PLG · Platinum Group Metals Ltd.

Platinum Group Metals Ltd. reported a $3.84 million net loss for the six months ended February 28, 2026 — an increase from $2.25 million in the prior-year period — driven primarily by elevated share-based compensation ($1.71 million, up from $0.45 million) tied to deferred share unit revaluation and higher general and administrative expenses ($2.18 million, up from $2.0 million), largely attributable to legal and regulatory costs associated with recent financings. The Company generated no revenue, consistent with its status as a development-stage company advancing the Waterberg Project toward construction. Cash outflows from operations totaled $3.48 million, reflecting continued pre-commercial investment in engineering, infrastructure, and community engagement. However, this was more than offset by $36.8 million in gross equity proceeds from 13.8 million common shares sold under the 2025 ATM program at an average price of $2.67 — a notable improvement from the prior-year ATM average of $2.20 and signaling investor receptivity during a period of rising platinum group metal prices. As of February 28, 2026, cash and equivalents stood at $40.9 million, supporting over 12 months of operations without additional financing. Capitalized Waterberg Project costs rose to $55.5 million, with $1.16 million added during the period — part of the approved Stage Five and Six budgets totaling ~$7.4 million (R134.1 million) for fiscal years 2025–2026. Critically, the Waterberg DFS Update (effective August 31, 2024) confirmed a 20% reserve increase to 23.41 million 4E oz and extended the life-of-mine to 54 years, reinforcing technical viability. Yet commercial execution remains unconfirmed: no offtake agreement has been secured despite engagement with four South African smelters, and Implats’ dilution underscores funding risk within the joint venture. Management’s outlook emphasizes staged development — potentially beginning with the higher-grade T-Zone — to reduce near-term capex while awaiting financing and offtake clarity. This positions the Company at a pivotal inflection point: technically de-risked but commercially undetermined.