Mr. Frank Hallam reports

PLATINUM GROUP METALS LTD. ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Platinum Group Metals Ltd. intends, subject to regulatory approval, to sell 2,118,645 common shares of the company at a price of $1.18 (U.S.) each for gross proceeds of approximately $2.5-million (U.S.) to existing major beneficial shareholder, Hosken Consolidated Investments Ltd. (HCI).

The company intends to use the net proceeds of the private placement for its share of predevelopment costs on the Waterberg project in South Africa and for general corporate and working capital purposes. Closing of the private placement is subject to customary closing conditions, including stock exchange approvals and completion of the definitive agreement.

Pricing of the private placement represents a 4.54-per-cent discount to the five-day volume-weighted average trading price of the company's shares on the NYSE American stock exchange as of Sept. 7, 2023. The private placement will allow HCI to return to a near 27-per-cent interest in the company.

Securities purchased pursuant to the private placement may not be traded for a period of four months plus one day from the closing of the private placement.

HCI is a related party of the company (as defined by Multilateral Instrument 61-101 (Protection of Minority Securityholders in Special Transactions)), and the company intends to rely on the exemptions from both the formal valuation requirement and the minority shareholder approval requirement under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves HCI, exceeds 25 per cent of the company's market capitalization calculated in accordance with MI 61-101. The company will not have filed a material change report more than 21 days before the expected closing date of the above transaction as it has negotiated the above transaction on an expedited basis.

About Platinum Group Metals Ltd.

Platinum Group is the operator and majority owner 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 Impala Platinum Holdings Ltd., Mnombo Wethu Consultants Pty. Ltd., Japan Organization for Metals and Energy Security, and Hanwa Co. Ltd.

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