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WATERBERG PGM PROJECT Large-scale, low-cost PGM mine development in South Africa CORPORATE PRESENTATION – FEBRUARY 2026 NYSE.A PLG • TSX PTM
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DISCLOSURE NYSE.A PLG • TSX PTM 2 This presentation has been prepared by Platinum Group Metals Ltd. (“Platinum Group” or the “Company”). Forward-looking Statements The information included herein does not constitute an offer to sell or a solicitation of an offer to subscribe for or to buy any of the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This presentation contains forward-looking statements within the meaning of Canadian securities laws and U.S. securities laws (collectively “Forward-looking Statements”). The Forward-looking Statements reflect Platinum Group’s estimates, forecasts, projections, expectations or beliefs as of the date of this presentation and are based on estimates and assumptions that management considers reasonable, but which are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. There can be no assurance that the Forward-looking Statements will prove to be accurate, and actual results and future events may differ materially from those expressed or implied. Risks and uncertainties that could cause results or future events to differ materially from current expectations include, but are not limited to: statements regarding the success of the Company’s objective to advance the Waterberg Project to a development and construction decision, the findings of the September 2024 technical report entitled, “Waterberg Definitive Feasibility Study Update” (the “2024 DFS Update”), the plan for and development of the Waterberg Project and the potential benefits and results thereof including that it is projected to become one of the largest and lowest cost underground PGM mines globally, financing and mine development of the Waterberg Project, potential commercial alternatives for mine development, sequencing of development activities, potential alternatives to the existing Waterberg Project development plan and any related economic analysis, obtaining concentrate offtake or processing, the size and cost of the Waterberg Project, the economic feasibility of establishing a new PGM smelter and BMR in Saudi Arabia or elsewhere, work with local communities, the ability of the Company to obtain all required permitting, surface access, and infrastructure servitudes, the effect of battery electric vehicles on the market for PGMs, and the Company’s other future plans, expectations, and other risk factors described in the Company’s most recent Annual Information Form and Annual Report on Form 40-F, and additional filings with the Canadian securities regulators and the SEC, available at www.sedarplus.ca and www.sec.gov and, respectively. Although the Company believes any forward-looking statements in this presentation are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Technical and Scientific Information This presentation includes scientific and technical information on the Company’s mineral properties approved by Rob van Egmond, P. Geo. an independent Qualified Person for purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”), based on information filed with the Canadian securities regulators and the U.S. Securities and Exchange Commission (“SEC”). Additional details are available in the Company’s independent technical reports and other filings on www.sedarplus.ca and www.sec.gov, including the 2024 DFS Update. Those reports provide more detailed information on mineral resource estimates, underlying key assumptions, methodology and factors that may materially affect the estimates and projections, including environmental, permitting, legal, taxation, socio-political, marketing, or other relevant considerations. Reserve and Mineral Resource Disclosure Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resource estimates carry a low level of confidence and, except in limited circumstances permitted under NI 43-101, cannot be used to evaluate economic viability for public disclosure. The mineral resource and mineral reserve figures referenced in this presentation and the documents incorporated by reference are estimates, and no assurance can be given that the stated levels of platinum, palladium, rhodium, and gold will ultimately be produced. These estimates reflect judgment based on available data, mining experience, drilling results, and industry practices, and may change materially as new information becomes available. By their nature, mineral resource and mineral reserve estimates are imprecise and rely in part on statistical assumptions that may prove unreliable. Any inaccuracy or future reduction in these estimates could have a material adverse effect on the Company. Cautionary Note to United States Investors The technical and scientific information contained in this presentation has been prepared in accordance with NI 43-101, which differs from SEC’s disclosure standards under Regulation S-K 1300. NI 43-101, a rule developed by the Canadian Securities Administrators, governs all public disclosure of scientific and technical information for mineral projects and differs significantly from the mineral reserve disclosure requirements of the SEC. As a result, the mineral reserve and mineral resource information contained in or incorporated by reference in this presentation, may not be comparable to similar information disclosed by U.S. companies subject to the disclosure requirements of the SEC in S-K 1300. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca
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CORPORATE OVERVIEW NYSE.A PLG • TSX PTM 3 Listed NYSE American (PLG) and TSX (PTM) Headquarters Vancouver, BC, and Johannesburg, SA Cornerstone Shareholder (24%) Hosken Consolidated Investment Ltd. (HCI:JSE) Platinum Group Metals Ltd. is the majority owner and operator of the Waterberg PGM Project in South Africa PLATINUM GROUP METALS LTD.
