Platinum Group Metals Ltd. Announces Positive Independent Definitive Feasibility Study Update for the Waterberg Mine

Original announcement by tmx on

Company
Platinum Group Metals Ltd.
Ticker
PTM
Exchange
TSX
Region
South Africa
Primary commodity
Platinum
Secondary commodities
Palladium, Rhodium, Gold, Copper, Nickel
Document categories
Resource update, Metallurgy
Extracted
2026-09-14 19:10:20 UTC

Analysis by Minestarters Atlas

Minestarters Atlas analysis

Summary

Platinum Group Metals Ltd. announced positive results from an updated Definitive Feasibility Study for its Waterberg Mine, highlighting a 20% increase in Proven and Probable mineral reserves to 23.41 million 4E oz and an extended life of mine to 54 years. The study projects robust after-tax economics with an NPV of US$569 million (8% discount rate) and an IRR of 14.2%, positioning Waterberg as one of the lowest-cost PGM mines. Key improvements include increased resource confidence, enhanced orebody continuity, and a reduction in estimated total project capital to US$946 million.

Reasoning: The 2024 DFS update for the Waterberg Mine demonstrates significantly improved project economics, increased mineral reserves and resources, and de-risking through optimized mine planning and reduced capital expenditure, validating its world-class nature and long-term viability.

Positive factors

  • Increased Mineral Reserve Estimate
  • Extended Life of Mine
  • Robust Economics
  • Low Cost PGM Mine
  • Strong Cash Flow Generation
  • Reduced Capital Expenditure
  • Increased Confidence in Resources
  • Increased Continuity
  • Increased Mineral Resources
  • Reduced Water Consumption
  • Reduced Risk

Negative factors

  • Concentrate offtake terms not yet agreed
  • Assessment of external smelter feasibility indicates potential processing uncertainty

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 230

Classification and evidence

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: The 2024 DFS was prepared in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Evidence · text

“within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101 ")”

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: The DFS was completed by Qualified Persons as defined in NI 43-101 and S-K 1300.

Evidence · text

“completed by the same authors and Qualified Persons (each, a " QP ")”

Tonnage Growthpositive

Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.

Why it applies: Proven and Probable mineral reserves increased by 20% to 23.41 million 4E oz (246.2 million tonnes).

Evidence · text

“Proven and Probable mineral reserves increased by 20% to 23.41 million 4E oz (246.2 million tonnes at an average grade of 2.96 4E g/t, 0.08% copper (" Cu "), and 0.17% nickel (" Ni ").”

Contained Metal Growthpositive

True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: Proven and Probable mineral reserves increased by 20% to 23.41 million 4E oz.

Evidence · text

“Proven and Probable mineral reserves increased by 20% to 23.41 million 4E oz”

Category Upgradepositive

Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: The 32 hole infill drill program completed in 2023 increased the confidence level of resources in shallow mine blocks.

Evidence · text

“The 32 hole infill drill program completed in 2023 increased the confidence level of resources in shallow mine blocks in the T-Zone and F-Central Zone, and refined the delineation of subcrop positions, improving the overall deposit model and the shallow portion of the mine plan.”

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The 4E economic cut-off grade for feasibility modeling of the F-Central Zone and F-South Zone was reduced to 2.0 4E g/t, and other zones at 2.5 4E g/t.

Evidence · text

“The 4E economic cut-off grade for feasibility modeling of the F-Central Zone and F-South Zone was reduced by one half a gram to 2.0 4E g/t”

Mill Routeneutral

Processing via mill or concentrator (CIL, CIP, tank leach, flotation).

Why it applies: Metallurgical recoveries are based on a standard South African flotation MF-2 (Mill-Float-Mill-Float) circuit.

Evidence · text

“DRA, an experienced South African engineering, procurement, construction and management firm, based the plant designs, metallurgical recoveries and costing on a standard South African flotation MF-2 (Mill-Float-Mill-Float) circuit.”

Multi-Domain Testedpositive

Variability across ore domains (oxide, transition, fresh) has been addressed.

Why it applies: Modelled recoveries were completed for the different recovered elements and zones within the Waterberg Project mining complex.

