PLATINUM GROUP METALS Business Summary

Platinum Group Metals Ltd. (PLG) is a development-stage mining company primarily focused on the exploration and advancement of the Waterberg Project, a large-scale, bulk underground palladium and platinum deposit located on the Northern Limb of the Bushveld Igneous Complex in South Africa. As a pre-production entity, the company does not currently generate operational revenue from mineral sales; instead, it sustains its activities through strategic equity financing, including at-the-market (ATM) programs, private placements, and interest income from cash reserves. The company’s primary business segment is the development of the Waterberg Project, where it holds a majority interest through a joint venture with partners such as Impala Platinum and Japan Organization for Metals and Energy Security (JOGMEC). PLG distinguishes itself in the market through its focus on a fully mechanized, shallow, decline-access mining model designed to achieve lower-quartile operating costs. Its primary competitors include Sibanye-Stillwater, Impala Platinum, and Anglo American Platinum, as well as precious metal developers like Osisko Development and First Majestic Silver. Relative to these peers, PLG occupies a high-potential niche as a palladium-dominant developer with significant institutional backing and a clear path toward large-scale, low-cost production. The company is led by a seasoned executive team and board with extensive pedigree in the natural resources and financial sectors. Co-founder Frank Hallam serves as President and CEO, bringing over 30 years of experience as a principal and founder of several successful mining corporations, including MAG Silver Corp. and West Timmins Mining Inc. The financial leadership is headed by CFO Gregory Blair, a Chartered Professional Accountant who has been with the firm since 2010, previously serving as Financial Controller. The board is chaired by Diana Walters, the former President of Liberty Metals and Mining LLC with over 35 years of natural resources investment experience. Other notable board members include Mpho Makwana, the former Chairman of Eskom and Nedbank Group, and John Copelyn, the CEO of Hosken Consolidated Investments (HCI). HCI remains the company's most significant strategic investor, maintaining an approximate 26% stake as of early 2026, alongside institutional holders such as Franklin Resources and Millennium Management.