Platinum Group Metals Ltd. · TSX:PTM
Platinum Group Metals — Investor Presentation (September 2024)
43 slides from Platinum Group Metals's investor presentation, September 2024
Slide 1: Waterberg PGM Corporate Presentation September 2024
WATERBERG PGM Large-scale, low-cost PGM mine development in South Africa CORPORATE PRESENTATION SEPTEMBER 2024 NYSE.A PLG • TSX PTM 1
Slide 2: Disclosure
DISCLOSURE Forward-looking Statements Report on Form 40-F, other filings with the Canadian securities regulators and the SEC, which may be viewed at www.sedarplus.ca and www.sec.gov and, respectively. This presentation and the information included herein do not constitute an offer to buy or the soli
Slide 3: Corporate Overview
PLATINUM GROUP METALS LTD. CORPORATE OVERVIEW Platinum Group Metals Ltd. is the majority owner and operator of the Waterberg PGM Project in South Africa Listed Headquarters NYSE American (PLG) Vancouver, BC, and and TSX (PTM) Johannesburg, SA Cornerstone Shareholder (26%) Hosken Consolidated Investm
Slide 4: Location and Background
WATERBERG PGM PROJECT LOCATION AND BACKGROUND Located on the North Limb of the Bushveld Complex; home to 70% of global platinum production in 2023 Discovered in 2011 with US$89M invested to date in exploration and feasibility engineering Updated Definitive Evaluating smelter offtake Feasibility Stud
Slide 5: Why Waterberg
WATERBERG PGM PROJECT WHY WATERBERG. Measured and Indicated Resource 33.76M ounces Palladium, Platinum, Gold and Rhodium (4E) THICK UNIQUE 40 m Amenable to bulk mechanized Full suite of PGMs including Waterberg Deposit mining – safe with higher strong gold, nickel and copper 13 story stopes skilled
Slide 6: Ownership
WATERBERG PGM PROJECT OWNERSHIP PLATINUM GROUP 37.05% 37.19% Platinum Group is the Implats is a leading operator and majority producer of PGMs and 50.16% owner via a direct owns a 14.86% interest in 37.19% interest and an the Waterberg Project along 50.02% 50.16% indirect 12.97% interest via with a
Slide 7: Commodity Leverage
WATERBERG PGM PROJECT COMMODITY Leverage Pt | Platinum Pd | Palladium 6.72m ounces 14.90m ounces Au | Gold Rh | Rhodium 1.44m ounces 343k ounces Cu | Copper Ni | Nickel 429M lbs 933M lbs 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca NYSE.A PLG • T
Slide 8: PGM Auto Demand Steady
PGM MARKETS PGM AUTO DEMAND STEADY Growth in Hybrid Market Offsetting PGM Demand Loss From Battery Electric Vehicles (BEV) Global Light Vehicle Sales 3E PGM Autocatalyst Demand 100 15 80 0.95 0.92 0.93 0.91 0.93 10 Millions of ounces 71 69 Market Share (%) 76 60 82 89 7.88 7.80 7.83 7.71 40 7.55 5 2
Slide 9: BEV Projections
PGM MARKETS BEV PROJECTIONS Battery Electric Vehicle (BEV) Sales Projections Have Not Materialized Increased forecast risk on widening market share projections Decreasing slope of trend lines shows slowing BEV market share growth Source: World Platinum Investment Council (WPIC). NYSE.A PLG • TSX PTM
Slide 10: Ore Body
WATERBERG PGM PROJECT ORE BODY NYSE.A PLG • TSX PTM 10
Slide 11: Plan View
WATERBERG PGM PROJECT PLAN VIEW NYSE.A PLG • TSX PTM 11
Slide 12: 2024 DFS Update Highlights
WATERBERG PGM PROJECT 2024 DFS UPDATE Highlights $6.50 billion 23.41 million 353,208 Ounces $658/4E LOM Post Tax Ounces 4E Proven Annual Steady State Ounce on Site Cashflow and Probable Production (4E) LOM Average Reserves Cash Cost $569M $776M 14.20% 54 Years Post Tax Estimated Peak IRR Post Tax Mi
Slide 13: 2024 DFS Update Price Deck and Sensitivities
