Platinum Group Metals (PTM) Registration filing summary

Company overview and business model

• Focuses on exploration and development of platinum group metals (PGM) projects, primarily in South Africa.

• Main asset is a controlling interest in the Waterberg Project, a large-scale, mechanized underground PGM mine.

• Operates through subsidiaries and joint ventures, with significant BEE (Black Economic Empowerment) partnerships.

• No other material mineral properties; continues to evaluate new exploration opportunities.

Financial performance and metrics

• Negative cash flow from operating activities in the most recent quarter; proceeds may be used to fund future negative cash flow.

• No operating revenues to date; history of losses and negative operating cash flow.

• Capital expenditure to reach 70% steady-state production is estimated at R18,862M (US$946M).

• Life-of-mine average operating cost is R808/t (US$40/t) milled; cash cost per 4E ounce is US$658.

• Post-tax NPV (8%) of R11,557M (US$569M), IRR of 14.2%, and payback period of 5.8 years from first production.

Use of proceeds and capital allocation

• Net proceeds from securities sales will fund business objectives, general corporate purposes, working capital, debt repayment, capital programs, and potential acquisitions.

• Proceeds may also be used to fund negative cash flow from operations.

• Each prospectus supplement will specify the use of proceeds for that offering.