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• Freeport-McMoRan for platinum and palladium.
• Barrick Gold, but focused on platinum and palladium.
• Albemarle for platinum and palladium-based battery materials.

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• Exploration and Development of Platinum Group Metals (PGMs): The company explores for and develops properties containing palladium, platinum, gold, copper, nickel, and rhodium deposits.
• Next-generation Battery Technology: The company develops advanced battery technologies that utilize platinum and palladium.

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Platinum Group Metals Ltd. (PLG) is an exploration and development company focused on platinum and palladium properties, primarily its Waterberg project in South Africa. Given its business model, PLG sells its products (mined metals or concentrates) to other companies, typically smelters, refiners, or large industrial consumers, rather than directly to individuals.

While Platinum Group Metals Ltd. is primarily in the exploration and development phase and not yet in significant commercial production, its major customer for the future output of its Waterberg Project is expected to be:

• Impala Platinum Holdings Limited (JSE: IMP, OTCQX: IMPUY): Impala Platinum (Implats) is a significant shareholder and joint venture partner in the Waterberg Project. As one of the world's leading producers of platinum group metals, Implats operates extensive smelting and refining facilities. It is highly probable that the concentrate produced by the Waterberg mine will be sold to, or processed through, Impala Platinum's operations.

Additionally, as the company develops next-generation battery technology using platinum and palladium, future customers could potentially include manufacturers in the battery industry, though specific names are not currently disclosed.

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Frank R. Hallam President, Chief Executive Officer & Director

Mr. Hallam is a co-founder of Platinum Group Metals Ltd. and has over 30 years of experience in the mining, minerals, and petroleum industries as an operator, principal, and founder of several NYSE.American, TSX, and TSXV corporations. He was the original founder of New Millennium Metals Corp., a predecessor company to Platinum Group Metals Ltd. Mr. Hallam co-founded MAG Silver Corp. and West Timmins Mining Inc. West Timmins Mining Inc. was acquired by Lake Shore Gold Corp. for over C$400 million, and Mr. Hallam continued as a director until Lake Shore's billion-dollar takeover by Tahoe Resources Inc. in 2016. His experience also includes serving as CFO and Director of Tan Range Exploration Corp. A Chartered Professional Accountant, Mr. Hallam was formerly an auditor in the public Mining Practice of Coopers & Lybrand (now PriceWaterhouseCoopers) and holds a Bachelor of Business Administration from Simon Fraser University.

Greg Blair Interim Chief Financial Officer

Mr. Blair, a CPA, CA, assumed the role of Interim Chief Financial Officer in July 2021 when Frank Hallam was appointed Interim President and CEO. He has been with Platinum Group Metals Ltd. for over 11 years, previously serving as the Financial Controller.

Kris Begic Vice President, Corporate Development

Mr. Begic has served as the Vice President, Corporate Development for Platinum Group Metals Ltd. since 2011 and as Manager of Corporate Development since 2008. He possesses over 25 years of experience in the mining industry and capital markets, and has been involved in raising over $500 million for various exploration and development projects globally. His responsibilities include project generation, mergers and acquisitions, capital markets, investor relations, and marketing. Mr. Begic holds a B.A. in History and Political Science from the University of Toronto.

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The key risks to Platinum Group Metals Ltd. (PLG) include:

1. Financing and Project Development Risk: Platinum Group Metals Ltd. faces significant challenges in securing the necessary financing to advance its Waterberg Project to a development and construction decision. The company's near-term objectives are focused on arranging construction financing and concentrate offtake agreements. Recent financial reports indicate recurring net losses, and the company has utilized at-the-market (ATM) equity programs to raise funds for project development and general corporate purposes. Furthermore, a joint venture partner, Impala Platinum Holdings Ltd. (Implats), has diluted its interest in the Waterberg Project by not funding its share of cash calls, which PLG has had to cover, increasing PLG's direct interest.
2. Geopolitical and Regulatory Risks in South Africa: A substantial portion of the world's platinum group metals (PGMs) reserves are concentrated in South Africa, where PLG's Waterberg project is located. This creates a significant supply concentration risk, exposing the company to the inherent challenges of operating in the region. These challenges include potential changes in national and local government legislation, taxation, controls, and regulations. Regulatory barriers and policy uncertainty, along with infrastructure constraints such as electricity shortages, can negatively impact mining operations. Additionally, high labor costs, strong union presence, and the potential for labor volatility also pose risks to the business.
3. Market Demand and Price Volatility of Platinum Group Metals: The demand for platinum and palladium, particularly for traditional uses like catalytic converters, is subject to shifts. The rise of electric vehicles (EVs) and increased recycling efforts are anticipated to lead to a decline in demand for certain PGMs, especially palladium. Although there is emerging interest in platinum for hydrogen fuel cell technology, the overall market dynamics and price volatility of PGMs can significantly impact the economic viability of mining projects and the company's ability to secure future financing and generate revenue.

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The global shift towards electric vehicles (EVs) poses a significant emerging threat to Platinum Group Metals Ltd. As the automotive industry transitions away from internal combustion engine (ICE) vehicles to battery electric vehicles (BEVs), the demand for platinum and palladium in autocatalysts, historically a major end-use for these metals, is expected to decline substantially.

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Addressable Markets for Platinum Group Metals Ltd. (PLG)

• Platinum Market:
  • Globally, the platinum market size was valued at approximately USD 7.10 billion in 2024.
  • The South African platinum mining market, where Platinum Group Metals Ltd. has a significant interest in the Waterberg project, was valued at USD 15.9 billion in 2024. South Africa accounts for approximately 60-70% of the world's refined platinum supply.
• Palladium Market:
  • The global palladium market size was estimated at USD 11.65 billion in 2024 and is projected to reach USD 16.07 billion by 2030.
  • In South Africa, the broader Platinum Group Metals (PGMs) market was valued at USD 41.98 million in 2023, with palladium being a dominant segment within this market. South Africa is a top global producer of palladium.
• Gold Market:
  • The global gold market was valued at USD 291.68 billion in 2024.
• Copper Market:
  • The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030.
• Nickel Market:
  • The global nickel market was valued at USD 41.62 billion in 2024, with projections to reach USD 83.77 billion by 2034.
• Rhodium Market:
  • The global rhodium market size was estimated at USD 2.22 billion (USD 2215.5 million) in 2024, with expectations to grow to USD 3.33 billion (USD 3331.29 million) by 2031.
• Next-Generation Battery Technology (using platinum and palladium):
  • The global next-generation batteries market, which includes technologies like lithium-sulfur and lithium-air batteries that Platinum Group Metals Ltd. is exploring with platinum and palladium, was estimated at USD 1.76 billion (USD 1,764.5 million) in 2023 and is projected to reach USD 3.09 billion (USD 3,091.3 million) by 2030. The global next-generation battery materials market was projected to grow from USD 1.68 billion in 2024 to USD 3.82 billion by 2035.

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Platinum Group Metals Ltd. (PLG) is poised for future revenue growth over the next 2-3 years, primarily driven by the advancement of its flagship Waterberg Project and the evolving market dynamics for platinum group metals (PGMs) in new technologies. The company is currently pre-revenue, meaning these drivers represent key steps toward initiating and growing its revenue streams.