Evidence · text

“Modelled recoveries were completed for the different recovered elements and zones within the Waterberg Project mining complex over the 54 year LOM”

Extracted facts

Stored fact records: 230. Some facts used in scoring do not have a stored record.

Resource Estimates (227)

measuredWaterberg Project · platinumTonnes: 83320000Grade: 0.89Grade Unit: g/tContained Metal: 261389Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:af3467cd4e44108ae68b
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
83320000
Grade
0.89
Grade Unit
g/t
Contained Metal
261389
Contained Unit
kg
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource.

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.89”

Context: 83.32

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · palladiumTonnes: 83320000Grade: 2.01Grade Unit: g/tContained Metal: 261389Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:af3467cd4e44108ae68b
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
83320000
Grade
2.01
Grade Unit
g/t
Contained Metal
261389
Contained Unit
kg
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for palladium contributes significantly to the overall project, indicating high confidence in this portion of the resource.

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“2.01”

Context: 83.32

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · rhodiumTonnes: 83320000Grade: 0.05Grade Unit: g/tContained Metal: 261389Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
rhodium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:af3467cd4e44108ae68b
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
83320000
Grade
0.05
Grade Unit
g/t
Contained Metal
261389
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for rhodium, a valuable PGM, adds to the overall project value with high confidence.

Positive factors

  • High confidence category
  • Valuable PGM

Evidence · table

“0.05”

Context: 83.32

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · goldTonnes: 83320000Grade: 0.19Grade Unit: g/tContained Metal: 261389Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:af3467cd4e44108ae68b
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
83320000
Grade
0.19
Grade Unit
g/t
Contained Metal
261389
Contained Unit
kg
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for gold, a valuable byproduct, adds to the overall project value with high confidence.

Positive factors

  • High confidence category
  • Valuable byproduct

Evidence · table

“0.19”

Context: 83.32

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · 4eTonnes: 83320000Grade: 3.14Grade Unit: g/tContained Metal: 261389Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
4e
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:af3467cd4e44108ae68b
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
83320000
Grade
3.14
Grade Unit
g/t
Contained Metal
261389
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured 4E resource indicates high confidence in a substantial portion of the overall PGM resource.

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“3.14”

Context: 83.32

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · copperTonnes: 83320000Grade: 0.09Grade Unit: %Contained Metal: 261389Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:af3467cd4e44108ae68b
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
83320000
Grade
0.09
Grade Unit
%
Contained Metal
261389
Contained Unit
kg
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for copper, a valuable byproduct, adds to the overall project value with high confidence.

Positive factors

  • High confidence category
  • Valuable byproduct

Evidence · table

“0.09”

Context: 83.32

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · nickelTonnes: 83320000Grade: 0.19Grade Unit: %Contained Metal: 261389Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:af3467cd4e44108ae68b
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
83320000
Grade
0.19
Grade Unit
%
Contained Metal
261389
Contained Unit
kg
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for nickel, a valuable byproduct, adds to the overall project value with high confidence.

Positive factors

  • High confidence category
  • Valuable byproduct

Evidence · table

“0.19”

Context: 83.32

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 261720000Grade: 0.88Grade Unit: g/tContained Metal: 788532Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ad18be4b5609d34bf92a
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
261720000
Grade
0.88
Grade Unit
g/t
Contained Metal
788532
Contained Unit
kg
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies.

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.88”

Context: 261.72

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 261720000Grade: 1.91Grade Unit: g/tContained Metal: 788532Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ad18be4b5609d34bf92a
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
261720000
Grade
1.91
Grade Unit
g/t
Contained Metal
788532
Contained Unit
kg
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for palladium provides good confidence for future economic studies.

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“1.91”

Context: 261.72

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · rhodiumTonnes: 261720000Grade: 0.04Grade Unit: g/tContained Metal: 788532Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
rhodium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:11f8bf03372b3a6f4f4f
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
261720000
Grade
0.04
Grade Unit
g/t
Contained Metal
788532
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for rhodium, a valuable PGM, adds to the overall project value with good confidence.

Positive factors

  • Good confidence category
  • Valuable PGM

Evidence · table

“0.04”

Context: 261.72

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 261720000Grade: 0.18Grade Unit: g/tContained Metal: 788532Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ad18be4b5609d34bf92a
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
261720000
Grade
0.18
Grade Unit
g/t
Contained Metal
788532
Contained Unit
kg
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for gold, a valuable byproduct, adds to the overall project value with good confidence.

