Platinum Group Metals (PTM) Q4 2025 earnings summary

Executive summary

• Reported financial results for fiscal year ended August 31, 2025, with focus on advancing the Waterberg Project in South Africa, a major planned PGM mine with by-product copper and nickel production.

• 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-funding of cash calls.

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

Financial highlights

• Net loss for the year ended August 31, 2025, was $4.54 million, compared to $4.61 million in the prior year.

• General and administrative expenses were $3.66 million, up from $3.42 million year-over-year.

• Share-based compensation totaled $1.19 million, down from $1.36 million year-over-year.

• Finance income was $0.28 million, compared to $0.44 million in the prior year.

• Basic and diluted loss per share was $0.04, compared to $0.05 in the previous year.

Outlook and guidance

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

• Remaining components of the pre-construction program are being completed in phases as budgets are approved.

• Arrangements for concentrate offtake or processing are required before a construction decision; alternatives include local and international smelting and refining options.

• Ongoing engagement with local communities and advancement of battery technology initiatives through Lion Battery Technologies.