](index=9&type=section&id=Note%204.%20Lion%20Battery%20Technologies%20Inc.) Lion Battery Technologies Inc., a joint venture with Amplats, researches platinum and palladium-based battery technology, holding exclusive rights to five FIU patents and engaging BIC for commercialization, with **$3.59 million** equally funded by partners - Lion is a joint venture with Amplats to develop battery technology using platinum and palladium. The company and Amplats have funded Lion equally for an aggregate of **$3.59 million** as of May 31, 2023[27](index=27&type=chunk)[28](index=28&type=chunk) - Lion has exclusive rights to five U.S. patents issued to FIU related to battery cathodes and interlayers using platinum group metals. Further patents are pending[30](index=30&type=chunk) - In June 2023, Lion engaged The Battery Innovation Center (BIC) to conduct independent trials and R&D to validate and scale up its technology for commercialization[31](index=31&type=chunk) [Note 5. Sprott Loan](index=10&type=section&id=Note%205.%20Sprott%20Loan) The **$20 million** Sprott senior secured credit facility was fully repaid in February 2022, releasing the security pledge over South African assets, with no payments made in the current nine-month period - The **$20 million** Sprott Facility was fully repaid in February 2022, and the security pledge over South African assets was released[32](index=32&type=chunk) [Note 6. Convertible Notes](index=10&type=section&id=Note%206.%20Convertible%20Notes) The **$20 million** aggregate principal of convertible senior subordinated notes were fully repaid in February 2022 through the issuance of **11,793,509** common shares at **$1.695** per share - In February 2022, the company repaid the outstanding **$19.99 million** of Convertible Notes by issuing **11,793,509** common shares[34](index=34&type=chunk) [Note 7. Share Capital](index=10&type=section&id=Note%207.%20Share%20Capital) As of May 31, 2023, **100,251,980** common shares were outstanding, with **1,089,503** shares sold under the ATM program for **$1.62 million** net proceeds, alongside active incentive stock option, DSU, and RSU plans - As of May 31, 2023, there were **100,251,980** common shares outstanding[36](index=36&type=chunk) - In the nine months to May 31, 2023, the company sold **1,089,503** shares under its 2022 ATM program for gross proceeds of **$1.975 million**[37](index=37&type=chunk) Outstanding Share Purchase Options (as at May 31, 2023) | | Number of Share Options | Average Exercise Price in CAD | | :--- | :--- | :--- | | **Options outstanding** | **4,883,837** | **$3.17** | | Options exercisable | 2,431,948 | - | [Note 8. Related Party Transactions](index=12&type=section&id=Note%208.%20Related%20Party%20Transactions) During the nine months ended May 31, 2023, related party transactions included **$234,000** in fees to independent directors, while major shareholder HCI held a **24.8%** interest and maintained a board nominee - Paid or accrued **$234,000** to independent directors for fees and services during the nine-month period[55](index=55&type=chunk) - As of May 31, 2023, major shareholder HCI held a **24.8%** interest in the Company and maintained its right to nominate one person to the board of directors[55](index=55&type=chunk) [Note 9. Contingencies and Commitments](index=13&type=section&id=Note%209.%20Contingencies%20and%20Commitments) Total commitments amount to **$820,000**, mainly for lease obligations and environmental bonds, while a legal challenge by Africa Wide regarding the Maseve Mine sale was dismissed but is now subject to a late reconsideration application being opposed by the company Commitments Summary (in thousands USD) | | < 1 Year | 1 - 3 Years | 4 - 5 Years | > 5 Years | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Lease Obligations | $114 | $285 | $175 | $ - | $574 | | Environmental Bonds | $41 | $123 | $82 | $ - | $246 | | **Totals** | **$155** | **$408** | **$257** | **$ -** | **$820** | - Legal proceedings instituted by Africa Wide to set aside the sale of Maseve were dismissed by the High Court and the Supreme Court of Appeal. Africa Wide has filed a late application for reconsideration, which the Company is opposing[54](index=54&type=chunk)[55](index=55&type=chunk) [Note 10. Supplementary Cash Flow Information](index=14&type=section&id=Note%2010.