Capital Markets and Shareholder Backing...compiled by R. Michael Jones, P.Eng, the President and Chief Executive Officer of the Company, and a non-independent Qualified Person for

Corporate Presentation

September 2017

Platinum

Palladium

PLG: NYSE MKT

PTM: TSX

0

NEW IMAGE REQUIRED

Corporate Presentation

September 21, 2017

Drilling at Waterberg PGM Discovery

Disclosure

TECHNICAL AND SCIENTIFIC INFORMATION

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 independent technical reports, and other information filed by the Company with the Canadian securities regulators and the U.S. Securities and Exchange

Commission (“SEC”).

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 and technical information contained herein is derived from the Company’s technical reports. Technical information

related to the Maseve Mine (WBJV Project 1 Platinum Mine) can be found in the August 28, 2015 technical report titled “An Independent Technical Report on the Maseve Project (WBJV Project Areas 1 and

1A) located on the Western Limb of the Bushveld Igneous Complex, South Africa and filed on www.sedar.com and www.sec.gov. Scientific or technical information contained herein related to the Waterberg

Project can be found in the October 19, 2016 technical report titled “Independent Technical Report on the Waterberg Project Including Mineral Resource Update and Pre-Feasibility Study” and filed on

www.sedar.com and www.sec.gov. Reference is made to such reports for more detailed information with respect to the Company’s properties, including details of quality and grade of each mineral reserve and

mineral resource estimate, details of the key assumptions, methods and parameters used in the mineral reserve and mineral resource estimates and a general discussion of the extent to which the mineral

reserve and mineral 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.

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 its public disclosures 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 “mineral resource”, “measured mineral resource”, “indicated mineral

resource” or an “inferred 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 extracted or produced 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. 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. public companies from including in their

filings with the SEC. Accordingly, information contained or referenced in this presentation containing descriptions of the Company’s mineral deposits may not be compatible to similar information made public by

U.S. companies subject to the reporting and disclosure requirements of U.S. federal securities laws, rules and regulations.

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 Company’s 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 1PLG: NYSE MKT | PTM: TSX

http://www.sedar.com/

http://www.sec.gov/


http://www.sec.gov/

Forward Looking Statements

This presentation contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of U.S. securities laws

(collectively “forward-looking statements”). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and

similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking

statements in this presentation include, without limitation, statements regarding the Maseve Sale Transaction including the potential to enter into definitive agreements, satisfy

conditions precedent and consummate the Maseve Sale Transaction as described herein; the anticipated terms and benefits of the Maseve Sale Transaction; the Company’s

intended use of proceeds derived from the Maseve Sale Transaction and its plans following the Maseve Sale Transaction and Company’s expected additional working capital

requirement to provide for its share of Maseve Mine costs; RBPlat assuming management of the Maseve Mine and the mine being placed on care and maintenance; potential

settlement or restructure of the Company’s secured debts; potential sales of assets, debt or equity; the Company’s ability to obtain further funding; corporate and asset level strategic

alternatives; the potential economics of the Waterberg Project, if developed; the Company’s key objectives; and the Company’s plans and estimates regarding exploration, studies,

development, construction, production, cash flows and other activities and developments. Statements of mineral resources and mineral reserves also constitute forward-looking

statements to the extent they represent estimates of mineralization that will be encountered on a property and/or estimates regarding future costs, revenues and other matters.

