Platinum Group Metals (PTM) Q2 2025 earnings summary

Executive summary

• Reported a net loss of $2.25 million for the six months ended February 28, 2025, slightly improved from a $2.37 million loss year-over-year.

• Focused on advancing the Waterberg Project in South Africa, targeting a development and construction decision.

• Entered agreements to potentially establish a PGM smelter and base metal refinery in Saudi Arabia, with feasibility studies underway.

• Launched a new at-the-market equity program to raise up to $50 million for project development and related initiatives.

• Continued R&D in battery technologies using PGMs through Lion Battery Technologies in partnership with Amplats and FIU.

Financial highlights

• Net loss for the six months ended February 28, 2025, was $2.25 million, compared to $2.37 million in the prior year period.

• General and administrative expenses increased to $2.0 million from $1.82 million year-over-year, mainly due to legal costs.

• Stock-based compensation decreased to $0.45 million from $0.59 million year-over-year.

• Finance income was $0.10 million, down from $0.25 million year-over-year.

• Basic and diluted loss per share remained at $0.02 for both periods.

Outlook and guidance

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

• Ongoing engagement with local communities and partners to finalize project facilities and infrastructure.

• Assessing commercial alternatives for mine development financing and concentrate offtake, including discussions with South African smelter operators.