%20Supplementary%20Cash%20Flow%20Information) The net change in non-cash working capital for the nine months ended May 31, 2023, resulted in a **$722,000** cash outflow, driven by increased receivables and decreased accounts payable Net change in non-cash working capital (in thousands USD) | Period ended | May 31, 2023 | May 31, 2022 | | :--- | :--- | :--- | | Amounts receivable, prepaid expenses and other assets | $(193) | $(351) | | Accounts payable and other liabilities | (529) | (439) | | **Total** | **$(722)** | **$(790)** | [Note 11. Segmented Reporting](index=14&type=section&id=Note%2011.%20Segmented%20Reporting) The company's operations are segmented geographically, with South Africa holding the majority of assets (**$40.6 million**) and Canada accounting for the majority of liabilities (**$1.3 million**) and comprehensive loss (**$9.6 million**) Segmented Information (as at May 31, 2023, in thousands USD) | Segment | Assets | Liabilities | | :--- | :--- | :--- | | Canada | $7,584 | $1,264 | | South Africa | $40,585 | $736 | | **Total** | **$48,169** | **$2,000** | Comprehensive Loss by Segment (Nine months ended, in thousands USD) | Segment | May 31, 2023 | May 31, 2022 | | :--- | :--- | :--- | | Canada | $9,640 | $8,354 | | South Africa | $517 | $1,698 | | **Total** | **$10,157** | **$10,052** |

[Interim Condensed Consolidated Financial Statements](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Consolidated Statements of Financial Position](index=2&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) The company's total assets decreased to **$51.15 million** by February 28, 2023, primarily due to reduced cash, while total shareholders' equity also declined Consolidated Statements of Financial Position (in thousands USD) | Account | Feb 28, 2023 | Aug 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $10,718 | $12,764 | | Cash and cash equivalents | $10,022 | $12,330 | | Mineral properties and exploration assets | $39,936 | $40,373 | | **Total Assets** | **$51,150** | **$53,679** | | **Total Current Liabilities** | $901 | $1,121 | | **Total Liabilities** | **$1,908** | **$2,124** | | **Total Shareholders' Equity** | **$49,242** | **$51,555** | | **Total Liabilities and Shareholders' Equity** | **$51,150** | **$53,679** | [Interim Condensed Consolidated Statements of Loss and Comprehensive Loss](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) The company reported a net loss of **$2.81 million** for the six months ended February 28, 2023, a significant improvement from the prior year Statement of Loss Highlights (Six Months Ended Feb 28, in thousands USD) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | General and administrative expenses | $2,026 | $2,440 | | Interest expense | $0 | $1,650 | | **Loss for the period** | **$2,813** | **$5,950** | | Comprehensive loss for the period | $6,067 | $8,346 | | **Basic and diluted loss per share** | **$0.03** | **$0.07** | | Weighted average shares outstanding | 99,634,171 | 80,393,761 | [Consolidated Statements of Changes in Equity](index=4&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total shareholders' equity decreased to **$49.24 million** by February 28, 2023, primarily due to net loss and negative currency translation adjustments Changes in Total Equity (in thousands USD) | Description | Amount | | :--- | :--- | | **Balance at August 31, 2022** | **$51,555** | | Stock based compensation | $1,217 | | Share issuance - financing (net) | $1,639 | | Contributions of Waterberg JV Co. | $856 | | Currency translation adjustment | ($3,254) | | Net loss for the period | ($2,813) | | **Balance at February 28, 2023** | **$49,242** | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The company experienced a net cash decrease of **$2.24 million** for the six months ended February 28, 2023, with cash ending at **$10.02 million** Cash Flow Summary (Six Months Ended Feb 28, in thousands USD) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash from Operating Activities | ($2,501) | ($2,565) | | Net cash from Financing Activities | $2,562 | $9,005 | | Net cash from Investing Activities | ($2,305) | ($2,864) | | **Net (decrease) increase in cash** | **($2,242)** | **$3,576** | | Cash, beginning of period | $12,330 | $6,059 | | **Cash, end of period** | **$10,022** | **$9,583** | [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) These notes provide detailed information on the company's operations, key projects, financial policies, share capital, and resolution of significant legal matters [Note 1: Nature of Operations](index=6&type=section&id=1.