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Corporate Presentation
July 21, 2014
Disclosure
This presentation has been prepared by Platinum Group Metals Ltd. (“Platinum Group” or the “Company”). Information included in this presentation regarding
the Company’s mineral properties has been compiled by R. Michael Jones, P.Eng, the President and Chief Executive Officer of the Company, and a non-
independent Qualified Person for purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”), based on the
independent technical reports, and Other Information filed by the Company with the Canadian securities regulators and the U.S. Securities and Exchange
Commission (“SEC”). The authors of the technical reports have reviewed and consented to the use of the material from their reports in the Disclosure Record..
For more detailed information regarding the Company and its mineral properties, you should refer to the Company’s independent technical reports and other
filings with the Canadian securities regulators and the SEC, which are available at www.sedar.com and www.sec.gov, respectively. Scientific or Technical
information contained herein is derived from the Company’s technical reports, including the “Updated Technical Report (Updated Feasibility Study Western
Bushveld Joint Venture Project 1 (Elandsfontein and Frischgewaagd)” dated November 20, 2009 with an effective date of October 8, 2009 (the “2009 UFS”)
prepared by Gordon I. Cunningham, Charles J. Muller, Timothy V. Spindler and Byron Stewart, which include more detailed information with respect to the
Company’s properties, including the dates of such reports and the estimates included therein, details of quality and grade of each resource, details of the key
assumptions, methods and parameters used in the resource estimates and the 2009 UFS and a general discussion of the extent to which the resource
estimates and the other estimates and projections included in the reports may be materially affected by any known environmental, permitting, legal, taxation,
socio-political, marketing, or other relevant issues. Scientific or technical information contained herein related to the Waterberg Project is derived from the
Company’s technical reports including the “Revised and Updated Mineral Resource Estimate for the Waterberg Platinum Project” dated September 3, 2011
prepared by Ken Lomberg which includes more detailed information and the Waterberg Preliminary Economic Assessment filed March 13,2014 by Dr. M.
Roberts, Worley Parsons RSA
CAUTIONARY NOTE TO UNITED STATES INVESTORS
As a Canadian issuer that is eligible to use the U.S./Canada Multijurisdictional Disclosure System (MJDS), the Company is permitted to prepare a prospectus
and this presentation in accordance with Canadian securities laws, which differ in certain respects from U.S. securities laws. In particular, this presentation
uses the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”. While these terms are
recognized and required by Canadian securities laws, they are not recognized by the SEC. In addition, “reserves” reported by the Company under Canadian
standards may not qualify as reserves under SEC standards. U.S. investors are cautioned not to assume that any part of a “measured mineral resource” or an
“indicated mineral resource” will ever be converted into a “reserve.” Under U.S. standards, mineralization may not be classified as a “reserve” unless the
mineralization can be economically and legally produced or extracted at the time the reserve determination is made. “Inferred mineral resources” have a great
amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher category. U.S. investors are urged to read the statement in the filed prospectus under the heading
“Cautionary Note to United States Investors” for further information. Historical results or feasibility models presented herein are not guarantees or expectations
of future performance.
Information included in this presentation, the Company’s independent technical reports and the Company’s other public statements related to its mineral
properties has been prepared in accordance with securities laws in effect in Canada, which differ from U.S. securities laws. The SEC permits U.S. mining
companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. The
Company uses certain terms in this presentation, such as “resources,” that the SEC’s guidelines strictly prohibit U.S. registered companies from including in
their filings with the SEC. You are urged to consider closely the disclosure in our Form 40-F annual report, which may be secured from us, or from the SEC’s
website at www.sec.gov.
This presentation also contains information about adjacent properties on which the Company has no right to explore or mine. The Company advises you that
the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. Investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on the Companies properties
This presentation is not an offer to sell, or a solicitation to buy, any securities in any jurisdiction. The Toronto Stock Exchange and the NYSE.MKT LLC have
not reviewed and do not accept responsibility for the accuracy or adequacy of this presentation, which has been prepared by the Company.
PLG: NYSE MKT PTM: TSX 1
Forward Looking Statements
Certain of the statements made herein, including statements regarding the timing of future activities and achievements by the Company, future anticipated
exploration and development programs of the Company’s WBJV and Waterberg projects, business plans, funding models for the WBJV Project 1 platinum
mine, statements regarding the project finance loan and other financing, potential required equity contributions and cost overrun accounts, potential mining
scenarios and timing of production at the WBJV Project 1 platinum mine, the possibility of qualified empowerment partners investing in the WBJV Project 1
Platinum Mine and the outcome of further developments with regard to Wesizwe, business trends and future operating factors, price estimates and anticipated
platinum supply and deficits are forward-looking and subject to important risk factors and uncertainties, many of which are beyond the Company’s ability to
control or predict. In addition, resource estimates and feasibility study results constitute forward-looking statements to the extent that they represent,
respectively, estimates of mineralization that may be encountered upon additional exploration and estimates of the capital and operating expenses, metals and
currency prices and other operating conditions that may be encountered in the future.
Forward-Looking Statements are subject to a number of risks and uncertainties that may cause the actual events or results to differ materially from those
discussed in the Forward-Looking Statements, and even if events or results discussed in the Forward-Looking Statements are realized or substantially realized,
there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to
differ materially from current expectations include, among other things: additional financing requirements; the Company’s history of losses and ability to
continue as a going concern; the fact that most of the Company’s properties contain no known mineral reserves; delays in, or inability to achieve, planned
commercial production at the Company’s properties; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and
estimated development and operating costs, between actual and estimated metallurgical recoveries and between estimated and actual production; fluctuations
in the relative values of the Canadian dollar as compared to the South African Rand and the United States dollar; metal price volatility; a default under the
proposed project loan facility, if consummated, including as a result of delays in the start-up of the WBJV Project 1 platinum mine; the ability of the Company to
retain its key management employees or procure the services of skilled and experienced personnel; conflicts of interest among the Company’s directors and
executive officers as a result of their involvement with other mineral resource companies; any disputes or disagreements with the Company’s joint venture
partners or any failure of the Company or such joint venture partners to fund their obligations under applicable joint venture agreements; exploration,
development and mining risks and the inherently dangerous nature of the mining industry, including environmental hazards, industrial accidents, unusual or
unexpected formations, safety stoppages (whether voluntary or regulatory), pressures, mine collapses, cave ins or flooding and the risk of inadequate
insurance or inability to obtain insurance to cover these risks and other risks and uncertainties; property and mineral title risks, including defective title to
mineral claims or property; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in
Canada, South Africa or other countries in which the Company does or may carry out business in the future; equipment shortages and the ability of the
Company to acquire the necessary access rights and infrastructure for its mineral properties; environmental regulations and the ability of the Company to
obtain and maintain necessary permits, including environmental authorizations; competition in the mineral exploration industry; and risks of doing business in
South Africa, including but not limited to, labour, economic and political instability as well as the factors described or referred to in the section entitled “Risk
Factors” in the Company’s Annual Information Form for the year ended August 31, which is available on SEDAR at www.sedar.com , and is included as part of
the Company’s Form 40-F annual report filed with the SEC at www.sec.gov and in the Company’s prospectus dated December 21, 2012. You are advised to
review these risk factors, and not to place undue reliance on Forward-Looking Statements.
