Platinum Group Metals (PTM) Q1 2026 earnings summary

Executive summary

• Reported financial results for the first fiscal quarter ended November 30, 2025, with a focus on advancing the Waterberg Project in South Africa, a large-scale, low-cost PGM mine.

• Waterberg Project ownership includes Platinum Group (direct and indirect), Mnombo, HJM (JOGMEC and Hanwa), and Implats, with recent dilution of Implats' stake due to non-participation in cash calls.

• Near-term objectives include securing construction financing and concentrate offtake agreements for the Waterberg Project.

Financial highlights

• Net loss for the quarter was $1.84 million, unchanged year-over-year.

• General and administrative expenses were $1.08 million, down from $1.24 million year-over-year.

• Share-based compensation increased to $1.13 million from $0.72 million year-over-year.

• Finance income rose to $0.20 million from $0.06 million year-over-year.

• Basic and diluted loss per share remained at $0.02, unchanged year-over-year.

Outlook and guidance

• Primary objective is to advance the Waterberg Project to a development and construction decision.

• About half of the $21 million pre-construction program remains, with ongoing phased work on site infrastructure and social plans.

• Arrangements for concentrate offtake or processing are being pursued, with alternatives including local and international smelting options.

• Staged development scenarios are under review, potentially starting with the T-Zone for higher grade and gold content.