Mr. Frank Hallam reports

PLATINUM GROUP METALS LTD. AND AJLAN & BROS COMPANY FOR MINING ENTER MEMORANDUM OF UNDERSTANDING WITH THE MINISTRY OF INVESTMENT OF SAUDI ARABIA AS PART OF THE GLOBAL SUPPLY CHAIN RESILIENCE INITIATIVE FOR A PROPOSED PGM SMELTER AND BASE METAL REFINERY IN SAUDI ARABIA

Platinum Group Metals Ltd. has executed a memorandum of understanding with Ajlan & Bros. Company for Mining, a subsidiary of Ajlan & Bros. Holding, and the Ministry of Investment of Saudi Arabia as a part of the Global Supply Chain Resilience Initiative, for the set-up of a proposed platinum group metal smelter and base metal refinery to be located in Saudi Arabia. The company's vice-president, corporate development, Kris Begic, executed the MOU on behalf of the company at a signing ceremony held in Riyadh on Nov. 26, 2024, during the 28th World Investment Conference.

According to the terms of the MOU, MISA will offer strategic guidance and study potential financial support to the proposed PGM smelter and BMR to be located in Saudi Arabia and the Waterberg project located in South Africa. The establishment of a PGM smelter and BMR in Saudi Arabia is being considered due to their potential to support the Kingdom of Saudi Arabia's Vision 2030 initiative to develop the mining and mineral industry to become the third pillar of the kingdom's gross domestic product.

The MOU with MISA aligns with initiatives already under way between Ajlan and Platinum Group, which together entered a co-operation agreement in December, 2023, to study the establishment of a PGM smelter and BMR in Saudi Arabia. The co-operation agreement encompasses three phases: a global PGM concentrate market study, a definitive feasibility study for the construction and operation of the PGM smelter and BMR in Saudi Arabia, and an option to form an incorporated 50/50 joint venture following the completion of the smelter DFS. The smelter DFS will assume the export of PGM concentrate from the Waterberg project in South Africa to a port facility in Saudi Arabia.

The market study was completed recently by a globally recognized consulting group specializing in PGMs and associated base metal byproducts. The objective of the study was to identify potential sources of platinum-group-metal-bearing concentrate or material that could augment the processing of Waterberg PGM concentrate and reduce the risk of operations being dependent upon concentrate from one source. The market study concluded that end-of-life auto catalysts and petrochemical catalysts, sourced from the Gulf region, could augment the operation of a Waterberg-focused PGM smelter and BMR in Saudi Arabia. Other sources of mined PGM concentrate from Southern Africa, if available, may also be considered over the longer term.

A key requirement before a Waterberg-focused PGM smelter and BMR can be constructed and operated in Saudi Arabia will be a long-term approval for the export of unrefined precious metals in concentrate from South Africa. Platinum Group has been working with the government of South Africa to identify local beneficiation opportunities and to analyze the possible impact of exporting concentrate on the value chain.

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 operated in joint venture 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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