Large-scale, low-cost PGM mine development in South Africa
CORPORATE PRESENTATION - FEBRUARY 2026
NYSE.A PLG • TSX PTM
Platinum Group Metals Ltd.
is the majority owner and operator of the
Waterberg PGM Project in South Africa
ListedNYSE American (PLG) and TSX (PTM)
Headquarters Vancouver, BC, and Johannesburg, SA Cornerstone Shareholder (24%) Hosken Consolidated Investment Ltd. (HCI:JSE)PLATINUM GROUP METALS LTD.
CORPORATE OVERVIEWUpdated Definitive Feasibility Study (DFS)
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
September 2024
Evaluating smelter offtake and funding options for project developmentWATERBERG PGM PROJECT
LOCATION AND BACKGROUNDMeasured and Indicated Resource
33.76M ounces
Palladium, Platinum, Gold and Rhodium (4E)
THICK
Amenable to bulk mechanized mining - safe with higher skilled work force
UNIQUE
40 m
Waterberg Deposit 13 story stopes
1.85 m
1.20 m
Merensky Reef
Conventional Thickness
Full suite of PGMs including strong gold, nickel and copper credits.
SHALLOW DESIRABLE
Deposit starts 140m from surface - allows for potential multi decline ramp access -lower capital costs compared to deep vertical shafts
Low chrome concentrate with high-sulphide content amenable to existing smelters
WATERBERG PGM PROJECT
WHY WATERBERG?Platinum Group is the operator and majority 50.395% owner via a direct 37.425% interest and an indirect 12.97% interest via BEE partner Mnombo
Implats is a leading producer of PGMs and owns a 14.625% interest in the Waterberg Project along with a right of first refusal for concentrate offtake
PLATINUM GROUP
PLATINUM GROUP
37.05%15%
37.425%
50.395%
13.03%
26.0%
MNOMBO WETHU CONSULTANTS
HJ Platinum Metals Co. Ltd. is a Japanese special purpose
corporation owning a 21.95% project interest and funded 75% by JOGMEC and 25% by Hanwa:
14.625%
IMPLATS
(BEE partner)
Japan Organization for Metals and Energy Security (JOGMEC) State owned entity
Hanwa Co., a diversified Japanese trading company, also owns metal marketing rights
21.95%
HJ PLATINUM METALS LTD.
WATERBERG PGM PROJECT
OWNERSHIPGrowth in Hybrid Market Offsetting PGM Demand Loss From Battery Electric Vehicles (BEV)
Global vehicles sales forecast and EV/ICE split
PGM autocatalyst demand to grow through 2027, despite increasing EV sales
Source: IEA, Bloomberg, Nedbank CIB Markets Research Source: Bloomberg, Johnson Matthey, Nedbank CIB Markets Research
PGM MARKETS
PGM AUTO DEMANDSouthern Africa PGM Reserves and Supply in Terminal Decline
Merensky and UG2 reserves in a decline; Northern Limb holding the fort
Number of operating shafts are in a decline;
SA PGM industry's shaft count
Source: Company reports, Nedbank CIB Markets Research Source: Company reports, Nedbank CIB Markets Research
PGM MARKETS
PGM MINE SUPPLYPt | Platinum
6.72m ounces
Au | Gold
1.44m ounces
Cu | Copper
429M lbs
Pd | Palladium
14.90m ounces
Rh | Rhodium
343k ounces
Ni | Nickel
933M lbs
WATERBERG PGM PROJECT
COMMODITY LeverageWATERBERG PGM PROJECT
ORE BODYWATERBERG PGM PROJECT
ORE BODY
F-ZONE T-ZONE
Reserve Tonnes
226 MT
Reserve Grade
2.68 g/t 4E
Thickness
2.4m to 118m
64.0%
Palladium
28.8%
Platinum
21.03M
OUNCES 4E
1.4%
Rhodium
Base Metals
Cu 0.07%, Ni 0.18%
4.9%
Gold
Reserve Tonnes
19 MT
Reserve Grade
3.84 g/t 4E
Thickness
2.4m to 20m
51.4%
Palladium
29.0%
Platinum
2.37M
OUNCES 4E
0.8%
Rhodium
Base Metals
Cu 0.14%, Ni 0.07%
18.8%
Gold
WATERBERG PGM PROJECT
PLAN VIEW$6.50 billion LOM Post Tax Cashflow
23.41 million
Ounces 4E Proven and Probable Reserves
353,208 Ounces Annual Steady State Production (4E)
$658/4E
Ounce on Site LOM Average Cash Cost
$569M
Post Tax
NPV8
$776M
Estimated Peak Project Capital
14.20%
IRR Post Tax
54 Years
Mine Life Based on Reserves
BASE CASE CONSENSUS PRICES (USD)
Pt | Platinum | Pd | Palladium | Au | Gold | Rh | Rhodium | Cu | Copper | Ni | Nickel | USD/ZAR |
$1,605/oz | $1,062/oz | $1,812/oz | $6,209/oz | $4.53/lb | $9.73/lb | 20.07 |
WATERBERG PGM PROJECT
2024 DFS UPDATE - Base CaseBase Case (2024 Consensus) | Bullish (Metal Prices Up 20%) | |
BASKET PRICE (4E) | $1,325/oz | $1,590/oz |