Although the Company believes the forward-looking statements in this presentation are reasonable, it can give no assurance that the expectations and assumptions in such

statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance and

that actual results may differ materially from those in forward-looking statements as a result of various factors, including risks related to indebtedness; risks related to the non-binding

nature of the Term Sheet and the uncertainty as to whether the parties can successfully negotiate a definitive agreement in respect of the Maseve Sale Transaction; the risks that the

terms of the Maseve Sale Transaction will change, that the transaction will not close or that the anticipated benefits thereof will not be realized; the Company’s capital requirements

may exceed its current expectations; the uncertainty of cost, operational and economic projections; the ability of the Company to negotiate and complete future funding transactions

and settlement or restructure of debt; variations in market conditions; the nature, quality and quantity of any mineral deposits that may be located; metal prices; other prices and

costs; currency exchange rates; the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities and to effect the Maseve Sale

Transaction; the Company’s ability to produce minerals from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business

strategies; risks related to contractor performance and labor disruptions; and other risk factors described in the Company’s Form 40-F annual report, annual information form and

other filings with the Securities and Exchange Commission and Canadian securities regulators, which may be viewed at www.sec.gov and www.sedar.com, respectively. Proposed

changes in the mineral law in South Africa if implemented as proposed would have a material adverse effect on the Company business and potential interest in projects. 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.

22PLG: NYSE MKT | PTM: TSXPLG: NYSE MKT | PTM: TSX

Overview of Platinum Group Metals Ltd.

3

▪ Large scale PGM reserves in South Africa – palladium and platinum.

▪ Waterberg Project: 2016 pre-feasibility study confirms Waterberg has the potential to be a large, low

cash cost per ounce PGM mine – primary palladium.

▪ Palladium market in fundamental deficit with strong demand and limited mine supply growth.

▪ Maseve Mine Divestiture: Announced September 6th 2017.

▪ Sale of Maseve to Royal Bafokeng Platinum Ltd. (RBP:JSE) for $74M in cash and stock.

▪ Maseve divestiture based on challenging ramp-up, capital constraints and decision to focus on

thick, mechanized development on the North Limb.

▪ Completion of Maseve sale will reduce debt and cash drain - position PTM with one of the best

development assets in the industry.

▪ Strategic process for external investment and offtake for Waterberg ongoing.

▪ Waterberg advancing to definitive feasibility and mining right application in 2017/2018.

PLG: NYSE MKT | PTM: TSX

PGM Exploration and Development Company Focused on Low-Cost Bulk Mechanized Mining


Bushveld Complex – South Africa


Share Structure and Capital Markets

Stock Symbol: PLG: NYSE MKT; PTM: TSX

Share Price: USD $0.40

52-Week High / Low: USD $2.97 / $0.37

Issued and Outstanding: 148,469,377

Options: 4,090,075

Fully Diluted: 152,559,452

Market Capitalization: USD $60M

5PLG: NYSE MKT | PTM: TSX

Analyst Coverage: BMO Capital Markets

Debt: $89 M USD (Sprott Lending and Liberty Metals Credit Facilities)

$20M USD Convertible Note



Waterberg PGM Project – Waterberg Basket Price

Waterberg is Palladium Dominant – Value Challenging Traditional Merensky Platinum Basket

Palladium Price

Palladium outperforms; strongest recovery since January 2016

Source: SFA (Oxford)

PLG: NYSE MKT | PTM: TSX 7

Palladium Demand SummaryEnd use growth leading other PGMs since 2009

Source: SFA (Oxford)

5

6

7

8

9

10

11

2000 2002 2004 2006 2008 2010 2012 2014 2016

Palladium demand moz

Palladium Platinum + rhodium

> 10 moz

Palladium outperformance


0

250

500

750

1,000

1,250

1,500

-200

-150

-100

-50

0

50

100

150

200

250

300

2009 2010 2011 2012 2013 2014 2015 2016

Rh supply-demand balance (koz)

Balance

Stocks (rhs)

0

2

4

6

8

10

12

-1.5

-1.0

-0.5

0.0

0.5

1.0

2009 2010 2011 2012 2013 2014 2015 2016

Pt supply-demand balance (moz)

Balance

Stocks (rhs)

0

5

10

15

20

25

30

-2.0

-1.5

-1.0

-0.5

0.0

0.5

2009 2010 2011 2012 2013 2014 2015 2016

Pd supply-demand balance (moz)

Balance

Stocks (rhs)

Market Fundamentals

Rapid depletion of Pd stocks; Pt and Rh stock draws limited

Source: SFA (Oxford). Note: s-d exclude investment. Stocks include ETFs and stock sales.


