Mr. Frank Hallam reports

PLATINUM GROUP METALS LTD. ENGAGES THE BATTERY INNOVATION CENTER (BIC) FOR TESTING AND SCALE-UP OF PGM BASED LITHIUM-SULFUR AND LITHIUM-ION BATTERY CHEMISTRIES DEVELOPED BY SUBSIDIARY LION BATTERY TECHNOLOGIES INC.

Platinum Group Metals Ltd. subsidiary Lion Battery Technologies Inc. has engaged the Battery Innovation Center (BIC) in Newberry, Ind., to help drive commercialization of its next-generation platinum-based and palladium-based battery chemistries. Lion is advancing both proprietary lithium-sulphur and enhanced lithium-ion (nickel/manganese/cobalt) technology using the unique catalytic properties of platinum and palladium.

The BIC is a collaborative initiative designed to partner with commercial enterprises, renowned universities, government agencies and industry leaders to focus on the rapid development, testing and commercialization of safe, reliable and lightweight energy storage systems for commercial and defence customers. The BIC's mission is to accelerate innovation in the field of battery technology by providing access to the entire spectrum of R&D (research and development) to commercialization, including low-volume production, in a single 40,000-square-foot facility. The BIC reports working with a wide array of clients, including Solid Power, BrightVolt, Fisker, Rolls-Royce, DuPont, Valvoline, LG Chem, UL Solutions, GE Global Research, Cummins, Semplastics and Alkegen.

Under an agreed scope of work, the BIC is to conduct independent small-scale and large-scale trials to validate Lion's proprietary platinum-based and palladium-based electrode composition, slurry and films in both lithium-sulphur and lithium-ion (NMC811) coin and pouch cells. Collaboration with BIC will also include additional research and development focused on improving performance and scale-up, with the goal of creating prototypes for commercialization consideration in 2024. Lion's target is to develop batteries with specific energies that are 20 per cent to 100 per cent higher than current technologies while meeting or exceeding their present cycle lives.

Research at Lion is led by Dr. Bilal El-Zahab, who completed his postdoctoral work at MIT (Massachusetts Institute of Technology), along with a team that includes battery and materials science specialist and postdoctoral fellows at Florida International University (FIU). Dr. El-Zahab stated: "After an exhaustive search for a commercialization partner, we are excited to engage with the Battery Innovation Center. The resources and team at the BIC will assist in validating several years of internal research and development and will help to lay the foundation for commercialization efforts going forward."

"At the Battery Innovation Center, we are excited to collaborate with Dr. El-Zahab and support the endeavour for next-generation lithium-related battery chemistries toward higher technology readiness levels," said Dr. Wan Si Tang, the advanced battery manufacturing team leader at the BIC. She continued: "We expect this valuable relationship with Lion will continue to fortify through our collaboration to combine Lion's technologies with BIC's scale-up expertise. This intent will ensure the proper development of prototype cells for the next stage of pilot manufacturing."

Lion was jointly formed in 2019 by Platinum Group and Anglo American Platinum to accelerate the development of next-generation battery technology using platinum and palladium. Since inception, the Lion team has focused on the development of proprietary lithium sulphur technology and enhancing the performance of existing commercial lithium-ion (NMC) chemistries. Lion has a sponsored research agreement with FIU, including exclusive rights to all intellectual property developed, and will lead commercialization efforts. To date, the U.S. Patent and Trademark Office has granted FIU five patents. For more details about Lion, please see the company's most recent Form 40-F annual report, annual information form, and other filings with the U.S. Securities and Exchange Commission and Canadian securities regulators.

About Platinum Group Metals Ltd.

Platinum Group Metals is the operator of the Waterberg project, a bulk underground platinum group metals deposit located in South Africa. The Waterberg project was discovered by Platinum Group and is being jointly developed with joint venture partners Impala Platinum Holdings Ltd., Mnombo Wethu Consultants Pty. Ltd., Japan Organization for Metals and Energy Security, and Hanwa Co. Ltd.

We seek Safe Harbor.