Positive Independent Definitive Feasibility Study For Waterberg Mine

VANCOUVER - Platinum Group Metals Ltd. reported positive results from an Independent Definitive Feasibility Study Update for the Waterberg Mine.

The 2024 DFS is an update to the Waterberg Project's original Independent Definitive Feasibility Study published in September 2019 for a safe, large-scale, shallow, decline-accessible, mechanised, platinum (Pt), palladium (Pd), rhodium (Rh) and gold (Au) (collectively "PGM" or "4E") mine. The 2019 DFS and the 2024 DFS were completed by the same authors and Qualified Persons (each, a "QP"), within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) and Subpart 1300 and Item 601 of the U.S. Securities and Exchange Commission's Regulation S-K (S-K 1300). The 2024 DFS was prepared on behalf of Platinum Group and Waterberg JV Resources (Pty) Ltd. (Waterberg JV Co.), representing owners Platinum Group (37.19% held directly by Platinum Group Metals (RSA) (Pty) Ltd. (PTM RSA) plus 12.97% held indirectly through PTM RSA's 49.9% interest in Mnombo Wethu Consultants (Pty) Ltd. (Mnombo)), Mnombo (26.0% direct), Impala Platinum Holdings Ltd. (Implats) (14.86% direct), and HJ Platinum Metals Company Limited (HJM) (21.95% direct). HJM is a special purpose entity established in 2023 to hold and fund the equity interests of the Japan Organization for Metals and Energy Security, and Hanwa Co. Ltd. (Hanwa).

All the joint venture owners contributed to the 2024 DFS through the technical committee and the board of directors of Waterberg JV Co. The 2024 DFS builds on the positive results of the 2019 DFS and incorporates elements of optimization and de-risking studies completed by Implats and Waterberg JV Co. since 2019.

Frank R. Hallam, President and CEO, said, "The 2024 DFS validates the world-class nature of the Waterberg Project. Engineering teams from Stantec, DRA, and Fraser McGill have collaborated to achieve an optimized and de-risked mine plan while also minimizing capital requirements. The primary objectives of the 2024 DFS were to update and minimize capital and operating costs, and to simplify the construction, ramp up and operating profile of the Waterberg Mine. I believe these objectives have been achieved. We look forward to advancing the Waterberg Project for the benefit of our partners and local communities, as well as all the people of South Africa. The Waterberg Project is planned to create approximately 2,000 jobs during construction and approximately 1,425 mostly high skilled jobs once steady state mining is achieved. PGMs, copper and nickel play key roles in automotive emissions control and energy transition technologies, including that found in battery electric, plug-in hybrid, gasoline hybrid and hydrogen fuel cell vehicles. The Waterberg Project is a long life asset capable of profitably producing these critical metals."