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The Waterberg Project

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%.

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 an option for a US $165M Acquisition and Development Commitment along with a first right of 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. Platinum Group Metals Ltd. Announces Positive Independent Definitive Feasibility Study for the Waterberg Palladium Mine

The Waterberg Project has a number of highly attractive characteristics as a low-cost, shallow, bulk mineable project with significant scale and growth potential. The participation of Implats, the world’s second largest platinum producer with fully integrated mine to market operations, represents a significant step in the advancement of the Waterberg Project towards potential development and production. 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.

Mineral Resource Estimate at 2.5 g/t 4E cut-off,
effective September 4, 2019 on 100% Project basis








Notes:
  1. 4E elements are platinum, palladium, rhodium and gold.
  2. Cut-offs for Mineral Resources were established by a QP after a review of potential operating costs and other factors.
  3. Conversion factor used for kilograms (“kg”) to ounces (“oz”) is 32.15076
  4. A 5% and 7% geological loss was applied to the Measured/Indicated and Inferred Mineral Resources categories, respectively.
  5. The Mineral Resources are classified in accordance with the National Instrument for the Standards of Disclosure for Mineral projects within Canada, 2011 (“NI 43-101”). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability and Inferred Mineral Resources have a high degree of uncertainty.
  6. The Mineral Resources are provided on a 100% Project basis, Inferred and Indicated categories are separate and the estimates have an effective date of 4 September 2019.
  7. Mineral Resources were completed by Mr. CJ Muller of CJM Consulting.
  8. Mineral Resources were estimated using kriging methods for geological domains created in Datamine from 441 mother holes and 583 deflections. A process of geological modelling and creation of grade shells using indicating kriging was completed in the estimation process.
  9. The Mineral Resources may be materially affected by metal prices, exchange rates, labour costs, electricity supply issues or many other factors detailed in the Company's 2018 Annual Information Form.
  10. The data that formed the basis of the Mineral Resources estimate are the drill holes drilled by Platinum Group as project operator, which consist of geological logs, drill hole collars surveys, downhole surveys and assay data. The area where each layer was present was delineated after examination of the intersections in the various drill holes.
  11. Numbers may not add due to rounding.

Proven Mineral Reserve Estimate at 2.5 g/t 4E cut-off,
effective September 4, 2019 on 100% Project basis.



Probable Mineral Reserve Estimate at 2.5 g/t 4E cut-off,
effective September 4, 2019 on 100% Project basis.



Proven & Probable Mineral Reserve Estimate at 2.5 g/t 4E cut-off,
effective September 4, 2019 on 100% Project basis.


Notes:
  1. The estimated Mineral Reserves have an effective date of September 4, 2019.
  2. A 2.5 g/t 4E stope cut-off grade was used for mine planning for the T Zone and the F Zone Mineral Reserves estimate. The cut-off grade considered April 2018 metal spot prices.
  3. Tonnes and grade estimates include planned dilution, geological losses, external overbreak dilution, and mining losses.
  4. 4E elements are platinum, palladium, rhodium and gold.
  5. Numbers may not add due to rounding.