Platinum Group Metals (PTM) Q3 2025 earnings summary

Executive summary

• Reported financial results for the nine months ended May 31, 2025, with a focus on advancing the Waterberg Project in South Africa, planned as a major mechanized PGM mine.

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

• Ongoing initiatives in battery technology through Lion Battery Technologies, leveraging platinum and palladium in lithium battery applications.

Financial highlights

• Net loss for the nine months ended May 31, 2025, was $3.40 million, compared to a net loss of $4.02 million for the same period last year.

• General and administrative expenses increased to $2.78 million from $2.57 million year-over-year.

• Stock-based compensation decreased to $0.79 million from $1.61 million year-over-year.

• Finance income was $0.14 million, down from $0.35 million in the prior year.

• Basic and diluted loss per share was $0.03, compared to $0.04 per share for the same period last year.

Outlook and guidance

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

• Work underway includes engineering, infrastructure, and community engagement as part of the pre-construction program.

• Arrangements for concentrate offtake or processing are required before a construction decision; discussions ongoing with South African smelter operators and for Saudi Arabia options.

• Battery technology initiatives and new industrial applications for PGMs are being pursued to diversify demand.