Platinum Group Metals Ltd. reported that an infill drill campaign (the ‘Infill Drill Program') underway since November, 2022, at the Waterberg Project, located on the Northern Limb of the Bushveld Complex in South Africa (the ‘Waterberg Project'), is well advanced. Before a scheduled break over the recent holiday period, 16 planned T Zone boreholes and 6 of 16 planned F Zone boreholes were completed. Drilling is once again underway on site.

Drill core from completed boreholes has been logged, and mineralized intercepts recovered were sampled and sent for assay by Intertek Genalysis Minerals in Australia. The Infill Drill Program is targeting 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; thereby, reducing early capital expenditure and the time to first mining. Some tonnage in the resource blocks drilled in the current Infill Drill Program was included in previous mine planning for the 2019 Waterberg Project Definitive Feasibility Study (the ‘Waterberg DFS').

Portions of the T Zone have previously been categorized as inferred, indicated, and measured resources and T Zone tonnage was included in mine planning. The T Zero Zone is a mineralized layer approximately 60 metres above the T Zone. Portions of the T Zero Zone have previously been categorized as inferred and indicated but were not included in mine planning.

The T Zero Zone is well developed in certain areas and one objective of the Infill Drill Program is to upgrade the confidence level for targeted areas of T Zero Zone mineralization, thereby allowing the possible inclusion of shallow T Zero Zone tonnage into feasibility mine planning. Copper grades per tonne for all T Zero Zone and T Zone intercepts listed above averaged 0.135% and for F Zone hole WB303 ran at 0.070% in the higher-grade section. Nickel grades per tonne for all T Zero Zone and T Zone intercepts averaged 0.074% and for F Zone hole WB303 ran at 0.213% in the higher-grade section.

After assaying is complete for all boreholes described above, the remaining material will be 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 as a fully mechanised, shallow, decline access platinum, palladium, rhodium, and gold mine and is projected to be lowest cost underground platinum group metals mines globally. The Company and Waterberg JV Co. have instituted a complete quality assurance /quality control (‘QA/QC') program, including the insertion of blanks, certified reference materials (standards), and field duplicates within the sample stream.

Referee analyses are also completed. The program is being followed and is to industry standard. QA/QC procedures are overseen by a qualified person, and the data has been verified and is considered reliable in the opinion of the qualified person for this news release (as described below).

NQ (47.6mm diameter) drill core is cut in-half and quartered with a diamond saw, with one-quarter placed in sealed bags and shipped to the laboratory and the other three quarters retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Analytical testing was performed by the Intertek Genalysis Minerals Global Centre of Excellence, located in Perth, Western Australia. The entire sample is dried and crushed to ~2mm, of which a 300 gram split is pulverized to at least 85% of material to 75µm or better. Grade for Au, Pt and Pd is determined by using a 25g lead collection fire assay with Inductively Coupled Plasma-Optical Emission Spectrometry (ICP-OES) finish.

On samples where the Au, Pt and Pd grade was found to be above 1 g/T, 6E analysis (for all PGEs) was done using 25g nickel sulphide collection and Inductively Coupled Plasma-Mass Spectrometry (ICP-MS) finish. Base metals and other major elements were determined by four acid digestion with Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES) finish.