Platinum Group Metals Ltd. reported that an infill drill campaign underway since November 2022, at the Waterberg Project, located on the Northern Limb of the Bushveld Complex in South Africa (the ‘Waterberg Project'), has been completed. All 16 planned T Zone boreholes and 16 planned F Zone boreholes have been drilled. Drill cores from the completed boreholes have been logged, and the mineralized intercepts recovered have been sampled and sent for assay by Intertek Genalysis Minerals in Australia.

Final assay results for all T Zone boreholes and one F Zone borehole (WB303) were reported in the Company's news release dated January 26, 2023. Copper grades per tonne for all F Zone intercepts listed above averaged 0.060%. Nickel grades per tonne for all F Zone intercepts listed above averaged 0.184%.

In addition to the Infill Drill Program, several geotechnical holes have also been completed and several more remain to be drilled. One exploration borehole is currently underway at a location approximately 15 kilometres north of the main project area and is presently at a depth of approximately 1,300 metres. This exploration borehole is intended to improve understanding of the geology and economic potential of the Waterberg deposit on prospecting rights located adjacent to the north of the Waterberg Project's granted mining right.

Intrusive formations of the Bushveld Igneous Complex have been intercepted in this exploration borehole, as expected. The Infill Drill Program targeted near surface, inferred, and indicated mineral resource blocks that have good potential for conversion to higher confidence levels, potentially identifying additional tonnage for inclusion in early mine plans. Drilling of the 16 F Zone boreholes was also intended to improve the delineation of the F Zone subcrop geometry.

Results from the F Zone drilling as tabulated above are consistent with expectations. Waste rock material retained after assaying of the T Zone and F Zone infill drilling will be further processed to determine dry-stack tailings characteristics and provide additional concentrate metallurgical data. If dry stack tailings methods are implemented, it is estimated that Waterberg mine water consumption could be reduced by 40% to 50%.

The Company is focussed on advancing the Waterberg Project to a development and construction decision. The Waterberg Project is planned to be a mechanised, shallow, decline access platinum, palladium, rhodium, and gold mine and is projected to be one of the largest and lowest cost underground platinum group metals mines globally.