POST TAX NPV8% | $569 million | $1.088 billion |
POST TAX IRR | 14.2% | 19.0% |
LOM AISC | $761/4E oz | $786/4E oz |
PAYBACK | 5.8 Years | 4.3 Years |
LOM POST TAX CASHFLOW | $6,500 million | $9,627 million |
PEAK FUNDING | $776 million | $771 million |
OPERATING MARGIN | 50% | 57% |
January 2026 - Spot Prices
Basket Price $2290/oz 4E
+72%
Pt | Platinum $2,400/oz +50% | Pd | Palladium $1,800/oz +70% |
Au | Gold $4,500/oz +150% | Rh | Rhodium $9,500/oz +53% |
Cu | Copper $6.00/lb +32% | Ni | Nickel $8.00/lb -17% |
USD/ZAR 16.50
WATERBERG PGM PROJECT
2024 DFS UPDATE Price Deck and Sensitivities$6.50B USD Cash Flow Over a Fifty-Four Year Life of Mine
800 9,000
6,750
4,500
2,250
0
(2,250)
(4,500)
600
Cumulative Cashflow (USD mil Real)
400
Net Cashflow (USD mil Real)
200
0
( 200)
(2,250)
(200)
( 400)
(4,500)
(400)
( 600)
(600)
(6,750)
Y1 Y3 Y5 Y7 Y9 Y11 Y13 Y15 Y17 Y19 Y21 Y23 Y25 Y27 Y29 Y31 Y33 Y35 Y37 Y39 Y41 Y43 Y45 Y47 Y49 Y51 Y53 Y55 Y57
(6,750)
Gross Revenue 4E
Sustaining CapEx Pipeline Financing Costs
Base Metal Credits
Working Capital Incremental Cashflow
Realisation Costs
Royalties
Cumulative Cashflow
OpEx
Tax
Project CapEx
Indirects
WATERBERG PGM PROJECT
2024 DFS UPDATE EconomicsAverage 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
Metal Recovered (koz)
350 2.80
4E Head Grade (g/t)
300 2.40
250 2.00
200 1.60
150 1.20
100 0.80
50 0.40
0
Y4 Y8 Y12 Y16 Y20 Y24 Y28 Y32 Y36 Y40 Y44 Y48 Y52 Y56 Y60
0.00
Recovered Pt Recovered Pd Recovered Au Recovered Rh Average 4E Grade
WATERBERG PGM PROJECT
2024 DFS UPDATE EconomicsSimplified Mine Plan Focused on Thick Central F Zone Utilizing Long Hole Open Stoping
LONGHOLE DRILLING AND BLASTING
STOPE
BLASTED ORE
UNDERCUT
DRAWPOINT TRANSPORT DRIFT
LOADING CROSSCUT
WATERBERG PGM PROJECT
2024 DFS UPDATE MiningSouth African PGM Mine & Project Average Deposit Depths
WATERBERG
Metres below surface (mbs)
0
2.96
Metres
4E grade (g/t)
500
1,000
1,500
Waterberg project
2,000
Waterberg Other shafts
Orebody thickness Resource grade, rhs
2,500
4E oz Production Per Worker
WATERBERG
Q1 Q2 Q3 Q4
Global PGM Cost Curve (September 2024)
450
400
350
300
4E oz/worker
250
200
150
100
50
0
Source: SFA Oxford
Western Limb Eastern Limb Northern Limb Great Dyke
4E production
2,500
2,000
USD/4E oz
1,500
1,000
500
0
Q1 Q2 Q3 Q4
WATERBERG
steady-state
SIB/4E oz
NTCC/
4E oz
4E Production
NYSE.A PLG • TSX PTM 18
Western Limb Eastern Limb Northern Limb Zimbabwe North America
18
WATERBERG PGM PROJECT
WATERBERG Advantage: Thickness, Depth, Productivity and Cost
4.47
40.00
4.61
10
3.86
4.25
30
5
4
3
20
19.00
0
7.50
1.33
1.80
2.06
0.90
1.40
1
0
WATERBERG
T Zone F Zone
#1
Platreef
#1
#2
#1
UG2
#2 #3
Merensky
4.01 3.97
2
PGM Orebody Thickness and Grade
50
5.19
6
40
Near Term Options Focused on Infrastructure and Staged Development
US$21m pre-construction budget was approved in principle by Waterberg JV Co. shareholders in September 2022.
September 2022 to August 2024
US$9.1m (R45.0m)
Completed
Definitive Feasibility Study (DFS) Update.
Infill and exploration drilling, engineering, permitting, community, social & labour plan.
Option B | Staged Development
Option C | Full Construction
Option A | Early Infrastructure
± US$11.9m (R220.0m)
Social & labour plan, community, power, water, roads, fencing, and accommodations.
Infrastructure, decline development, sub-level development, milling and flotation plant to reduce execution risk prior to a full construction decision.
Formal construction decision with a binding offtake agreement. Financing package consisting of partner equity, project debt and possible metal stream.
WATERBERG PGM PROJECT
PRE-CONSTRUCTION INVESTMENTDual Track Process for Concentrate Offtake
Platinum Group and Waterberg JV Co.
are assessing commercial alternatives
for concentrate offtake and beneficiation.
Third Party
Concentrate Offtake
OPTION A
South African Offtakers
OPTION B
Cooperation Agreement with Saudi based Ajlan and Bros.
Affiliated Operation Concentrate Offtake
WATERBERG PGM PROJECT
BENEFICIATION StrategyNYSE.A PLG • TSX PTM
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |