Platinum Group Metals (PTM) Q2 2026 earnings summary

Executive summary

• Reported financial results for Q2 2026 and provided updates on the Waterberg Project in South Africa, a planned large-scale, low-cost, mechanized PGM mine with by-product copper and nickel production.

• Near-term objectives include advancing the Waterberg Project to a development and construction decision, arranging construction financing, and securing concentrate offtake agreements.

Financial highlights

• Net loss for the six months ended February 28, 2026, was $3.84 million, compared to a net loss of $2.25 million for the same period last year.

• General and administrative expenses were $2.18 million, up from $2.0 million year-over-year; share-based compensation expense rose to $1.71 million from $0.45 million.

• Foreign exchange loss of $0.43 million, compared to a gain of $0.15 million in the prior year period.

• Finance income (interest earned) was $0.53 million, up from $0.10 million year-over-year.

• Basic and diluted loss per share was $0.03, compared to $0.02 for the same period last year.

Outlook and guidance

• Approximately half of the $21.0 million Pre-Construction Program remains, with ongoing work on site infrastructure and social & labour plan; Stage Six Budget supports continued progress through August 2026.

• Assessing commercial alternatives for mine development financing and concentrate offtake; no agreements reached yet.

• Considering staged development starting with the T-Zone, which has a higher 4E grade and more favorable prill split, potentially reducing initial capex.