Platinum Group Metals Reports Fiscal 2025 Results and Advances Waterberg Project Toward Development Decision

Platinum Group Metals Ltd. (NYSE American: PLG) (TSX: PTM) has reported its financial results for the fiscal year ended August 31, 2025, highlighting ongoing progress at its flagship Waterberg Project in South Africa. The company is advancing the fully mechanized project toward a final construction and development decision, a critical step that involves securing necessary financing and finalizing concentrate offtake agreements. This development phase is closely watched by investors and industry analysts given the project's potential to become a significant producer of platinum group metals and base metals.

The company has filed its audited financial statements, Annual Information Form (AIF), Management's Discussion and Analysis (MD&A), and Form 40-F with regulatory authorities on both SEDAR+ and EDGAR platforms. These filings provide detailed insight into the company's financial position and operational strategy as it moves the Waterberg Project forward. The ownership structure of the Waterberg Joint Venture Company as of August 31, 2025, shows Platinum Group Metals holding a 37.32% direct interest plus an additional 12.97% indirect interest through Mnombo, giving the company significant influence over project development decisions and future revenue streams.

Other joint venture partners include Mnombo at 26%, HJM at 21.95%, and Impala Platinum Holdings Limited (Implats) at 14.73%. Notably, Implats' stake was diluted by approximately 0.27% after the company paused its financial contributions amid capital expenditure restrictions, reflecting the challenging financial environment facing mining companies and their strategic partners. This ownership structure and the dynamics between partners will significantly influence how the project moves forward and how benefits are distributed once production begins.

The Waterberg Project represents a substantial underground platinum group metals and base metal deposit that was originally discovered by Platinum Group Metals Ltd. and is being jointly developed with its partners. The project's advancement toward a construction decision comes at a time when global demand for platinum group metals remains strong, particularly for automotive catalysts and emerging hydrogen economy applications. The company's progress in securing financing and offtake agreements will be crucial determinants of when construction might begin and how quickly the project could reach production.

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