• It's like **BHP Group or Rio Tinto, but with a primary focus on platinum group metals (platinum, palladium, rhodium) and gold, and a growing battery metals portfolio.**
• It's like **Newmont or Barrick Gold, but primarily mining platinum group metals and increasingly involved in battery metals.**

• Platinum Group Metals (PGMs): A group of six metallic elements including platinum, palladium, and rhodium, primarily used in automotive catalysts, jewelry, and various industrial applications.
• Gold: A precious metal widely used for jewelry, investment, and in electronics and dentistry.
• Battery Metals: Critical raw materials such as nickel and lithium, essential for the production of electric vehicle batteries and energy storage systems.

Major Customers of Platinum Metals (PLG)

Platinum Metals (PLG) sells primarily to other companies in a business-to-business (B2B) model, given the industrial nature of platinum group metals (PGMs). Its major customers are typically large manufacturers and industrial consumers that require PGMs for their products and processes, particularly in the automotive and chemical sectors.

The major customer companies for a PGM producer like Platinum Metals (PLG) would include:

• Johnson Matthey plc (LSE: JMAT) - A global leader in sustainable technologies, including a significant business in automotive catalysts and chemical process technologies, which are major consumers of PGMs.
• BASF SE (FWB: BAS) - One of the world's largest chemical producers, with a substantial catalysts division that manufactures automotive catalysts and process catalysts utilizing PGMs.
• Umicore SA (EBR: UMI) - A global materials technology and recycling group that is a major producer of automotive catalysts and also uses PGMs in various other advanced materials applications.

Frank R. Hallam, President, CEO and Director

Frank R. Hallam has over 30 years of experience in the mining, minerals, and petroleum industry as an operator, principal, and founder of several NYSE, American, TSX, and TSXV corporations. He was a co-founder and former CFO of MAG Silver Corp., a co-founder and director of West Timmins Mining Inc., a director of Lake Shore Gold Corp., and CFO and director with gold exploration company Tan Range Exploration Corp. He is a Chartered Professional Accountant and was formerly an auditor in the public mining practice of PwC.

Greg Blair, Chief Financial Officer

Greg Blair has been with Platinum Group Metals Ltd. since 2010 in various roles, most recently as Interim CFO. Prior to joining Platinum Group, he worked at a public accounting firm, focusing on public company (mainly mining) audits. He was appointed Chief Financial Officer in 2022.

Kris Begic, Vice President, Corporate Development

Kris Begic has over 25 years of experience in the mining industry and capital markets. He has been involved with the raising of over $500 million for various exploration and development projects globally. His efforts are focused on project generation, mergers and acquisitions, capital markets, investor relations, and marketing. Mr. Begic served as the Manager of Corporate Development for Platinum Group since 2008.

Diana Walters, Chairman, Executive Board

Ms. Diana Walters serves as the Chairman of Platinum Group Metals Ltd.

Schalk Engelbrecht, Director - Platinum Group Metals (RSA) (Pty) Ltd

Schalk Engelbrecht is a Finance Executive of Platinum Group Metals (RSA) (Pty) Ltd., a wholly-owned subsidiary of Platinum Group Metals Ltd.

The accelerating global transition towards electric vehicles (EVs), which do not utilize internal combustion engines and therefore do not require catalytic converters, poses a clear emerging threat. This trend directly impacts the largest end-use market for platinum group metals (PGMs), particularly palladium and platinum, significantly reducing future demand for these metals in the automotive sector.

Platinum Group Metals (PLG) is primarily involved in the acquisition, exploration, and development of platinum and palladium properties, with its flagship Waterberg Project in South Africa expected to produce a concentrate containing platinum, palladium, rhodium, gold, copper, and nickel. The company is also developing next-generation battery technology utilizing platinum and palladium.

Addressable Markets for Main Products and Services:

Platinum Group Metals (PGMs)

The global platinum group metals market was valued at approximately USD 41.59 billion in 2024. It is projected to reach USD 56.61 billion by 2033, growing at a compound annual growth rate (CAGR) of 3.31% from 2025-2033. Another estimate placed the global market at USD 42.42 billion in 2024, with a projection to reach USD 59.84 billion by 2034, growing at a CAGR of 3.50% from 2025-2034. Yet another report indicates the market size to be USD 19.50 billion in 2024, estimated to reach USD 31.30 billion by 2033, with a CAGR of 5.4% during 2025–2033.

The global PGM market, in terms of volume, is estimated at 637.51 tons in 2025 and is expected to reach 805.16 tons by 2030, at a CAGR of 4.75% during this forecast period.

