Mr. Frank Hallam reports

PLATINUM GROUP METALS LTD. ENTERS INTO AT-THE-MARKET EQUITY DISTRIBUTION AGREEMENT

Platinum Group Metals Ltd. has entered into a new equity distribution agreement effective as of Dec. 5, 2024, with BMO Nesbitt Burns Inc. and Beacon Securities Ltd. and BMO Capital Markets Corp. (the U.S. agent and together with the Canadian agents, the agents) for a new at-the-market equity program (2024 ATM program).

The distribution agreement will allow the company to distribute up to $50.0-million (U.S.) (or the equivalent in Canadian dollars) of common shares of the company under the 2024 ATM program. The offered shares will be issued by the company to the public from time to time, through the agents, at the company's discretion. The offered shares sold under the 2024 ATM program, if any, will be sold at the prevailing market price at the time of sale. The net proceeds of any such sales under the 2024 ATM program are anticipated to be used, over the following 24 months, for the Waterberg property preconstruction site work, engineering and preparation, a potential phase 1 development program at the Waterberg project, a Saudi Arabia smelter and base metal refinery definitive feasibility study, a contingency provision, and general, corporate and administrative expenses.

Under the distribution agreement, sales of offered shares will be made by the agents through at-the-market distributions as defined in National Instrument 44-102 -- Shelf Distributions on the Toronto Stock Exchange (TSX), NYSE American LLC or any other trading market for the offered shares in Canada or the United States or as otherwise agreed between the agents and the company. The company is not obligated to make any sales of offered shares under the distribution agreement. Unless earlier terminated by the company or the agents as permitted therein, the distribution agreement will terminate upon the earlier of (i) Dec. 13, 2026, and (ii) the date that the aggregate gross sales proceeds of the offered shares sold under the 2024 ATM program reaches the aggregate amount of $50.0-million (U.S.) (or the equivalent in Canadian dollars).

The 2024 ATM program is being made pursuant to a prospectus supplement to the company's short form base shelf prospectus dated Nov. 13, 2024, and forming a part of the company's United States registration statement on Form F-10 filed Oct. 31, 2024, as amended on Nov. 13, 2024. The prospectus supplement relating to the 2024 ATM program has been filed with the securities commissions in each of the provinces and territories of Canada and with the United States Securities and Exchange Commission.

The company has relied on the exemption for "eligible interlisted issuers" under Section 602.1 of the TSX Company Manual in connection with the listing of the offered shares on the TSX.

About Platinum Group Metals Ltd. and the Waterberg project

Platinum Group Metals is the operator 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., Japan Oil, Gas and Metals National Corp., Hanwa Co. Ltd., Mnombo Wethu Consultants Pty. Ltd., and HJ Platinum Metals Company Ltd.

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