News Bureau

November 26, 2022

PTM reports 2022 outlook!

Platinum Group Metals- PTM reports the Company's update and outlook. The Company is focussed on advancing the Waterberg Project located on the Northern Limb of the Bushveld Complex in South Africa. The Waterberg Project is planned as a fully mechanised, shallow, decline access palladium, platinum, gold and rhodium mine and is projected to be one of the largest and lowest cost underground platinum group metals mines globally.

According to the PTM Outlook, the Company's key business objective is to advance the Waterberg Project to a development and construction decision. PTM is the operator of the Waterberg Project as directed by a technical committee comprised of representatives from joint venture partners. Before project financing and a construction decision can be undertaken, arrangements will be required for project concentrate offtake or processing.

From the Work Program the Initial Budget of approximately $2.5 million was approved for expenditure by March 31, 2023, and this work has now commenced. The Initial Budget includes an infill drilling program targeting near surface, modelled Inferred Mineral Resource blocks that have good potential for conversion to higher confidence levels, thereby allowing them to be added to early mine plans, potentially reducing early capital expenditure and the period to first mining.

The Initial Budget for the Work Program is to be funded pro rata by the joint venture partners and was coordinated to match fiscal year and budgetary periods for JOGMEC and Hanwa. Subsequent expenditures in accordance with the Work Program are subject to expected approvals for sequential time periods ending on August 31, 2024.


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