The Company undertakes no obligation to update publicly or release any revisions to Forward-Looking Statements to reflect events or circumstances after the
date of this presentation or to reflect the occurrence of unanticipated events except as required by law.
PLG: NYSE MKT PTM: TSX 2
Investment Highlights
PLG: NYSE MKT PTM: TSX 3
• Platinum Group Metals
Ltd. is in construction
on the WBJV Project 1
Platinum Mine.
• Large scale, high
grade, shallow
development.
• Steady state
production projected at
275K ounces 4E/year
with a 20+ year mine
life.
• Approximately $300M
invested to date with
first production
scheduled for 2015.
Advanced Mine
Construction
• Waterberg - a thick
mechanized discovery,
growing, open and
near surface.
• Updated resource
stands at 29 million
ounces 4E inferred on
a combined basis.
(June 2014)
• Preliminary Economic
Assessment (PEA) on
Waterberg JV showing
robust economics.
(February 2014)
• Drilling with 24 rigs
continues to upgrade
and expand the
deposit.
Strategic
Discovery
• $355M in equity raised
during 2013 to fund
project development
and exploration.
• Major shareholders
include Blackrock,
Liberty Mutual and
Franklin Templeton.
• A mandate for a USD
$195M senior loan
facility announced on
November 11th, 2013.
• Mandated banks
include Barclays,
ABSA, Caterpillar
Financial and Societe
Generale.
Financial Strength
Share Structure and Capital Markets
PLG: NYSE MKT PTM: TSX 4
Index Membership: Russell Global, S&P/TSX Global Mining,
S&P/TSX Small Cap.
MAJOR SHAREHOLDERS
Blackrock Inc.
Liberty Metals and Mining
Genesis Investment Management
Franklin Resources
JP Morgan Asset Management
T. Rowe Price
Fidelity International
RESEARCH COVERAGE
BMO Capital Markets
Goldman Sachs
RBC Capital Markets
GMP Securities
Raymond James
CIBC World Markets
Cormark Securities 
Share Structure July 2014
Stock Symbols: PTM: TSX; PLG:NYSE MKT
Market Capitalization: C$ 700M
Share Price: C$ 1.30
52 Week High/Low: $1.70/$0.74
Shares Outstanding: 551,287,842 
Options: 19,827,500
Fully Diluted: 571,115,342 
Cash: C$ 141M
-
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
180,000,000
200,000,000
Platinum
Group
Metals Ltd.
Detour Gold
Corporation
Platinum
Group
Metals Ltd.
Allied
Nevada
Gold Corp.
Guyana
Goldfields
Inc.
Paladin
Energy Ltd.
Kirkland
Lake Gold
Inc.
Banro
Corporation
Polymet
Mining
Corp.
MBAC
Fertilizer
Corp
2013 TSX MINING FINANCINGS EX-BARRICK
ONE YEAR STOCK CHART (PTM:TSX)
Platinum Market – Paradigm Shift
PLG: NYSE MKT PTM: TSX 5
• Recent strike a catalyst for restructuring
of South African PGM mining industry.
• Historic overproduction has created above
ground stockpiles ‐ muted price response to
strikes.
• Stockpiles include price sensitive ETFs.
• Estimated production loss related to 
strike: 1.4M ozs of Pt and 700K ozs Pd. * 
• South Africa could drop to 3M to 3.5M ozs
per annum platinum production post strike.
• Stockpile depletion and closure of high 
cost production to right size industry. 
* J.P. Morgan – Platinum Weekly – July 15, 2014                                                                         Charts: GFMS, Thomson Reuters
Bushveld Complex – South Africa
PLG: NYSE MKT PTM: TSX 6
100 km
N
Platinum Cost Curve: Targeting the Lowest Quartile
PLG: NYSE MKT PTM: TSX 7
Source: JP Morgan and Platinum Group Metals Ltd. - April 2014.
Major African PGM Mines: Cash Cost + Maintenance Capital
WBJV is adjacent to the operating BRPM mine:
shallow, high grade Merensky reef
Waterberg has similar traits to Anglo Platinum Mogalakwena and Impala Zimplats:
large scale, thick, near surface, with a mechanized approach
PLG: NYSE MKT PTM: TSX 8
2 Kms
Wesizwe
Bakubung Mine
RBP/Anglo Platinum
Styldrift Expansion
Impala Platinum
#20 Shaft
RBP/Anglo Platinum
BRPM Mine
N
WBJV Project 1 – Shallow and High Grade
PLG: NYSE MKT PTM: TSX 9
Highlights
• A mining license was
granted in 2012.
• Platinum Group holds an
83% interest in the WBJV
Project 1 Platinum Mine.
• Anglo Platinum has
exercised a first right of
refusal for a life of mine
concentrate off-take.
• Construction started in
2011 with approximately
$300M invested to date.
Highlights
Platinum Group Metals
WBJV Project 1
WBJV Project 1: Surface Layout
PLG: NYSE MKT PTM: TSX 10
WBJV Project 1: Surface Construction – June 2014
WBJV Project 1: Key Developments
PLG: NYSE MKT PTM: TSX 11
Tailings Facility 
Current workforce: Over 1600
people on site with 23% from local
communities.
North Mine: Over 2,300m of
access development completed.
Initial raises in development with
ore stockpile commenced.
South Mine: Decline development
advanced approximately 500m.
Processing: Foundations
completed. Major mill components
delivered including mill shell. Steel
erection in progress and on time.
Power: 10MVA installation
complete with additional 10MVA
project commenced. Full 40MVA
scheduled for steady state.
Mill Construction 
Ore Silo  
Eskom Substation 
Resources (2.8M Measured/5.4M Indicated) 8.2M ounces 4E Measured and Indicated
Reserves (1.8M Proven. 2.9M Probable) 4.7M ounces 4E Proven and Probable
Projected Steady State Production 275K ounces/year 4E
Metal Split 64% Pt, 27% Pd, 5% Rh, 4% Au
Mine Life 20+ years
Projected Operating Cost (8R/$) 1 $655 USD/4E oz (R650/tonne milled)
Projected Peak Funding (8R/$) 1 $506M USD
• See 2009 UFS, www.sedar.com, including Risk Factors, Metal Prices and Differences in Reporting under SEC Guidelines
• Resources may never become reserves, figures may change during project implementation in progress.
