PLATINUM GROUP METALS LTD

Tariffs

During the recent months various countries have implemented automobile-specific and broad-based national tariffs on goods imported into various countries. Some tariffs have been implemented then cancelled immediately, while others have remained in place as of the date of this MD&A. No tariffs have been implemented specifically against platinum and palladium but as tariffs will increase the cost of most items (including automobiles) the demand for such products will likely drop, thus decreasing the demand for platinum and palladium. Further, the effects of a potential global trade war resulting from new tariffs will negatively effect demand and consumption of all goods throughout the world, thus having a negative effect on the Company. However at this time the effects of these tariffs are undetermined.

Relations between South Africa and the United States

During recent months the political relationship between South Africa and the United States has deteriorated. The United States disagrees with South Africa’s self-proclaimed position of geopolitical neutrality. With a new administration coming to power in the United States during the Company’s second quarter of 2025, the relationship between South Africa and the United States figures to continue to change over the coming months and these developments could have a negative effect on the Company.