Name of the Project
Waterberg project.

Location
Limpopo, South Africa.

Project Owner/s
As of November 30, 2025, Waterberg is owned by Platinum Group Metals (PTM), with 37.425%; Mnombo Wethu Consultants (26%); HJ Platinum Metals (21.95%); and Impala Platinum (Implats), with14.625%. In turn, PTM holds a further 12.97% direct interest in the Waterberg project through a 49.9% interest in Mnombo.

Project Description
An independent definitive feasibility study (2024 DFS) has updated the original positive results of the independent DFS published in September 2019 (2019 DFS) for a safe, large-scale, shallow, decline-accessible and mechanised platinum, palladium, rhodium and gold (4E) mine. 

Proven and probable mineral reserves have increased by 20% to 23.41-million ounces 4E (246.2-million tonnes at an average grade of 2.96 g/t 4E, 0.08% copper, and 0.17% nickel) as at August 31, 2024. 

The life-of-mine (LoM) has increased from 45 years in the 2019 DFS to 54 years in the 2024 DFS.

The 2024 DFS mine plan models steady-state production at 4.8-million tonnes of ore a year and an LoM average of 353 208 oz/y 4E in concentrate, versus an LoM average of 390 796 oz/y 4E in concentrate in the 2019 DFS, when calculated in the same manner.

Maximum production is estimated at 432 950 oz/y 4E in concentrate in the 2024 DFS. The mine initially accesses the F-Central Zone orebody using a single set of twin decline tunnels (service and conveyor declines) with mining of 400 000 t a month using fully mechanised longhole stoping methods. 

The Central-F steady-state ore-to-waste ratio in the 2024 DFS is a favourable 14.8%, and about 47% of waste rock will be placed underground as backfill, with the balance to be trucked or conveyed to surface. Ore will be mucked to one of several underground rock breakers, from where it will be sized and then transported to surface by conveyors. 

Paste backfill will be used, allowing for a high mining extraction ratio, as mining can be completed next to backfilled stopes with few internal pillars.

After about 26 years of mining, once production in the Central Complex starts to ramp down, the T-Zone and F-South Zones are scheduled for access by development of twin drives from the F-Central Zone infrastructure. Mining is to continue using fully mechanised longhole stoping methods and paste backfill.

As in the 2019 DFS, a separate boxcut and portal to access the North Complex, with twin declines, is also scheduled later in the mine plan. Once established, the South Complex (100 000 t a month) and North Complex (300 000 t a month), are scheduled to ramp up to maintain 400 000 t a month production for the balance of the LoM.

The North Complex mine design and grade profile is unchanged from the 2019 DFS.

Metallurgical recovery and smelter assumptions are based on the plant designs, metallurgical recoveries and costing on a standard South African flotation mill-float-mill-float circuit.

Potential Job Creation
Two thousand jobs are expected to be created during construction and 1 425 permanent jobs as steady-state mining is achieved.

Net Present Value/Internal Rate of Return
The 2024 DFS shows a robust after-tax net present value, at an 8% real discount rate, of R11.56-billion and an internal rate of return of 14.2% using average long-term consensus metal prices as of May 2024.

Payback from first production is estimated at 5.8 years.

Capital Expenditure
The total capital expenditure (capex) in the 2024 DFS is estimated at R18.86-billion, including 8.5% for contingencies, and peak capital is estimated at R15.43-billion.

Planned Start/End Date
First production is forecasted for September 2029. Ramp-up to steady state is expected by May 2032.

Latest Developments
PTM's near-term objective remains to advance the project to a development and construction decision, including construction financing and concentrate offtake arrangements.

The company reported on April 10 that the Stage 6 budget of R92.1-million, approved in September 2025, was funding the continuation of work programmes until August 31, 2026. This interim budget includes components of the previously approved $21-million preconstruction programme. About half of that programme remains to be completed, including initial road access, water supply, essential site facilities, a first-phase accommodation lodge, construction power supply and advancement of the Waterberg social and labour plan.

PTM and Waterberg JV Co continue to assess commercial alternatives for mine development financing and concentrate offtake. The company has engaged with South Africa’s integrated producers regarding formal concentrate offtake arrangements, but no terms have yet been agreed.

As an alternative, PTM has studied smelter and base metal refinery options in either Saudi Arabia or South Africa. PTM has indicated that South African government approval will be required for the export of concentrate or matte for processing in Saudi Arabia, and that government officials have indicated a preference for beneficiation in South Africa. The company is also investigating collaboration with smaller South African furnace operators so that project development and smelting capacity could be staged.

PTM is also continuing in-house work on a possible staged development route that would start with decline development into the T-Zone, followed by smaller-scale T-Zone mining and, later, expansion into the F-Central deposit. In-house studies are examining whether deferring capital for power lines, paste backfill, milling capacity and underground conveyors could lower initial capital requirements.

Key Contracts, Suppliers and Consultants
Stantec Consulting International and DRA Projects (independent definitive feasibility); and Fraser McGill (engineering oversight and project management).

Contact Details for Project Information
PTM, tel +27 11782 2186 or email info@platinumgroupmetals.net.