What Platinum Group Metals does

Platinum Group Metals Ltd. is a publicly traded mining development company (NYSE American: PLG; TSX: PTM) focused on advancing the Waterberg Project, a bulk underground platinum group metals (PGM) deposit located on the Northern Limb of South Africa's Bushveld Complex. Founded in 2000 and headquartered in Vancouver, Canada, with operating offices in Johannesburg, the company operates through Platinum Group Metals (RSA) (Pty) Ltd. and is the operator of the Waterberg joint venture with a 50.16% effective interest (37.19% direct plus 12.97% indirect through its BEE partner Mnombo Wethu Consultants). As of August 31, 2024, the project holds 246.2 million tonnes of proven and probable reserves grading 2.96 g/t 4E for 23.41 million ounces of contained palladium, platinum, rhodium, and gold, with approximately 63% palladium content in F-Zone reserves and by-product copper and nickel. JV partners include Implats (14.625%), JOGMEC (12.195% indirect via HJM), and Hanwa (9.755% indirect via HJM), with HCI as a 26% beneficial shareholder.

The company has two core assets. The first is the Waterberg Project, designed as a fully mechanized, shallow, bulk underground mine using long-hole stoping with paste backfill, with F-Central deposit true mining widths up to 107 metres (approximately 87% of production planned from widths greater than 15 metres) enabling low-cost production at scale; project economics are validated by the Independent DFS Update with effective date August 31, 2024. The second is Lion Battery Technologies Inc., a wholly-owned partnership with Valterra Platinum developing next-generation lithium-sulfur battery chemistry using platinum and palladium electrocatalysts. Lion Battery holds exclusive rights to all intellectual property developed by Florida International University, including U.S. Patent No. 11,462,743 B2 covering palladium interlayers that stabilize lithium metal anodes, with research published in Energy & Environmental Materials (Volume 8, Issue 2, March 2025).

Platinum Group Metals is pre-revenue and generates no operating income from metal sales; the company funds project advancement through at-the-market (ATM) equity programs and private placements. It completed a US$50 million ATM program in January 2026 (22,726,804 shares at $2.20 average) and launched a new US$60 million ATM program effective March 10, 2026, valid through December 13, 2026. The company reported a net loss of US$3.84 million for the six months ended February 28, 2026, and as of December 22, 2025 had 121,555,592 common shares outstanding (125,414,462 fully diluted). A C$250 million base shelf prospectus filed November 13, 2024 provides additional flexibility to issue equity, debt, warrants, or subscription receipts. Future offtake rights are concentrated with JV partners Implats (right of first refusal on concentrate) and Hanwa (right to all metal marketing).

Name

Platinum Group Metals

Legal name

Platinum Group Metals Ltd.

Website

https://platinumgroupmetals.net

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

11–50 employees

Short description

Platinum Group Metals is a pre-revenue mining developer advancing the Waterberg PGM project on South Africa's Bushveld Complex, holding a 50.16% effective JV interest in 23.41 million ounces of 4E reserves while researching lithium-sulfur battery applications through Lion Battery Technologies.

Ownership category

akta.pro rank

Product category

Precious Metals Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Metal Mining (1000), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Platinum Group Metals (PGM) Mining (IMAKAEAC)

akta.pro secondary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

Keywords

• Platinum group metals
• Palladium mining development
• Underground PGM mining
• Precious metals production
• Lithium sulfur battery research

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Project Development (Pre-Revenue): Platinum Group Metals is a pre-revenue development stage company. The company is advancing the Waterberg Project toward commercial production. No revenue from operations is currently generated. The company funds operations through equity raises and ATM programs.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Platinum Group Metals Ltd. is developing the Waterberg Project, a large bulk-underground palladium, platinum, rhodium and gold (4E) deposit on the Northern Limb of the Bushveld Complex in South Africa, with planned by-product copper and nickel production. Through its Lion Battery Technologies initiative, the company is also developing next-generation lithium-sulfur battery technology using platinum and palladium in partnership with Valterra Platinum and Florida International University.

Product overview

Platinum Group Metals Ltd. is a mining development company with two core assets: the Waterberg Project, a large-scale platinum group metals (PGM) deposit in South Africa's Bushveld Complex being developed as a bulk underground mine for palladium, platinum, rhodium, gold, copper and nickel production; and Lion Battery Technologies, a strategic initiative focused on developing platinum and palladium applications in next-generation lithium-sulfur battery technology in partnership with Valterra Platinum and Florida International University. The company operates as the operator of the Waterberg joint venture and does not currently have producing operations.

Differentiator

Problem solved

Functional benefit

Brands

• Lion Battery Technologies: Partnership between Platinum Group Metals and Valterra Platinum to accelerate development of next-generation battery technology using platinum and palladium in lithium battery applications, including research with Florida International University.

Products and services

• Waterberg Project A bulk underground palladium, platinum, rhodium and gold (4E PGM) deposit located on the Northern Limb of the Bushveld Complex in South Africa, planned as a fully mechanized, shallow, decline-access mine producing by-product copper and nickel. Projected to be one of the largest and lowest-cost underground PGM mines globally, with 246.2 million tonnes at 2.96 g/t 4E for 23.41 million ounces of proven and probable reserves (100% basis), targeting industrial and automotive PGM consumers.
• Lion Battery Technologies A partnership between Platinum Group Metals Ltd. and Valterra Platinum to accelerate the development of next-generation battery technology using platinum and palladium, specifically targeting lithium-sulfur battery chemistry with the goal of unlocking higher energy density and cycle life compared to conventional lithium-ion batteries. Developed in collaboration with Florida International University and protected by granted U.S. patents including No. 11,462,743 B2 covering palladium battery interlayers.