• Figures based on 100% Project
• US$ Metal Price Assumptions: Pt: $1,343, Pd: $322, Rh: $4,951, Au: $807 (2009 UFS)
• See Appendix for tonnes and grade associated with reserves and resources and associated Qualified Persons
• (1) Updated Guidance, April 16, 2012 – pending project finance completion and updated project Financial Model – See Press Release Nov. 11, 2013
Shallow, high grade, in the main platinum mining and smelting
area, adjoining mines in production and construction.
WBJV Project 1 – Quick Facts
PLG: NYSE MKT PTM: TSX 12
PLG: NYSE MKT PTM: TSX 13
Waterberg Projects, North Limb
PLG: NYSE MKT PTM: TSX 14
• Large system with multiple
thick layers, near surface with
mechanized potential.
• Waterberg JV Project: A joint
venture with JOGMEC (37%)
and PTM (49.90%).
• Waterberg Extension: 87%
owned by Platinum Group.
• Preliminary Economic
Assessment (PEA) for
Waterberg JV completed
indicating robust economics.
(March 2014)
• Updated resource: 29M
ounces 4E inferred on a
combined basis. (June 2014)
A New PGM District
Waterberg Project – Combined Resource
PLG: NYSE MKT PTM: TSX 15
SEPTEMBER 2012: 6.6M ozs (3E) inferred
FEBRUARY 2013: 10.1M ozs (3E) inferred
SEPTEMBER 2013: 17.52M ozs (3E) inferred
JUNE 2014: 29.08M ozs (4E) inferred
Total Resource: 29M ozs 4E Inferred
Inferred Mineral Resource, Ken Lomberg, Coffey Mining, Independent Qualified Person. See press release June 12,2014. 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.
Waterberg Projects – Resource Update
PLG: NYSE MKT PTM: TSX 16
Waterberg Projects – Resource Update
PLG: NYSE MKT PTM: TSX 17
cm g/t
Waterberg – 3D Stratigraphic Section
PLG: NYSE MKT PTM: TSX 18
Waterberg Projects – Resource Update
PLG: NYSE MKT PTM: TSX 19
cm g/t
PLG: NYSE MKT PTM: TSX 20
Platinum
Palladium
Gold
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
oz/annum
LOM(1) Ounce Profile
Waterberg PEA Key Metrics – Ounce Profile
Steady State Production 
(655 000 oz)
Recovered Ounces Steady State Ounces
Total Concentrate 11 409 412 655 000
Platinum 3 381 234 194 000
Palladium 6 901 055 397 000
Gold 1 127 123 64 000
Note: (1) – LOM can be extended, at depth and along strike
Waterberg PEA - Unlocking The Potential
PLG: NYSE MKT PTM: TSX 21
Step Room & Pillar Sub‐level Open Stoping
T zone and F zone
30‐40 degree dip
3‐10m thick
Super F zone
30‐40 degree dip
>10m thick
Block cave (massive)
Sub‐level cave (massive)
Open pit (massive)
Sub‐level open stoping (massive)
Cut and fill (massive)
Drift and fill (massive)
Room and pillar 
Trough mining 
Reef boring 
Long hole stoping 
Contour drift and fill
Step room and pillar
Longitudinal room and pillar 
PLG: NYSE MKT PTM: TSX 22
Operating Cost (R/t) 501
Operating Cost ($/3E oz) 555
Operating Cost ($/3E oz) + Ni, Cu Credits 368
Production Cost  ($/3E oz) 626
Production Cost ($/ 3E oz) + Ni, Cu Credits 438
Waterberg PEA Key Metrics – Operating Costs
Labour, R 89.91, 
25%
Explosives, R5.91, 
2%
Support, R25.61, 7%
Stores, R38.54, 11%
Diesel, R 
47.58, 13%Maintenance, R 
59.76, 16%
Tyres, R 13.25, 4%
Services, R31.81, 
9%
Power, R49.39, 13% Water, R0.75,  0%
Direct Costs (R’m), excl. Processing ‐ R362.51/t
Key Operating Costs
PLG: NYSE MKT PTM: TSX 23
Peak Funding (R’bn) 8,853 
Peak Funding (US$M) 885
Waterberg PEA Key Metrics – Capital Costs
% Capex to Full Production
Capital Requirements per Summary Work Package
Area
Capital to Full 
Production
(R'm)
Sustaining 
Capital
(R'm)
Total
(R'm)
MIning Services 24R                          ‐R                    24R                     
Mining Development 2,014R                    3,004R               5,018R               
Development Equipment 965R                        45R                     1,010R               
Drilling 135R                        22R                     157R                  
Engineering Infrastructure 1,221R                    569R                   1,790R               
Surface Infrastructure 4,155R                    ‐R                    4,155R               
Project Management 305R                        543R                   848R                  
Financial Costs 1,418R                    1,057R               2,475R               
Contingencies 1,536R                    811R                   2,347R               
Total Excluding Escalation 11,774R            6,051R          17,824R       
Peak Funding
24
Cash Flow
First production 
2018
Cumulative cashflow R20.9bn
Peak funding R8.8bn
Project 
construction 
starts Jan 2016
Waterberg PEA Key Metrics – Cashflow
Undiscounted NPV   (R’m) 20,851 
NPV @ 7.5%  (R’m) Pre‐tax
NPV @ 7.5%  (R’m) Post‐tax
8,047  
5,088 
IRR Pre‐tax
IRR Post‐tax
16.4%
14.0%
Payback 2024
PLG: NYSE MKT PTM: TSX
Financial Return
PEA assumptions: US$1,586.06/oz platinum, US$701.04/oz palladium, US$1,548.84/oz gold, US$3.58/lb copper, US$8.35/lb nickel and USD/ZAR 10.00
25
Prefeasibility Study
Project Construction and Ramp‐up
Feasibility Study 
2015
Remainder of 2014
Jan 2016‐2020
PEA
Deliverables
• Proven Business 
Case
• No fatal‐flaws
• Forward work‐
plan
Project is moving into Prefeasibility phase with a positive PEA outcome
Action Steps
• Additional exploration drilling
• Geological modelling
• Metallurgical test work
• EIA / EMP / Permitting
• Improve business case
• Perform option trade‐offs
Deliverables
• Single Option selected
• Ratified and optimised business‐
case
Complete
Action Steps
• Improve confidence in 
engineering
• Operational readiness study
• Prepare for implementation
Deliverables
• Full detailed‐design and 
costing
• Implementation plan
Current Phase
Project Phases
End‐2020
Full‐
production 
600ktpm
2018
First production
Waterberg PEA - High-level Project Schedule
Est. Cost ~R100m
PLG: NYSE MKT PTM: TSX
File  Mining 
Right 
Application
Conclusions and Plans
 Waterberg is one of the top Cu, Ni, PGM deposits in the world.
