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
Contents
EX-99.1 · Fiscal 2025 Developments
PLATINUM GROUP METALS LTD.
| January 2024 | Africa Wide pays the High Court determined legal fees and administration expenses to Platinum Group |
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| On January 30, 2024, at the offices of Africa Wide's parent company Wesizwe, the Company attempted to serve Africa Wide with a writ of execution. Wesizwe refused to accept delivery. On February 4, 2024, Africa Wide paid the Company R2.99 million (approximately US$159,000 on that date), which was credited against legal fees in general and administration expenses for the period. | |
| March 2024 | Application filed in the High Court against the grant of the Waterberg Mining Right |
| On March 7, 2024, a group claiming to be the rightful leadership of two host communities filed an application in the High Court seeking to set aside the January 28, 2021, grant of the Waterberg Mining Right by the DMR. Many of the applicants participated in the earlier unsuccessful appeals and court actions described above. The applicants requested condonation for the late filing of this appeal, claimed informal rights to two farms overlaying a portion of the Waterberg Mining Right area, objected to the grant of the Waterberg Mining Right, and objected to the DMR dismissing their appeals on or about October 13, 2022. The two farms in question are not expected to host any significant mine infrastructure. Attorneys acting on behalf of Waterberg JV Co. filed a notice of opposition an answering affidavit. A notice of opposition and an answering affidavit were also filed by the State Attorneys on the Minister and DMR's behalf. | |
| April 2024 | Waterberg JV Co. Approves Stage Four Budget |
| On April 3, 2024, the directors, and shareholders of Waterberg JV Co. approved the Stage Four Budget consisting of $1.35 million for continued work on the Waterberg Project to allow the continuation of work programs underway while the Waterberg DFS Update was finalized. The Stage Four Budget covered the period from March 1, 2024, to August 31, 2024. On May 9, 2024, Implats advised that in the current operating environment and following their own approach to capital allocation across their portfolio, Implats could not fund their pro rata share of the Stage Four Budget. 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 Four Budget. Implats stated that it would consider the funding of subsequent cash calls as future circumstances allowed. |
Fiscal 2025 Developments
| September 2024 | Independent Definitive Feasibility Study Update for the Waterberg Mine Announced |
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| On September 16, 2024, the Company announced positive results from the Waterberg DFS Update for the Waterberg Project completed by a team of independent specialists including international engineering firm Stantec and South African engineering firm DRA. Engineering oversight and project management for the Waterberg DFS Update was provided by South African engineering firm Fraser McGill.The Waterberg DFS Update is an update to the original Waterberg DFS published in September 2019. The Waterberg DFS and the Waterberg DFS Update were completed by the same authors and QPs. See "Item 5.3 Mineral Property Interests, Material Mineral Property Interest - Waterberg Project, Technical Report - Waterberg DFS Update, Waterberg Project Summary" for additional information on the Waterberg DFS Update. |
| Annual Information Form for the year ended August 31, 2025 | 29 |
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PLATINUM GROUP METALS LTD.
| October 2024 | Independent Definitive Feasibility Study Update for the Waterberg Mine Filed |
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| The Company announced the filing of the Waterberg DFS Update, which is incorporated herein by reference. The Waterberg DFS Update may be accessed on the Company's website at www.platinumgroupmetals.net, on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov. | |
| November 2024 | 2024 Shelf Prospectus and 2024 Registration Statement Filed |
| On November 13, 2024, the Company filed the 2024 Shelf Prospectus with the securities regulatory authorities in each of the provinces and territories of Canada and the corresponding 2024 Registration Statement with the SEC under the Multijurisdictional Disclosure System established between Canada and the United States.Pursuant to the 2024 Shelf Prospectus and the 2024 Registration Statement, the Company may offer and sell Common Shares, debt securities, warrants, subscription receipts or a combination thereof up to an aggregate initial offering price of $250 million (or its equivalent in Canadian Dollars) from time to time, separately or together, in amounts, at prices and on terms to be determined based on market conditions at the time of the offering and as set out in an accompanying prospectus supplement, during the 25-month period that the 2024 Shelf Prospectus and the 2024 Registration Statement remain effective. | |
| Memorandum of Understanding with Ajlan & Bros Mining and Metals and the Ministry of Investment of Saudi ArabiaOn November 26, 2024, the Company entered a memorandum of understanding with Ajlan & Bros Company for Mining, a subsidiary of Ajlan & Bros Holding, and MISA as a part of the Global Supply Chain Resilience Initiative, for the setup of a proposed PGM smelter and BMR to be located in Saudi Arabia. According to the terms of the memorandum of understanding, MISA will offer strategic guidance and study potential financial support to the proposed PGM smelter and BMR and the Waterberg Project | |
| December 2024 | At-The-Market Equity Distribution Agreement |
| On December 5, 2024, the Company entered into the 2025 ATM pursuant to an Equity Distribution Agreement with BMO Canada, Beacon, and BMO U.S. for a new at-the-market equity program to distribute up to $50.0 million (or the equivalent in Canadian Dollars) of Common Shares. Pursuant to the 2025 ATM, the Company may offer and sell issue Common Shares to the public from time to time, through the Agents, at the Company's discretion. During the 12 month period ended August 31, 2025, pursuant to the 2025 ATM the Company sold 8,941,494 Common Shares at an average price of US$1.47 for gross proceeds of $13.18 million and net proceeds of $12.85 million after deducting fees and expenses paid to BMO U.S. To the date of this AIF, the Company has sold 12,669,702 Common Shares at an average price of $1.76 pursuant to the 2025 ATM for net proceeds of $21.8 million. To date, no offers or sales of Common Shares have been made in Canada, to anyone known to be a resident of Canada or on or through the facilities of the TSX or other trading markets in Canada. |
| Annual Information Form for the year ended August 31, 2025 | 30 |
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PLATINUM GROUP METALS LTD.