Quantifiable outcome

• 23.41 million ounces 4E proven and probable reserves at Waterberg Project (100% basis)
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• BMO Nesbitt Burns Inc.minorChannel Partner/ Reseller/ Distributor · 10 March 2026Canadian agent for at-the-market equity distribution agreement. Part of BMO Financial Group providing distribution services for common share sales on TSX up to US$60 million program ceiling.
• Beacon Securities LimitedminorChannel Partner/ Reseller/ Distributor · 10 March 2026Canadian securities dealer acting as agent for at-the-market equity distribution. Provides distribution services for common share sales on Toronto Stock Exchange as part of US$60 million ATM program.
• BMO Capital Markets Corp.minorChannel Partner/ Reseller/ Distributor · 10 March 2026U.S. agent for at-the-market equity distribution agreement. Distributes common shares on NYSE American up to US$60 million program. Previously completed US$50 million 2025 ATM program fully utilized by January 2026.
• Impala Platinum Holdings Ltd. (Implats)coreStrategic or Co-development Partner · 28 February 2026Implats is a 14.625% joint venture partner in Waterberg Project. Purchased 15% interest in October 2017 for USD$30M and acquired right of first refusal for concentrate offtake. Since early 2024, Implats has not funded cash calls due to group-wide capital expenditure restrictions, resulting in dilution of their stake. Platinum Group has funded Implats' shortfall.
• Mnombo Wethu Consultants (Pty) Ltd.coreStrategic or Co-development Partner · 1 January 2021Black Economic Empowerment (BEE) partner holding 26% of Waterberg JV. Platinum Group holds 49.90% ownership in Mnombo, resulting in effective 12.97% indirect interest. Combined with direct 37.19% stake, Platinum Group's effective interest is 50.16%.
• Valterra Platinum LimitedcoreStrategic or Co-development Partner · 1 January 2019Lion Battery Technologies Inc. was founded by Platinum Group Metals in partnership with Valterra Platinum to support the use of platinum and palladium in lithium battery applications. Previously Anglo American Platinum Limited, Valterra is assessing commercialization of battery technology developed through the Lion partnership.
• Florida International University (FIU)coreStrategic or Co-development Partner · 1 January 2019Lion Battery has exclusive rights to all intellectual property developed by FIU researchers on platinum and palladium applications in lithium-sulfur batteries. FIU research has produced multiple patents including U.S. Patent No. 11,462,743 B2 on battery interlayers. Research published in Energy & Environmental Materials journal (Volume 8, Issue 2, March 2025).
• Hanwa Co. Ltd.coreStrategic or Co-development Partner · 1 October 2017Japanese trading company holding 9.755% indirect interest through HJ Platinum Metals Company Ltd. Retains right to all metal marketing from Waterberg Project. Co-invests with JOGMEC in HJM (25% funding share) holding 21.95% combined JV interest.
• Japan Oil, Gas and Metals National Corporation (JOGMEC)coreStrategic or Co-development Partner · 1 November 2011JOGMEC funded initial exploration at Waterberg from 2011. Currently holds 12.195% indirect interest through HJ Platinum Metals Company Ltd. (HJM). JOGMEC funds 75% of future equity investments into HJM. Hanwa Co. funds remaining 25%. HJM holds 21.95% JV interest.

Scale indicators8 records

Recent moves13 records

Expansion highlights6 records

Direct peers

• Impala Platinum Holdings (Implats): Major PGM producer on the Bushveld Complex and a 14.625% JV partner in Waterberg with right of first refusal on concentrate offtake. Closely comparable operationally and geographically, and the most direct PGM peer given the joint venture relationship.
• Northam Platinum Holdings: South African PGM miner with operations on the Bushveld Complex (Zondereinde, Booysendal). Directly comparable as a primary PGM producer in the same geological setting as Waterberg.
• Eastern Platinum (Eastplats): Junior-to-mid PGM developer/producer on the Bushveld Complex (Crocodile River Mine, Spitzkoppg). Directly comparable as a smaller-scale PGM operator with development-stage assets in the same geological setting.
• Tharisa plc: South African PGM and chrome co-producer operating the mechanized Tharisa Mine on the Bushveld Complex. Highly comparable as a bulk-mechanized PGM producer targeting low-cost operations similar to Waterberg's planned approach.
• Royal Bafokeng Platinum: Pure-play PGM producer on the Bushveld's Western Limb with BEE shareholding structure similar to Waterberg's Mnombo structure. Comparable as a mid-tier PGM miner with similar community-empowerment dynamics.
• Nickel Creek Platinum: Development-stage PGM (and nickel/copper) company advancing the Nickel Shäw project in Yukon. Comparable as a publicly listed, pre-revenue PGM-focused developer with the same CEO (Stuart Harshaw) on its board.

Broad incumbents

• Sibanye-Stillwater: World's largest primary PGM producer with operations in South Africa (Bushveld) and the U.S. (Stillwater). Directly comparable as a major PGM miner developing and operating Bushveld Complex assets, including bulk mechanized operations similar in concept to Waterberg.
• Anglo American Platinum (Valterra Platinum): Largest PGM producer globally (until recent demerger/spin). Direct peer in the South African PGM space; also a partner through Lion Battery Technologies for platinum/palladium applications in next-generation batteries.

Emerging players

• Generation Mining: Canadian-listed developer of the Marathon PGM-copper project in Ontario. Comparable as a PGM-focused junior advancing a project toward construction in a Western-aligned jurisdiction.
• Stillwater Critical Minerals (formerly Grid Metals): Canadian-listed junior exploring/platinum, palladium, copper and nickel projects. Comparable as a small-cap PGM explorer/developer, though at a much earlier stage than Waterberg.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/PTM_Ltd
• LinkedInlinkedin.com/company/platinum-group-metals-rsa-pty-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Platinum Group Metals