Positive factors

  • Good confidence category
  • Valuable byproduct

Evidence · table

“0.18”

Context: 261.72

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · 4eTonnes: 261720000Grade: 3.01Grade Unit: g/tContained Metal: 788532Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
4e
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:11f8bf03372b3a6f4f4f
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
261720000
Grade
3.01
Grade Unit
g/t
Contained Metal
788532
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated 4E resource provides good confidence for a substantial portion of the overall PGM resource.

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“3.01”

Context: 261.72

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 261720000Grade: 0.09Grade Unit: %Contained Metal: 788532Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ad18be4b5609d34bf92a
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
261720000
Grade
0.09
Grade Unit
%
Contained Metal
788532
Contained Unit
kg
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for copper, a valuable byproduct, adds to the overall project value with good confidence.

Positive factors

  • Good confidence category
  • Valuable byproduct

Evidence · table

“0.09”

Context: 261.72

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 261720000Grade: 0.18Grade Unit: %Contained Metal: 788532Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ad18be4b5609d34bf92a
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
261720000
Grade
0.18
Grade Unit
%
Contained Metal
788532
Contained Unit
kg
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for nickel, a valuable byproduct, adds to the overall project value with good confidence.

Positive factors

  • Good confidence category
  • Valuable byproduct

Evidence · table

“0.18”

Context: 261.72

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 345030000Grade: 0.88Grade Unit: g/tContained Metal: 1049921Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:284aa36b6691a70a4e92
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
345030000
Grade
0.88
Grade Unit
g/t
Contained Metal
1049921
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Combined Measured and Indicated resource for platinum provides a strong basis for economic evaluation.

Positive factors

  • Combined Measured and Indicated resource
  • Significant contained metal

Evidence · table

“0.88”

Context: 345.03

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 345030000Grade: 1.94Grade Unit: g/tContained Metal: 1049921Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:284aa36b6691a70a4e92
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
345030000
Grade
1.94
Grade Unit
g/t
Contained Metal
1049921
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Combined Measured and Indicated resource for palladium provides a strong basis for economic evaluation.

Positive factors

  • Combined Measured and Indicated resource
  • Significant contained metal

Evidence · table

“1.94”

Context: 345.03

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · rhodiumTonnes: 345030000Grade: 0.05Grade Unit: g/tContained Metal: 1049921Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
rhodium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:284aa36b6691a70a4e92
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
345030000
Grade
0.05
Grade Unit
g/t
Contained Metal
1049921
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Combined Measured and Indicated resource for rhodium, a valuable PGM, adds to the overall project value.

Positive factors

  • Combined Measured and Indicated resource
  • Valuable PGM

Evidence · table

“0.05”

Context: 345.03

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 345030000Grade: 0.18Grade Unit: g/tContained Metal: 1049921Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:284aa36b6691a70a4e92
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
345030000
Grade
0.18
Grade Unit
g/t
Contained Metal
1049921
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Combined Measured and Indicated resource for gold, a valuable byproduct, adds to the overall project value.

Positive factors

  • Combined Measured and Indicated resource
  • Valuable byproduct

Evidence · table

“0.18”

Context: 345.03

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · 4eTonnes: 345030000Grade: 3.04Grade Unit: g/tContained Metal: 1049921Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
4e
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:284aa36b6691a70a4e92
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
345030000
Grade
3.04
Grade Unit
g/t
Contained Metal
1049921
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Combined Measured and Indicated 4E resource provides a strong basis for economic evaluation of the PGM project.

Positive factors

  • Combined Measured and Indicated resource
  • Significant contained metal

Evidence · table

“3.04”

Context: 345.03

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 345030000Grade: 0.09Grade Unit: %Contained Metal: 1049921Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:284aa36b6691a70a4e92
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
345030000
Grade
0.09
Grade Unit
%
Contained Metal
1049921
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Combined Measured and Indicated resource for copper, a valuable byproduct, adds to the overall project value.

