PLATINUM GROUP METALS LTD
For the period ended Feb 28, 2026. Filed Apr 10, 2026.
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Feb 28, 2026 · Filed Apr 10, 2026
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EX-99.2 · Notes:
Notes:
(1) All mineral resourcesin situ.
(2) Mineral resources are reported inclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
(3) 4E = PGE (Pt + Pd + Rh) and Au.
(4) The mineral resources stated above are shown on a 100% project basis, that is, for the Waterberg Project.
(5) Mineral resource cut-off 2.5 g/t (4E) grade except for FZ-Central and FZ-South are at 2.0 g/t cut-off grade (4E). Cut-off grade calculations performed in March 2023 and were based on the following assumptions:
PLATINUM GROUP METALS LTD.(A Development Stage Company)Management’s Discussion and AnalysisFor the three and six-month periods ended February 28, 2026
Metal prices: Pt at US$1,050/oz, Pd at US$1,300 /oz, Au at US$1,650/oz, Rh at US$5,000/oz, Cu at US$3.50/lb and Ni at US$8.50/lb.
Unit costs: US$63.99 / t milled for F-Zones and US$76 / t milled for T-Zone (based on the 2019 DFS and escalated for inflation).
Metal recoveries: 4E concentrator recoveries at 82% for F-Zones and 81% for T-Zone. Base metal recoveries for the F-Zones at 50.0% for Ni and 88.6% for Cu, T-Zone at 46.0% for Ni and 86.6% for Cu.
Smelter recovery/payabilities: 83.5% for 4E and 72.0% for Cu and Ni.
(6) Conversion factor used - kg to oz = 32.15076.
(7) Numbers may not add due to rounding.
(8) A 5% and 7% geological loss were applied to the Measured / Indicated and Inferred mineral resource categories, respectively.
Mineral reserves are a subset of the mineral resource envelope at the Cut-Off Base Case, and they include only Measured and Indicated mineral resources, with dilution and stope shapes considered. Mining thickness was set at 2.4 meters to 20 meters in the T-Zone and 2.4 meters to 118 meters in the F-Zone. Sublevel planning of 20 meters to 40 meters was considered in the mine plan for mineral reserves.
Proven Mineral Reserve Estimate 4E g/t - Effective August 31, 2024
| Pt · Pd · Rh · Au · 4E · Cu · Ni · 4E Metal | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Zone | Tonnes | (g/t) | (g/t) | (g/t) | (g/t) | (g/t) | (%) | (%) | Kg | Moz |
| T-Zone | 5,094,182 | 1.76 | 0.93 | 0.04 | 0.63 | 3.36 | 0.10 | 0.06 | 17,138 | 0.551 |
| F-Central | 32,297,283 | 1.90 | 0.82 | 0.04 | 0.13 | 2.89 | 0.06 | 0.17 | 93,186 | 2.996 |
| F-South | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0.000 |
| F-North | 16,637,670 | 2.04 | 0.85 | 0.05 | 0.16 | 3.10 | 0.10 | 0.20 | 51,558 | 1.658 |
| F-Boundary North | 4,975,853 | 1.99 | 0.97 | 0.05 | 0.16 | 3.17 | 0.10 | 0.22 | 15,784 | 0.507 |
| F-Boundary South | 5,294,116 | 2.31 | 1.04 | 0.05 | 0.18 | 3.59 | 0.08 | 0.19 | 19,015 | 0.611 |
| F-Zone Total | 59,204,921 | 1.98 | 0.86 | 0.05 | 0.14 | 3.03 | 0.08 | 0.19 | 179,543 | 5.772 |
| Waterberg Total | 64,299,103 | 1.97 | 0.86 | 0.05 | 0.18 | 3.06 | 0.07 | 0.17 | 196,681 | 6.323 |
Probable Mineral Reserve Estimate 4E g/t - Effective August 31, 2024
| Pt · Pd · Rh · Au · 4E · Cu · Ni · 4E Metal | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Zone | Tonnes | (g/t) | (g/t) | (g/t) | (g/t) | (g/t) | (%) | (%) | Kg | Moz |
| T-Zone | 14,137,694 | 2.05 | 1.18 | 0.02 | 0.75 | 4.01 | 0.16 | 0.08 | 56,623 | 1.820 |
| F-Central | 99,814,040 | 1.72 | 0.74 | 0.04 | 0.12 | 2.61 | 0.07 | 0.17 | 260,936 | 8.389 |