WATERBERG PGM PROJECT 2024 DFS UPDATE Price Deck and Sensitivities Description Commodity Unit of Measure Long term Real Pt USD / oz 1,605 Pd USD / oz 1,062 Au USD / oz 1,812 CONSENSUS PRICES Rh USD / oz 6,209 Cu USD / lb 4.53 Ni USD / lb 9.73 EXCHANGE RATE USD/ZAR 20.07 Bearish Base Case Bullish (Me
Slide 14: 2024 DFS Update Economics: Cumulative Cashflow
WATERBERG PGM PROJECT 2024 DFS UPDATE Economics $6.50B USD Cash Flow Over a Fifty-Four Year Life of Mine 800 9,000 600 6,750 Cumulative Cashflow (USD mil Real) 400 4,500 Net Cashflow (USD mil Real) 200 2,250 0 0 ((200) 200) (2,250) (2,250) ((400) 400) (4,500) (4,500) ((600) 600) (6,750) (6,750) Y1 Y
Slide 15: 2024 DFS Update Economics: Metal Recovered
WATERBERG PGM PROJECT 2024 DFS UPDATE Economics Average Annual Steady State Production of 353,208 Ounces 4E at 2.96 g/t 4E Reserve Grade 500 4.00 450 3.60 400 3.20 350 2.80 Metal Recovered (koz) 4E Head Grade (g/t) 300 2.40 250 2.00 200 1.60 150 1.20 100 0.80 50 0.40 0 0.00 Y4 Y8 Y12 Y16 Y20 Y24 Y28
Slide 16: 2024 DFS Update Mining
WATERBERG PGM PROJECT 2024 DFS UPDATE Mining Simplified Mine Plan Focused on Thick Central F Zone Utilizing Long Hole Open Stoping LONGHOLE DRILLING AND BLASTING STOPE UNDERCUT BLASTED ORE DRAWPOINT TRANSPORT DRIFT LOADING CROSSCUT NYSE.A PLG • TSX PTM 16
Slide 17: Waterberg Advantage: Thickness, Depth, Productivity and Cost
WATERBERG PGM PROJECT WATERBERG Advantage: Thickness, Depth, Productivity and Cost PGM Orebody Thickness and Grade South African PGM Mine & Project Average Deposit Depths 50 5.19 6 WATERBERG 0 40.00 4.61 Metres below surface (mbs) 4.47 4.25 5 40 4.01 3.97 3.86 4E grade (g/t) 4 500 Metres 30 2.96 19.
Slide 18: Corporate Social Responsibility
WATERBERG PGM PROJECT CORPORATE SOCIAL RESPONSIBILITY Mining Right Granted Social and Labour Significant opportunity for including Environmental Plan Approved with training, employment Authorization initial implementation and infrastructure underway development Environmental, Social and Governance (
Slide 19: Pre-Construction Investment
WATERBERG PGM PROJECT PRE-CONSRUCTION INVESTMENT Near Term Development Options Focused on Infrastructure, Bulk Sample Program and Construction Decision August 2022 to August 2024 ▪ Definitive Feasibility Study US$21m pre-construction US$9.1m (R45.0m) (DFS) Update budget was approved in ▪ Infill and
Slide 20: Beneficiation Strategy
WATERBERG PGM PROJECT BENEFICIATION Strategy Dual Track Process for Concentrate Offtake Platinum Group and Waterberg JV Co. are assessing commercial alternatives for concentrate offtake and beneficiation. Third Party OPTION A Concentrate Offtake South African Offtakers OPTION B Cooperation Agreement
Slide 21: South Africa Beneficiation Opportunity
WATERBERG PGM PROJECT SOUTH AFRICA Beneficiation Opportunity ▪ PGM smelters in South Africa are designed to South African Ore Extraction process higher base metal (sulphide) Merensky 100 100% Reef ore to achieve good furnace recoveries % UG2 (rhs) ▪ Merensky reserves have been depleted and extractio
Slide 22: Saudi Arabia Beneficiation Opportunity
WATERBERG PGM PROJECT SAUDI ARABIA Beneficiation Opportunity Cooperation Agreement to study the Ajlan & Bros Mining and Metals Co. construction of a PGM smelter is a subsidiary of Ajlan & Bros Holding, and base metal refinery (BMR) a diversified holding company, seeking in Saudi Arabia to treat Wate
Slide 23: Development Timeline
WATERBERG PGM PROJECT Development TIMELINE Timelines dependent upon regulatory approvals, concentrate offtake and financing. NYSE.A PLG • TSX PTM 23
