Mr. Frank Hallam reports

PLATINUM GROUP METALS LTD. REPORTS SECOND QUARTER 2026 RESULTS

Platinum Group Metals Ltd. has released its financial results for the second quarter of fiscal 2026 dated Feb. 28, 2026, and provided an update and outlook. The company's material property is the Waterberg project, located on the northern limb of the Bushveld complex in South Africa. The Waterberg project is planned as a fully mechanized, shallow, decline access platinum, palladium, rhodium and gold (4E or PGM (platinum group metal)) mine, including byproduct copper and nickel production, and is projected to be one of the largest and lowest-cost underground PGM mines globally. The company's near-term objectives are to advance the Waterberg project to a development and construction decision, including the arrangement of construction financing and concentrate offtake agreements.

For details of the condensed consolidated interim financial statements and management's discussion and analysis (MD&A) for the six months ended Feb. 28, 2026, please see the company's filings on SEDAR+ or on EDGAR. Shareholders are encouraged to visit the company's website. Shareholders may receive a hard copy of the complete financial statements and MD&A from the company free of charge upon request.

All amounts herein are reported in U.S. dollars unless otherwise specified. The company holds cash in Canadian dollars, U.S. dollars and South African rand. Changes in exchange rates may create variances in the cash holdings or results reported.

Project ownership

As of Feb. 28, 2026, the Waterberg project is owned by Waterberg JV Resources Pty. Ltd. (Waterberg JV Co.), which is in turn owned by Platinum Group (37.425 per cent), Mnombo Wethu Consultants Pty. Ltd. (26.0 per cent), HJ Platinum Metals Company Ltd. (HJM) (21.95 per cent) and Impala Platinum Holdings Ltd. (Implats) (14.625 per cent). Platinum Group holds a further 12.97-per-cent indirect interest in Waterberg JV Co. through a 49.9-per-cent interest in Mnombo.

HJM was established in 2023 by Japan Organization for Metals and Energy Security (JOGMEC) and Hanwa Co. Ltd. as a special-purpose company to hold and finance the aggregate future equity interests in the Waterberg project. The combined Waterberg JV Co. ownership of JOGMEC (12.195 per cent) and Hanwa (9.755 per cent) were consolidated into a 21.95-per-cent interest for HJM going forward, with JOGMEC to finance 75 per cent of future equity investments into HJM and Hanwa the remaining 25 per cent.

Since early 2024, Implats has not financed its share of Waterberg project cash calls and its interest in Waterberg JV Co. has diluted by approximately 0.375 per cent. Platinum Group has financed Implats's shortfall and the company's direct interest in Waterberg JV Co. has increased concurrently with Implats's dilution.

Recent events

On March 10, 2026, the company entered into an equity distribution agreement with BMO Nesbitt Burns Inc. and Beacon Securities Ltd. (Canadian agents), and BMO Capital Markets Corp. (the U.S. agent) for a new at-the-market (ATM) equity program to distribute up to $60.0-million (or the equivalent in Canadian dollars) of common shares. The offered shares may be issued by the company to the public from time to time, through the agents, at the company's discretion until Dec. 13, 2026. Offered shares sold under the 2026 ATM will be sold at the prevailing market price at the time of sale. The net proceeds of any such sales will be used for staged development programs at the Waterberg project, and general, corporate and administrative expenses. To date, no sales of common shares pursuant to the 2026 ATM have occurred.

On Sept. 17, 2025, the board of directors of Waterberg JV Co. unanimously approved a sixth stage of work in the amount of 92.1 million rand (approximately $5.110million at the time) for fiscal year 2026, to allow for the continuation of work programs under way. The stage 6 budget was subsequently approved by a consent resolution of the requisite majority shareholders on Sept. 26, 2025. The interim budget covers the period ending Aug. 31, 2026, and includes some components of a $21.0-million preconstruction work program approved in principle for the Waterberg project by the directors and shareholders of Waterberg JV Co. on Oct. 18, 2022.

On May 29, 2025, Platinum Group reported the closing of a non-brokered private placement of common shares of the company at a price of $1.26 per common share. An aggregate of 800,000 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 $1.0-million. Closing of the private placement allowed HCI to return to a 26-per-cent interest in the company at that time.