Positive factors

  • Combined Measured and Indicated resource
  • Valuable byproduct

Evidence · table

“0.09”

Context: 345.03

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 345030000Grade: 0.18Grade Unit: %Contained Metal: 1049921Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:284aa36b6691a70a4e92
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
345030000
Grade
0.18
Grade Unit
%
Contained Metal
1049921
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Combined Measured and Indicated resource for nickel, a valuable byproduct, adds to the overall project value.

Positive factors

  • Combined Measured and Indicated resource
  • Valuable byproduct

Evidence · table

“0.18”

Context: 345.03

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · platinumTonnes: 89700000Grade: 0.89Grade Unit: g/tContained Metal: 265099Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:3f5ba5df882c7e159471
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
89700000
Grade
0.89
Grade Unit
g/t
Contained Metal
265099
Contained Unit
kg
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence.

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.89”

Context: 89.70

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · palladiumTonnes: 89700000Grade: 1.76Grade Unit: g/tContained Metal: 265099Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:3f5ba5df882c7e159471
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
89700000
Grade
1.76
Grade Unit
g/t
Contained Metal
265099
Contained Unit
kg
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for palladium adds to the overall resource base but has lower geological confidence.

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“1.76”

Context: 89.70

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · rhodiumTonnes: 89700000Grade: 0.04Grade Unit: g/tContained Metal: 265099Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
rhodium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:3f5ba5df882c7e159471
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
89700000
Grade
0.04
Grade Unit
g/t
Contained Metal
265099
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for rhodium adds to the overall resource base but has lower geological confidence.

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.04”

Context: 89.70

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · goldTonnes: 89700000Grade: 0.26Grade Unit: g/tContained Metal: 265099Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:3f5ba5df882c7e159471
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
89700000
Grade
0.26
Grade Unit
g/t
Contained Metal
265099
Contained Unit
kg
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for gold adds to the overall resource base but has lower geological confidence.

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.26”

Context: 89.70

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · 4eTonnes: 89700000Grade: 2.96Grade Unit: g/tContained Metal: 265099Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
4e
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:3f5ba5df882c7e159471
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
89700000
Grade
2.96
Grade Unit
g/t
Contained Metal
265099
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred 4E resource adds to the overall resource base but has lower geological confidence.

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“2.96”

Context: 89.70

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · copperTonnes: 89700000Grade: 0.08Grade Unit: %Contained Metal: 265099Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:3f5ba5df882c7e159471
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
89700000
Grade
0.08
Grade Unit
%
Contained Metal
265099
Contained Unit
kg
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for copper adds to the overall resource base but has lower geological confidence.

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.08”

Context: 89.70

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · nickelTonnes: 89700000Grade: 0.15Grade Unit: %Contained Metal: 265099Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:3f5ba5df882c7e159471
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
89700000
Grade
0.15
Grade Unit
%
Contained Metal
265099
Contained Unit
kg
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for nickel adds to the overall resource base but has lower geological confidence.

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.15”

Context: 89.70

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

provenWaterberg Project · platinumTonnes: 64299103Grade: 0.86Grade Unit: g/tContained Metal: 196681Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:27d91a69f4d549ec2629
Mining method
underground
Resource basis
gross

Resource Data

Category
proven
Tonnes
64299103
Grade
0.86
Grade Unit
g/t
Contained Metal
196681
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Proven reserve for platinum indicates high confidence and economic viability for this portion of the resource.

Positive factors

  • Highest confidence category
  • Demonstrated economic viability

Evidence · table

“0.86”

Context: 64,299,103

Tags used in scoring

Proven Reservepositive

Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

provenWaterberg Project · palladiumTonnes: 64299103Grade: 1.97Grade Unit: g/tContained Metal: 196681Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:27d91a69f4d549ec2629
Mining method
underground
Resource basis
gross

Resource Data

Category
proven
Tonnes
64299103
Grade
1.97
Grade Unit
g/t
Contained Metal
196681
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Proven reserve for palladium indicates high confidence and economic viability for this portion of the resource.

Positive factors

  • Highest confidence category
  • Demonstrated economic viability

Evidence · table

“1.97”

Context: 64,299,103

Tags used in scoring

Proven Reservepositive

Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

provenWaterberg Project · rhodiumTonnes: 64299103Grade: 0.05Grade Unit: g/tContained Metal: 196681Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
rhodium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:27d91a69f4d549ec2629
Mining method
underground
Resource basis
gross

Resource Data

Category
proven
Tonnes
64299103
Grade
0.05
Grade Unit
g/t
Contained Metal
196681
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Proven reserve for rhodium, a valuable PGM, indicates high confidence and economic viability.