Key regions contributing to the PGM market include Asia Pacific, which held over 44.0% of the market share in 2024, driven by strong automotive industry interest and demand in the industrial and clean energy sectors. Europe is also a significant market, propelled by stringent environmental regulations and the presence of major automotive manufacturers. North America holds a significant share due to its advanced automotive industry and emission control regulations.

Major applications for PGMs include the automotive sector, which accounts for a substantial portion of demand, particularly in catalytic converters for emission control. PGMs are also vital as catalysts in hydrogen fuel cells, which are considered a key technology for clean energy, with the hydrogen economy potentially generating USD 2.5 trillion in revenue by 2050. Other applications include electronics, chemical industries, jewelry, and investment.

Next-Generation Battery Technology (using PGMs)

While Platinum Group Metals Ltd. is developing next-generation battery technology using platinum and palladium through its Lion Battery Technologies Inc. subsidiary, specific addressable market sizes directly for PGM-based battery technology were not identified. However, the broader context of battery materials and electric vehicles (EVs) provides an indication of the potential for this area. The Pallinghurst Group, an investor in battery materials, highlights the "advancing electrification and battery materials revolution" and the "explosion in demand" for materials like platinum, nickel, graphite, lithium, and manganese for sustainable energy storage.

Platinum Group Metals (PLG) is primarily focused on advancing its Waterberg Project in South Africa. As the company is in the project development phase and not yet generating significant revenue from mining operations, the expected drivers of future revenue growth over the next 2-3 years are centered on bringing this flagship project to production and capitalizing on market conditions for platinum group metals.

1. Successful Development and Commercial Production from the Waterberg Project: The most significant driver of future revenue growth for Platinum Group Metals is the successful development, construction, and eventual commercial production from its Waterberg Project. This project is envisioned as a fully mechanized, shallow, decline-access platinum, palladium, rhodium, and gold (4E PGM) mine, projected to be one of the largest and lowest-cost underground PGM mines globally. The company's near-term objectives are to advance the Waterberg Project to a development and construction decision, including arranging construction financing and concentrate offtake.
2. Strategic Partnerships and Off-take Agreements for Processing and Sales: Platinum Group Metals is actively pursuing strategic alliances that could enhance future revenue streams. Notably, the company has signed a Memorandum of Understanding (MOU) with Ajlan & Bros Mining and Metals Co. and Saudi Arabia's Ministry of Investment to study the establishment of a stand-alone PGM smelter and a base metal refinery in Saudi Arabia. Such partnerships and potential off-take agreements are crucial for processing the mined concentrate and securing channels for sales.
3. Global Demand for Platinum Group Metals (PGMs), particularly in the Automotive Sector: The Waterberg Project's primary output will be PGMs. Future revenue growth will be significantly influenced by the global demand for these metals. The automotive sector, particularly for autocatalysts in hybrid vehicles, is a major consumer of PGMs, and continued growth in hybrid sales is anticipated to positively impact PGM demand.
4. Revenue from By-Product Metals (Copper and Nickel) from the Waterberg Project: In addition to the primary PGMs, the Waterberg Project is planned to include by-product copper and nickel production. The sale of these base metals will contribute to revenue diversification and overall revenue growth once the mine is operational.

Share Repurchases

• Platinum Group Metals Ltd. has shown no significant share repurchases over the last three years, indicated by a 3-year average share buyback ratio of -10.8.

Share Issuance

• The company completed a private placement amounting to $1.0 million.
• Platinum Group Metals Ltd. initiated an at-the-market (ATM) equity program, authorizing the distribution of up to $50 million in common shares.
• As of the third quarter of 2025, $12.27 million has been raised through the ATM stock program.

Inbound Investments

• Platinum Group Metals Ltd. entered into a Cooperation Agreement with Ajlan & Bros Mining and Metals Co. to explore the establishment of a PGM smelter and base metal refinery in Saudi Arabia, representing a strategic partnership focused on future development.

Outbound Investments

• Platinum Group Metals Ltd. increased its direct interest in the Waterberg JV Co. by funding Implats' shortfall.

Capital Expenditures

• Total expenditures on the Waterberg Project were approximately $3.0 million for the fiscal year ended August 31, 2024.
• Accumulated net costs capitalized to the Waterberg Project amounted to $47.03 million as of August 31, 2024.
• A temporary budget of 42 million Rand was approved for the Waterberg Definitive Feasibility Study (DFS) update.