On Feb. 18, 2025, the board of directors for Waterberg JV Co. unanimously approved a 42-million-rand interim budget (approximately $2.27-million at the time) to allow the continuation of work programs for the Waterberg project. The interim budget covered the period ending Aug. 31, 2025, and included some components of the preconstruction program.

Results for the period ended Feb. 28, 2026

On Dec. 5, 2024, the company entered into an equity distribution agreement with the agents for an at-the-market equity program to distribute up to $50.0-million of common shares. Sales of common shares on the NYSE American commenced on Jan. 22, 2025, and to the completion of the 2025 ATM on Jan. 23, 2026, the company sold an aggregate of 22,726,804 common shares at an average price of $2.20 for gross proceeds of $50-million before deducting directly attributable costs paid to the agents of $1.25-million. During the six-month period ended Feb. 28, 2026, 13,785,310 common shares were sold at an average price of $2.67 for gross proceeds of $36.82-million before directly attributable costs of $920,000.

During the six months ended Feb. 28, 2026, the company incurred a net loss of $3.84-million (Feb. 28, 2025, net loss of $2.25-million). General and administrative expenses during the period were $2.18-million (Feb. 28, 2025 -- $2.0-million). Share-based compensation expense was $1.71-million (Feb. 28, 2025, $450,000). The foreign exchange loss recognized in the current period was $430,000 (Feb. 28, 2025 -- gain of $150,000) due primarily to the U.S. dollar falling in value relative to the Canadian dollar during the period.

At Feb. 28, 2026, finance income consisting of interest earned in the six-month period amounted to $530,000 (Feb. 28, 2025, $100,000). Basic and diluted loss per share for the six months ended Feb. 28, 2026, was three cents (Feb. 28, 2025 -- two cents).

Accounts receivable at Feb. 28, 2026, totalled $130,000 (Aug. 31, 2025 -- $80,000) while accounts payable and other liabilities amounted to $1.68-million (Aug. 31, 2025 -- $780,000). Accounts receivable comprised primarily value-added taxes repayable to the company in South Africa. Accounts payable consisted primarily of accruals and payables related to accounting costs, legal costs, and project engineering and maintenance costs on the Waterberg project.

Total expenditures on the Waterberg project, before partner reimbursements, for the six-month period ended Feb. 28, 2026, were approximately $1.16-million (Feb. 28, 2025 -- $990,000). At the period-end, $55.5-million (Feb. 28, 2025 -- $45.9-million) in accumulated net costs were capitalized to the Waterberg project. Total expenditures on the property since inception to Feb. 28, 2026, are approximately $92.3-million.

Outlook

On Sept. 16, 2024, the company reported positive results from an independent definitive feasibility study (DFS) update for the Waterberg project. The associated technical report, entitled "Waterberg Definitive Feasibility Study Update, Bushveld Igneous Complex, Republic of South Africa," with an effective date of Aug. 31, 2024, was filed on SEDAR+ on Oct. 9, 2024. The Waterberg DFS update was prepared by independent qualified persons in accordance with Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects, and Subpart 229.1300 and Item 601(b)(96) of the SEC's Regulation S-K. The Waterberg DFS update included revised mineral resource and mineral reserve estimates. For details of the Waterberg DFS update, see the company's news release dated Sept. 16, 2024, the MD&A and the technical report referred to above.

Approximately one-half of the $21.0-million preconstruction program described above remains to be completed, including proposed work on initial road access, water supply, essential site facilities, a first phase accommodation lodge, a site construction power supply, and advancement of the Waterberg social and labour plan (SLP). Remaining components are being undertaken in phases as incremental budgets are approved. The stage 6 budget allows for the continuation of this work during the period ending Aug. 31, 2026.

The company and Waterberg JV Co. are assessing commercial alternatives for mine development financing and concentrate offtake. As a part of the company's investigation of smelting and base metal refining options, the company has engaged in discussions with all South African integrated producers with a view to negotiating formal concentrate offtake arrangements for the Waterberg project. To date, no terms have been agreed. As an alternative, over the past three years, the company has studied and proposed the establishment of smelter and base metal refinery facilities located in either Saudi Arabia or South Africa.

Before any processing of materials in Saudi Arabia could occur, South African government authorization for the export of concentrate or matte would be required and such approval has been requested. Senior South African government officials have stated their preference for beneficiation to occur in South Africa. The company is also investigating opportunities to collaborate and co-invest with smaller furnace operators in South Africa that are interested to modify and expand their existing operations such that the efficient processing of Waterberg concentrate could be undertaken. In such a scenario, the Waterberg project could be developed in stages so that smelting capacity could also be developed in stages.