 The discovery is very opportune.
 Continue with construction at WBJV Project 1 platinum mine.
 Complete WBJV Project 1 overall project finance.
 Expand the Waterberg discovery, Expansion target “Waterberg III” is open.
 Complete Pre-Feasibility study for Waterberg JV in 2014.
PLG: NYSE MKT PTM: TSX 26
Appendices
WBJV Reserves and Resources
Waterberg Resources
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WBJV: Merensky Reserves
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Tonnes (000) 4E Content 4E
t g/t tonne Moz
Merensky Proven
6,678 5.61 37.478 1.21
Merensky Probable
11,333 5.44 61.677 1.98
Total Merensky Mineral Reserves
18,011 5.51 99.155 3.19
QP Charles Muller of Minxcon Resources, See details Press Release and 43-101 reports on www.sedar.com.
Includes mining dilution and flow of ore factors, QPs Tim Spindler and Gordon Cunningham Mining Factors and Updated
Feasibility Study October 2009
WBJV: UG2 Reserves
PLG: NYSE MKT PTM: TSX 29
Tonnes (000) 4E Content 4E
t g/t tonne Moz
UG2 Proven
5,086 3.37 17.126 0.55
UG2 Probable
8,449 3.41 28.831 0.93
Total UG2 Mineral Reserves
13,535 3.40 45.957 1.48
QP Charles Muller of Minxcon Resources, See details Press Release and 43-101 reports on www.sedar.com,
Tim Spindler and Gordon Cunningham Mining Factors and Updated Feasibility Study Report October 2009
WBJV: Measured Resources
PLG: NYSE MKT PTM: TSX 30
Measured
Mineral
Resource
(4E)
Cut-off
(cm.g/t)
Million
Tonnes
(Mt)
Grade
4E
(g/t)
Mining
Width
(m)
Tonnes
PGE
(4E)
Moz
PGE’s
(4E)
Project 1 MR 300 6.603 8.38 1.33 55.333 1.779
Project 1 UG2 300 7.464 4.26 1.34 31.797 1.022
Total
Measured
300 14.067 6.19 1.34 87.13 2.801
QP Charles Muller of Minxcon,
See details Press Release and 43-101 reports on www.sedar.com
WBJV: Indicated Resources
PLG: NYSE MKT PTM: TSX 31
Indicated
Mineral
Resource
(4E)
Cut-off
(cm.g/t)
Million
Tonnes
(Mt)
Grade
4E
(g/t)
Mining
Width
(m)
Tonnes
PGE
(4E)
Moz
PGE’s
(4E)
Project 1 &
1A MR
300 11.183 7.25 1.24 81.077 2.607
Project 1 &
1A UG2
300 19.209 4.46 1.39 85.672 2.754
Total
Indicated
300 30.392 5.49 1.34 166.749 5.361
QP Charles Muller of Minxcon,
See details Press Release and 43-101 reports on www.sedar.com
Waterberg Project – Combined Resource
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* The T‐zone is reported as 2PGE +Au and the F‐zone is reported as 3PGE +Au grade
Ken Lomberg, Coffey Mining, Independent Qualified Person. See press release June 12, 2014. 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.
Table 1
Waterberg Project
Inferred Mineral Resource Estimate
11-Jun-14
Strati-
graphic
Tonnage Pt Pd Rh Au
PGE
+Au*
Pt:Pd:Rh:Au
PGE
+Au*
Cu Ni
Thick-
ness (m)
Mt g/t g/t g/t g/t g/t koz % %
T1 (Cut-off 2g/t) 2.44 10.49 1.02 1.52 0.47 3.01 34:50:0:16 1,015 0.17 0.10
T2 3.87 43.57 1.14 1.99 0.82 3.95 29:50:0:21 5,540 0.17 0.09
T Total 3.60 54.06 1.12 1.90 0.75 3.77 30:50:0:20 6,555 0.17 0.10
F (Cut-off=2g/t) 2.75 to 60 232.82 0.90 1.93 0.05 0.14 3.01 30:64:2:4 22,529 0.08 0.19
Waterberg Total 286.88 0.94 1.92 0.04 0.25 3.15 30:61:1:8 29,084 0.10 0.18
Pt Pd Rh Au Cu Ni
Content (koz) 8,652 17,741 341 2,350 kt 280 502
2g/t cut off. ID2 method,250mx250m grid drilling, shallowest at 140m ,cut‐off at 1250m
Waterberg Joint Venture – Updated Resource
PLG: NYSE MKT PTM: TSX 33
* The T‐zone is reported as 2PGE +Au and the F‐zone is reported as 3PGE +Au grade
Ken Lomberg, Coffey Mining, Independent Qualified Person. See press release June 12, 2014. 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.
Table 2
Waterberg JOGMEC JV 49.9 PLG/PTM Owned
Inferred Mineral Resource Estimate
11-Jun-14
Strati-
graphic
Tonnage Pt Pd Rh Au
PGE
+Au*
Pt:Pd:Rh:Au
PGE
+Au*
Cu Ni
Thick-
ness (m)
Mt g/t g/t g/t g/t g/t koz % %
T1 (Cut-off 2g/t) 2.44 10.49 1.02 1.52 0.47 3.01 34:50:0:16 1,015 0.17 0.10
T2 3.87 43.57 1.14 1.99 0.82 3.95 29:50:0:21 5,540 0.17 0.09
T Total 3.60 54.06 1.12 1.90 0.75 3.77 30:50:0:20 6,555 0.17 0.10
F (Cut-off=2g/t) 2.75 to 60 164.58 0.88 1.91 0.05 0.13 2.97 30:64:2:4 15,713 0.07 0.18
JOGMEC JV 218.64 0.94 1.91 0.03 0.29 3.17 30:60:1:9 22,268 0.09 0.16
Pt Pd Rh Au Cu Ni
Content (koz) 6,605 13,407 239 2,018 kt 207 346
Waterberg Extension – Initial Resource
PLG: NYSE MKT PTM: TSX 34
Ken Lomberg, Coffey Mining, Independent Qualified Person. See press release June 12, 2014. 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.
