Mr. Frank Hallam reports

PLATINUM GROUP METALS LTD. INTERCEPTS NORTHERN EXTENSION TO WATERBERG DEPOSIT WITH 6.02 METRES OF T ZONE AT 12.10 G/T 4PGE

Platinum Group Metals Ltd.'s exploration borehole WE153 has intercepted platinum group metal mineralization consistent with both the T zone and F zone as found within the mineral resources and reserves of the proposed Waterberg mine, located on the Northern Limb of the Bushveld complex in South Africa. Borehole WE153 was collared on prospecting rights owned by Waterberg JV Resources Pty. Ltd. located adjacent to the north of the Waterberg project mining right. The borehole collar was positioned along a projected strike line approximately 16 kilometres north from the area of delineated T zone mineral resources and approximately eight kilometres north from the area of delineated F zone mineral resources.

Borehole WE153 intercepted 7.02 metres of mineralized T zone beginning at a depth of 1,272.98 metres. The mineralized interval displayed approximately 2 per cent to 4 per cent blebby copper, nickel and iron sulphides. The drill core was logged, and the mineralized intercept recovered was sampled and sent for assay by Intertek Genalysis Minerals in Australia. The reported T zone platinum, palladium, rhodium and gold (4PGE) assay values in grams per tonne and prill split percentages are tabulated herein.

As of May 15, borehole WE153 had been drilled to a depth of 1,990.35 metres. At a depth of 1,757.94 metres, the borehole intercepted olivine-rich lithologies consistent with the F zone, and at a depth of 1,972.19 metres, the borehole intercepted the felspathic pyroxenite top contact of the F zone. An F zone intercept of 9.42 metres of approximately 2 per cent to 4 per cent blebby copper, nickel and iron sulphides has been observed. After a depth of 1,981.61 metres, only sporadic sulphides were observed. Drilling is expected to continue for only a short distance further. The F zone drill core will be logged, and the mineralized intercept recovered will be sampled and sent for assay by Intertek Genalysis Minerals in Australia.

A definitive feasibility study, completed in September, 2019 (1), estimated significant mineral resources and reserves at the Waterberg project. The mineralized T zone and F zone of the Waterberg deposit are hosted within intrusive rocks of the Bushveld igneous complex (BIC), which underlie the Waterberg project and dip westerly at approximately 34 to 38 degrees. Along its updip edge, the BIC is projected to subcrop beneath rocks of the Waterberg sedimentary package, striking northeasterly at first, and then in a northerly direction, forming an arc from south to north. At the southern end of this arc, within the known area of the Waterberg deposit, the T zone and F zone both subcrop within 150 metres from surface. In the southern area, the F zone is normally found approximately 300 metres vertically below the T zone and typically subcrops approximately 400 metres or more farther eastward than the T zone. At borehole WE153, the T zone and F zone have been found deeper than to the south, and the middling between the T zone and F zone appears to have widened to approximately 476 vertical metres. The T zone observed in this northern area also demonstrates a variation in facies from that seen to the south.

As the subcrop of the BIC, including the T zone and F zone, strikes along the northerly arc described above, it trends underneath a plateau of thicker, weather-resistant sandstone and shale cap rocks. Cliff faces rise abruptly above the surrounding pediment along the southeast and northeast sides of the plateau. Previous resource delineation drilling of the T zone was completed mostly in the flat pediment areas along approximately 4.8 kilometres of strike at the southern end of the deposit area. As the T zone strike line follows its northerly arc, it soon runs alongside and then beneath the southeast cliff face of the plateau, making drilling in that area, and from on top of the plateau, impractical. Because the F zone subcrops farther to the east, away from the cliff face, the strike length available for drilling before the F zone arcs under the plateau is longer. Approximately 13.5 kilometres of F zone strike length have been drilled historically, including two boreholes to the northeast from on top of the plateau.

