Mr. Frank Hallam reports

PLATINUM GROUP METALS LTD. REPORTS JOGMEC ESTABLISHES SPECIAL PURPOSE COMPANY TO HOLD AND FUND COMBINED EQUITY INTERESTS IN THE WATERBERG PGM PROJECT

Platinum Group Metals Ltd. has noted that the Japan Organization for Metals and Energy Security (JOGMEC) and Hanwa Co. Ltd. have established a special purpose company, HJ Platinum Metals Ltd. (HJM), to hold and finance their future equity interests in the Waterberg platinum group metals (PGM) project. The combined interests of JOGMEC (12.195 per cent) and Hanwa (9.755 per cent) have been consolidated into a 21.95-per-cent interest for HJM going forward, with JOGMEC to finance 75 per cent of future equity investments into HJM and Hanwa the remaining 25 per cent.

Frank R. Hallam, Platinum Group president and chief executive officer, said: "A memorandum of understanding regarding co-operation on the Waterberg PGM project was signed in Cape Town during May, 2022. Since then, JOGMEC and Hanwa have undertaken a project-scheme reorganization amongst themselves. With this reorganization now complete, our Japanese partners are in position to continue their support towards a development plan for the Waterberg PGM project. Platinum, palladium, rhodium and gold (PGMs), as well as copper and nickel, are widely used in Japanese industry, including use in fuel cells, automotive catalysis and hydrolyzers, and are expected to play a critical role in decarbonization. The Waterberg PGM project holds large-scale, shallow PGM reserves and is expected to be a cost-competitive mine based on bulk, mechanized mining methods. The Waterberg PGM project is also expected to be a new stable PGM supply source for Japanese industry upon the commencement of production."

About the Waterberg PGM project

The Waterberg PGM project, discovered in 2011, is a bulk underground PGM deposit located on the northern limb of the Bushveld complex in South Africa, and is owned by Platinum Group (37.05 per cent), Mnombo Wethu Consultants Pty. Ltd. (26 per cent), Impala Platinum Holdings Ltd. (Implats) (15 per cent) and HJM (21.95 per cent) through Waterberg JV Resources Pty. Ltd. (Waterberg JV Co.). As a result of its equity interest in Mnombo, the company has an aggregate 50.02-per-cent direct and indirect interest in the Waterberg PGM project.

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

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