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. 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.