Drivers of Future Revenue Growth:

1. Advancement and Initial Production Phases of the Waterberg Project: The Waterberg Project, where Platinum Group Metals holds a 50.02% interest, is a significant future revenue driver. A Definitive Feasibility Study (DFS) update in September 2024 outlined robust economics for the project, projecting steady-state annual production of approximately 353,208 ounces of platinum, palladium, rhodium, and gold (4E), along with copper and nickel by-products, over a 54-year mine life. Construction for the Waterberg Project is slated to commence in December 2025, with initial production modeled for September 2029. While full-scale production is beyond the immediate 2-3 year horizon, the progression through development, construction, and securing the necessary financing and off-take agreements will be critical milestones that lay the groundwork for future revenue generation.
2. Increasing Global Demand and Favorable Pricing for Platinum Group Metals: The broader market trends for PGMs are expected to support future revenue growth for PLG. PGMs, along with copper and nickel, are crucial components in various modern applications, including automotive emissions control and emerging energy transition technologies such as battery electric, plug-in hybrid, gasoline hybrid, and hydrogen fuel cell vehicles. Analysts anticipate a surging demand for autocatalysts in emerging markets and a significant build-out of PEM electrolyzers for hydrogen hubs in North America and the EU. The fuel cell application is projected to advance at a compound annual growth rate (CAGR) of 28.47% through 2031, while renewable energy and hydrogen applications are forecast to grow at a 9.32% CAGR between 2026 and 2031. Furthermore, a platinum market deficit has been observed since 2023, with a fourth deficit projected for 2026, which could lead to increased PGM prices and enhanced asset valuations for the company.
3. Development and Potential Commercialization of Next-Generation Battery Technology: Platinum Group Metals is actively developing next-generation battery technology utilizing platinum and palladium. This initiative aims to leverage the unique properties of these metals in advanced energy storage solutions. The broader industry is seeing significant advancements in next-generation batteries, with developments in solid-state battery architecture and advanced electrolyte materials promising higher energy densities, faster charging times, and improved safety. Some companies are targeting commercial introduction of these advanced battery technologies between 2025 and 2028. Should PLG achieve significant milestones in the development or early commercialization of its battery technology within the next 2-3 years, it could establish a new and diversified revenue stream.

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Share Issuance

• Platinum Group Metals Ltd. entered into an at-the-market (ATM) equity distribution agreement on March 10, 2026, to raise up to US$60.0 million through common shares. The proceeds are intended for staged development at the Waterberg Project and general corporate purposes over 24 months.
• The company completed its 2024 ATM Program in full as of January 2026, which was established on December 5, 2024.
• In May 2025, Platinum Group Metals Ltd. completed a non-brokered private placement, issuing 800,000 common shares to Hosken Consolidated Investments Limited.

Inbound Investments

• The Waterberg Project is a joint venture with partners including Impala Platinum Holdings Ltd., Japan Oil, Gas and Metals National Corporation (JOGMEC), Hanwa Co. Ltd., and Mnombo Wethu Consultants (Pty) Ltd.
• JOGMEC and Hanwa Co. Ltd. formed HJ Platinum Metals Company Ltd. (HJM) in 2023 to manage and fund their combined equity interests in the Waterberg Project, with JOGMEC funding 75% and Hanwa 25% of HJM's future equity investments.
• Due to capital expenditure restrictions, Impala Platinum Holdings Ltd. has diluted its interest in the Waterberg JV Co. by approximately 0.27% since early 2024, with Platinum Group Metals Ltd. funding these shortfalls. Impala Platinum's interest is projected to dilute further to 14.625% by January 31, 2026.

Outbound Investments

• Platinum Group Metals Ltd. entered into an arrangement with Ajlan & Bros. and Saudi Arabia's Ministry of Investment to study the establishment of a smelter and base metal refinery in Saudi Arabia.
• The company is funding a sponsored research program with Florida International University, initially for $3.0 million over approximately three years starting in July 2019, which was subsequently amended and is valid until December 31, 2026. An agreement in July 2021 increased the planned investment.

Capital Expenditures

• Capital expenditures in the most recent reported quarter totaled -0.419 million USD.
• The anticipated net proceeds of up to US$60.0 million from the 2026 ATM Program are expected to be used for staged development programs at the Waterberg Project over the next 24 months.
• The board of directors of Waterberg JV Co. approved a sixth stage of work amounting to ZAR92.1 million for fiscal year 2026 (beginning September 1, 2025) to continue ongoing work programs.