Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) (“Platinum Group”, “PTM” or the “Company”) reports that the Company and Japan Oil, Gas and Metals National Corporation (“JOGMEC”) have signed a formal Memorandum of Understanding (“MOU”) acknowledging a consensus to accelerate financing opportunities for the Waterberg Project. Hanwa Co., Ltd. (“Hanwa”) was a witness to the MOU.

During a meeting held on the sidelines of the African Mining Indaba in Cape Town on May 10, 2022, representatives of JOGMEC and Platinum Group discussed finance and development plans for the Waterberg Project. Following the meeting, both parties signed the MOU acknowledging their discussion. Furthermore, JOGMEC expressed its intention to maintain JOGMEC’s interests in the Waterberg Project and to support funding contributions for project development to the extent possible.

Platinum Group President and CEO Frank Hallam stated, “We are honored and encouraged by the declaration of support from our Japanese partners. The current geopolitical situation has reinforced the importance of establishing a secure and ethically sourced supply of platinum and palladium for Japanese and global industry. We look forward to working closely with JOGMEC and Hanwa over the coming months to secure and finalize a funding package for the Waterberg Project.”