Slide 24: Capital Structure
PLATINUM GROUP METALS LTD. CAPITAL STRUCTURE September 2024 Major Shareholders LISTINGS PLG:NYSE.A PTM:TSX ▪ Hosken Consolidated SHARE PRICE USD $1.50 Investments Ltd. (HCI:JSE) 52 WEEK HIGH/LOW USD $2.07 / $0.94 ▪ Franklin Templeton ISSUED AND OUTSTANDING 102,480,148 ▪ Kopernik Global OPTIONS 4,446
Slide 25: Appendix: 2024 DFS Update
APPENDIX 2024 DFS Update NYSE.A PLG TSX PTM NYSE.A PLG • TSX PTM 25
Slide 26: Lion Battery Technologies
APPENDIX LION BATTERY Technologies Patented Research Supported by Lithium Sulphur and Development Anglo Platinum and NMC Focus Using PGMs in emerging The world’s largest PGM Potential power to weight and existing lithium producer, and partnered advantage with PGMs battery chemistries with Florida In
Slide 27: 2024 DFS Update – 2019 Comparison
APPENDIX 2024 DFS Update – 2019 Comparison 2019 DFS 2024 Updated DFS Proven and Probable Reserves (4E) 19.5M Ounces 23.41M Ounces LOM Steady State Average Production (4E) 390,796 Ounces 353,208 Ounces On Site LOM Average Cash Cost (USD) $640/4E Ounce $658/4E Ounce Post Tax NPV8% (USD) $982M $569M LO
Slide 28: Reserves: Proven
APPENDIX RESERVES Proven Mineral Reserve Estimate 4E g/t – Effective August 31, 2024 Proven Mineral Reserve Estimate Pd Pt Rh Au 4E Cu Ni 4E Zone Tonnes g/t g/t g/t g/t g/t % % kg Moz T ZONE 5,094,182 1.76 0.93 0.04 0.63 3.36 0.10 0.06 17,138 0.551 F CENTRAL 32,297,283 1.90 0.82 0.04 0.13 2.89 0.06
Slide 29: Reserves: Probable
APPENDIX RESERVES Probable Mineral Reserve Estimate 4E g/t – Effective August 31, 2024 Probable Mineral Reserve Estimate Pd Pt Rh Au 4E Cu Ni 4E Zone Tonnes g/t g/t g/t g/t g/t % % kg Moz T ZONE 14,137,694 2.05 1.18 0.02 0.75 4.01 0.16 0.08 56,623 1.820 F CENTRAL 99,814,040 1.72 0.74 0.04 0.12 2.61
Slide 30: Reserves: Proven and Probable
APPENDIX RESERVES Proven and Probable Mineral Reserve Estimate 4E g/t – Effective August 31, 2024 Total Estimated Mineral Reserve Pd Pt Rh Au 4E Cu Ni 4E Zone Tonnes g/t g/t g/t g/t g/t % % kg Moz T ZONE 19,231,876 1.97 1.11 0.03 0.72 3.84 0.14 0.07 73,760 2.371 F CENTRAL 132,111,323 1.76 0.76 0.04
Slide 31: Resources: F Zone Mineral Resource Estimate
APPENDIX RESOURCES F Zone Mineral Resource Estimate Mineral Resource F Zone Including Reserves Mineral Cut-off Grade Metal Tonnage Resource 4E Pt Pd Rh Au 4E Cu Ni 4E Category g/t Mt g/t g/t g/t g/t g/t % % kg Moz FZ North MEASURED 2.5 18.60 0.87 2.10 0.05 0.17 3.19 0.11 0.21 59,335 1.908 INDICATED
Slide 32: Resources: F Zone (Cont'd)
APPENDIX RESOURCES F Zone Mineral Resource Estimate (Cont’d) Mineral Resource F Zone Including Reserves Mineral Cut-off Grade Metal Tonnage Resource 4E Pt Pd Rh Au 4E Cu Ni 4E Category g/t Mt g/t g/t g/t g/t g/t % % kg Moz FZ Central MEASURED 2.0 46.67 0.83 1.92 0.05 0.13 2.93 0.06 0.18 136,750 4.39
Slide 33: Resources: F Zone (Cont'd)
APPENDIX RESOURCES F Zone Mineral Resource Estimate (Cont’d) Mineral Resource F Zone Including Reserves Mineral Cut-off Grade Metal Tonnage Resource 4E Pt Pd Rh Au 4E Cu Ni 4E Category g/t Mt g/t g/t g/t g/t g/t % % kg Moz Total F Zone MEASURED 2.0 & 2.5 78.08 0.87 2.01 0.05 0.15 3.08 0.08 0.20 240,
Slide 34: Resources: T Zone Mineral Resource Estimate
APPENDIX RESOURCES T Zone Mineral Resource Estimate Mineral Resource - T Zone (Inclusive) Mineral Cut-off Grade Metal Tonnage Resource 4E Pt Pd Rh Au 4E Cu Ni 4E Category g/t Mt g/t g/t g/t g/t g/t % % kg Moz TZ MEASURED 2.5 5.24 1.10 2.06 0.05 0.78 3.99 0.13 0.07 20,917 0.673 INDICATED 2.5 12.73 1.