Positive factors

  • Highest confidence category
  • Valuable PGM

Evidence · table

“0.05”

Context: 64,299,103

Tags used in scoring

Proven Reservepositive

Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

provenWaterberg Project · goldTonnes: 64299103Grade: 0.18Grade Unit: g/tContained Metal: 196681Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:27d91a69f4d549ec2629
Mining method
underground
Resource basis
gross

Resource Data

Category
proven
Tonnes
64299103
Grade
0.18
Grade Unit
g/t
Contained Metal
196681
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Proven reserve for gold, a valuable byproduct, indicates high confidence and economic viability.

Positive factors

  • Highest confidence category
  • Valuable byproduct

Evidence · table

“0.18”

Context: 64,299,103

Tags used in scoring

Proven Reservepositive

Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

provenWaterberg Project · 4eTonnes: 64299103Grade: 3.06Grade Unit: g/tContained Metal: 196681Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
4e
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:27d91a69f4d549ec2629
Mining method
underground
Resource basis
gross

Resource Data

Category
proven
Tonnes
64299103
Grade
3.06
Grade Unit
g/t
Contained Metal
196681
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Proven 4E reserve indicates high confidence and economic viability for a substantial portion of the PGM project.

Positive factors

  • Highest confidence category
  • Demonstrated economic viability
  • Significant contained metal

Evidence · table

“3.06”

Context: 64,299,103

Tags used in scoring

Proven Reservepositive

Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

provenWaterberg Project · copperTonnes: 64299103Grade: 0.07Grade Unit: %Contained Metal: 196681Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:27d91a69f4d549ec2629
Mining method
underground
Resource basis
gross

Resource Data

Category
proven
Tonnes
64299103
Grade
0.07
Grade Unit
%
Contained Metal
196681
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Proven reserve for copper, a valuable byproduct, indicates high confidence and economic viability.

Positive factors

  • Highest confidence category
  • Valuable byproduct

Evidence · table

“0.07”

Context: 64,299,103

Tags used in scoring

Proven Reservepositive

Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

provenWaterberg Project · nickelTonnes: 64299103Grade: 0.17Grade Unit: %Contained Metal: 196681Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:27d91a69f4d549ec2629
Mining method
underground
Resource basis
gross

Resource Data

Category
proven
Tonnes
64299103
Grade
0.17
Grade Unit
%
Contained Metal
196681
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Proven reserve for nickel, a valuable byproduct, indicates high confidence and economic viability.

Positive factors

  • Highest confidence category
  • Valuable byproduct

Evidence · table

“0.17”

Context: 64,299,103

Tags used in scoring

Proven Reservepositive

Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableWaterberg Project · platinumTonnes: 181902775Grade: 0.84Grade Unit: g/tContained Metal: 531324Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:8ba1f69d9970f4fe7c02
Mining method
underground
Resource basis
gross

Resource Data

Category
probable
Tonnes
181902775
Grade
0.84
Grade Unit
g/t
Contained Metal
531324
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Probable reserve for platinum indicates good confidence and economic viability for this portion of the resource.

Positive factors

  • Good confidence category
  • Demonstrated economic viability

Evidence · table

“0.84”

Context: 181,902,775

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableWaterberg Project · palladiumTonnes: 181902775Grade: 1.85Grade Unit: g/tContained Metal: 531324Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:8ba1f69d9970f4fe7c02
Mining method
underground
Resource basis
gross

Resource Data

Category
probable
Tonnes
181902775
Grade
1.85
Grade Unit
g/t
Contained Metal
531324
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Probable reserve for palladium indicates good confidence and economic viability for this portion of the resource.

Positive factors

  • Good confidence category
  • Demonstrated economic viability

Evidence · table

“1.85”

Context: 181,902,775

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableWaterberg Project · rhodiumTonnes: 181902775Grade: 0.04Grade Unit: g/tContained Metal: 531324Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
rhodium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:8ba1f69d9970f4fe7c02
Mining method
underground
Resource basis
gross

Resource Data

Category
probable
Tonnes
181902775
Grade
0.04
Grade Unit
g/t
Contained Metal
531324
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Probable reserve for rhodium, a valuable PGM, indicates good confidence and economic viability.