%20NATURE%20OF%20OPERATIONS) Platinum Group Metals Ltd. is a development-stage company focused on exploring and developing mineral properties in South Africa - The company is a **development stage entity** focused on mineral properties in South Africa[6](index=6&type=chunk) - The company holds interests in several subsidiaries, including a **controlling interest** in Waterberg JV Resources (Pty) Ltd. and a **52.64% stake** in Lion Battery Technologies Inc., which is accounted for using the equity method[8](index=8&type=chunk) [Note 2: Basis of Presentation and Significant Accounting Policies](index=6&type=section&id=2.%20BASIS%20OF%20PRESENTATION%20AND%20SIGNIFICANT%20ACCOUNTING%20POLICIES) Interim financial statements are prepared under IFRS, consistent with annual policies, and presented in United States Dollars - Financial statements are prepared under **IFRS** and presented in **USD**[9](index=9&type=chunk)[11](index=11&type=chunk) [Note 3: Mineral Properties and Exploration and Evaluation Assets](index=7&type=section&id=3.%20MINERAL%20PROPERTIES%20AND%20EXPLORATION%20AND%20EVALUATION%20ASSETS) The Waterberg Project, the company's sole active mineral property, had capitalized costs of **$39.94 million** and its mining right remains active despite dismissed appeals - The company's only active mineral property is the Waterberg Project[14](index=14&type=chunk) Waterberg Project Capitalized Costs (in thousands USD) | Description | Amount | | :--- | :--- | | Balance August 31, 2022 | $40,373 | | Additions | $2,038 | | Foreign currency translation adjustment | ($2,745) | | **Balance February 28, 2023** | **$39,936** | - The company holds a **50.02% controlling interest** in Waterberg JV Co. Other partners include Mnombo (**26.0%**), Implats (**15.0%**), JOGMEC (**12.195%**), and Hanwa (**9.755%**)[16](index=16&type=chunk) - The Waterberg Mining Right was granted in **2021** and remains active. In **October 2022**, the DMRE dismissed several appeals against the grant[17](index=17&type=chunk)[19](index=19&type=chunk) [Note 4: Lion Battery Technologies Inc.](index=9&type=section&id=4.%20LION%20BATTERY%20TECHNOLOGIES%20INC.) Lion Battery Technologies Inc., a joint venture with Anglo American Platinum, researches PGM-based battery technology and holds exclusive rights to five U.S. patents - Lion is a joint venture with Anglo American Platinum (Amplats) to research PGM-based battery technology, accounted for using the equity method[27](index=27&type=chunk)[28](index=28&type=chunk) - To date, the company and Amplats have each funded half of the **$3.59 million** invested into Lion[27](index=27&type=chunk) - Lion has exclusive rights to IP from its research program with Florida International University (FIU), which has yielded **five U.S. patents** for battery technology using platinum and palladium[30](index=30&type=chunk) [Note 5 & 6: Sprott Loan & Convertible Notes](index=10&type=section&id=5.%20SPROTT%20LOAN%20%26%206.%20CONVERTIBLE%20NOTES) The company fully repaid its **$20 million** Sprott Facility and **$19.99 million** Convertible Notes in February 2022, eliminating related interest expense - The **$20 million** Sprott Facility was fully repaid in **February 2022**, releasing the pledge of the company's South African assets[31](index=31&type=chunk) - The outstanding **$19.99 million** of Convertible Notes were cancelled in **February 2022**, settled through the issuance of **11,793,509 common shares**[33](index=33&type=chunk) [Note 7: Share Capital](index=10&type=section&id=7.