Platinum Group Metals Ltd. · TSX:PTM
Platinum Group Metals — Investor Presentation (September 2026)
41 slides from Platinum Group Metals's investor presentation, September 2026
Slide 1: Waterberg PGM Project Corporate Presentation – September 2026
WATERBERG PGM PROJECT Large-scale, low-cost PGM mine development in South Africa CORPORATE PRESENTATION – SEPTEMBER 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: Scale, Strong Economics and Development Optionality
Scale, Strong Economics and Development Optionality Waterberg is a permitted, feasibility-stage PGM deposit. Shallow, thick mineralization positions it in the lowest quartile of the global cost curve. With PGM prices above the feasibility-study base case and the PGM markets entering a fourth consecu
Slide 4: Advancing the Waterberg PGM Project
Advancing the Waterberg PGM Project 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 TSX (PTM) Cornerstone Shareholder (21.9%) Hosken Consolidated Investment Ltd. (HCI:JSE) NYSE.A PLG
Slide 5: From Discovery to Feasibility
From Discovery to Feasibility Located on the North Limb of the Bushveld Complex; home to 70% of global platinum production in 2025 Discovered in 2011 with US$95M invested to date in exploration and feasibility engineering Updated Definitive Evaluating smelter offtake Feasibility Study (DFS) and fund
Slide 6: Project Ownership Structure
Project Ownership Structure PLATINUM GROUP 50.59% Platinum Group is the Implats is a leading operator and majority producer of PGMs and 50.59% owner via a direct owns a 14.43% interest in Direct 37.62% interest and an the Waterberg Project along 37.62% indirect 12.97% interest via with a right of fi
Slide 7: PGM Markets Remain Undersupplied as South African Reserves Decline
SECTION 01 PGM Markets Remain Undersupplied as South African Reserves Decline NYSE.A PLG • TSX PTM
Slide 8: PGM Supply Is Highly Concentrated
PGM Supply Is Highly Concentrated Platinum group metals are scarcer than gold, hard to substitute, and mined almost entirely from a single geological complex in South Africa What PGMs are What they are used for • Six metals: platinum, palladium, rhodium, ruthenium, • Platinum demand is diversified:
Slide 9: South African Reserves Continues to Decline
South African Reserves Continues to Decline Merensky and UG2 reserves have declined steadily since 2001, while hybrid vehicles sustain autocatalyst demand Global vehicles sales forecast Merensky and UG2 reserves in a decline; and EV/ICE split Northern Limb holding the fort Source: IEA, Bloomberg, Ne
Slide 10: Waterberg's Shallow, Thick Geometry Underpins its Low-Cost Potential
SECTION 02 Waterberg’s Shallow, Thick Geometry Underpins its Low-Cost Potential NYSE.A PLG • TSX PTM
Slide 11: Shallow Deposit Amenable to Bulk Mining
Shallow Deposit Amenable to Bulk Mining Measured Resource 8.404M Ozs 4E Indicated Resource 25.352M Ozs 4E M&I 100% Waterberg Basis 33.756M Ozs 4E Palladium, Platinum, Gold and Rhodium (4E) Mineral Resources Include Reserves THICK UNIQUE 40 m Amenable to bulk mechanized Full suite of PGMs including W
Slide 12: Palladium-Weighted with a Diversified Metal Basket
Palladium-Weighted with a Diversified Metal Basket Palladium drives roughly two-thirds of the 4E basket, with platinum, gold and rhodium plus copper and nickel by-product credits. Pt | Platinum Pd | Palladium 6.72m ounces 14.90m ounces Au | Gold Rh | Rhodium 1.44m ounces 343k ounces Cu | Copper Ni |
Slide 13: Two-Zone Resource Provides Flexibility in Development Sequencing
Two-Zone Resource Provides Flexibility in Development Sequencing 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
Slide 14: Attractive at Base Case, Stronger at Spot, with a Potentially Lower Capital Path
SECTION 03 Attractive at Base Case, Stronger at Spot, with a Potentially Lower Capital Path to Development NYSE.A PLG • TSX PTM
Slide 15: Low-Cost, Long-Life PGM Asset
Low-Cost, Long-Life PGM Asset $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 Mine Life Based NPV8
Slide 16: Strong Upside Leverage to PGM Prices
Strong Upside Leverage to PGM Prices September 2026 Base Case Bullish (Consensus) (Metal Prices Up 20%) Spot Price Basket: $1,745/oz BASKET PRICE (4E) $1,325/oz $1,590/oz 30%+ over Base Case POST TAX NPV8% $569 million $1.088 billion Pt | Platinum Pd | Palladium POST TAX IRR 14.2% 19.0% $1,792/oz $1
Slide 17: Phased Development Could Reduce Upfront Capital
Phased Development Could Reduce Upfront Capital A staged T-Zone mine under study could defer power, backfill and milling capital, reducing the $776 million peak funding requirement September 2022 to August 2024 ▪ Definitive Feasibility Study US$21m pre-construction (DFS) Update. US$9.1m (R45.0m) bud
