Mr. Frank Hallam reports

PLATINUM GROUP METALS LTD. COMPLETES NON-BROKERED PRIVATE PLACEMENT

Platinum Group Metals Ltd. closed on Sept. 18, 2023, a non-brokered private placement of common shares at a price of $1.18 (U.S.) per common share as previously announced on Sept. 8, 2023. An aggregate of 2,118,645 common shares were subscribed for and issued to existing major beneficial shareholder, Hosken Consolidated Investments Ltd. (HCI), through its subsidiary, Deepkloof Ltd., resulting in gross proceeds to the company of $2,500,001.10 (U.S.). Closing of the private placement allows HCI to return to a near-27-per-cent interest in the company.

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.

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 did not file 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 it 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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