Platinum Group Metals Ltd. · TSX:PTM
Platinum Group Metals — Investor Presentation (February 2026)
40 slides from Platinum Group Metals's investor presentation, February 2026
Slide 1: Waterberg PGM Project: Large-scale, low-cost PGM mine development
WATERBERG PGM PROJECT Large-scale, low-cost PGM mine development in South Africa CORPORATE PRESENTATION – FEBRUARY 2026 NYSE.A PLG • TSX PTM
Slide 2: Disclosure
DISCLOSURE This presentation has been prepared by Platinum Group Metals Ltd. (“Platinum Group” or the “Company”). Forward-looking Statements Technical and Scientific Information The information included herein does not constitute an offer to sell or a solicitation of an offer to subscribe for This p
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 (24%) 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 2025 Discovered in 2011 with US$92M 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% 37.425% Platinum Group is the Implats is a leading operator and majority producer of PGMs and 50.395% owner via a direct owns a 14.625% interest in 37.425% interest and an the Waterberg Project along 50.02% 50.395% indirect 12.97% interest via wi
Slide 7: PGM Auto Demand
PGM MARKETS PGM AUTO DEMAND Growth in Hybrid Market Offsetting PGM Demand Loss From Battery Electric Vehicles (BEV) Global vehicles sales forecast PGM autocatalyst demand to grow through and EV/ICE split 2027, despite increasing EV sales Source: IEA, Bloomberg, Nedbank CIB Markets Research Source: B
Slide 8: PGM Mine Supply
PGM MARKETS PGM MINE SUPPLY Southern Africa PGM Reserves and Supply in Terminal Decline Merensky and UG2 reserves in a decline; Number of operating shafts are in a decline; Northern Limb holding the fort SA PGM industry’s shaft count Source: Company reports, Nedbank CIB Markets Research Source: Comp
Slide 9: 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 10: Ore Body
WATERBERG PGM PROJECT ORE BODY 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca NYSE.A PLG • TSX PTM 10
Slide 11: Ore Body
WATERBERG PGM PROJECT ORE BODY F-ZONE T-ZONE Reserve Tonnes 64.0% Reserve Tonnes 51.4% Palladium Palladium 226 MT 19 MT 28.8% 29.0% Reserve Grade Platinum Reserve Grade Platinum 2.68 g/t 4E 21.03M 3.84 g/t 4E 2.37M OUNCES 4E OUNCES 4E Thickness Thickness 1.4% 0.8% 2.4m to 118m Rhodium 2.4m to 20m Rh
Slide 12: Plan View
WATERBERG PGM PROJECT PLAN VIEW 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca NYSE.A PLG • TSX PTM 12
Slide 13: 2024 DFS Update – Base Case
WATERBERG PGM PROJECT 2024 DFS UPDATE – Base Case $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 M
Slide 14: 2024 DFS Update Price Deck and Sensitivities
WATERBERG PGM PROJECT 2024 DFS UPDATE Price Deck and Sensitivities Base Case Bullish January 2026 – Spot Prices (2024 Consensus) (Metal Prices Up 20%) Basket Price $2290/oz 4E BASKET PRICE (4E) $1,325/oz $1,590/oz +72% POST TAX NPV8% $569 million $1.088 billion Pt | Platinum Pd | Palladium $2,400/oz
Slide 15: 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 16: 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 17: 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 100% Waterberg Project. See Press Release dated September 16, 2024,
Slide 18: 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 2.96 Metres 30 19.
Slide 19: Pre-Construction Investment
WATERBERG PGM PROJECT PRE-CONSTRUCTION INVESTMENT Near Term Options Focused on Infrastructure and Staged Development September 2022 to August 2024 ▪ Definitive Feasibility Study US$21m pre-construction (DFS) Update. US$9.1m (R45.0m) budget was approved in ▪ Infill and exploration drilling, principle
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: 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 22: Development Timeline
WATERBERG PGM PROJECT Development TIMELINE Timelines dependent upon regulatory approvals, concentrate offtake and financing. NYSE.A PLG • TSX PTM 22
Slide 23: Capital Structure
PLATINUM GROUP METALS LTD. CAPITAL STRUCTURE February 2026 Major Shareholders LISTINGS PLG:NYSE.A PTM:TSX ▪ Hosken Consolidated SHARE PRICE USD $2.50 Investments Ltd. (HCI:JSE) 52 WEEK HIGH/LOW USD $3.36 / $1.00 ▪ Franklin Templeton ISSUED AND OUTSTANDING 126,800,195 ▪ Kopernik Global OPTIONS 3,246,
Slide 24: Appendix: 2024 DFS Update
APPENDIX 2024 DFS Update NYSE.A PLG TSX PTM NYSE.A PLG • TSX PTM 24
Slide 25: 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 26: 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 27: 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 28: 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 29: Resources: F Zone Mineral Resource Estimate (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 30: Resources: F Zone Mineral Resource Estimate (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 31: 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 32: Resources: T Zone Mineral Resource Estimate (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 33: 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 34: 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 35: 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 36: 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 37: Operating Cost: Total Cash Cost Rates
APPENDIX OPERATING COST Total Cash Cost Rates in USD/4E Ounce Operating Costs Base Case: Consensus view Metric (US$/4E oz) ON-SITE OPERATING COSTS 546 SMELTING, REFINING, AND TRANSPORT COSTS 375 ROYALTIES AND PRODUCTION TAXES 41 LESS BYPRODUCT BASE METAL CREDITS -304 TOTAL CASH COST 658 SUSTAINING C
Slide 38: Sensitivity Analysis: NPV
APPENDIX SENSITIVITY ANALYSIS NPV (Discount Rate) Sensitivity Analysis Discount Unit of Consensus Metric Rate Measure View Undiscounted US$ 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 39: 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 40: 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 40
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