Table 3
Waterberg 87% PLG/PTM owned
Inferred Mineral Resource Estimate
11-Jun-14
Strati-
graphic
Tonnage Pt Pd Rh Au
3PGE
+Au
Pt:Pd:Rh:Au
3PGE
+Au
Cu Ni
Thick-
ness (m)
Mt g/t g/t g/t g/t g/t koz % %
F (Cut-off=2g/t) 2.75 to 60 68.04 0.93 1.98 0.05 0.15 3.11 30:64:2:4 6,802 0.11 0.23
Pt Pd Rh Au Cu Ni
Content (koz) 2,043 4,325 102 331 kt 73 156
Platinum Group - Corporate Presentation - Sprott Symposium

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Platinum Group - Corporate Presentation - Sprott Symposium

  • 2. Disclosure This presentation has been prepared by Platinum Group Metals Ltd. (“Platinum Group” or the “Company”). Information included in this presentation regarding the Company’s mineral properties has been compiled by R. Michael Jones, P.Eng, the President and Chief Executive Officer of the Company, and a non- independent Qualified Person for purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”), based on the independent technical reports, and Other Information filed by the Company with the Canadian securities regulators and the U.S. Securities and Exchange Commission (“SEC”). The authors of the technical reports have reviewed and consented to the use of the material from their reports in the Disclosure Record.. For more detailed information regarding the Company and its mineral properties, you should refer to the Company’s independent technical reports and other filings with the Canadian securities regulators and the SEC, which are available at www.sedar.com and www.sec.gov, respectively. Scientific or Technical information contained herein is derived from the Company’s technical reports, including the “Updated Technical Report (Updated Feasibility Study Western Bushveld Joint Venture Project 1 (Elandsfontein and Frischgewaagd)” dated November 20, 2009 with an effective date of October 8, 2009 (the “2009 UFS”) prepared by Gordon I. Cunningham, Charles J. Muller, Timothy V. Spindler and Byron Stewart, which include more detailed information with respect to the Company’s properties, including the dates of such reports and the estimates included therein, details of quality and grade of each resource, details of the key assumptions, methods and parameters used in the resource estimates and the 2009 UFS and a general discussion of the extent to which the resource estimates and the other estimates and projections included in the reports may be materially affected by any known environmental, permitting, legal, taxation, socio-political, marketing, or other relevant issues. Scientific or technical information contained herein related to the Waterberg Project is derived from the Company’s technical reports including the “Revised and Updated Mineral Resource Estimate for the Waterberg Platinum Project” dated September 3, 2011 prepared by Ken Lomberg which includes more detailed information and the Waterberg Preliminary Economic Assessment filed March 13,2014 by Dr. M. Roberts, Worley Parsons RSA CAUTIONARY NOTE TO UNITED STATES INVESTORS As a Canadian issuer that is eligible to use the U.S./Canada Multijurisdictional Disclosure System (MJDS), the Company is permitted to prepare a prospectus and this presentation in accordance with Canadian securities laws, which differ in certain respects from U.S. securities laws. In particular, this presentation uses the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”. While these terms are recognized and required by Canadian securities laws, they are not recognized by the SEC. In addition, “reserves” reported by the Company under Canadian standards may not qualify as reserves under SEC standards. U.S. investors are cautioned not to assume that any part of a “measured mineral resource” or an “indicated mineral resource” will ever be converted into a “reserve.” Under U.S. standards, mineralization may not be classified as a “reserve” unless the mineralization can be economically and legally produced or extracted at the time the reserve determination is made. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. U.S. investors are urged to read the statement in the filed prospectus under the heading “Cautionary Note to United States Investors” for further information. Historical results or feasibility models presented herein are not guarantees or expectations of future performance. Information included in this presentation, the Company’s independent technical reports and the Company’s other public statements related to its mineral properties has been prepared in accordance with securities laws in effect in Canada, which differ from U.S. securities laws. The SEC permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. The Company uses certain terms in this presentation, such as “resources,” that the SEC’s guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. You are urged to consider closely the disclosure in our Form 40-F annual report, which may be secured from us, or from the SEC’s website at www.sec.gov. This presentation also contains information about adjacent properties on which the Company has no right to explore or mine. The Company advises you that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Companies properties This presentation is not an offer to sell, or a solicitation to buy, any securities in any jurisdiction. The Toronto Stock Exchange and the NYSE.MKT LLC have not reviewed and do not accept responsibility for the accuracy or adequacy of this presentation, which has been prepared by the Company. PLG: NYSE MKT PTM: TSX 1
  • 3. Forward Looking Statements Certain of the statements made herein, including statements regarding the timing of future activities and achievements by the Company, future anticipated exploration and development programs of the Company’s WBJV and Waterberg projects, business plans, funding models for the WBJV Project 1 platinum mine, statements regarding the project finance loan and other financing, potential required equity contributions and cost overrun accounts, potential mining scenarios and timing of production at the WBJV Project 1 platinum mine, the possibility of qualified empowerment partners investing in the WBJV Project 1 Platinum Mine and the outcome of further developments with regard to Wesizwe, business trends and future operating factors, price estimates and anticipated platinum supply and deficits are forward-looking and subject to important risk factors and uncertainties, many of which are beyond the Company’s ability to control or predict. In addition, resource estimates and feasibility study results constitute forward-looking statements to the extent that they represent, respectively, estimates of mineralization that may be encountered upon additional exploration and estimates of the capital and operating expenses, metals and currency prices and other operating conditions that may be encountered in the future. Forward-Looking Statements are subject to a number of risks and uncertainties that may cause the actual events or results to differ materially from those discussed in the Forward-Looking Statements, and even if events or results discussed in the Forward-Looking Statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: additional financing requirements; the Company’s history of losses and ability to continue as a going concern; the fact that most of the Company’s properties contain no known mineral reserves; delays in, or inability to achieve, planned commercial production at the Company’s properties; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs, between actual and estimated metallurgical recoveries and between estimated and actual production; fluctuations in the relative values of the Canadian dollar as compared to the South African Rand and the United States dollar; metal price volatility; a default under the proposed project loan facility, if consummated, including as a result of delays in the start-up of the WBJV Project 1 platinum mine; the ability of the Company to retain its key management employees or procure the services of skilled and experienced personnel; conflicts of interest among the Company’s directors and executive officers as a result of their involvement with other mineral resource companies; any disputes or disagreements with the Company’s joint venture partners or any failure of the Company or such joint venture partners to fund their obligations under applicable joint venture agreements; exploration, development and mining risks