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Midas Edge

PLATINUM GROUP METALS LTD

For the period ended Aug 31, 2025. Filed Nov 26, 2025.

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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.

FY2025 · Filed Nov 26, 2025

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PLG$1.10+6.8%Stored close · as of Nov 6, 2026
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Contents

EX-99.1 · Fiscal 2024 Developments

PLATINUM GROUP METALS LTD.

Fiscal 2024 Developments

September 2023Non-Brokered Private Placement Announced
On September 18, 2023, the Company closed a non-brokered private placement of 2,118,645 Common Shares at a price of $1.18 per Common Share with HCI, through its subsidiary Deepkloof, resulting in proceeds to the Company of $2.5 million. The private placement allowed HCI to return to a near 27% interest in the Company.
October 2023Supreme Court of Appeal of South Africa dismisses Africa Wide's Application for Reconsideration
On October 6, 2023, the Supreme Court of Appeal of South Africa dismissed with costs the application by Africa Wide for the reconsideration of the November 10, 2022, ruling by the South Africa Supreme Court of Appeal dismissing Africa Wide's earlier application seeking leave to appeal the High Court Ruling. The court found that no exceptional circumstances warranting reconsideration or variation of the decision refusing the application for leave to appeal had been established. Africa Wide was again ordered to pay costs. On November 23, 2023, the High Court determined that Africa Wide owed the Company a total of R2.99 million in costs. On November 29, 2023, the Company served Africa Wide by sheriff a demand for payment.
December 2023Waterberg JV Co. Approves Stage Three Budget
On December 11, 2023, the board of directors of Waterberg JV Co. unanimously approved a work program in the amount of R29.8 million (approximately $1.65 million) the Stage Three Budget covering a six-month period from September 2023 to February 2024. The shareholders of Waterberg JV Co. also approved the Stage Three Budget, with Implats abstaining. On December 12, 2023, Implats advised that in the current operating environment and following their own restrictions to capital allocation across their portfolio, Implats could not fund their pro rata share of currently approved Waterberg budgets. As a result, Implats' interest in Waterberg JV Co. was diluted. Platinum Group alone elected to fund all of Implats' funding shortfall for the Stage Three Budget. The Stage Three Budget funded continued work activities, including the Waterberg DFS Update, and normal project maintenance.
Platinum Group Announces Cooperation Agreement with Ajlan & Bros Mining & Metals
On December 20, 2023, the Company announced a Cooperation Agreement with Ajlan to study the establishment of a stand-alone platinum group metals smelter and BMR in Saudi Arabia. The Cooperation Agreement encompasses three phases; a global PGE concentrate market study, a definitive feasibility study for the construction and operation of the Smelter DFS, and an option to form an incorporated 50:50 joint venture following the completion of the Smelter DFS. The Smelter DFS will assume the export of PGE concentrate from the Waterberg Project in South Africa to a port facility in Saudi Arabia. A key requirement would be to secure a long-term permit for the export of unrefined precious metals in concentrate.
Annual Information Form for the year ended August 31, 202528
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