Corporate Presentation July 7, 2019
PLATINUM GROUP METALS | WATERBERG PGM PROJECT DISCLOSURE TECHNICAL AND SCIENTIFIC INFORMATION and grade of each mineral reserve and mineral not defined terms under SEC Industry Guide 7 and This presentation has been prepared by Platinum resource estimate, details of the key assumptions, normally are not permitted to be used in reports Group Metals Ltd. (“Platinum Group” or the methods and parameters used in the mineral and registration statements filed with the SEC. “Company”) . Information included in this reserve and mineral resource estimates and a Mineral resources that are not mineral reserves do presentation regarding the Company’s mineral general discussion of the extent to which the not have demonstrated economic viability. properties has been compiled by R. Michael Jones, mineral reserve and mineral resource estimates Investors are cautioned not to assume that any P.Eng, the President and Chief Executive Officer of and the other estimates and projections included part or all of the mineral deposits in these the Company, and a non-independent Qualified in the reports may be materially affected by any categories will ever be converted into reserves; Person for purposes of National Instrument 43-101 known environmental, permitting, legal, taxation, "inferred mineral resources" have a great amount - Standards of Disclosure for Mineral Projects (“NI socio-political, marketing, or other relevant issues. of uncertainty as to their existence, and great 43-101 ”), based on independent technical reports, CAUTIONARY NOTE TO UNITED STATES uncertainty as to their economic and legal and other information filed by the Company with INVESTORS feasibility. It cannot be assumed that all or any part the Canadian securities regulators and the U.S. Estimates of mineralization and other technical of an inferred mineral resource will ever be Securities and Exchange Commission (“SEC”) . R. information included or referenced in this upgraded to a higher category. Under Canadian Michael Jones, the QP who has compiled the presentation have been prepared in accordance securities laws, estimates of inferred mineral technical info for the presentation, has approved with NI 43-101. The definitions of proven and resources may not form the basis of feasibility or the written disclosure regarding technical and probable reserves used in NI 43-101 differ from the pre-feasibility studies, except in rare cases. scientific information in this presentation. For definitions in SEC Industry Guide 7. Under SEC Additionally, disclosure of "contained ounces" in a more detailed information regarding the Company Industry Guide 7 standards, a "final" or "bankable" resource is permitted disclosure under Canadian and its mineral properties, you should refer to the feasibility study is required to report reserves, the securities laws; however, the SEC normally only Company’s independent technical reports and three-year historical average price is used in any permits issuers to report mineralization that does other filings with the Canadian securities reserve or cash-flow analysis to designate reserves not constitute "reserves" by SEC standards as in regulators and the SEC, which are available at and the primary environmental analysis or the place tonnage and grade without reference to unit www.sedar.com and www.sec.gov , respectively. report must be filed with the appropriate measurements. Accordingly, information Scientific and technical information contained governmental authority. As a result, the reserves contained or referenced in this presentation herein is derived from the Company’s technical reported by the Company in accordance with NI containing descriptions of the Company's mineral reports. Information contained herein related to 43-101 may not qualify as "reserves" under SEC deposits may not be comparable to similar the Waterberg Project Resource Update can be standards. In addition, the terms "mineral information made public by U.S. companies found at www.sedar.com and www.sec.go v. resource", "measured mineral resource", subject to the reporting and disclosure Reference is made to such reports for more "indicated mineral resource" and "inferred mineral requirements of United States federal securities detailed information with respect to the resource" are defined in and required to be laws and the rules and regulations thereunder. Company’s properties, including details of quality disclosed by NI 43-101; however, these terms are PLG: NYSE AMERICAN | PTM: TSX 1
PLATINUM GROUP METALS | WATERBERG PGM PROJECT FORWARD LOOKING STATEMENTS This presentation contains forward-looking of the definitive feasibility study for the Waterberg of debt; variations in market conditions; the information within the meaning of Canadian Project by Q3 2019 and commencement of nature, quality and quantity of any mineral securities laws and forward-looking statements construction thereafter; and the Company’s plans deposits that may be located; metal prices; other within the meaning of U.S. securities laws and estimates regarding exploration, studies, prices and costs; currency exchange rates; the (collectively “forward -looking statements”) . development, construction, production, cash flows Company’s ability to obtain any necessary permits, Forward-looking statements are typically identified and other activities and developments. Statements consents or authorizations required for its by words such as: believe, expect, anticipate, of mineral resources and mineral reserves also activities and to effect the Implats Transaction; the intend, estimate, plans, postulate and similar constitute forward looking statements to the Company’s ability to produce minerals from its expressions, or are those, which, by their nature, extent they represent estimates of mineralization properties successfully or profitably, to continue refer to future events. All statements that are not that will be encountered on a property and/or its projected growth, or to be fully able to statements of historical fact are forward-looking estimates regarding future costs, revenues and implement its business strategies; risks related to statements. Forward-looking statements in this other matters. Although the Company believes the contractor performance and labor disruptions; and presentation include, without limitation, forward-looking statements in this presentation other risk factors described in the Company’s Form statements regarding; potential funding sources; are reasonable, it can give no assurance that the 20-F annual report, annual information form and future demand for metals and other products; the expectations and assumptions in such statements other filings with the Securities and Exchange potential exercise of Implats ’ earn in with respect will prove to be correct. The Company cautions Commission and Canadian securities regulators, to the Waterberg Project; potential settlement or investors that any forward-looking statements by which may be viewed at www.sec.gov and restructure of the Company’s secured debts; the Company are not guarantees of future results www.sedar.com, respectively. Proposed changes in potential sales of assets, debt or equity; the or performance and that actual results may differ the mineral law in South Africa if implemented as Company’s ability to obtain further funding; materially from those in forward-looking proposed would have a material adverse effect on corporate and asset level strategic alternatives; the statements as a result of various factors, including the Company business and potential interest in potential economics of the Waterberg Project, if risks related to indebtedness; risks related to the projects. developed; the Waterberg Project’s concentrate nature of the Implats Transaction agreements; the being amenable to existing smelters; the Company’s capital requirements may exceed its Company’s key objectives; market projections for current expectations; the uncertainty of cost, the Company’s products; including without operational and economic projections; the ability limitation the growth in demand in connection of the Company to negotiate and complete future with China 6 emissions regulations; the completion funding transactions and settlement or restructure PLG: NYSE AMERICAN | PTM: TSX 2
PLATINUM GROUP METALS | WATERBERG PGM PROJECT • Advancing the large-scale Waterberg palladium and platinum project in South Africa. OVERVIEW • Definitive Feasibility Study (DFS) scheduled for OF completion in calendar Q3 2019. PLATINUM • Strategic investors: Impala Platinum Ltd., GROUP JOGMEC, Hanwa Corporation and Hosken Consolidated Investments Ltd. (HCI). METALS LTD. • Construction decision expected late 2019 with a $165M investment and project finance from A PGM Development Company Impala. Focused on Low-Cost, Shallow Mechanized Mining • South Africa transitioning to shallow, low-cost, mechanized ore bodies. • Strong fundamentals for palladium. PLG: NYSE AMERICAN | PTM: TSX 3
PLATINUM GROUP METALS | WATERBERG PGM PROJECT Bushveld Complex BUSHVELD COMPLEX SOUTH SOUTH AFRICA AFRICA South Africa Produced 73% of Platinum and 40% of Palladium Globally in 2017*. The Waterberg Project is located on the Northern Limb. *Source: Johnson Matthey, PGM Market Report, May 2018 PLG: NYSE MKT | PTM: TSX 4
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