Positive factors

  • Good confidence category
  • Valuable PGM

Evidence · table

“0.04”

Context: 181,902,775

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableWaterberg Project · goldTonnes: 181902775Grade: 0.18Grade Unit: g/tContained Metal: 531324Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:8ba1f69d9970f4fe7c02
Mining method
underground
Resource basis
gross

Resource Data

Category
probable
Tonnes
181902775
Grade
0.18
Grade Unit
g/t
Contained Metal
531324
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Probable reserve for gold, a valuable byproduct, indicates good confidence and economic viability.

Positive factors

  • Good confidence category
  • Valuable byproduct

Evidence · table

“0.18”

Context: 181,902,775

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableWaterberg Project · 4eTonnes: 181902775Grade: 2.92Grade Unit: g/tContained Metal: 531324Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
4e
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:8ba1f69d9970f4fe7c02
Mining method
underground
Resource basis
gross

Resource Data

Category
probable
Tonnes
181902775
Grade
2.92
Grade Unit
g/t
Contained Metal
531324
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Probable 4E reserve indicates good confidence and economic viability for a substantial portion of the PGM project.

Positive factors

  • Good confidence category
  • Demonstrated economic viability
  • Significant contained metal

Evidence · table

“2.92”

Context: 181,902,775

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableWaterberg Project · copperTonnes: 181902775Grade: 0.08Grade Unit: %Contained Metal: 531324Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:8ba1f69d9970f4fe7c02
Mining method
underground
Resource basis
gross

Resource Data

Category
probable
Tonnes
181902775
Grade
0.08
Grade Unit
%
Contained Metal
531324
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Probable reserve for copper, a valuable byproduct, indicates good confidence and economic viability.

Positive factors

  • Good confidence category
  • Valuable byproduct

Evidence · table

“0.08”

Context: 181,902,775

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableWaterberg Project · nickelTonnes: 181902775Grade: 0.17Grade Unit: %Contained Metal: 531324Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:8ba1f69d9970f4fe7c02
Mining method
underground
Resource basis
gross

Resource Data

Category
probable
Tonnes
181902775
Grade
0.17
Grade Unit
%
Contained Metal
531324
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Probable reserve for nickel, a valuable byproduct, indicates good confidence and economic viability.

Positive factors

  • Good confidence category
  • Valuable byproduct

Evidence · table

“0.17”

Context: 181,902,775

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableWaterberg Project · platinumTonnes: 246201879Grade: 0.85Grade Unit: g/tContained Metal: 728005Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:c5cb3694b29c7b3d3f26
Mining method
underground
Resource basis
gross

Resource Data

Category
probable
Tonnes
246201879
Grade
0.85
Grade Unit
g/t
Contained Metal
728005
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Combined Proven and Probable reserve for platinum provides a strong basis for economic evaluation and mine planning.

Positive factors

  • Combined Proven and Probable reserve
  • Significant contained metal

Evidence · table

“0.85”

Context: 246,201,879

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableWaterberg Project · palladiumTonnes: 246201879Grade: 1.88Grade Unit: g/tContained Metal: 728005Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:c5cb3694b29c7b3d3f26
Mining method
underground
Resource basis
gross

Resource Data

Category
probable
Tonnes
246201879
Grade
1.88
Grade Unit
g/t
Contained Metal
728005
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Combined Proven and Probable reserve for palladium provides a strong basis for economic evaluation and mine planning.

Positive factors

  • Combined Proven and Probable reserve
  • Significant contained metal

Evidence · table

“1.88”

Context: 246,201,879

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableWaterberg Project · rhodiumTonnes: 246201879Grade: 0.04Grade Unit: g/tContained Metal: 728005Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
rhodium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:c5cb3694b29c7b3d3f26
Mining method
underground
Resource basis
gross

Resource Data

Category
probable
Tonnes
246201879
Grade
0.04
Grade Unit
g/t
Contained Metal
728005
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Combined Proven and Probable reserve for rhodium, a valuable PGM, adds to the overall project value.