Slide 18: Core Permits Secured; Financing and Offtake Remain
SECTION 04 Core Permits Secured; Financing and Offtake Remain NYSE.A PLG • TSX PTM
Slide 19: Key Mining and Environmental Approvals Secured
Key Mining and Environmental Approvals Secured 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 (ESG) 5t
Slide 20: Evaluating Two Routes to Offtake
Evaluating Two Routes to Offtake 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 with Saudi
Slide 21: Milestones Completed – Construction Decision Pending
Milestones Completed – Construction Decision Pending Four pre-implementation milestones complete, ahead of a five-year construction period and a three-year production build-up Timelines dependent upon regulatory approvals, concentrate offtake and financing. NYSE.A PLG • TSX PTM 21
Slide 22: Solid Cash Position with Institutional Support
Solid Cash Position with Institutional Support September 2026 Major Shareholders LISTINGS PLG:NYSE.A PTM:TSX ▪ Hosken Consolidated SHARE PRICE USD $1.40 Investments Ltd. (HCI:JSE) 52 WEEK HIGH/LOW USD $4.04 / $1.18 ▪ Franklin Templeton ISSUED AND OUTSTANDING 127,885,112 ▪ Kopernik Global OPTIONS 3,0
Slide 23: Upcoming Milestones and Catalysts
Upcoming Milestones and Catalysts Permitted, Feasibility Stage PGM Deposit. Shallow, thick mineralisation positioned in lowest quartile. PGM Markets Demand outlook stable with ongoing supply constraints. Q1 2027 - Staged T-Zone Study Results Could reduce capital and provide a lower risk path to prod
Slide 24: Appendix
PALLADIUM GROUP _ METALS APPENDIX NYSE.A PLG Ni we J TSX PTM NICKEL
Slide 25: Infrastructure Located Along the Mineralized Trend
Infrastructure Located Along the Mineralized Trend 100% Waterberg Project. See Press Release dated September 16, 2024. www.sedarplus.ca NYSE.A PLG • TSX PTM 25
Slide 26: Shallow, Broad Orebody with Favorable Geometry
Shallow, Broad Orebody with Favorable Geometry 100% Waterberg Project. See Press Release dated September 16, 2024 www.sedarplus.ca NYSE.A PLG • TSX PTM 26
Slide 27: Conventional Long-Hole Stoping with Decline Access
Conventional Long-Hole Stoping with Decline Access Declines access measured and indicated resource from a portal, with the deposit open at depth and along strike. LONGHOLE DRILLING AND BLASTING STOPE UNDERCUT BLASTED ORE DRAWPOINT TRANSPORT DRIFT LOADING CROSSCUT 100% Waterberg Project. See Press Re
Slide 28: Positive Cash Flow Begins in Year Seven
Positive Cash Flow Begins in Year Seven Cumulative cash flow turns positive in year seven and compounds to $6.50 billion by the end of the mine life 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) (4,5
Slide 29: Five Decades of Steady Production
Five Decades of Steady Production Steady-state output of 353,208 ounces 4E a year is sustained for five decades at a 2.96 g/t 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
Slide 30: Competitive Across Orebody Quality, Depth, and Cost
Competitive Across Orebody Quality, Depth, 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 19.00 3 20 1,000 2 10 7.50 2.06 1
Slide 31: Developing a New PGM Demand Application
Developing a New PGM Demand Application Patented Research Focused on Drone Working Towards and Development Applications Commercialization PGMs in lithium sulphur Power to weight and cost Current funding round ($8M) battery chemistry. Founded advantage makes lithium dedicated towards pilot plant in 2
Slide 32: Reserves – Proven
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 0.17 93,1
Slide 33: Reserves – Probable
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 0.07 0.17
Slide 34: Reserves – Proven and Probable
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 0.12 2.68
Slide 35: Resources – F Zone Mineral Resource Estimate
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 2.5 43.86
Slide 36: Resources – F Zone Mineral Resource Estimate (Cont'd)
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 4.397 INDICAT
Slide 37: Resources – F Zone Mineral Resource Estimate (Cont'd)
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 0.20 240,471 7.731
Slide 38: Resources – T Zone Mineral Resource Estimate
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 1.41 2.42 0
Slide 39: Resources – T Zone Mineral Resource Estimate (Cont'd)
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 3.99 0.13
Slide 40: Resources – Waterberg Aggregate Mineral Resource Estimate
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 – 83.32 0.89 2.
Slide 41: 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 41
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