Large-scale, low-cost PGM mine development in South Africa
CORPORATE PRESENTATION - JANUARY 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 OVERVIEW
Updated 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 BACKGROUND
Measured 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
OWNERSHIP
Growth 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 DEMAND
Southern 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 SUPPLY
Pt | 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 Leverage
WATERBERG PGM PROJECT
ORE BODY
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