Positive factors

  • Combined Proven and Probable reserve
  • Valuable PGM

Evidence · table

“0.04”

Context: 246,201,879

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableWaterberg Project · goldTonnes: 246201879Grade: 0.18Grade Unit: g/tContained Metal: 728005Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:c5cb3694b29c7b3d3f26
Mining method
underground
Resource basis
gross

Resource Data

Category
probable
Tonnes
246201879
Grade
0.18
Grade Unit
g/t
Contained Metal
728005
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Combined Proven and Probable reserve for gold, a valuable byproduct, adds to the overall project value.

Positive factors

  • Combined Proven and Probable reserve
  • Valuable byproduct

Evidence · table

“0.18”

Context: 246,201,879

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableWaterberg Project · 4eTonnes: 246201879Grade: 2.96Grade Unit: g/tContained Metal: 728005Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
4e
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:c5cb3694b29c7b3d3f26
Mining method
underground
Resource basis
gross

Resource Data

Category
probable
Tonnes
246201879
Grade
2.96
Grade Unit
g/t
Contained Metal
728005
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Combined Proven and Probable 4E reserve provides a strong basis for economic evaluation and mine planning of the PGM project.

Positive factors

  • Combined Proven and Probable reserve
  • Demonstrated economic viability
  • Significant contained metal

Evidence · table

“2.96”

Context: 246,201,879

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableWaterberg Project · copperTonnes: 246201879Grade: 0.08Grade Unit: %Contained Metal: 728005Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:c5cb3694b29c7b3d3f26
Mining method
underground
Resource basis
gross

Resource Data

Category
probable
Tonnes
246201879
Grade
0.08
Grade Unit
%
Contained Metal
728005
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Combined Proven and Probable reserve for copper, a valuable byproduct, adds to the overall project value.

Positive factors

  • Combined Proven and Probable reserve
  • Valuable byproduct

Evidence · table

“0.08”

Context: 246,201,879

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableWaterberg Project · nickelTonnes: 246201879Grade: 0.17Grade Unit: %Contained Metal: 728005Contained Unit: kgView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
reserve
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:c5cb3694b29c7b3d3f26
Mining method
underground
Resource basis
gross

Resource Data

Category
probable
Tonnes
246201879
Grade
0.17
Grade Unit
%
Contained Metal
728005
Contained Unit
kg
Cutoff Grade
2.5
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Combined Proven and Probable reserve for nickel, a valuable byproduct, adds to the overall project value.

Positive factors

  • Combined Proven and Probable reserve
  • Valuable byproduct

Evidence · table

“0.17”

Context: 246,201,879

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · platinumTonnes: 5240000Grade: 1.1Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:cc66cdc92ef1d329c721
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
5240000
Grade
1.1
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“1.10”

Context: 5.24

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · palladiumTonnes: 5240000Grade: 2.06Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:cc66cdc92ef1d329c721
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
5240000
Grade
2.06
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“2.06”

Context: 5.24

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · goldTonnes: 5240000Grade: 0.78Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:cc66cdc92ef1d329c721
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
5240000
Grade
0.78
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.78”

Context: 5.24

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · copperTonnes: 5240000Grade: 0.13Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:cc66cdc92ef1d329c721
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
5240000
Grade
0.13
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.13”

Context: 5.24

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · nickelTonnes: 5240000Grade: 0.07Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:cc66cdc92ef1d329c721
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
5240000
Grade
0.07
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.07”

Context: 5.24

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 12730000Grade: 1.41Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:e170e962f1f6beaf28cb
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
12730000
Grade
1.41
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“1.41”

Context: 12.73

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 12730000Grade: 2.42Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:e170e962f1f6beaf28cb
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
12730000
Grade
2.42
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“2.42”

Context: 12.73

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 12730000Grade: 0.93Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:e170e962f1f6beaf28cb
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
12730000
Grade
0.93
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.93”

Context: 12.73

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 12730000Grade: 0.19Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:e170e962f1f6beaf28cb
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
12730000
Grade
0.19
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.19”

Context: 12.73

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 12730000Grade: 0.09Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:e170e962f1f6beaf28cb
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
12730000
Grade
0.09
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.09”

