Platinum Group Metals (PTM) Q3 2024 earnings summary

Executive summary

• Reported financial results for the nine months ended May 31, 2024, with a focus on advancing the Waterberg Project in South Africa, targeting a development and construction decision and securing financing and offtake agreements.

• Waterberg Project is planned as a large, low-cost, mechanized underground mine for platinum, palladium, rhodium, gold, copper, and nickel.

• Ongoing initiatives include battery technology development through Lion Battery Technologies, leveraging platinum and palladium in lithium battery chemistries.

Financial highlights

• Net loss for the nine months ended May 31, 2024, was $4.02 million, compared to a net loss of $4.05 million for the same period last year.

• General and administrative expenses decreased to $2.57 million from $2.92 million year-over-year.

• Share-based compensation was $1.61 million, slightly up from $1.57 million year-over-year.

• Finance income from interest was $0.35 million, down from $0.47 million year-over-year.

• Basic and diluted loss per share for the period was $0.04.

Outlook and guidance

• Primary objective is to advance the Waterberg Project to a development and construction decision, with a DFS Update draft under review and expected in Q4 2024.

• Arrangements for concentrate offtake or processing are required before construction; discussions ongoing with South African smelters and Saudi Arabian partners.

• Battery technology initiatives through Lion aim to commercialize platinum and palladium-based batteries, targeting higher energy densities.