| February 2025 | Waterberg JV Co. Approves Stage Five Budget |
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| On February 18, 2025, the board of directors and shareholders of Waterberg JV Co. approved the Stage Five Budget in the amount of R42.0 million (approximately $2.27 million) for fiscal year 2025, to allow for the continuation of work programs underway. Implats did not fund their pro rata share of the Stage Five Budget and 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 Five Budget. Implats stated that it would consider the funding of subsequent cash calls as future circumstances allowed. | |
| April 2025 | Lion Battery Granted Sixth Patent |
| On April 9, 2025, FIU was granted Japanese Patent No. 7663988,B entitled "Battery Cathodes for Improved Stability". This patent introduces a new platinum group metal component for improving batteries, potentially making them more efficient and longer lasting. The invention focuses on the materials, construction, and processes used in next-generation batteries such as Lithium-air and lithium-sulfur batteries. This has the potential to benefit various consumer and industrial products where reliable and advanced batteries are crucial. | |
| May 2025 | Non-Brokered Private Placement |
| On May 29, 2025, the Company closed a non-brokered private placement of 800,000 Common Shares at a price of $1.26 per Common Share with HCI, through its subsidiary Deepkloof, resulting in proceeds to the Company of $1,008,000. The private placement allowed HCI to return to approximately a 26% interest in the Company at the time. | |
| July 2025 | Lion Battery Granted Seventh Patent |
| On July 3, 2025, FIU was granted Japanese Patent No. 7706186,B entitled "Solid-State Electrolyte for Improved Battery Performance". This patent introduces new composite materials combining lithium palladium sulfide (LPS) battery components. The goal of the invention is to improve conductivity, stability, and overall performance in advanced batteries such as lithium-ion and solid-state batteries using lithium metal anodes. The development addresses key challenges in battery materials, aiming to enhance durability and efficiency for both consumer electronics and larger industrial energy storage systems. | |
| Lion Battery granted Eighth Patent | |
| On July 29, 2025, the U.S. Patent and Trademark Office issued FIU Patent, No. 12,374,695 B2, entitled "Battery Comprising a Metal Interlayer" whereby the metal interlayer acts as a conductor while also preventing or inhibiting the transport of other species that would otherwise produce byproduct films and cause capacity degradation in the battery (e.g., a Li-based battery). The metal interlayer can prolong the life of the battery by reducing the capacity drop in the battery that would otherwise occur due to the formation of byproduct layers in the surface of the anode (e.g., the lithium anode) in the battery (e.g., in a Li-ion, Li-air, or Li-sulfur (Li-S) battery). Under the SRA, Lion Battery has exclusive rights to all intellectual property being developed by FIU including the patents granted. |
| Annual Information Form for the year ended August 31, 2025 | 31 |
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PLATINUM GROUP METALS LTD.
Subsequent to Fiscal 2025 Developments
| September 2025 | Waterberg JV Co. Approves Stage Six Budget |
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| On September 17, 2025, the board of directors of Waterberg JV Co. approved the Stage Six Budget in the amount of R92.05 million (approximately $5.11 million) for fiscal year 2026, to allow for the continuation of work programs underway. The Stage Six Budget was subsequently approved by a consent resolution of the requisite majority shareholders on September 26, 2025. Cash call letters were sent to the Shareholders on October 2, 2025, requesting them to fund their pro rata share of the Stage Six Budget for the first 6 months of fiscal year 2026, through February 28, 2026. Under the Waterberg Shareholders Agreement, shareholders have 90 days from the day of the letter (until December 31, 2025) to make payment of their respective cash calls. Implats has advised they are considering whether to fund their pro rata share of the Stage Six Budget for the first 6 months of fiscal year 2026. |
4.2 SIGNIFICANT ACQUISITIONS
The Company has not made any significant acquisitions during its most recently completed financial year for which disclosure is required under Part 8 of NI 51-102.
ITEM 5 DESCRIPTION OF THE COMPANY'S BUSINESS
5.1 OVERVIEW
The Company is a platinum and palladium focused exploration, development and operating company conducting work primarily on mineral properties it has staked or applied for in the Republic of South Africa.
The Company's sole material mineral property is the Waterberg Project, which is the subject of the Waterberg DFS Update as described in this AIF. The Company's key business objective is to advance the Waterberg Project to a development and construction decision. Before a construction decision can be undertaken, arrangements will be required for project financing and concentrate offtake or processing. The Company and Waterberg JV Co. are assessing commercial alternatives for mine development, concentrate offtake and financing. The Company continues to evaluate exploration opportunities both on currently owned properties and on new prospects.
The Company currently conducts no product sales, does not distribute any product, and does not have any source of operating revenues. The Company will be required to source additional financing by way of private or public offerings of equity or debt or the sale of project or property interests in order to have sufficient working capital for continued exploration and development on the Waterberg Project, as well as for general working capital purposes.
Waterberg JV Co. is presently in process with pre-construction permitting, engineering work, including road upgrade engineering and traffic studies, finalization of power and water infrastructure design and construction camp design. Waterberg JV Co. continues to work with regional and local communities and their leadership on how the mine can be developed to provide optimal outcomes and best value to all stakeholders.
| Annual Information Form for the year ended August 31, 2025 | 32 |
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