Slide 35: Resources: T Zone (Cont'd)
APPENDIX RESOURCES T Zone Mineral Resource Estimate (Cont’d) Mineral Resource - T Zone (Inclusive) Mineral Cut-off Grade Metal Tonnage Resource 4E Pt Pd Rh Au 4E Cu Ni 4E Category g/t Mt g/t g/t g/t g/t g/t % % kg Moz Total T Zone (TZ+T0) at 2.5 g/t (4E) Cutoff MEASURED 2.5 5.24 1.10 2.06 0.05 0.78
Slide 36: Resources: Waterberg Aggregate Mineral Resource Estimate
APPENDIX RESOURCES Waterberg Aggregate Mineral Resource Estimate Waterberg Aggregate - Total Mineral Resource (Inclusive) Mineral Cut-off Grade Metal Tonnage Resource 4E Pt Pd Rh Au 4E Cu Ni 4E Category g/t Mt g/t g/t g/t g/t g/t % % kg Moz Total T Zone (TZ+T0) at 2.5 g/t (4E) Cutoff MEASURED – 83.3
Slide 37: Project Capital Breakdown
APPENDIX PROJECT CAPITAL BREAKDOWN Project Capital Breakdown Project Capital Project Capital Facility Description (ZAR M) (USD M) MINE 5,039 253 PLANT 4,476 224 BACKFILL AND DEWATERING PLANT (TSF) 1,835 91 TAILINGS DEPOSITION (TSF) 263 13 REGIONAL INFRASTRUCTURE 1,869 95 PROJECT INDIRECTS 1,372 70 S
Slide 38: Price Deck Assumptions
APPENDIX PRICE DECK ASSUMPTIONS Price Deck Assumptions: Consensus View (Base Case) Commodity Unit of Measure 2025 2026 2027 2028 Long-term Real PLATINUM USD / oz 1,144 1,233 1,330 1,605 1,605 PALLADIUM USD / oz 1,089 1,095 1,122 1,062 1,062 GOLD USD / oz 2,155 2,005 2,008 1,812 1,812 RHODIUM USD / o
Slide 39: Operating Cost
APPENDIX OPERATING COST On-Site Operating Cost Rates per Area in ZAR and USD Operating Costs Average LOM Average LOM Area (ZAR/t ore milled) (US$/t ore milled) MINING 389 19 PROCESS 195 10 ENGINEERING AND INFRASTRUCTURE 186 9 GENERAL AND ADMINISTRATIVE (G&A) 39 2 TOTAL OPEX COST 808 40 NYSE.A PLG •
Slide 40: Operating Cost: Total Cash Cost
APPENDIX OPERATING COST Total Cash Cost Rates in USD/4E Ounce Operating Costs Base Case: Consensus view Metric (US$/4E oz) ON-SITE OPERATING COSTS 546 SMELTING, REFINING, AND TRANSPORT COSTS 375 ROYALTIES AND PRODUCTION TAXES 41 LESS BYPRODUCT BASE METAL CREDITS -304 TOTAL CASH COST 658 SUSTAINING C
Slide 41: Sensitivity Analysis: NPV Discount Rate
APPENDIX SENSITIVITY ANALYSIS NPV (Discount Rate) Sensitivity Analysis Discount Unit of Consensus Metric Rate Measure View Undiscounted US$ million 6,500 4% US$ million 1,809 Net Present Value 6% US$ million 1,018 US$ (Post-Tax) 8% US$ million 569 10% US$ million 297 12% US$ million 121 Undiscounted
Slide 42: Sensitivity Analysis: Consensus Prices
APPENDIX SENSITIVITY ANALYSIS Consensus Prices Sensitivity Analysis Increase/ NPV @ 8% NPV @ 8% IRR Payback Period Parameters (Decrease) (US$ million) (ZAR million) (% Real) (years) -20% 33 799 8.5 9.7 -10% 307 6,301 11.5 7.1 Metal Prices – 569 11,557 14.2 5.8 10% 829 16,767 16.7 5.0 20% 1,088 21,95
Slide 43: Thank You
THANK YOU info@platinumgroupmetals.net 838 - 1100 Melville Street, Vancouver, BC, V6E 4A6, Canada www.platinumgroupmetals.net NYSE.A PLG TSX PTM NYSE.A PLG • TSX PTM 43
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