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Located on the North Limb of the Bushveld Complex; home to 70% of global platinum production in 2025 LOCATION AND BACKGROUND NYSE.A PLG • TSX PTM 4 Evaluating smelter offtake and funding options for project development Discovered in 2011 with US$92M invested to date in exploration and feasibility engineering Updated Definitive Feasibility Study (DFS) September 2024 WATERBERG PGM PROJECT
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WHY WATERBERG? NYSE.A PLG • TSX PTM 5 Amenable to bulk mechanized mining – safe with higher skilled work force Deposit starts 140m from surface – allows for potential multi decline ramp access – lower capital costs compared to deep vertical shafts Full suite of PGMs including strong gold, nickel and copper credits. Low chrome concentrate with high-sulphide content amenable to existing smelters SHALLOW Measured and Indicated Resource 33.76M ounces Palladium, Platinum, Gold and Rhodium (4E) Merensky Reef Conventional Thickness1.85 m 40 m Waterberg Deposit 13 story stopes 1.20 m 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca WATERBERG PGM PROJECT THICK DESIRABLE UNIQUE
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OWNERSHIP NYSE.A PLG • TSX PTM 6 PLATINUM GROUP 37.05% 15% 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 Japan Organization for Metals and Energy Security (JOGMEC) State owned entity 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 Hanwa Co., a diversified Japanese trading company, also owns metal marketing rights WATERBERG PGM PROJECT 50.02% 13.03% 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: PLATINUM GROUP 37.425% 26.0% MNOMBO WETHU CONSULTANTS (BEE partner) 21.95% HJ PLATINUM METALS LTD. 14.625% IMPLATS 50.395% 13.03%
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PGM AUTO DEMAND Growth in Hybrid Market Offsetting PGM Demand Loss From Battery Electric Vehicles (BEV) NYSE.A PLG • TSX PTM 7 PGM MARKETS Source: IEA, Bloomberg, Nedbank CIB Markets Research Source: Bloomberg, Johnson Matthey, Nedbank CIB Markets Research Global vehicles sales forecast and EV/ICE split PGM autocatalyst demand to grow through 2027, despite increasing EV sales
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PGM MINE SUPPLY Southern Africa PGM Reserves and Supply in Terminal Decline 8 PGM MARKETS Source: Company reports, Nedbank CIB Markets Research Source: Company reports, Nedbank CIB Markets Research 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 NYSE.A PLG • TSX PTM
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COMMODITY Leverage NYSE.A PLG • TSX PTM 9 Pt | Platinum 6.72m ounces Pd | Palladium 14.90m ounces Au | Gold 1.44m ounces Rh | Rhodium 343k ounces Cu | Copper 429M lbs Ni | Nickel 933M lbs WATERBERG PGM PROJECT 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca
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ORE BODY WATERBERG PGM PROJECT 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca NYSE.A PLG • TSX PTM 10
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ORE BODY WATERBERG PGM PROJECT 11 Reserve Tonnes 226 MT Reserve Grade 2.68 g/t 4E Thickness 2.4m to 118m Base Metals Cu 0.07%, Ni 0.18% 64.0% Palladium 28.8% Platinum 1.4% Rhodium 4.9% Gold Reserve Tonnes 19 MT Reserve Grade 3.84 g/t 4E Thickness 2.4m to 20m Base Metals Cu 0.14%, Ni 0.07% 51.4% Palladium 29.0% Platinum 0.8% Rhodium 18.8% Gold 2.37M OUNCES 4E F-ZONE T-ZONE 21.03M OUNCES 4E 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca NYSE.A PLG • TSX PTM
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PLAN VIEW NYSE.A PLG • TSX PTM 12 WATERBERG PGM PROJECT 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca
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2024 DFS UPDATE – Base Case NYSE.A PLG • TSX PTM 13 $6.50 billion LOM Post Tax Cashflow 23.41 million Ounces 4E Proven and Probable Reserves 353,208 Ounces Annual Steady State Production (4E) $658/4E Ounce on Site LOM Average Cash Cost $569M Post Tax NPV8 $776M Estimated Peak Project Capital 14.20% IRR Post Tax 54 Years Mine Life Based on Reserves WATERBERG PGM PROJECT 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca Pt | Platinum $1,605/oz Pd | Palladium $1,062/oz Au | Gold $1,812/oz Rh | Rhodium $6,209/oz Cu | Copper $4.53/lb Ni | Nickel $9.73/lb BASE CASE CONSENSUS PRICES (USD) USD/ZAR 20.07
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2024 DFS UPDATE Price Deck and Sensitivities NYSE.A PLG • TSX PTM 14 WATERBERG PGM PROJECT Base Case (2024 Consensus) Bullish (Metal Prices Up 20%) BASKET PRICE (4E) $1,325/oz $1,590/oz POST TAX NPV8% $569 million $1.088 billion POST TAX IRR 14.2% 19.0% LOM AISC $761/4E oz $786/4E oz PAYBACK 5.8 Years 4.3 Years LOM POST TAX CASHFLOW $6,500 million $9,627 million PEAK FUNDING $776 million $771 million OPERATING MARGIN 50% 57% 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca January 2026 – Spot Prices Basket Price $2290/oz 4E +72% Pt | Platinum $2,400/oz +50% Pd | Palladium $1,800/oz +70% Au | Gold $4,500/oz +150% Rh | Rhodium $9,500/oz +53% Cu | Copper $6.00/lb +32% Ni | Nickel $8.00/lb -17% USD/ZAR 16.50
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(6,750) (4,500) (2,250) 0 2,250 4,500 6,750 9,000 ( 600) ( 400) ( 200) 0 200 400 600 800 Y1 Y3 Y5 Y7 Y9 Y11 Y13 Y15 Y17 Y19 Y21 Y23 Y25 Y27 Y29 Y31 Y33 Y35 Y37 Y39 Y41 Y43 Y45 Y47 Y49 Y51 Y53 Y55 Y57 Cumulative Cashflow (USD mil Real) Net Cashflow (USD mil Real) Gross Revenue 4E Base Metal Credits Realisation Costs OpEx Project CapEx Sustaining CapEx Working Capital Royalties Tax Indirects Pipeline Financing Costs Incremental Cashflow Cumulative Cashflow 2024 DFS UPDATE Economics NYSE.A PLG • TSX PTM 15 WATERBERG PGM PROJECT (200) (400) (600) (2,250) (4,500) (6,750) 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca $6.50B USD Cash Flow Over a Fifty-Four Year Life of Mine
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0.00 0.40 0.80 1.20 1.60 2.00 2.40 2.80 3.20 3.60 4.00 0 50 100 150 200 250 300 350 400 450 500 Y4 Y8 Y12 Y16 Y20 Y24 Y28 Y32 Y36 Y40 Y44 Y48 Y52 Y56 Y60 4E Head Grade (g/t) Metal Recovered (koz) Recovered Pt Recovered Pd Recovered Au Recovered Rh Average 4E Grade 2024 DFS UPDATE Economics NYSE.A PLG • TSX PTM 16 WATERBERG PGM PROJECT 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca Average Annual Steady State Production of 353,208 Ounces 4E at 2.96 g/t 4E Reserve Grade
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WATERBERG PGM PROJECT NYSE.A PLG • TSX PTM 17 LONGHOLE DRILLING AND BLASTING STOPE UNDERCUT BLASTED ORE LOADING CROSSCUT TRANSPORT DRIFTDRAWPOINT 2024 DFS UPDATE Mining Simplified Mine Plan Focused on Thick Central F Zone Utilizing Long Hole Open Stoping 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca
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4E production Q1 Q2 Q3 Q4 0 50 100 150 200 250 300 350 400 450 Western Limb Eastern Limb Northern Limb Great Dyke 7.50 40.00 19.00 1.33 1.80 2.06 0.90 1.40 4.47 2.96 4.01 5.19 3.97 3.86 4.61 4.25 0 1 2 3 4 5 6 0 10 20 30 40 50 T Zone F Zone #1 #1 #2 #1 #2 #3 Waterberg project Platreef UG2 Merensky 4E grade (g/t) Orebody thickness Resource grade, rhs NYSE.A PLG • TSX PTM 18 WATERBERG Advantage: Thickness, Depth, Productivity and Cost 0 500 1,000 1,500 2,000 2,500 WATERBERG PGM PROJECT PGM Orebody Thickness and Grade South African PGM Mine & Project Average Deposit Depths WATERBERG Metres Metres below surface (mbs) WATERBERG 4E oz Production Per Worker 4E oz/worker WATERBERG 18 Other shaftsWaterberg Global PGM Cost Curve (September 2024) USD/4E oz 4E Production Q1 Q2 Q3 Q4 0 500 1,000 1,500 2,000 2,500 Western Limb Eastern Limb Northern Limb Zimbabwe North America WATERBERG steady-state NTCC/ 4E oz SIB/4E oz Source: SFA Oxford