and the inherently dangerous nature of the mining industry, including environmental hazards, industrial accidents, unusual or unexpected formations, safety stoppages (whether voluntary or regulatory), pressures, mine collapses, cave ins or flooding and the risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and uncertainties; property and mineral title risks, including defective title to mineral claims or property; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, South Africa or other countries in which the Company does or may carry out business in the future; equipment shortages and the ability of the Company to acquire the necessary access rights and infrastructure for its mineral properties; environmental regulations and the ability of the Company to obtain and maintain necessary permits, including environmental authorizations; competition in the mineral exploration industry; and risks of doing business in South Africa, including but not limited to, labour, economic and political instability as well as the factors described or referred to in the section entitled “Risk Factors” in the Company’s Annual Information Form for the year ended August 31, which is available on SEDAR at www.sedar.com , and is included as part of the Company’s Form 40-F annual report filed with the SEC at www.sec.gov and in the Company’s prospectus dated December 21, 2012. You are advised to review these risk factors, and not to place undue reliance on Forward-Looking Statements. The Company undertakes no obligation to update publicly or release any revisions to Forward-Looking Statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events except as required by law. PLG: NYSE MKT PTM: TSX 2
  • 4. Investment Highlights PLG: NYSE MKT PTM: TSX 3 • Platinum Group Metals Ltd. is in construction on the WBJV Project 1 Platinum Mine. • Large scale, high grade, shallow development. • Steady state production projected at 275K ounces 4E/year with a 20+ year mine life. • Approximately $300M invested to date with first production scheduled for 2015. Advanced Mine Construction • Waterberg - a thick mechanized discovery, growing, open and near surface. • Updated resource stands at 29 million ounces 4E inferred on a combined basis. (June 2014) • Preliminary Economic Assessment (PEA) on Waterberg JV showing robust economics. (February 2014) • Drilling with 24 rigs continues to upgrade and expand the deposit. Strategic Discovery • $355M in equity raised during 2013 to fund project development and exploration. • Major shareholders include Blackrock, Liberty Mutual and Franklin Templeton. • A mandate for a USD $195M senior loan facility announced on November 11th, 2013. • Mandated banks include Barclays, ABSA, Caterpillar Financial and Societe Generale. Financial Strength
  • 5. Share Structure and Capital Markets PLG: NYSE MKT PTM: TSX 4 Index Membership: Russell Global, S&P/TSX Global Mining, S&P/TSX Small Cap. MAJOR SHAREHOLDERS Blackrock Inc. Liberty Metals and Mining Genesis Investment Management Franklin Resources JP Morgan Asset Management T. Rowe Price Fidelity International RESEARCH COVERAGE BMO Capital Markets Goldman Sachs RBC Capital Markets GMP Securities Raymond James CIBC World Markets Cormark Securities  Share Structure July 2014 Stock Symbols: PTM: TSX; PLG:NYSE MKT Market Capitalization: C$ 700M Share Price: C$ 1.30 52 Week High/Low: $1.70/$0.74 Shares Outstanding: 551,287,842  Options: 19,827,500 Fully Diluted: 571,115,342  Cash: C$ 141M - 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 120,000,000 140,000,000 160,000,000 180,000,000 200,000,000 Platinum Group Metals Ltd. Detour Gold Corporation Platinum Group Metals Ltd. Allied Nevada Gold Corp. Guyana Goldfields Inc. Paladin Energy Ltd. Kirkland Lake Gold Inc. Banro Corporation Polymet Mining Corp. MBAC Fertilizer Corp 2013 TSX MINING FINANCINGS EX-BARRICK ONE YEAR STOCK CHART (PTM:TSX)
  • 6. Platinum Market – Paradigm Shift PLG: NYSE MKT PTM: TSX 5 • Recent strike a catalyst for restructuring of South African PGM mining industry. • Historic overproduction has created above ground stockpiles ‐ muted price response to strikes. • Stockpiles include price sensitive ETFs. • Estimated production loss related to  strike: 1.4M ozs of Pt and 700K ozs Pd. *  • South Africa could drop to 3M to 3.5M ozs per annum platinum production post strike. • Stockpile depletion and closure of high  cost production to right size industry.  * J.P. Morgan – Platinum Weekly – July 15, 2014                                                                         Charts: GFMS, Thomson Reuters
  • 7. Bushveld Complex – South Africa PLG: NYSE MKT PTM: TSX 6 100 km N
  • 8. Platinum Cost Curve: Targeting the Lowest Quartile PLG: NYSE MKT PTM: TSX 7 Source: JP Morgan and Platinum Group Metals Ltd. - April 2014. Major African PGM Mines: Cash Cost + Maintenance Capital WBJV is adjacent to the operating BRPM mine: shallow, high grade Merensky reef Waterberg has similar traits to Anglo Platinum Mogalakwena and Impala Zimplats: large scale, thick, near surface, with a mechanized approach
  • 10. 2 Kms Wesizwe Bakubung Mine RBP/Anglo Platinum Styldrift Expansion Impala Platinum #20 Shaft RBP/Anglo Platinum BRPM Mine N WBJV Project 1 – Shallow and High Grade PLG: NYSE MKT PTM: TSX 9 Highlights • A mining license was granted in 2012. • Platinum Group holds an 83% interest in the WBJV Project 1 Platinum Mine. • Anglo Platinum has exercised a first right of refusal for a life of mine concentrate off-take. • Construction started in 2011 with approximately $300M invested to date. Highlights Platinum Group Metals WBJV Project 1
  • 11. WBJV Project 1: Surface Layout PLG: NYSE MKT PTM: TSX 10 WBJV Project 1: Surface Construction – June 2014
  • 12. WBJV Project 1: Key Developments PLG: NYSE MKT PTM: TSX 11 Tailings Facility  Current workforce: Over 1600 people on site with 23% from local communities. North Mine: Over 2,300m of access development completed. Initial raises in development with ore stockpile commenced. South Mine: Decline development advanced approximately 500m. Processing: Foundations completed. Major mill components delivered including mill shell. Steel erection in progress and on time. Power: 10MVA installation complete with additional 10MVA project commenced. Full 40MVA scheduled for steady state. Mill Construction  Ore Silo   Eskom Substation 
  • 13. Resources (2.8M Measured/5.4M Indicated) 8.2M ounces 4E Measured and Indicated Reserves (1.8M Proven. 2.9M Probable) 4.7M ounces 4E Proven and Probable Projected Steady State Production 275K ounces/year 4E Metal Split 64% Pt, 27% Pd, 5% Rh, 4% Au Mine Life 20+ years Projected Operating Cost (8R/$) 1 $655 USD/4E oz (R650/tonne milled) Projected Peak Funding (8R/$) 1 $506M USD • See 2009 UFS, www.sedar.com, including Risk Factors, Metal Prices and Differences in Reporting under SEC Guidelines • Resources may never become reserves, figures may change during project implementation in progress. • Figures based on 100% Project • US$ Metal Price Assumptions: Pt: $1,343, Pd: $322, Rh: $4,951, Au: $807 (2009 UFS) • See Appendix for tonnes and grade associated with reserves and resources and associated Qualified Persons • (1) Updated Guidance, April 16, 2012 – pending project finance completion and updated project Financial Model – See Press Release Nov. 11, 2013 Shallow, high grade, in the main platinum mining and smelting area, adjoining mines in production and construction. WBJV Project 1 – Quick Facts PLG: NYSE MKT PTM: TSX 12
  • 15. Waterberg Projects, North Limb PLG: NYSE MKT PTM: TSX 14 • Large system with multiple thick layers, near surface with mechanized potential. • Waterberg JV Project: A joint venture with JOGMEC (37%) and PTM (49.90%). • Waterberg Extension: 87% owned by Platinum Group. • Preliminary Economic Assessment (PEA) for Waterberg JV completed indicating robust economics. (March 2014) • Updated resource: 29M ounces 4E inferred on a combined basis. (June 2014) A New PGM District
  • 16. Waterberg Project – Combined Resource PLG: NYSE MKT PTM: TSX 15 SEPTEMBER 2012: 6.6M ozs (3E) inferred FEBRUARY 2013: 10.1M ozs (3E) inferred SEPTEMBER 2013: 17.52M ozs (3E) inferred JUNE 2014: 29.08M ozs (4E) inferred Total Resource: 29M ozs 4E Inferred Inferred Mineral Resource, Ken Lomberg, Coffey Mining, Independent Qualified Person. See press release June 12,2014. 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.