Source: SFA (Oxford), LMC Automotive. Note: BEV=battery electric vehicle; EREV= extended range electric vehicle; PHEV= plug in

hybrid electric vehicle; FCEV= fuel cell electric vehicle; FHEV= full hybrid electric vehicle; MHEV= mild hybrid electric vehicle

Electric Vehicle ThreatsPalladium-rich gasoline power (red) will continue to dominate….

Diesel21%

Gasoline76%

Full-hybrid, 69%

Mild-hybrid, 5%

BEV, 13%

EREV, 1%

PHEV, 9%

Fuel cell, 0.03%

Other, 3%

Other, 3%

Global powertrain splits 2015, %

Diesel Gasoline Full-hybrid Mild-hybrid BEV

EREV PHEV Fuel cell Other

…BEV only accounts for only <2m units by 2023 out of >100 m

Diesel19%

Gasoline73%

Full-hybrid, 39%

Mild-hybrid, 11%

BEV, 21%EREV, 1%

PHEV, 26%

Fuel cell, 0.03%

Other, 2%

Other, 8%

Global powertrain splits2023, %


Overview

▪ Sale of the 82.9%

ownership in Maseve Mine,

to RBP for USD $74M in

cash and stock.

▪ Maseve did not achieve

commercial production due

to challenging ramp up.

▪ Additional capital required

to complete ramp-up not

supported by lenders or

shareholders.

▪ Focus on North Limb and

Waterberg development

going forward.

Western Limb, Bushveld Complex


Sale of Maseve Mine to Royal Bafokeng Platinum Ltd.

Maseve Mine Divestiture – September 2017

Maseve Mine Divestiture – September 2017

12

▪ Transaction announced - subject to conditions precedent and approvals – September 6, 2017.

▪ Step 1 on Competition approval – USD $58M advance to PTM – sale of surface rights and plant.

▪ Step 2 on Section 11 DMR approval - USD $12M in shares of Royal Bafokeng Platinum Ltd.

(RBP:JSE) and approximately USD $4M in return of environmental bond.

▪ Proceeds of Step 1 to repay Sprott Lending USD $40M and Liberty Metals USD $18M.

▪ Proceeds of Step 2 to repay Liberty Metals.

▪ Sale will take time to close based on South African Competition Commission approval and Section

11 completion of the DMR.

▪ Remaining debt to Liberty Metals of approximately USD $15M

▪ Termination fee for production payment to Liberty Metals in negotiation.


Transaction Steps and Process


Waterberg PGM Project - Northern Limb – Primary Palladium


* As a result of Platinum Group’s 49.9% ownership interest in Mnombo the Company has an effective interest in the Waterberg JV of 58.62% - see caution on BEE). .

** See October 19, 2016 Technical Report – www.sedar.com and Appendix for tonnes and grade.

Figures based on 100% project basis.

Super Competitive: Large, Thick, Near Surface – 12.32M 4E Ounces Probable Reserves

Probable Reserves stand at 12.32M 4E Ounces

Indicated Resource 24.89M 4E and Inferred 10.82M 4E

ounces.**

Fully Mechanized Mine Plan with Decline access near

surface = LOW COST

Platinum Group 58.62% (45.65% directly + 12.97%

indirectly), JOGMEC 28.35%, and BEE partner Mnombo

Wethu 26%.*

PTM in partnership with Japanese state Company

JOGMEC (Japan Oil, Gas, Metals National Corp.) has

discovered a new district with the potential for low-cost,

safe, bulk mechanized PGM mining.

The size and scale of the Waterberg Project represents a

significant alternative to narrow width, conventional, deep

Merensky and UG2 mining on the Western Limb.