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PRE-CONSTRUCTION INVESTMENT NYSE.A PLG • TSX PTM 19 September 2022 to August 2024 US$9.1m (R45.0m) ▪ Definitive Feasibility Study (DFS) Update. ▪ Infill and exploration drilling, engineering, permitting, community, social & labour plan. US$21m pre-construction budget was approved in principle by Waterberg JV Co. shareholders in September 2022. Social & labour plan, community, power, water, roads, fencing, and accommodations. Option A | Early Infrastructure ± US$11.9m (R220.0m) Option B | Staged Development Option C | Full Construction Infrastructure, decline development, sub-level development, milling and flotation plant to reduce execution risk prior to a full construction decision. Formal construction decision with a binding offtake agreement. Financing package consisting of partner equity, project debt and possible metal stream. ￭ Completed WATERBERG PGM PROJECT Near Term Options Focused on Infrastructure and Staged Development
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BENEFICIATION Strategy NYSE.A PLG • TSX PTM 20 South African Offtakers Platinum Group and Waterberg JV Co. are assessing commercial alternatives for concentrate offtake and beneficiation. Cooperation Agreement with Saudi based Ajlan and Bros. Third Party Concentrate Offtake Affiliated Operation Concentrate Offtake WATERBERG PGM PROJECT OPTION A OPTION B Dual Track Process for Concentrate Offtake
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CORPORATE SOCIAL RESPONSIBILITY NYSE.A PLG • TSX PTM 21 Significant opportunity for training, employment and infrastructure development Social and Labour Plan Approved with initial implementation underway Mining Right Granted including Environmental Authorization Environmental, Social and Governance (ESG) 5th year assessment completed in September 2025 in partnership with Digbee ESG Ltd. Based on the information provided, Platinum Group achieved an overarching score of BBB from Digbee with a range of B to AA as of September 2025. UK based, mining-focused expert network and ESG disclosure platform aiming to provide improved disclosure and better access to capital markets for mining companies with strong ESG practices. Digbee has been endorsed by leading financial institutions. WATERBERG PGM PROJECT
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Development TIMELINE NYSE.A PLG • TSX PTM 22 Timelines dependent upon regulatory approvals, concentrate offtake and financing. WATERBERG PGM PROJECT
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CAPITAL STRUCTURE February 2026 NYSE.A PLG • TSX PTM 23 Major Shareholders ▪ Hosken Consolidated Investments Ltd. (HCI:JSE) ▪ Franklin Templeton ▪ Kopernik Global Investors LLC LISTINGS PLG:NYSE.A PTM:TSX SHARE PRICE USD $2.50 52 WEEK HIGH/LOW USD $3.36 / $1.00 ISSUED AND OUTSTANDING 126,800,195 OPTIONS 3,246,785 RESTRICTED SHARE UNITS 612,085 FULLY DILUTED 130,659,065 CASH USD $44M MARKET CAPITALIZATION USD $320M PLATINUM GROUP METALS LTD. Research Coverage ▪ BMO Capital Markets ▪ Beacon Securities ▪ Noah Capital
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APPENDIX NYSE.A PLG • TSX PTM 24 NYSE.A PLG TSX PTM 2024 DFS Update
