Waterberg Project Feasibility Study Shows 20% Reserve Increase and Improved Economics

Platinum Group Metals Ltd. has released an updated Definitive Feasibility Study for its Waterberg Project demonstrating substantial improvements in both reserve estimates and project economics. The study, prepared by leading engineering firms Stantec and DRA with project management oversight from South Africa-based Fraser McGill, represents a comprehensive update to the original 2019 Waterberg DFS and reveals significant enhancements across multiple project parameters.

The updated study shows a 20% increase in proven and probable mineral reserves, now totaling 23.41 million ounces of combined platinum, palladium, rhodium and gold across a projected 54-year mine life. This substantial reserve expansion underscores the project's long-term potential and resource stability, positioning Waterberg as a significant contributor to the global platinum group metals market for decades to come. The enhanced reserve base provides greater certainty for long-term production planning and market supply stability in a sector where large-scale, long-life projects are increasingly rare.

Beyond the reserve growth, the feasibility study incorporated several technical enhancements that have resulted in meaningful cost reductions. Both capital and operating costs have been lowered through optimized engineering designs and streamlined project execution strategies developed by the engineering teams. The construction and ramp-up schedule has also been refined, potentially accelerating the project's path to production while maintaining operational efficiency. These improvements enhance Waterberg's competitive position within the global mining sector and could attract additional investment interest and partnership opportunities.

The Waterberg Project represents a bulk underground palladium and platinum deposit located in South Africa, discovered by Platinum Group Metals and being jointly developed with partners Implats, Mnombo and HJM. The collaboration combines technical expertise and financial resources to advance one of the world's significant platinum group metal developments. For additional information about the company and its projects, visit https://www.PlatinumGroupMetals.net.

The updated feasibility study's positive outcomes come at a time when global demand for platinum group metals remains strong, particularly in automotive catalytic converters and emerging hydrogen economy applications. The improved economics and expanded resource base provide the project with enhanced resilience against market fluctuations and position it to capitalize on growing demand from both traditional and emerging sectors. The extended mine life and cost efficiencies demonstrated in the study offer greater confidence in the project's long-term viability and its potential to become a cornerstone asset in the global platinum group metals supply chain.