Based on ground gravity surveys, airborne gradient gravity surveys and airborne magnetic surveys, company geologists predicted that the BIC rocks hosting the T zone and the F zone continue northward under the plateau and beyond its northeast edge. Nine boreholes drilled in the pediment area to the northeast of the plateau during 2013 and 2014 did establish the presence of BIC rocks, including one interpreted T zone mineralized intercept, and helped to delineate the northern trace of the BIC subcrop. Based on available information, borehole WE153 was carefully positioned to target the projected strike extension of the T zone and F zone beyond the northeast edge of the plateau.

Platinum Group president and chief executive officer Frank R. Hallam said: "Exploration of the Waterberg deposit continues to reveal new potential. We are pleased and intrigued to see the results of borehole WE153. Although the stepout distance is too far to allow definitive conclusions and we are not proposing that a shaft be developed near WE153, the results do support the hypothesis that the T zone and F zone continue for a significant distance northward from the known southern deposit area, indicating an opportunity to delineate additional mineral resources that may be accessible from planned underground mine development. Looking to the future, we will consider exploration options at the appropriate time. If underground development of the F zone in the southern area of the Waterberg deposit commences, drilling to target new T zone resources to the north of current resources could be executed from drilling platforms established within the F zone underground development."

Platinum Group is the operator of the Waterberg project as directed by a technical committee composed of representatives from joint venture partners Impala Platinum Holdings Ltd., Mnombo Wethu Consultants Pty. Ltd., Japan Organization for Metals and Energy Security (formerly Japan Oil, Gas and Metals National Corp.), and Hanwa Co. Ltd. Shareholders are encouraged to see the company's filings on SEDAR or on EDGAR and to visit the company's website.

Quality assurance and quality control

The company and Waterberg JV Co. have instituted a complete quality assurance/quality control program, including the insertion of blanks, certified reference materials (standards) and field duplicates within the sample stream. Referee analyses are also completed. The program is being followed and is to industry standard. QA/QC procedures are overseen by a qualified person, and the data have been verified by and are considered reliable in the opinion of the qualified person for this news release (as described below).

NQ (47.6-millimetre diameter) drill core is cut in half and quartered with a diamond saw, with one-quarter placed in sealed bags and shipped to the laboratory and the other three-quarters retained on site. Third party laboratory checks on 5 per cent of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Analytical testing was performed by the Intertek Genalysis Minerals Global Centre of Excellence, located in Perth, Western Australia. The entire sample is dried and crushed to approximately two millimetres, of which a 300-gram split is pulverized to at least 85 per cent of material to 75 micrometres or better. Grade for gold, platinum and palladium is determined by using a 25-gram lead collection fire assay with inductively coupled plasma-optical emission spectrometry (ICP-OES) finish. On samples where the Au, Pt and Pd grade was found to be above one gram per tonne, 6E analysis (for all PGEs) was done using 25-gram nickel sulphide collection and inductively coupled plasma-mass spectrometry (ICP-MS) finish. Base metals and other major elements were determined by four-acid digestion with inductively coupled plasma optical emission spectrometry (ICP-OES) finish.

Qualified person

Rob van Egmond, PGeo, a consultant geologist to the company and a former employee, is an independent qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Mr. van Egmond has reviewed, validated and approved the scientific and technical information contained in this news release, and has previously visited the Waterberg project site.

About Platinum Group Metals Ltd.

Platinum Group is the operator of the Waterberg project, a bulk underground palladium and platinum deposit located in South Africa. The Waterberg project was discovered by Platinum Group and is being jointly developed with Implats, Mnombo, JOGMEC and Hanwa. Total expenditures on the property since inception from all investor sources to Feb. 28, 2023, are approximately $82.9-million (U.S.).

(1) Technical report entitled "Independent Technical Report, Waterberg Project Definitive Feasibility Study and Mineral Resource Update, Bushveld Complex, South Africa," filed on SEDAR Oct. 7, 2019.

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