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RESERVES Proven Mineral Reserve Estimate 4E g/t – Effective August 31, 2024 NYSE.A PLG • TSX PTM 25 Proven Mineral Reserve Estimate Zone Tonnes Pd Pt Rh Au 4E Cu Ni 4E g/t g/t g/t g/t g/t % % kg Moz T ZONE 5,094,182 1.76 0.93 0.04 0.63 3.36 0.10 0.06 17,138 0.551 F CENTRAL 32,297,283 1.90 0.82 0.04 0.13 2.89 0.06 0.17 93,186 2.996 F SOUTH 0 0 0 0 0 0 0 0 0 0 F NORTH 16,637,670 2.04 0.85 0.05 0.16 3.10 0.10 0.20 51,558 1.658 F BOUNDARY NORTH 4,975,853 1.99 0.97 0.05 0.16 3.17 0.10 0.22 15,784 0.507 F BOUNDARY SOUTH 5,294,116 2.31 1.04 0.05 0.18 3.59 0.08 0.19 19,015 0.611 F ZONE TOTAL 59,204,921 1.98 0.86 0.05 0.14 3.03 0.08 0.19 179,543 5.772 WATERBERG TOTAL 64,299,103 1.97 0.86 0.05 0.18 3.06 0.07 0.17 196,681 6.323 A stope cutoff grade of 2.0g/t 4E was used for mine planning for F Central and F South while a 2.5g/t 4E was used for mine planning for the T Zone and other F Zones in the mineral reserves estimate. Tonnage and grade estimates include planned dilution, geological losses, external overbreak dilution, and mining losses. Metal prices (USD) assumed for cutoff grade estimates were Pt = $1,050.00/oz, Pd = $1,300.00/oz, Rh = $5,000.00/oz, Au = $1,650.00/oz, Cu = $3.50/lb, Ni = $8.50/lb. ROE used was 17.22 ZAR = 1 USD. 4E = PGE (Pd+Pt+Rh) and Au. Numbers may not add due to rounding. NOTES: APPENDIX 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca
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RESERVES NYSE.A PLG • TSX PTM 26 Probable Mineral Reserve Estimate Zone Tonnes Pd Pt Rh Au 4E Cu Ni 4E g/t g/t g/t g/t g/t % % kg Moz T ZONE 14,137,694 2.05 1.18 0.02 0.75 4.01 0.16 0.08 56,623 1.820 F CENTRAL 99,814,040 1.72 0.74 0.04 0.12 2.61 0.07 0.17 260,936 8.389 F SOUTH 10,643,204 1.85 0.99 0.05 0.13 3.02 0.03 0.11 32,127 1.033 F NORTH 36,573,456 2.12 0.90 0.05 0.16 3.23 0.09 0.20 118,079 3.796 F BOUNDARY NORTH 13,312,581 1.91 0.99 0.05 0.17 3.11 0.10 0.23 41,432 1.332 F BOUNDARY SOUTH 7,421,801 1.89 0.92 0.04 0.13 2.98 0.06 0.18 22,128 0.711 F ZONE TOTAL 167,765,082 1.84 0.82 0.04 0.13 2.83 0.07 0.18 474,702 15.262 WATERBERG TOTAL 181,902,775 1.85 0.84 0.04 0.18 2.92 0.08 0.17 531,324 17.082 Probable Mineral Reserve Estimate 4E g/t – Effective August 31, 2024 APPENDIX A stope cutoff grade of 2.0g/t 4E was used for mine planning for F Central and F South while a 2.5g/t 4E was used for mine planning for the T Zone and other F Zones in the mineral reserves estimate. Tonnage and grade estimates include planned dilution, geological losses, external overbreak dilution, and mining losses. Metal prices (USD) assumed for cutoff grade estimates were Pt = $1,050.00/oz, Pd = $1,300.00/oz, Rh = $5,000.00/oz, Au = $1,650.00/oz, Cu = $3.50/lb, Ni = $8.50/lb. ROE used was 17.22 ZAR = 1 USD. 4E = PGE (Pd+Pt+Rh) and Au. Numbers may not add due to rounding. NOTES: 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca
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RESERVES Proven and Probable Mineral Reserve Estimate 4E g/t – Effective August 31, 2024 NYSE.A PLG • TSX PTM 27 Total Estimated Mineral Reserve Zone Tonnes Pd Pt Rh Au 4E Cu Ni 4E g/t g/t g/t g/t g/t % % kg Moz T ZONE 19,231,876 1.97 1.11 0.03 0.72 3.84 0.14 0.07 73,760 2.371 F CENTRAL 132,111,323 1.76 0.76 0.04 0.12 2.68 0.06 0.17 354,121 11.385 F SOUTH 10,643,204 1.85 0.99 0.05 0.13 3.02 0.03 0.11 32,127 1.033 F NORTH 53,211,126 2.10 0.88 0.05 0.16 3.19 0.10 0.20 169,637 5.454 F BOUNDARY NORTH 18,288,434 1.93 0.98 0.05 0.17 3.13 0.10 0.23 57,216 1.840 F BOUNDARY SOUTH 12,715,917 2.06 0.97 0.05 0.15 3.24 0.07 0.19 41,143 1.323 F ZONE TOTAL 226,970,003 1.87 0.83 0.04 0.14 2.88 0.07 0.18 654,245 21.034 WATERBERG TOTAL 246,201,879 1.88 0.85 0.04 0.18 2.96 0.08 0.17 728,005 23.406 APPENDIX Zone 4E Grade Prill Split Grade Pd (%) Pt (%) Rh (%) Au (%) Cu (%) Ni (%) T-ZONE 51.4 29.0 0.8 18.8 0.14 0.07 F-ZONE 65.0 28.7 1.5 4.7 0.07 0.18 TOTAL WATERBERG 63.6 28.7 1.5 6.2 0.08 0.17 A stope cutoff grade of 2.0g/t 4E was used for mine planning for F Central and F South while a 2.5g/t 4E was used for mine planning for the T Zone and other F Zones in the mineral reserves estimate. Tonnage and grade estimates include planned dilution, geological losses, external overbreak dilution, and mining losses. Metal prices (USD) assumed for cutoff grade estimates were Pt = $1,050.00/oz, Pd = $1,300.00/oz, Rh = $5,000.00/oz, Au = $1,650.00/oz, Cu = $3.50/lb, Ni = $8.50/lb. ROE used was 17.22 ZAR = 1 USD. 4E = PGE (Pd+Pt+Rh) and Au. Numbers may not add due to rounding. NOTES: 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca
