Platinum Group Metals Ltd (NYSE: PLG)

Platinum Group Metals Ltd. is a platinum and palladium focused exploration and development company incorporated in British Columbia, Canada. The company acquires explores and develops mineral properties in the Republic of South Africa. Its primary focus is the engineering and development of the Waterberg Project which hosts a PGE and base metal bearing deposit discovered in 2011. The Waterberg Project lies about 85 kilometres north of Mokopane and covers approximately 24 971 hectares. As of August 31 2025 the company held a controlling 50.29 percent beneficial interest in the project through a direct stake and an indirect interest via its shareholding in Mnombo. The company serves as the operator of the Waterberg Project under the direction of the technical committee of Waterberg JV Co.

Platinum Group Metals Ltd. currently does not generate operating revenue because it remains a development stage company without commercial production. Any future revenue would be derived from the sale of platinum palladium and base metal concentrates produced from the Waterberg Project. The company also holds an interest in Lion Battery Technologies Inc. which may eventually generate income through licensing or sale of battery technology that uses platinum and palladium as catalysts. At present the company funds its activities through equity financing and contributions from its joint venture partners.

Platinum Group Metals Ltd. operates in the highly competitive platinum group metals sector where it faces established producers such as Impala Platinum Holdings Ltd. Anglo American Platinum Ltd. Norilsk Nickel and Sibanye Stillwater Ltd. The company differentiates itself by controlling a large land package in the Northern Limb of the Bushveld Igneous Complex a region known for rich PGM deposits. Its joint venture with JOGMEC Hanwa and HJM provides technical expertise and financial backing. The completion of an updated definitive feasibility study in October 2024 demonstrates the project’s economic viability and supports the potential to construct a smelter and base metal refinery to capture additional value.

The company’s prospective customers include smelters and refiners that process platinum group metal concentrates. Discussions have been held with several South African smelter operators including Impala Platinum Holdings Ltd. which also holds a 14.73 percent participating project interest and a right of first refusal on concentrate offtake. No definitive offtake agreements have been finalized as of the filing date. Through its Lion Battery Technologies Inc. venture the company may also serve battery manufacturers and automotive companies seeking platinum and palladium based catalyst materials for lithium sulfur and lithium ion batteries.