Waterberg PGM Project – Ownership Structure JOGMEC has completed USD $ 20M in funding


Waterberg PGM ProjectProbable Reserve: 12.32M ounces (4E) – 102.7M tonnes grading 3.73 g/t 4E

All figures based on 100% project basisSee appendix details


Waterberg PGM ProjectIndicated Resource: 24.886M ounces (4E) – 218M tonnes grading 3.55 g/t 4E

All figures based on 100% project basisSee appendix for details


Waterberg PGM ProjectInferred Resource: 10.80M ounces (4E) – 97.212M tonnes grading 3.46 g/t 4E

All figures based on 100% project basisSee appendix for details

Waterberg PGM Project - A Unique Metal Balance


Palladium Dominant With A Strong Gold Credit


Waterberg PGM Project - Base Metal Content Projected Concentrate Amenable to Existing South African Smelters – Similar To Merensky Reef

Source: Company Reports

Waterberg PGM Project – PFS – October 19, 2016 Projected 4E Cash Costs - Before and After Credits and Costs


Item

US$/oz 4E in Concentrate

Life-of-Mine

Average

5-Year Average

2022 - 2026

10-Year Average

2022 - 2031

Mine Site Cash Cost 389 390 374

Nickel Credits

Copper Credits

98

42

97

40

98

40

Total Mine Cash Costs After Credits 248 253 236

Realisation cost (smelter “cost”, transport) 232 224 231

Total Cash Costs After Credits 481 477 467

*See October 19, 2016 Press Release for details. www.sedar.com



Waterberg PGM Project – Industry Cost Curve

Source: SFA (Oxford). Data for Waterberg is based on Platinum Group projections and is not representative of SFA's view


Waterberg PGM Project – Labour Productivity Waterberg Second Only to Mogalakwena Open Pit


Waterberg PGM Project

Waterberg Mining Complex - Central Super F Declines - Looking NE, Portal



Waterberg PGM Project – PFS – October 19, 2016 Projected Steady State Production – 744,000 Ounces 4E




Waterberg PGM Project – PFS – October 19, 2016


Projected Annual Cash Flow - Post Tax (ZAR)



Economic Assumptions – Rand 15/USD$ Flat, No Escalation

Parameter Unit3 Year Trailing

Average(July 31, 2016)

Investment BankConsensus Price(Sept. 16, 2016)

PlatinumPalladiumGoldRhodiumT and F Combined Basket (4E)NickelCopper

USD/ozUSD/ozUSD/ozUSD/ozUSD/ozUSD/lbUSD/lb

1,212710

1,2299848996.102.56

1,213800

1,3001,0009607.502.90

PGM PayabilityCopper PayabiltyNickel Payability

% Gross Sales Pay% Gross Sales Pay% Gross Sales Pay

85%73%68%


Rand devaluation assumed to equal excess South African cost escalation

Projected Financial Returns

Item Discount RateZAR

Millions(Before Tax)

ZAR Millions

(After Tax)

USD Millions

(Before Tax)

USD Millions

(After Tax)

Net Present Value Undiscounted4.0%6.0%8.0%

10.0%12.0%14.0%

36,09618,21312,6668,5655,5193,2491,555

25,04211,8837,8084,8052,584939-278

2,4061,214844571368217104

1,66979252032017262-19

Internal Rate of ReturnProject Payback Period (Years) from 2017

16.6%10

13.5%10

16.6%10

13.5%10


*See October 19, 2016 Press Release for details on tonnage and grades. www.sedar.com

Three Year Trailing Average Price Deck 15R/USD


Projected Financial Returns


Item Discount RateBefore Tax

(ZAR M)After Tax(ZAR M)

Before Tax(USD M)

After Tax(USD M)

Net Present Value Undiscounted4.0%6.0%8.0%

10.0%12.0%14.0%

45,78124,18017,42612,4028,6415,8123,676

31,94616,18411,2637,6104,8842,8421,311

3,0521,6121,162827576387245

2,1301,07975050732518987

Internal Rate of ReturnProject Payback Period (Years) from 2017

19.8%9

16.3%9

19.8%9

16.3%9


Investment Bank Consensus Price Deck 15R/USD


Waterberg Project

Thick - amenable to bulk mechanized mining – higher skilled and educated work force.