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RESOURCES F Zone Mineral Resource Estimate NYSE.A PLG • TSX PTM 28 Mineral Resource F Zone Including Reserves Mineral Resource Category Cut-off Tonnage Grade Metal 4E Pt Pd Rh Au 4E Cu Ni 4E g/t Mt g/t g/t g/t g/t g/t % % kg Moz FZ North MEASURED 2.5 18.60 0.87 2.10 0.05 0.17 3.19 0.11 0.21 59,335 1.908 INDICATED 2.5 43.86 0.91 2.16 0.05 0.16 3.28 0.09 0.20 143,863 4.625 M+I 2.5 62.46 0.90 2.14 0.05 0.16 3.25 0.10 0.20 203,198 6.533 INFERRED 2.5 8.00 0.78 1.90 0.04 0.15 2.87 0.09 0.19 22,952 0.738 FZ Boundary North MEASURED 2.5 6.52 1.00 2.08 0.05 0.17 3.30 0.10 0.23 21,512 0.692 INDICATED 2.5 17.64 1.05 2.03 0.05 0.18 3.31 0.24 0.24 58,393 1.877 M+I 2.5 24.16 1.04 2.04 0.05 0.18 3.31 0.20 0.24 79,905 2.569 INFERRED 2.5 3.26 1.07 2.14 0.05 0.18 3.44 0.09 0.22 11,215 0.361 FZ Boundary South MEASURED 2.5 6.28 1.06 2.35 0.05 0.18 3.64 0.07 0.19 22,874 0.735 INDICATED 2.5 12.86 0.95 1.95 0.05 0.14 3.09 0.07 0.19 39,741 1.278 M+I 2.5 19.15 0.99 2.08 0.05 0.15 3.27 0.07 0.19 62,615 2.013 INFERRED 2.5 4.10 1.02 2.06 0.04 0.16 3.28 0.07 0.18 13,450 0.432 APPENDIX
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RESOURCES F Zone Mineral Resource Estimate (Cont’d) NYSE.A PLG • TSX PTM 29 Mineral Resource F Zone Including Reserves Mineral Resource Category Cut-off Tonnage Grade Metal 4E Pt Pd Rh Au 4E Cu Ni 4E g/t Mt g/t g/t g/t g/t g/t % % kg Moz FZ Central MEASURED 2.0 46.67 0.83 1.92 0.05 0.13 2.93 0.06 0.18 136,750 4.397 INDICATED 2.0 139.63 0.77 1.78 0.04 0.12 2.71 0.07 0.18 378,388 12.165 M+I 2.0 186.30 0.79 1.82 0.04 0.12 2.77 0.07 0.18 515,138 16.562 INFERRED 2.0 31.58 0.77 1.66 0.04 0.10 2.57 0.05 0.17 81,152 2.609 FZ South MEASURED 2.0 – – – – – – – – – – INDICATED 2.0 33.11 0.99 1.86 0.05 0.13 3.03 0.04 0.13 100,314 3.225 M+I 2.0 33.11 0.99 1.86 0.05 0.13 3.03 0.04 0.13 100,314 3.225 INFERRED 2.0 20.31 0.82 1.52 0.04 0.10 2.48 0.04 0.12 50,360 1.619 FZ North Extension MEASURED 2.5 – – – – – – – – – – INDICATED 2.5 – – – – – – – – – – M+I 2.5 – – – – – – – – – – INFERRED 2.5 4.23 0.76 1.85 0.04 0.15 2.79 0.09 0.19 11,811 0.380 APPENDIX
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RESOURCES F Zone Mineral Resource Estimate (Cont’d) NYSE.A PLG • TSX PTM 30 Mineral Resource F Zone Including Reserves Mineral Resource Category Cut-off Tonnage Grade Metal 4E Pt Pd Rh Au 4E Cu Ni 4E g/t Mt g/t g/t g/t g/t g/t % % kg Moz Total F Zone MEASURED 2.0 & 2.5 78.08 0.87 2.01 0.05 0.15 3.08 0.08 0.20 240,471 7.731 INDICATED 2.0 & 2.5 247.10 0.85 1.88 0.04 0.13 2.92 0.08 0.18 720,699 23.171 M+I 2.0 & 2.5 325.17 0.86 1.92 0.05 0.14 2.96 0.08 0.19 961,170 30.902 INFERRED 2.0 & 2.5 71.47 0.81 1.70 0.04 0.12 2.67 0.06 0.15 190,940 6.139 APPENDIX Prill Split Mineral Resource Category Pt Pd Rh Au % % % % MEASURED 28.3 65.3 1.6 4.8 INDICATED 29.3 64.6 1.5 4.6 M+I 29.0 64.8 1.5 4.6 INFERRED 30.4 63.7 1.5 4.3 • 4E = PGE (Pt + Pd + Rh) and Au. • The cutoffs for Mineral Resources were established by a QP after a review of potential operating costs and other factors. • The Mineral Resources stated above are shown on a 100% basis, that is, for the Waterberg Project entity. • Conversion Factor used – kg to oz = 32.15076. • Numbers may not add due to rounding. • A 5% and 7% geological loss were applied to the measured / indicated and inferred Mineral Resource categories, respectively. NOTES: 100% Waterberg Project. See Press Release dated September 16, 2024, and Appendix. www.sedarplus.ca