  • 17. Waterberg Projects – Resource Update PLG: NYSE MKT PTM: TSX 16
  • 18. Waterberg Projects – Resource Update PLG: NYSE MKT PTM: TSX 17 cm g/t
  • 19. Waterberg – 3D Stratigraphic Section PLG: NYSE MKT PTM: TSX 18
  • 20. Waterberg Projects – Resource Update PLG: NYSE MKT PTM: TSX 19 cm g/t
  • 21. PLG: NYSE MKT PTM: TSX 20 Platinum Palladium Gold 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 oz/annum LOM(1) Ounce Profile Waterberg PEA Key Metrics – Ounce Profile Steady State Production  (655 000 oz) Recovered Ounces Steady State Ounces Total Concentrate 11 409 412 655 000 Platinum 3 381 234 194 000 Palladium 6 901 055 397 000 Gold 1 127 123 64 000 Note: (1) – LOM can be extended, at depth and along strike
  • 22. Waterberg PEA - Unlocking The Potential PLG: NYSE MKT PTM: TSX 21 Step Room & Pillar Sub‐level Open Stoping T zone and F zone 30‐40 degree dip 3‐10m thick Super F zone 30‐40 degree dip >10m thick Block cave (massive) Sub‐level cave (massive) Open pit (massive) Sub‐level open stoping (massive) Cut and fill (massive) Drift and fill (massive) Room and pillar  Trough mining  Reef boring  Long hole stoping  Contour drift and fill Step room and pillar Longitudinal room and pillar 
  • 23. PLG: NYSE MKT PTM: TSX 22 Operating Cost (R/t) 501 Operating Cost ($/3E oz) 555 Operating Cost ($/3E oz) + Ni, Cu Credits 368 Production Cost  ($/3E oz) 626 Production Cost ($/ 3E oz) + Ni, Cu Credits 438 Waterberg PEA Key Metrics – Operating Costs Labour, R 89.91,  25% Explosives, R5.91,  2% Support, R25.61, 7% Stores, R38.54, 11% Diesel, R  47.58, 13%Maintenance, R  59.76, 16% Tyres, R 13.25, 4% Services, R31.81,  9% Power, R49.39, 13% Water, R0.75,  0% Direct Costs (R’m), excl. Processing ‐ R362.51/t Key Operating Costs
  • 24. PLG: NYSE MKT PTM: TSX 23 Peak Funding (R’bn) 8,853  Peak Funding (US$M) 885 Waterberg PEA Key Metrics – Capital Costs % Capex to Full Production Capital Requirements per Summary Work Package Area Capital to Full  Production (R'm) Sustaining  Capital (R'm) Total (R'm) MIning Services 24R                          ‐R                    24R                      Mining Development 2,014R                    3,004R               5,018R                Development Equipment 965R                        45R                     1,010R                Drilling 135R                        22R                     157R                   Engineering Infrastructure 1,221R                    569R                   1,790R                Surface Infrastructure 4,155R                    ‐R                    4,155R                Project Management 305R                        543R                   848R                   Financial Costs 1,418R                    1,057R               2,475R                Contingencies 1,536R                    811R                   2,347R                Total Excluding Escalation 11,774R            6,051R          17,824R        Peak Funding
  • 25. 24 Cash Flow First production  2018 Cumulative cashflow R20.9bn Peak funding R8.8bn Project  construction  starts Jan 2016 Waterberg PEA Key Metrics – Cashflow Undiscounted NPV   (R’m) 20,851  NPV @ 7.5%  (R’m) Pre‐tax NPV @ 7.5%  (R’m) Post‐tax 8,047   5,088  IRR Pre‐tax IRR Post‐tax 16.4% 14.0% Payback 2024 PLG: NYSE MKT PTM: TSX Financial Return PEA assumptions: US$1,586.06/oz platinum, US$701.04/oz palladium, US$1,548.84/oz gold, US$3.58/lb copper, US$8.35/lb nickel and USD/ZAR 10.00
  • 26. 25 Prefeasibility Study Project Construction and Ramp‐up Feasibility Study  2015 Remainder of 2014 Jan 2016‐2020 PEA Deliverables • Proven Business  Case • No fatal‐flaws • Forward work‐ plan Project is moving into Prefeasibility phase with a positive PEA outcome Action Steps • Additional exploration drilling • Geological modelling • Metallurgical test work • EIA / EMP / Permitting • Improve business case • Perform option trade‐offs Deliverables • Single Option selected • Ratified and optimised business‐ case Complete Action Steps • Improve confidence in  engineering • Operational readiness study • Prepare for implementation Deliverables • Full detailed‐design and  costing • Implementation plan Current Phase Project Phases End‐2020 Full‐ production  600ktpm 2018 First production Waterberg PEA - High-level Project Schedule Est. Cost ~R100m PLG: NYSE MKT PTM: TSX File  Mining  Right  Application
  • 27. Conclusions and Plans  Waterberg is one of the top Cu, Ni, PGM deposits in the world.  The discovery is very opportune.  Continue with construction at WBJV Project 1 platinum mine.  Complete WBJV Project 1 overall project finance.  Expand the Waterberg discovery, Expansion target “Waterberg III” is open.  Complete Pre-Feasibility study for Waterberg JV in 2014. PLG: NYSE MKT PTM: TSX 26