%20SHARE%20CAPITAL) As of February 28, 2023, the company had **100.21 million** common shares outstanding, raising **$1.64 million** from ATM sales and incurring **$1.11 million** in stock compensation expense - In the six months to Feb 28, 2023, the company sold **1,043,569 shares** under its 2022 ATM program for gross proceeds of **$1.9 million**[36](index=36&type=chunk) Stock Option Activity (in CAD) | Description | Number of Options | Average Exercise Price (CAD) | | :--- | :--- | :--- | | Outstanding at Aug 31, 2022 | 3,666,671 | $3.45 | | Granted | 1,158,000 | $2.37 | | Cancelled/Exercised | (140,834) | - | | **Outstanding at Feb 28, 2023** | **4,683,837** | **$3.19** | - Total stock compensation expense for the six months ended Feb 28, 2023 was **$1.11 million**, comprising expenses from stock options, DSUs, and RSUs[3](index=3&type=chunk)[42](index=42&type=chunk)[47](index=47&type=chunk) [Note 8: Related Party Transactions](index=12&type=section&id=8.%20RELATED%20PARTY%20TRANSACTIONS) The company engaged in related party transactions, including fees to directors, with major shareholder HCI holding a **24.79% interest** and a board nominee - As of February 28, 2023, major shareholder HCI held a **24.79% interest** in the company and has the right to nominate one director to the board[48](index=48&type=chunk) [Note 9: Contingencies and Commitments](index=13&type=section&id=9.%20CONTINGENCIES%20AND%20COMMITMENTS) The company has total commitments of **$357 thousand**, and a significant legal challenge regarding the Maseve Mine sale was fully resolved in its favor - Legal proceedings instituted by Africa Wide to set aside the sale of the Maseve Mine were dismissed by the High Court in **June 2022**, with a final appeal dismissed by the Supreme Court in **November 2022**. Africa Wide has no further avenue of appeal[52](index=52&type=chunk) Commitments (in thousands USD) | Type | Total | | :--- | :--- | | Lease Obligations | $93 | | Environmental Bonds | $264 | | **Total** | **$357** | [Note 11: Segmented Reporting](index=13&type=section&id=11.%20SEGMENTED%20REPORTING) The company's operations are segmented by geography, with the majority of assets (**$41.9 million**) in South Africa and most comprehensive loss (**$5.69 million**) attributed to Canada Segmented Information as of Feb 28, 2023 (in thousands USD) | Geography | Assets | Liabilities | Comprehensive Loss (6-months) | | :--- | :--- | :--- | :--- | | Canada | $9,254 | $1,184 | $5,685 | | South Africa | $41,896 | $724 | $382 | | **Total** | **$51,150** | **$1,908** | **$6,067** |

[Interim Condensed Consolidated Financial Statements](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Consolidated Statements of Financial Position](index=2&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) As of November 30, 2022, the company's total assets increased slightly to $54.5 million from $53.7 million at August 31, 2022, primarily driven by additions to mineral properties, while total liabilities rose to $2.4 million and total shareholders' equity increased to $52.1 million Consolidated Statements of Financial Position (in thousands USD) | | November 30, 2022 | August 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $12,496 | $12,764 | | Mineral properties and exploration and evaluation assets | $41,507 | $40,373 | | **Total assets** | **$54,545** | **$53,679** | | **Total current liabilities** | $1,193 | $1,121 | | **Total liabilities** | **$2,413** | **$2,124** | | **Total shareholders' equity** | **$52,132** | **$51,555** | | **Total liabilities and shareholders' equity** | **$54,545** | **$53,679** | [Interim Condensed Consolidated Statements of Loss and Comprehensive Loss](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) For the three-month period ended November 30, 2022, the company reported a net loss of $1.61 million, a significant improvement from the $3.32 million loss in the same period of 2021, mainly due to the absence of interest expense and a foreign exchange gain, resulting in a basic and diluted loss per share of $0.02, down from $0.04 in the prior-year period Statement of Loss Highlights (in thousands USD, except per share data) | | Period Ended Nov 30, 2022 | Period Ended Nov 30, 2021 | | :--- | :--- | :--- | | General and administrative | $1,173 | $1,301 | | Interest | $0 | $1,066 | | Foreign exchange (gain) loss | ($251) | $144 | | Stock based compensation expense | $830 | $683 | | **Loss for the period** | **$1,614** | **$3,316** | | **Comprehensive loss for