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RESOURCES T Zone Mineral Resource Estimate NYSE.A PLG • TSX PTM 31 Mineral Resource - T Zone (Inclusive) Mineral Resource Category Cut-off Tonnage Grade Metal 4E Pt Pd Rh Au 4E Cu Ni 4E g/t Mt g/t g/t g/t g/t g/t % % kg Moz TZ MEASURED 2.5 5.24 1.10 2.06 0.05 0.78 3.99 0.13 0.07 20,917 0.673 INDICATED 2.5 12.73 1.41 2.42 0.03 0.93 4.79 0.19 0.09 60,967 1.960 M+I 2.5 17.97 1.32 2.31 0.04 0.89 4.56 0.17 0.08 81,885 2.633 INFERRED 2.5 17.58 1.19 2.02 0.04 0.87 4.11 0.15 0.07 72,289 2.324 T0 MEASURED 2.5 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.000 INDICATED 2.5 1.89 1.10 1.91 0.05 0.57 3.63 0.17 0.08 6,866 0.221 M+I 2.5 1.89 1.10 1.91 0.05 0.57 3.63 0.17 0.08 6,866 0.221 INFERRED 2.5 0.64 0.99 1.51 0.04 0.36 2.90 0.17 0.07 1,870 0.060 APPENDIX
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RESOURCES T Zone Mineral Resource Estimate (Cont’d) NYSE.A PLG • TSX PTM 32 Mineral Resource - T Zone (Inclusive) Mineral Resource Category Cut-off Tonnage Grade Metal 4E Pt Pd Rh Au 4E Cu Ni 4E g/t Mt g/t g/t g/t g/t g/t % % kg Moz Total T Zone (TZ+T0) at 2.5 g/t (4E) Cutoff MEASURED 2.5 5.24 1.10 2.06 0.05 0.78 3.99 0.13 0.07 20,917 0.673 INDICATED 2.5 14.62 1.37 2.35 0.03 0.88 4.64 0.19 0.09 67,834 2.181 M+I 2.5 19.86 1.30 2.28 0.04 0.86 4.47 0.17 0.08 88,751 2.853 INFERRED 2.5 18.23 1.18 2.00 0.04 0.85 4.07 0.15 0.07 74,159 2.384 APPENDIX Prill Split Mineral Resource Category Pt Pd Rh Au % % % % MEASURED 27.6 51.6 1.3 19.5 INDICATED 29.5 50.7 0.7 19.0 M+I 29.1 50.9 0.8 19.2 INFERRED 29.0 49.2 0.9 20.9 • 4E = PGE (Pt + Pd + Rh) and Au. • The cutoffs for Mineral Resources were established by a QP after a review of potential operating costs and other factors. • The Mineral Resources stated above are shown on a 100% basis, that is, for the Waterberg Project entity. • Conversion Factor used – kg to oz = 32.15076. • Numbers may not add due to rounding. • A 5% and 7% geological loss were applied to the measured / indicated and inferred Mineral Resource categories, respectively. NOTES:
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RESOURCES Waterberg Aggregate Mineral Resource Estimate NYSE.A PLG • TSX PTM 33 Waterberg Aggregate - Total Mineral Resource (Inclusive) Mineral Resource Category Cut-off Tonnage Grade Metal 4E Pt Pd Rh Au 4E Cu Ni 4E g/t Mt g/t g/t g/t g/t g/t % % kg Moz Total T Zone (TZ+T0) at 2.5 g/t (4E) Cutoff MEASURED – 83.32 0.89 2.01 0.05 0.19 3.14 0.09 0.19 261,389 8.404 INDICATED – 261.72 0.88 1.91 0.04 0.18 3.01 0.09 0.18 788,532 25.352 M+I – 345.03 0.88 1.94 0.05 0.18 3.04 0.09 0.18 1,049,921 33.756 INFERRED – 89.70 0.89 1.76 0.04 0.26 2.96 0.08 0.15 265,099 8.523 APPENDIX Prill Split Mineral Resource Category Pt Pd Rh Au % % % % MEASURED 28.3 64.19 1.59 5.95 INDICATED 29.3 63.43 1.45 5.83 M+I 29.0 63.62 1.49 5.86 INFERRED 30.0 59.68 1.35 8.95 • 4E = PGE (Pt + Pd + Rh) and Au. • The cutoffs for Mineral Resources were established by a QP after a review of potential operating costs and other factors. • The Mineral Resources stated above are shown on a 100% basis, that is, for the Waterberg Project entity. • Conversion Factor used – kg to oz = 32.15076. • Numbers may not add due to rounding. • A 5% and 7% geological loss were applied to the measured / indicated and inferred Mineral Resource categories, respectively. NOTES:
