PLATINUM GROUP METALS LTD

21.11 Project Implementation

The project objective is to complete the design, construction, commissioning, and ramp-up to 70% of the steady-state production rate of the Waterberg Project.

The project schedule was determined by assessing the project information such as the mine production schedule, engineering design data, supplier lead times, and construction schedules. The project critical path was determined to be the design of surface infrastructure, portal construction, decline development, lateral development, and ramp-up to full production of the underground mining operation.

The Waterberg Project is to be executed as an integrated program consisting of three main projects (listed below) to be executed at different points in time.

• The design and development of the mine and supporting infrastructure.

• The design and construction of the 132 kV power supply to the Waterberg Project site.

• The design and construction of the concentrator, backfill plant, TSF, and regional and local infrastructure.

The project program assumes a start date of January 2025, with the first activity, following the Waterberg Project execution decision by the JV partners of Waterberg JV Resources, being the commencement of detailed design engineering. The program aims to achieve the integration of the projects by achieving the following key milestones.

• Start of project - January 2025.

• Start of construction of Central Complex - December 2025.

• Start of box cut and decline development - January 2026.

• Commence design and construction of the concentrator - April 2027.

• Commence design and construction of backfill plant and TSF - October 2027.

• Completion of the 132 kV bulk electrical supply - August 2028.

• Start of ore processing in concentrator - September 2029.

• Achievement of 70% of steady-state capacity - December 2030.

• Completion of project capital period - December 2030.

The production ramp-up will continue until steady-state capacity is reached in May 2032.

The project schedule is summarized graphically in Figure 21-7.

Waterberg Technical Report