The base case for mine development in the Waterberg DFS update is focused first on lower-cost, bulk mining of F zone material from the F-Central deposit, followed by later mining from the T zone. Although no decision has been made to alter the base case scenario, given the current price and outlook for gold, one concept being investigated is to begin staged development at the Waterberg project, first with decline development into the T zone, followed by smaller-scale T zone mining and then later expansion into the F-Central deposit at the scale planned in the Waterberg DFS update. As compared with F-Central ore, proven and probable reserves for the T zone have a more favourable 4E drill split of approximately 29 per cent platinum (28 per cent F-Central), 51 per cent palladium (66 per cent F-Central), 1 per cent rhodium (1 per cent F-Central) and 19 per cent gold (5 per cent F-Central). T zone proven and probable reserves also have a higher 4E grade of 3.84 grams per tonne (g/t) (2.68 g/t F-Central).

The F-Central deposit, with true mining widths (hangingwall to footwall) of up to 107 metres, and with approximately 87 per cent of production planned from mining widths more than 15 metres, is very favourable to low-cost bulk mining. The T zone, with approximately 92 per cent of production planned from mining widths between 2.4 metres and 15 metres, and 8 per cent from areas up to 20 metres thick, also allows for bulk mining (being longitudinal longhole stoping), albeit at a higher cost per tonne versus the F-Central deposit.

At current metal prices, increased revenue per tonne from mining the T zone would more than offset higher mining costs and may allow for a lower capex, staged development approach as described above. Internal studies are examining the financial impact of deferring capital for power lines, paste backfill, milling capacity and underground conveyors, while first operating a T zone mine before using free cash flow to then develop a second stage F-Central mine. T zone ore and waste can be trucked to surface for processing during initial mining stages, allowing for a shortened ore build-up period and a reduced capital footprint in both underground development and other underground infrastructure requirements. The use of Jameson Cell high-intensity, compact flotation technology is also being investigated.

The company continues to work closely with regional and local communities and their leadership on mine development plans to achieve optimal outcomes and best value to all stakeholders. A new five-year SLP commencing in 2026 has been developed with community input and submitted to the DMR for review and approval.

The company continues to advance an initiative through Lion Battery Technologies Inc. using platinum and palladium in lithium battery technologies in collaboration with an affiliate of Valterra Platinum Ltd. (previously Anglo American Platinum Ltd.) and Florida International University. The investment in Lion creates a potential vertical integration with a broader industrial market development strategy to bring new technologies to market utilizing the catalytic properties of platinum and palladium. The company and Valterra are currently assessing progress to date and potential next steps toward the commercialization and promulgation of the developed technology. For more detail, please see the company's MD&A and current annual information form (AIF) and Form 40-F.

Environmental, social and governance

Platinum Group recently received the 2025 annual environmental, social and governance (ESG) disclosure report from Digbee Ltd., a United Kingdom-based company that has developed an industry standard ESG disclosure framework for the mining sector providing a right-sized, future looking set of frameworks against which they can credibly disclose, track, compare and improve their ESG performance. For 2025, Platinum Group achieved an overall score of BBB with a range of CC to AAA based on the information provided. Digbee ESG has been developed in consultation with mining companies, ESG specialists and capital providers, and is endorsed by leading financial institutions, producing mining companies and other industry stakeholders. Digbee's reporting framework is aligned with global standards, including the Equator Principles. For more details about the company's 2025 Digbee ESG report, please refer to the company's MD&A, AIF and Form 40-F.

Regulatory

As well as the discussions within this news release, the reader is encouraged to also see the company's disclosure made under the section on risk factors in the company's current AIF and Form 40-F.

Qualified person

Rob van Egmond, PGeo, a consultant geologist to the company and a former employee, is an independent qualified person as defined in National Instrument 43-101. Mr. van Egmond has reviewed, validated and approved the scientific and technical information contained in this news release, and has previously visited the Waterberg project site.

About Platinum Group Metals Ltd.

Platinum Group Metals is the operator of the Waterberg project, a bulk underground PGM and base metal deposit located in South Africa. The Waterberg project was discovered by Platinum Group and is being jointly developed with Mnombo, HJM and Implats.

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