Platinum Group Metals (PTM) Q3 2026 earnings summary

Executive summary

• Focused on advancing the Waterberg Project in South Africa, targeting a development and construction decision and arranging financing and offtake agreements.

• Waterberg Project is planned as a large, low-cost, mechanized underground PGM mine with by-product copper and nickel.

• Ownership structure includes Platinum Group (direct and indirect), Mnombo, HJM (JOGMEC and Hanwa), and Implats, with Platinum Group increasing its stake due to Implats' funding shortfall.

Financial highlights

• Net loss for the nine months ended May 31, 2026, was $2.88 million, improved from a $3.40 million loss year-over-year.

• General and administrative expenses were $2.88 million, up from $2.78 million year-over-year.

• Finance income rose to $0.97 million from $0.14 million year-over-year.

• Basic and diluted loss per share was $0.02, compared to $0.03 year-over-year.

• 13,785,310 shares sold under the 2025 ATM for $36.82 million gross proceeds; 1,059,233 shares sold under the 2026 ATM for $2.01 million gross proceeds.

Outlook and guidance

• $9.2 million of the $21 million Pre-Construction Program remains, with staged development and incremental budgets planned.

• Assessing commercial alternatives for mine development financing and concentrate offtake; no terms agreed yet.

• Considering staged development starting with the T-Zone, then expanding to F-Central, to optimize capex and cash flow.