Platinum Group Metals (PTM) Corporate presentation summary

Project overview and ownership

• Waterberg PGM Project is a large-scale, low-cost platinum group metals (PGM) mine development in South Africa, discovered in 2011 with $92M invested in exploration and feasibility engineering to date.

• The project is majority owned and operated by the presenting company, with a 50.395% interest, and key partners include Implats (14.625%), HJ Platinum Metals (21.95%), and Mnombo Wethu Consultants (26%).

• The deposit contains a full suite of PGMs, plus significant gold, nickel, and copper credits, and is amenable to bulk mechanized mining due to its thickness and shallow depth.

• The project is located on the Northern Limb of the Bushveld Complex, which is responsible for 70% of global platinum production.

• Cornerstone shareholder HCI holds a 24% stake in the company.

Mineral resources and reserves

• Measured and indicated resources total 33.76 million ounces (4E: palladium, platinum, gold, rhodium).

• Proven and probable reserves are 23.41 million ounces (4E), with 64.0% palladium and 28.8% platinum in the F-Zone, and 51.4% palladium and 29.0% platinum in the T-Zone.

• The orebody features mining widths up to 118m in the F-Zone and up to 20m in the T-Zone, starting at 140m below surface.

• Base metal credits include 429M lbs copper and 933M lbs nickel.

• Resource and reserve estimates are compliant with NI 43-101 standards.

Economic highlights and project economics

• Life-of-mine (LOM) post-tax cash flow is projected at $6.5 billion, with a post-tax NPV8 of $569M and a 14.2% IRR at consensus prices.

• Estimated peak project capital is $776M, with a 54-year mine life based on reserves.

• Average annual steady-state production is 353,208 ounces 4E at a reserve grade of 2.96 g/t 4E.

• LOM average cash cost is $658/4E oz, and all-in sustaining cost is $761/4E oz.

• Sensitivity analysis shows NPV8 increases to $1.088B and IRR to 19% with a 20% rise in metal prices.