Unique metal balance versus traditional South African PGM reefs – palladium dominant – strong gold credit.

Shallow - deposit starts 140m from surface.

Near surface T Reef and Super F allowing for potential multi decline ramp access for equipment - lower capital costs compared to vertical shafts.

Size allows for consideration of large scale operations and downstream options.

Desirable low chrome concentrate with base metal content amenable to existing smelters.

Why is Waterberg Different?

PLG: NYSE | MKT PTM: TSX29

Waterberg vs Stillwater


Waterberg Scale and Margin Rivals Stillwater Palladium Production

Source: Company Reports

Stillwater East Boulder Waterberg

2016 2016 PFS

OPERATING v PFS

Ore Milled tonnes/day 1,954 1,755 20,000

Plant Head Grade oz/t 0.49 0.37 0.12

Recoveries 93% 90% 82%

Annual Production 000oz 327 218 744

Current Spot Basket Price US$/oz 976 976 1009

FINANCIAL RESULTS

Total Cash Costs $/PGM oz mined 437 441 481

Gross Margin US$/oz 539 535 528

RESERVES

Tonnes Mt 18.33 27.34 102.7

PGM Ounces 2E v 4E (M) 10.47 10.73 12.3

▪ Existing known deposit extends for

13km and is open along strike

going North and at depth.

▪ Current drilling targeting open, up

dip “Super F” zones and thickening

“T” Zone in the south.

▪ Focus on areas 30m+ in thickness

at depths less than 200m from

surface.

▪ Thick, shallow “Super F” zones will

have important mine plan

implications.

▪ Feasibility Study drilling has begun.

▪ Potential for “Super T” zones in the

southern portion of the ore body.

Waterberg Project : Scale with Growth PotentialExtensive Land Package with Potential 30km+ Strike Length


13 km strike



Waterberg Project : Scale with Growth Potential3D Contour Model – Five Defined Initial Mining Areas – Thick and Shallow

Waterberg Project – Mechanized, Bulk Mining Potential Review of Mechanized Mining Methods

33

Fully Mechanized Mining uses equipment to access and mine the ore

A deposit thickness of 3 to 60 meters allows for a fully mechanized approach

Mechanized equipment allows fewer miners to process greater ore throughput and more effectively mine larger

stopes relative to conventional mining methods

Mechanized Mining Targets


PFS Planned Mining Methods

Sub-Level Open Stoping - Transverse Sub-Level Open Stoping - Longitudinal


Waterberg PGM Project - Development Timeline

34

Prefeasibility Study

Project Construction and Ramp-up

Feasibility Study

2017/2018

2016

PEA

Deliverables

Proven

Business Case

No fatal-flaws

Forward work-

plan

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

File Mining Right

Application

The Waterberg Project has a completed PFS and is moving towards feasibility and permitting.


Completed Pre-Feasibility in 2016 Reinforces Path to Development

2018-2021

Complete

2014


Conclusions

Company controls 7 million ounces of very competitive and palladium and platinum reserves.

The total 100% resources at Waterberg are 35 million ounces 4E and the deposit is still open

The reserves at Waterberg are low cost based on thickness for full mechanized mining

Maseve sale allows for the significant reduction of debt and reduces cash drain.

The Company will focus on key drivers for value at the Waterberg Project.

Industry is in transition with tightening market; Company is a significant player in shift to bulk

mechanized PGM mining in the North Limb.

Palladium outperformance reflects structural deficit and highlights importance of Waterberg as one of

the only large scale, low cost, primary palladium discoveries in the world.