  • 28. Appendices WBJV Reserves and Resources Waterberg Resources PLG: NYSE MKT PTM: TSX 27
  • 29. WBJV: Merensky Reserves PLG: NYSE MKT PTM: TSX 28 Tonnes (000) 4E Content 4E t g/t tonne Moz Merensky Proven 6,678 5.61 37.478 1.21 Merensky Probable 11,333 5.44 61.677 1.98 Total Merensky Mineral Reserves 18,011 5.51 99.155 3.19 QP Charles Muller of Minxcon Resources, See details Press Release and 43-101 reports on www.sedar.com. Includes mining dilution and flow of ore factors, QPs Tim Spindler and Gordon Cunningham Mining Factors and Updated Feasibility Study October 2009
  • 30. WBJV: UG2 Reserves PLG: NYSE MKT PTM: TSX 29 Tonnes (000) 4E Content 4E t g/t tonne Moz UG2 Proven 5,086 3.37 17.126 0.55 UG2 Probable 8,449 3.41 28.831 0.93 Total UG2 Mineral Reserves 13,535 3.40 45.957 1.48 QP Charles Muller of Minxcon Resources, See details Press Release and 43-101 reports on www.sedar.com, Tim Spindler and Gordon Cunningham Mining Factors and Updated Feasibility Study Report October 2009
  • 31. WBJV: Measured Resources PLG: NYSE MKT PTM: TSX 30 Measured Mineral Resource (4E) Cut-off (cm.g/t) Million Tonnes (Mt) Grade 4E (g/t) Mining Width (m) Tonnes PGE (4E) Moz PGE’s (4E) Project 1 MR 300 6.603 8.38 1.33 55.333 1.779 Project 1 UG2 300 7.464 4.26 1.34 31.797 1.022 Total Measured 300 14.067 6.19 1.34 87.13 2.801 QP Charles Muller of Minxcon, See details Press Release and 43-101 reports on www.sedar.com
  • 32. WBJV: Indicated Resources PLG: NYSE MKT PTM: TSX 31 Indicated Mineral Resource (4E) Cut-off (cm.g/t) Million Tonnes (Mt) Grade 4E (g/t) Mining Width (m) Tonnes PGE (4E) Moz PGE’s (4E) Project 1 & 1A MR 300 11.183 7.25 1.24 81.077 2.607 Project 1 & 1A UG2 300 19.209 4.46 1.39 85.672 2.754 Total Indicated 300 30.392 5.49 1.34 166.749 5.361 QP Charles Muller of Minxcon, See details Press Release and 43-101 reports on www.sedar.com
  • 33. Waterberg Project – Combined Resource PLG: NYSE MKT PTM: TSX 32 * The T‐zone is reported as 2PGE +Au and the F‐zone is reported as 3PGE +Au grade Ken Lomberg, Coffey Mining, Independent Qualified Person. See press release June 12, 2014. 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. Table 1 Waterberg Project Inferred Mineral Resource Estimate 11-Jun-14 Strati- graphic Tonnage Pt Pd Rh Au PGE +Au* Pt:Pd:Rh:Au PGE +Au* Cu Ni Thick- ness (m) Mt g/t g/t g/t g/t g/t koz % % T1 (Cut-off 2g/t) 2.44 10.49 1.02 1.52 0.47 3.01 34:50:0:16 1,015 0.17 0.10 T2 3.87 43.57 1.14 1.99 0.82 3.95 29:50:0:21 5,540 0.17 0.09 T Total 3.60 54.06 1.12 1.90 0.75 3.77 30:50:0:20 6,555 0.17 0.10 F (Cut-off=2g/t) 2.75 to 60 232.82 0.90 1.93 0.05 0.14 3.01 30:64:2:4 22,529 0.08 0.19 Waterberg Total 286.88 0.94 1.92 0.04 0.25 3.15 30:61:1:8 29,084 0.10 0.18 Pt Pd Rh Au Cu Ni Content (koz) 8,652 17,741 341 2,350 kt 280 502 2g/t cut off. ID2 method,250mx250m grid drilling, shallowest at 140m ,cut‐off at 1250m
  • 34. Waterberg Joint Venture – Updated Resource PLG: NYSE MKT PTM: TSX 33 * The T‐zone is reported as 2PGE +Au and the F‐zone is reported as 3PGE +Au grade Ken Lomberg, Coffey Mining, Independent Qualified Person. See press release June 12, 2014. 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. Table 2 Waterberg JOGMEC JV 49.9 PLG/PTM Owned Inferred Mineral Resource Estimate 11-Jun-14 Strati- graphic Tonnage Pt Pd Rh Au PGE +Au* Pt:Pd:Rh:Au PGE +Au* Cu Ni Thick- ness (m) Mt g/t g/t g/t g/t g/t koz % % T1 (Cut-off 2g/t) 2.44 10.49 1.02 1.52 0.47 3.01 34:50:0:16 1,015 0.17 0.10 T2 3.87 43.57 1.14 1.99 0.82 3.95 29:50:0:21 5,540 0.17 0.09 T Total 3.60 54.06 1.12 1.90 0.75 3.77 30:50:0:20 6,555 0.17 0.10 F (Cut-off=2g/t) 2.75 to 60 164.58 0.88 1.91 0.05 0.13 2.97 30:64:2:4 15,713 0.07 0.18 JOGMEC JV 218.64 0.94 1.91 0.03 0.29 3.17 30:60:1:9 22,268 0.09 0.16 Pt Pd Rh Au Cu Ni Content (koz) 6,605 13,407 239 2,018 kt 207 346
  • 35. Waterberg Extension – Initial Resource PLG: NYSE MKT PTM: TSX 34 Ken Lomberg, Coffey Mining, Independent Qualified Person. See press release June 12, 2014. 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. Table 3 Waterberg 87% PLG/PTM owned Inferred Mineral Resource Estimate 11-Jun-14 Strati- graphic Tonnage Pt Pd Rh Au 3PGE +Au Pt:Pd:Rh:Au 3PGE +Au Cu Ni Thick- ness (m) Mt g/t g/t g/t g/t g/t koz % % F (Cut-off=2g/t) 2.75 to 60 68.04 0.93 1.98 0.05 0.15 3.11 30:64:2:4 6,802 0.11 0.23 Pt Pd Rh Au Cu Ni Content (koz) 2,043 4,325 102 331 kt 73 156