The Waterberg PGM Project is located in South Africa on the Northern Limb of the Bushveld Complex. Waterberg represents a large-scale platinum group metal resource with an attractive risk profile given its shallow nature. The project facilitates fully mechanised production with the potential to have amongst the lowest operating costs in the PGM sector.

Waterberg is a joint venture between Platinum Group (37.05%), Impala Platinum Holdings Ltd. (Implats) (15%), JOGMEC (Japan Oil, Gas and Metals National Corporation) (12.95%), Hanwa Co. (9.75%) and BEE partner Mnombo Wethu Consultants (Pty) Ltd. (26%). As a result of Platinum Group’s 49.90% ownership in Mnombo the Company has an effective interest in the Waterberg JV of 50.02%.

Map of the Northern Limb Waterberg Project

Platinum Group Metals Ltd. made the initial discovery of this completely new section of the Bushveld Complex in November 2011. The initial exploration was funded by JOGMEC. In October 2017 Implats purchased a 15% interest in the Waterberg Project for USD $30M and acquired a right of first refusal for concentrate offtake. Hanwa Co. retains a right to all metal marketing.

A Pre-Feasibility Study (PFS) was completed in 2016. The results of a Definitive Feasibility Study (DFS) were announced in September 4, 2019. A Mining Right for the Waterberg Project was granted by the South African Department of Mineral Resources and Energy in early 2021.

The Waterberg Project has a number of highly attractive characteristics as a low-cost, shallow, bulk mineable project with significant scale and growth potential. Sixty three percent of Waterberg reserves and resources of PGMs are palladium. Auto preferences recently have supported a robust palladium market.

Reserves and resources were updated as part of the 2019 DFS. Proven and Probable Reserves: 187 million tonnes at 3.24 g/t 4E or 19.5 million ounces 4E. Measured and Indicated Resources: 242 million tonnes at 3.38 g/t 4E or 26 million ounces 4E. Reserve and Resource estimates are based on a 2.5 g/t 4E cut-off.



Mineral Resources were completed by Charles Muller of CJM Consulting – see Press Release dated September 4, 2019. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, marketing or other relevant issues. The quantity and grade of reported inferred mineral resources in this estimate are conceptual in nature. There is no guarantee that all or any part of the mineral resource will be converted to a mineral reserve.