Restructure and Focus on the Best Asset

Waterberg Project - Reserves


Prill Splits - Mineral Reserve Estimate – October 17, 2016

Prill Split Grade

ZonePt Pd Au Rh Cu Ni

% % % % % %

T-Zone 29 49 21 1 0.16 0.08

F-Zone 30 64 5 1 0.07 0.16

Reasonable prospects of economic extraction were determined with the following assumptions: Metal prices used in the reserve estimate are as follows based on a 3-year trailing average (as at July 31/2016) in accordance with U.S. Securities and Exchange Commission ("SEC") guidance for the assessment of resources and reserves; US$1,212/oz Pt, US$710/oz Pd, US$1229/oz Au, US$984/oz Rh, US$6.10/lb Ni, US$2.56/lb Cu, US$/ZAR15. Smelter payability of 85% was estimated for 4E and 73% for Cu and 68% for Ni. The effective date is October 17, 2016. A 2.5 g/t Cut-off was used and checked against a pay-limit calculation. Independent Qualified Person for the Statement of Reserves is Mr. RL Goosen (WorleyParsons RSA (Pty) Ltd Trading as Advisian). The mineral reserves may be materially affected by changes in metals prices, exchange rates, labor costs, electricity supply issues or many other factors. See Risk Factors in 43-101 report on www.sedar.comand the Company’s Annual Information Form. The reserves are estimated under SAMREC with no material difference to the CIM 2014 definitions in this case. The estimation of mineral reserves has taken into account environmental, permitting and legal, title, taxation, socio-economic, marketing and political factors. Based on the cut-off grade and a maximum depth cut-off of 1,250 meters the Probable reserve will support an 18 year mine life.


Waterberg Project - Reserves


Mineral Reserve Estimate – October 17, 2016

Probable Mineral Reserve at 2.5 g/t 4E Cut-off – Tonnage and Grades

Zone MtCut-off grade (g/t)

Pt (g/t)

Pd (g/t) Au (g/t) Rh (g/t) 4E (g/t) Cu (%) Ni (%)

T-Zone 16.5 2.5 1.14 1.93 0.83 0.04 3.94 0.16 0.08

F-Zone 86.2 2.5 1.11 2.36 0.18 0.04 3.69 0.07 0.16

Total 102.7 2.5 1.11 2.29 0.29 0.04 3.73 0.08 0.15

Probable Mineral Reserve at 2.5 g/t Cut-off – Contained Metal

Zone MtPt

(Moz)Pd

(Moz)Au

(Moz)Rh

(Moz)4E

(Moz)

4Econtent

(kg)Cu (Mlb) Ni (Mlb)