the period** | **$1,706** | **$7,039** | | **Basic and diluted loss per common share** | **$0.02** | **$0.04** | [Consolidated Statements of Changes in Equity](index=4&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total shareholders' equity increased from $51.56 million at August 31, 2022, to $52.13 million at November 30, 2022, primarily driven by proceeds from share issuance under financing activities, partially offset by the net loss for the period and a minor currency translation adjustment Changes in Equity for the period ended Nov 30, 2022 (in thousands USD) | Description | Amount | | :--- | :--- | | **Balance August 31, 2022** | **$51,555** | | Stock based compensation | $667 | | Share issuance - financing (net of costs) | $1,225 | | Contributions of Waterberg JV Co | $391 | | Currency translation adjustment | ($92) | | Net loss for the period | ($1,614) | | **Balance November 30, 2022** | **$52,132** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the period ended November 30, 2022, the company experienced a net decrease in cash of $0.91 million, compared to a $2.17 million increase in the prior-year period, with cash used in operating activities ($1.91 million) and investing activities ($0.57 million) primarily for the Waterberg Project, partially offset by cash generated from financing activities ($1.56 million) mainly from equity issuance, resulting in a cash balance of $11.57 million at period end Cash Flow Summary (in thousands USD) | | For the period ended Nov 30, 2022 | For the period ended Nov 30, 2021 | | :--- | :--- | :--- | | **Net cash used in Operating Activities** | **($1,906)** | **($1,842)** | | **Net cash from Financing Activities** | **$1,561** | **$5,892** | | **Net cash used in Investing Activities** | **($567)** | **($1,881)** | | Net (decrease) increase in cash | ($912) | $2,169 | | Cash, beginning of period | $12,330 | $6,059 | | **Cash, end of period** | **$11,566** | **$8,072** | [Notes to the Condensed Consolidated Interim Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) The notes provide detailed information supporting the financial statements, covering the company's nature as a development-stage entity focused on the Waterberg Project, basis of accounting (IFRS), specifics on mineral properties, joint ventures, share capital, financing activities, related party transactions, commitments, and segmented reporting [Note 1. Nature of Operations](index=7&type=section&id=Note%201.%20Nature%20of%20Operations) The company is a development-stage entity based in British Columbia, Canada, with shares listed on the TSX and NYSE American, primarily focused on the exploration and development of mineral properties in South Africa, with key interests in platinum, palladium, rhodium, gold, copper, and nickel, consolidating its subsidiaries and using the equity method for its joint control of Lion Battery Technologies Inc - The Company is a development stage entity focused on mineral properties in South Africa, with key metals of interest being platinum, palladium, rhodium, gold, copper, and nickel[9](index=9&type=chunk) - The company holds a **37.05%** direct interest in Waterberg JV Resources (Pty) Ltd and a **53.70%** interest in Lion Battery Technologies Inc, the latter of which is accounted for using the equity method due to joint control[11](index=11&type=chunk) - COVID-19 related travel and work restrictions in South Africa and Canada were lifted in June and September 2022, respectively, though the company notes the potential for future pandemic-related impacts remains[13](index=13&type=chunk) [Note 3. Mineral Properties and Exploration and Evaluation Assets](index=8&type=section&id=Note%203.