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PROJECT CAPITAL BREAKDOWN NYSE.A PLG • TSX PTM 34 Project Capital Breakdown Facility Description Project Capital (ZAR M) Project Capital (USD M) MINE 5,039 253 PLANT 4,476 224 BACKFILL AND DEWATERING PLANT (TSF) 1,835 91 TAILINGS DEPOSITION (TSF) 263 13 REGIONAL INFRASTRUCTURE 1,869 95 PROJECT INDIRECTS 1,372 70 SUB-TOTAL1 14,854 746 OWNER FLEET PURCHASES 698 35 REBUILD AND REPLACEMENT OF EQUIPMENT 0.4 0 TOTAL CAPEX (EXCL. CAPITALIZED OPEX) 15,553 781 CAPITALIZED OPEX 3,309 165 TOTAL PROJECT CAPEX (INCL. CAPITALIZED OPEX) 18,862 946 NET REVENUE RECEIPTS -243 -12 CAPITAL POST PEAK FUNDING -3,191 -158 PEAK FUNDING (CONSENSUS VIEW) 15,428 776 APPENDIX Contingency of ZAR 1.164 billion (US$63.0 million) included in Sub-Total
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PRICE DECK ASSUMPTIONS NYSE.A PLG • TSX PTM 35 APPENDIX Price Deck Assumptions: Consensus View (Base Case) Commodity Unit of Measure 2025 2026 2027 2028 Long-term Real PLATINUM USD / oz 1,144 1,233 1,330 1,605 1,605 PALLADIUM USD / oz 1,089 1,095 1,122 1,062 1,062 GOLD USD / oz 2,155 2,005 2,008 1,812 1,812 RHODIUM USD / oz 4,627 4,794 4,561 6,209 6,209 COPPER USD / lb 4.77 4.83 4.85 4.53 4.53 NICKEL USD / lb 8.68 8.85 9.09 9.73 9.73 Factor Unit of Measure Base Case (Consensus View) PLATINUM US$ / oz 1,605 PALLADIUM US$ / oz 1,062 GOLD US$ / oz 1,812 RHODIUM US$ / oz 6,209 4E (BASKET PRICE) US$ / oz 1,325 COPPER US$ / lb 4.53 NICKEL US$ / lb 9.73 Approximate Percent of Gross Revenue (Consensus view) Metal First 10 years of concentrate production LOM PLATINUM 27.87% 27.68% PALLADIUM 44.19% 42.31% GOLD 4.47% 6.25% RHODIUM 6.67% 5.09% COPPER 4.13% 5.31% NICKEL 12.68% 13.36%
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OPERATING COST On-Site Operating Cost Rates per Area in ZAR and USD NYSE.A PLG • TSX PTM 36 Operating Costs Area Average LOM (ZAR/t ore milled) Average LOM (US$/t ore milled) MINING 389 19 PROCESS 195 10 ENGINEERING AND INFRASTRUCTURE 186 9 GENERAL AND ADMINISTRATIVE (G&A) 39 2 TOTAL OPEX COST 808 40 APPENDIX
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OPERATING COST Total Cash Cost Rates in USD/4E Ounce NYSE.A PLG • TSX PTM 37 Operating Costs Metric Base Case: Consensus view (US$/4E oz) ON-SITE OPERATING COSTS 546 SMELTING, REFINING, AND TRANSPORT COSTS 375 ROYALTIES AND PRODUCTION TAXES 41 LESS BYPRODUCT BASE METAL CREDITS -304 TOTAL CASH COST 658 SUSTAINING CAPITAL 103 TOTAL ALL-IN SUSTAINING COST 761 PROJECT CAPITAL 52 TOTAL ALL-IN COST 813 APPENDIX
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SENSITIVITY ANALYSIS NPV (Discount Rate) NYSE.A PLG • TSX PTM 38 Sensitivity Analysis Metric Discount Rate Unit of Measure Consensus View Net Present Value US$ (Post-Tax) Undiscounted US$ million 6,500 4% US$ million 1,809 6% US$ million 1,018 8% US$ million 569 10% US$ million 297 12% US$ million 121 Net Present Value ZAR (Post-Tax) Undiscounted ZAR million 130,594 4% ZAR million 36,442 6% ZAR million 20,556 8% ZAR million 11,557 10% ZAR million 6,084 12% ZAR million 2,550 APPENDIX
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SENSITIVITY ANALYSIS Consensus Prices NYSE.A PLG • TSX PTM 39 Sensitivity Analysis Parameters Increase/ (Decrease) NPV @ 8% (US$ million) NPV @ 8% (ZAR million) IRR (% Real) Payback Period (years) Metal Prices -20% 33 799 8.5 9.7 -10% 307 6,301 11.5 7.1 – 569 11,557 14.2 5.8 10% 829 16,767 16.7 5.0 20% 1,088 21,959 19.0 4.3 4E Head Grade -20% 81 1,762 9.0 9.1 -10% 326 6,681 11.7 7.0 – 569 11,557 14.2 5.8 10% 811 16,417 16.5 5.0 20% 1,054 21,284 18.7 4.4 Project CapEx 20% 411 8,412 11.8 7.3 10% 490 9,985 12.9 6.5 – 569 11,557 14.2 5.8 -10% 648 13,130 15.8 5.2 -20% 727 14,703 17.7 4.7 OpEx 20% 346 7,068 12.0 6.9 10% 458 9,316 13.1 6.2 – 569 11,557 14.2 5.8 -10% 681 13,790 15.2 5.4 -20% 791 16,014 16.2 5.1 APPENDIX
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THANK YOU info@platinumgroupmetals.net 838 - 1100 Melville Street, Vancouver, BC, V6E 4A6, Canada www.platinumgroupmetals.net NYSE.A PLG TSX PTM NYSE.A PLG • TSX PTM 40