T-Zone 16.5 0.61 1.03 0.44 0.02 2.09 65,097 58.21 29.10

F-Zone 86.2 3.07 6.54 0.51 0.10 10.22 318,007 132.97 303.94

Total 102.7 3.67 7.57 0.95 0.12 12.32 383,103 191.18 333.04

Waterberg Project - Resources


Mineral Resource Estimate – T-Zone and F-Zone – October 17, 2016

T-Zone 2.5 g/t Cut-off

Resource Category

Cut-offTonnage

Grade Metal

4E Pt Pd Au Rh 4E Cu Ni 4E

g/t Mt g/t g/t g/t g/t g/t % % Kg Moz

Indicated 2.5 31.540 1.13 1.90 0.81 0.04 3.88 0.16 0.08 122,375 3.934

Inferred 2.5 19.917 1.10 1.86 0.80 0.03 3.79 0.16 0.08 75,485 2.427

F-Zone 2.5 g/t Cut-off

Resource Category

Cut-offTonnage

Grade Metal



Indicated 2.5 186.725 1.05 2.23 0.17 0.04 3.49 0.07 0.16 651,670 20.952

Inferred 2.5 77.295 1.01 2.16 0.17 0.03 3.37 0.04 0.12 260,484 8.375

Waterberg Project - Resources


Total Mineral Resource Estimate – October 17, 2016

Waterberg Total 2.5 g/t Cut-off

Resource Category

Cut-offTonnage

Grade Metal



Indicated 2.5 218.265 1.06 2.18 0.26 0.04 3.55 0.08 0.15 774,045 24.886

Inferred 2.5 97.212 1.03 2.10 0.30 0.03 3.46 0.06 0.11 335,969 10.802

4E = Platinum Group Elements (Pt+Pd+Rh+Au). The cut-offs for mineral resources have been established by a qualified person after a review of potential operating costs and other factors. The mineralresources stated above are shown on a 100% basis, that is, for the Waterberg Project as a whole entity. Conversion Factor used – kg to oz = 32.15076. Numbers may not add due to rounding. Resources donot have demonstrated economic viability. A 5% and 7% geological loss has been applied to the Indicated and Inferred categories respectively. Effective Date Oct 17, 2016. Metal prices used in the reserveestimate are as follows based on a 3-year trailing average (as at July 31/2016) in accordance with U.S. Securities and Exchange Commission ("SEC") guidance for the assessment of resources; US$1,212/ozPt, US$710/oz Pd, US$1229/oz Au, US$984/oz Rh, US$6.10/lb Ni, US$2.56/lb Cu, US$/ZAR15.

Total aggregate mineral resources at Waterberg on a 100% project basis have increased slightly since those reported in April 2016. Inferred category resources have decreased to an estimated 10.8 million4E ounces from 11.71 million ounces 4E Inferred in April, 2016. Indicated category resources have increased to an estimated 24.9 million 4E ounces, from 23.9 million 4E ounces Indicated in April 2016:

1. The mineral resources are classified in accordance with the SAMREC standards. There are certain differences with the "CIM Standards on Mineral Resources and Reserves"; however, in this case theQP believes the differences are not material and the standards may be considered the same. Mineral resources that are not mineral reserves do not have demonstrated economic viability and Inferredresources have a high degree of uncertainty.

2. The mineral resources are provided on a 100% project basis and Inferred and Indicated categories are separate and the estimates have an effective date of 17 October 2016.

3. A cut-off grade of 2.5 g/t 4E for both the T and the F-Zones is applied to the selected base case mineral resources.

4. Cut off for the T and the F-Zones considered costs, smelter discounts, concentrator recoveries from previous engineering work completed on the property by the Company. The resource model wascut-off at an arbitrary depth of 1,250 meters, although intercepts of the deposit do occur below this depth.

5. Mineral resources were completed by Mr. CJ Muller of CJM Consulting.

6. Mineral resources were estimated using kriging methods for geological domains created in Datamine from 303 original holes and 483 deflections. A process of geological modelling and creation ofgrade shells using indicating kriging was completed in the estimation process.

7. The estimation of mineral resources has taken into account environmental, permitting and legal, title, and taxation, socio-economic, marketing and political factors.

8. The mineral resources may be materially affected by metals prices, exchange rates, labor costs, electricity supply issues or many other factors detailed in the Company's Annual Information Form.

9. The data that formed the basis of the estimate are the drill holes drilled by Platinum Group, which consist of geological logs, the drill hole collars surveys, the downhole surveys and the assay data.The area where each layer was present was delineated after examination of the intersections in the various drill holes.

10. There is no guarantee that all or any part of the mineral resource not included in the current reserves will be upgraded and converted to a mineral reserve.

Platinum Group Metals Ltd.

Suite 788 – 550 Burrard StreetVancouver, BC V6C 2V5 Canada+1 604-899-5450info@platinumgroupmetals.netwww.platinumgroupmetals.net_____________________________

Platinum Group Metals RSA (Pty) Ltd.1st Floor, Platinum House24 Sturdee AvenueRosebank, Johannesburg 2196 SA

mailto:[email protected]

http://www.platinumgroupmetals.net/

Documents

Capital Markets and Shareholder Backing...compiled by R. Michael Jones, P.Eng, the President and Chief Executive Officer of the Company, and a non-independent Qualified Person for