%20Mineral%20Properties%20and%20Exploration%20and%20Evaluation%20Assets) The company's sole active mineral property is the Waterberg Project, with capitalized costs increasing to $41.5 million as of November 30, 2022, and the company holding a controlling 50.02% interest, a significant milestone being the dismissal of several appeals against the granted Waterberg Mining Right by the South African government in October 2022 - The Waterberg Project is the company's only active mineral property, with capitalized costs increasing from **$40.4 million** at Aug 31, 2022 to **$41.5 million** at Nov 30, 2022[17](index=17&type=chunk)[18](index=18&type=chunk) - The company holds a controlling **50.02%** interest in Waterberg JV Co, with other partners including Mnombo (**26.0%**), Implats (**15.0%**), JOGMEC (**12.195%**), and Hanwa (**9.755%**)[20](index=20&type=chunk) - The Waterberg Mining Right was granted and remains active, with the Minister of the DMRE dismissing several appeals filed against the grant in October 2022, confirming the company's compliance with BEE and community consultation requirements[21](index=21&type=chunk)[23](index=23&type=chunk) - Implats elected not to exercise its option to increase its stake to **50.01%** in June 2020, but retains its **15%** interest and a right of first refusal for offtake[27](index=27&type=chunk) [Note 4. Lion Battery Technologies Inc.](index=10&type=section&id=Note%204.%20Lion%20Battery%20Technologies%20Inc.) Lion Battery Technologies Inc is a joint venture with Anglo American Platinum (Amplats) to research and develop lithium battery technology using platinum and palladium, with both partners having funded an aggregate of $3.0 million to date, and Lion holding exclusive rights to intellectual property developed under a research agreement with Florida International University (FIU), which has resulted in four U.S patents being issued for battery technology innovations - Lion Battery is a joint venture with Amplats to research battery technology using platinum and palladium, with the Company and Amplats having funded Lion with an aggregate of **$3.0 million** to date[31](index=31&type=chunk)[32](index=32&type=chunk) - Lion has a Sponsored Research Agreement with Florida International University (FIU) and has provided **$2.9 million** in research funding as of November 30, 2022[33](index=33&type=chunk) - **Four U.S patents** have been issued to FIU related to battery cathodes and the use of palladium as an interlayer, with Lion having exclusive rights to this intellectual property[34](index=34&type=chunk) [Note 5 & 6. Debt Repayment](index=11&type=section&id=Note%205%20%26%206.%20Debt%20Repayment) The company fully extinguished its major debt obligations in early 2022, with the $20 million Sprott Facility fully repaid in February 2022, releasing the pledge of its South African assets, and concurrently, the $20 million in Convertible Notes also settled in February 2022 through the issuance of 11.8 million common shares - The **$20 million** senior secured Sprott Facility was fully repaid in February 2022[35](index=35&type=chunk) - The **$20 million** aggregate principal of Convertible Notes were purchased and cancelled in February 2022, settled by issuing **11,793,509 common shares**[36](index=36&type=chunk)[37](index=37&type=chunk) [Note 7. Share Capital](index=11&type=section&id=Note%207.%20Share%20Capital) As of November 30, 2022, the company had 99.7 million common shares outstanding, raising $1.3 million through its at-the-market (ATM) equity program during the quarter, and managing several equity-based compensation plans, including incentive stock options, Deferred Share Units (DSUs) for directors, and Restricted Share Units (RSUs) for employees, with new grants and expenses recorded during the period - In the three months ending Nov 30, 2022, the company sold **717,138 shares** under its 2022 ATM program for net proceeds of **$1.225 million**[40](index=40&type=chunk) - As of Nov 30, 2022, there were **4,824,671 incentive stock options** outstanding with a weighted average exercise price of **C$3.19**[45](index=45&type=chunk) - The company recorded expenses of **$66k** for DSUs and **$155k** for RSUs during the period ended Nov 30, 2022[50](index=50&type=chunk)[52](index=52&type=chunk) [Note 8. Related Party Transactions](index=13&type=section&id=Note%208.