Platinum Group Metals Ltd. Reports First Quarter 2026 Results

Core Viewpoint - Platinum Group Metals Ltd. reports its financial results for the first fiscal quarter of 2026, focusing on 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] Financial Results - The company incurred a net loss of $1.84 million for the three months ended November 30, 2025, consistent with the previous year [13] - General and administrative expenses were $1.08 million, down from $1.24 million in the same period last year [13] - Share-based compensation increased to $1.13 million from $0.72 million year-over-year [13] - A foreign exchange gain of $0.23 million was recognized, attributed to the U.S. Dollar's appreciation against the Canadian Dollar [13] Project Ownership - As of November 30, 2025, the Waterberg Project is owned by Waterberg JV Resources, with Platinum Group holding a 37.32% interest [4] - The ownership structure includes Mnombo (26.0%), HJ Platinum Metals Company (21.95%), and Impala Platinum Holdings (14.73%) [4] Recent Developments - A sixth stage of work was approved for the Waterberg Project, with a budget of Rand 92.1 million (approximately $5.11 million) for fiscal year 2026 [7] - The company closed a non-brokered private placement of common shares at $1.26 per share, raising $1.0 million [8] - An interim budget of Rand 42 million (approximately $2.27 million) was approved for the continuation of work programs [9] Project Expenditures - Total expenditures on the Waterberg Project for the three months ended November 30, 2025, were approximately $0.55 million [17] - Accumulated net costs capitalized to the Waterberg Project reached $51.2 million [17] - Total expenditures since inception to November 30, 2025, amount to approximately $91.6 million [17] Future Outlook - The primary objective is to advance the Waterberg Project to a development and construction decision [19] - Approximately half of the $21.0 million Pre-Construction Program remains to be completed, covering essential site facilities and initial road access [20] - The company is assessing commercial alternatives for mine development financing and concentrate offtake [21] Technical and Economic Considerations - The base case for mine development focuses on lower-cost, bulk mining of F-Zone material from the F-Central deposit [23] - The T-Zone reserves have a more favorable 4E prill split and higher grade compared to the F-Central deposit [23] - Internal studies are evaluating the financial impact of a staged development approach, potentially allowing for lower capital expenditures [25] Environmental, Social, and Governance (ESG) - The company received a BBB score in its 2025 ESG disclosure report from Digbee, indicating a commitment to improving ESG performance [28]