| F-South | 10,643,204 | 1.85 | 0.99 | 0.05 | 0.13 | 3.02 | 0.03 | 0.11 | 32,127 | 1.033 |
| F-North | 36,573,456 | 2.12 | 0.90 | 0.05 | 0.16 | 3.23 | 0.09 | 0.20 | 118,079 | 3.796 |
| F-Boundary North | 13,312,581 | 1.91 | 0.99 | 0.05 | 0.17 | 3.11 | 0.10 | 0.23 | 41,432 | 1.332 |
| F-Boundary South | 7,421,801 | 1.89 | 0.92 | 0.04 | 0.13 | 2.98 | 0.06 | 0.18 | 22,128 | 0.711 |
| F-Zone Total | 167,765,082 | 1.84 | 0.82 | 0.04 | 0.13 | 2.83 | 0.07 | 0.18 | 474,702 | 15.262 |
| Waterberg Total | 181,902,775 | 1.85 | 0.84 | 0.04 | 0.18 | 2.92 | 0.08 | 0.17 | 531,324 | 17.082 |
Proven & Probable Mineral Reserve Estimate 4E g/t Effective August 31, 2024
| Pt · Pd · Rh · Au · 4E · Cu · Ni · 4E Metal | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Zone | Tonnes | (g/t) | (g/t) | (g/t) | (g/t) | (g/t) | (%) | (%) | Kg | Moz |
| T-Zone | 19,231,876 | 1.97 | 1.11 | 0.03 | 0.72 | 3.84 | 0.14 | 0.07 | 73,760 | 2.371 |
| F-Central | 132,111,323 | 1.76 | 0.76 | 0.04 | 0.12 | 2.68 | 0.06 | 0.17 | 354,121 | 11.385 |
| F-South | 10,643,204 | 1.85 | 0.99 | 0.05 | 0.13 | 3.02 | 0.03 | 0.11 | 32,127 | 1.033 |
PLATINUM GROUP METALS LTD.(A Development Stage Company)Management’s Discussion and AnalysisFor the three and six-month periods ended February 28, 2026
| Pt · Pd · Rh · Au · 4E · Cu · Ni · 4E Metal | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Zone | Tonnes | (g/t) | (g/t) | (g/t) | (g/t) | (g/t) | (%) | (%) | Kg | Moz |
| F-North | 53,211,126 | 2.10 | 0.88 | 0.05 | 0.16 | 3.19 | 0.10 | 0.20 | 169,637 | 5.454 |
| F-Boundary North | 18,288,434 | 1.93 | 0.98 | 0.05 | 0.17 | 3.13 | 0.10 | 0.23 | 57,216 | 1.840 |
| F-Boundary South | 12,715,917 | 2.06 | 0.97 | 0.05 | 0.15 | 3.24 | 0.07 | 0.19 | 41,143 | 1.323 |
| F-Zone Total | 226,970,003 | 1.87 | 0.83 | 0.04 | 0.14 | 2.88 | 0.07 | 0.18 | 654,245 | 21.034 |
| Waterberg Total | 246,201,879 | 1.88 | 0.85 | 0.04 | 0.18 | 2.96 | 0.08 | 0.17 | 728,005 | 23.406 |
Notes:
(1) The mineral reserves are based on using the long hole mining method with paste backfill. A minimum stope width of 2.4 m (true width) was used.
(2) The point of reference for the mineral reserves is defined as the point where the mined ore is delivered to the processing plant.
(3) 4E = PGE (Pd + Pt + Rh) and Au.
(4) A stope cut-off grade of 2.0 g/t 4E was used for mine planning for F-Central and F-South while a 2.5 g/t 4E was used for mine planning for the T-Zone and other F-Zones in the mineral reserves estimate.
(5) Long-term metal prices assumed for cut-off grade estimates were Pt = US$1,050.00/oz, Pd = US$1,300.00/oz, Rh = US$5,000.00/oz, Au = US$1,650.00/oz, Cu = US$3.50/lb, Ni = US$8.50/lb and exchange rate 17.22 ZAR = 1 US$.
(6) Long-term metal recoveries assumed for cut-off grade estimates were 4E 82% for the F-Zones and 4E 81% for the T-Zone. A smelter recovery of 4E 83.5% was assumed for all zones.
(7) Long-term operating costs assumed for the cut-off grade estimates were US$63.99 per tonne mined for the F-Zone and US$76.09 per tonne mined for the T-Zone and include mining, processing, infrastructure, general and administration, transport, royalties, and sustaining capital.
(8) Tonnage and grade estimates include planned dilution, geological losses, external overbreak dilution, and mining losses.
(9) Numbers may not add due to rounding.
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