%20Related%20Party%20Transactions) The company's primary related party transactions involve its major shareholder, Hosken Consolidated Investments Limited (HCI), through its subsidiary Deepkloof Limited, with HCI holding a 24.9% interest in the company as of November 30, 2022, and retaining the right to nominate a director and participate in future equity financings to maintain its pro-rata interest - Major shareholder Hosken Consolidated Investments Limited (HCI), via its subsidiary Deepkloof, held a **24.9% interest** (**24,837,349 common shares**) in the Company as of November 30, 2022[55](index=55&type=chunk) - HCI has the right to nominate one person to the board of directors and to participate in future equity financings to maintain its pro-rata interest[54](index=54&type=chunk) [Note 9. Contingencies and Commitments](index=14&type=section&id=Note%209.%20Contingencies%20and%20Commitments) The company has total commitments of approximately $0.81 million, primarily for office leases, drilling, and environmental bonds, while a significant legal matter involving Africa Wide's challenge to the 2018 Maseve Mine sale has been fully resolved in the company's favor, with the South African Supreme Court of Appeal dismissing Africa Wide's final appeal in November 2022 Commitments Summary (in thousands USD) | | < 1 Year | 1 - 3 Years | 4 - 5 Years | Total | | :--- | :--- | :--- | :--- | :--- | | Lease Obligations | $101 | $22 | $ - | $123 | | Discovery Drilling | $399 | $ - | $ - | $399 | | Environmental Bonds | $48 | $143 | $95 | $286 | | **Totals** | **$548** | **$165** | **$95** | **$808** | - The legal challenge by Africa Wide regarding the Maseve Sale Transaction was dismissed by the High Court in June 2022, with Africa Wide's subsequent application for leave to appeal denied by the High Court in August 2022 and finally dismissed by the Supreme Court of Appeal in November 2022[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - Costs were awarded to the defendants (including the Company) **three times**, but no accrual has been recorded due to uncertainty of recovery, and Africa Wide has no further avenue of appeal[63](index=63&type=chunk)[64](index=64&type=chunk) [Note 11. Segmented Reporting](index=15&type=section&id=Note%2011.%20Segmented%20Reporting) The company manages its business across two geographical segments: Canada and South Africa, with the majority of assets ($44.4 million) located in South Africa as of November 30, 2022, reflecting the Waterberg Project's location, while the majority of liabilities ($1.5 million) are held in Canada, and comprehensive loss for the period was primarily attributed to the Canadian segment Assets and Liabilities by Segment (in thousands USD) | At Nov 30, 2022 | Assets | Liabilities | | :--- | :--- | :--- | | Canada | $10,190 | $1,517 | | South Africa | $44,355 | $896 | | **Total** | **$54,545** | **$2,413** | Comprehensive Loss by Segment (in thousands USD) | For the period ended | Nov 30, 2022 | Nov 30, 2021 | | :--- | :--- | :--- | | Canada | $1,446 | $3,682 | | South Africa | $260 | $3,357 | | **Total** | **$1,706** | **$7,039** |

Platinum Group Metals Ltd. Interim Condensed Consolidated Financial Statements (Unaudited and expressed thousands of United States Dollars unless otherwise noted) For the period ended May 31, 2022 Filed: July 13, 2022 PLATINUM GROUP METALS LTD. Consolidated Statements of Financial Position (in thousands of United States Dollars) | | | May 31, | | August 31, | | --- | --- | --- | --- | --- | | | | 2022 | | 2021 | | ASSETS | | | | | | Current | | | | | | Cash | $ | 13,628 | $ | 6,059 | | ATM offering proceeds ...

Platinum Group Metals Ltd. Interim Condensed Consolidated Financial Statements (all amounts in thousands of United States Dollars unless otherwise noted) For the period ended February 28, 2022 Filed: April 14, 2022 PLATINUM GROUP METALS LTD. Consolidated Statements of Financial Position (in thousands of United States Dollars) | | | February 28, | | August 31, | | --- | --- | --- | --- | --- | | | | 2022 | | 2021 | | ASSETS | | | | | | Current | | | | | | Cash | $ | 9,583 | $ | 6,059 | | ATM Offering proceed ...

Platinum Group Metals Ltd. Interim Condensed Consolidated Financial Statements (all amounts in thousands of United States Dollars unless otherwise noted) For the period ended November 30, 2021 Filed: January 13, 2022 PLATINUM GROUP METALS LTD. Consolidated Statements of Financial Position (in thousands of United States Dollars) | | | November 30, | | August 31, | | --- | --- | --- | --- | --- | | | | 2021 | | 2021 | | ASSETS | | | | | | Current | | | | | | Cash | $ | 8,072 | $ | 6,059 | | ATM Offering proce ...