Context: 12.73

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · platinumTonnes: 17580000Grade: 1.19Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:221be12c59532c4960d7
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
17580000
Grade
1.19
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“1.19”

Context: 17.58

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · palladiumTonnes: 17580000Grade: 2.02Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:221be12c59532c4960d7
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
17580000
Grade
2.02
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“2.02”

Context: 17.58

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · goldTonnes: 17580000Grade: 0.87Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:221be12c59532c4960d7
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
17580000
Grade
0.87
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.87”

Context: 17.58

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · copperTonnes: 17580000Grade: 0.15Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:221be12c59532c4960d7
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
17580000
Grade
0.15
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.15”

Context: 17.58

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · nickelTonnes: 17580000Grade: 0.07Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:221be12c59532c4960d7
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
17580000
Grade
0.07
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.07”

Context: 17.58

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · platinumTonnes: 0Grade: 0Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:0feba35772616933fdde
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
0
Grade
0
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.00”

Context: 0.00

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · palladiumTonnes: 0Grade: 0Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:0feba35772616933fdde
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
0
Grade
0
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.00”

Context: 0.00

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · goldTonnes: 0Grade: 0Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:0feba35772616933fdde
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
0
Grade
0
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.00”

Context: 0.00

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · copperTonnes: 0Grade: 0Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:0feba35772616933fdde
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
0
Grade
0
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.00”

Context: 0.00

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · nickelTonnes: 0Grade: 0Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:0feba35772616933fdde
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
0
Grade
0
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.00”

Context: 0.00

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 1890000Grade: 1.1Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:d64e69d5e019a1594aec
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
1890000
Grade
1.1
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“1.10”

Context: 1.89

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 1890000Grade: 1.91Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:d64e69d5e019a1594aec
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
1890000
Grade
1.91
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“1.91”

Context: 1.89

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 1890000Grade: 0.57Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:d64e69d5e019a1594aec
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
1890000
Grade
0.57
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.57”

Context: 1.89

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 1890000Grade: 0.17Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:d64e69d5e019a1594aec
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
1890000
Grade
0.17
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.17”

Context: 1.89

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 1890000Grade: 0.08Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:d64e69d5e019a1594aec
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
1890000
Grade
0.08
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.08”

Context: 1.89

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · platinumTonnes: 640000Grade: 0.99Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:da26f74e82e8d37c9dd3
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
640000
Grade
0.99
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.99”

Context: 0.64

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · palladiumTonnes: 640000Grade: 1.51Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:da26f74e82e8d37c9dd3
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
640000
Grade
1.51
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“1.51”

Context: 0.64

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · goldTonnes: 640000Grade: 0.36Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:da26f74e82e8d37c9dd3
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
640000
Grade
0.36
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.36”

Context: 0.64

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · copperTonnes: 640000Grade: 0.17Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:da26f74e82e8d37c9dd3
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
640000
Grade
0.17
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.17”

Context: 0.64

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · nickelTonnes: 640000Grade: 0.07Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:da26f74e82e8d37c9dd3
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
640000
Grade
0.07
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.07”

Context: 0.64

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 14620000Grade: 1.37Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:5cf935bdddb48b4a8c52
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
14620000
Grade
1.37
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“1.37”

Context: 14.62

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 14620000Grade: 2.35Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:5cf935bdddb48b4a8c52
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
14620000
Grade
2.35
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“2.35”

Context: 14.62

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 14620000Grade: 0.88Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:5cf935bdddb48b4a8c52
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
14620000
Grade
0.88
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.88”

Context: 14.62

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 14620000Grade: 0.19Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:5cf935bdddb48b4a8c52
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
14620000
Grade
0.19
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.19”

Context: 14.62

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 14620000Grade: 0.09Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:5cf935bdddb48b4a8c52
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
14620000
Grade
0.09
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.09”

Context: 14.62

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · platinumTonnes: 18230000Grade: 1.18Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:b357c913e29f1d37cb0f
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
18230000
Grade
1.18
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“1.18”

Context: 18.23

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · palladiumTonnes: 18230000Grade: 2Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:b357c913e29f1d37cb0f
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
18230000
Grade
2
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“2.00”

Context: 18.23

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · goldTonnes: 18230000Grade: 0.85Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:b357c913e29f1d37cb0f
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
18230000
Grade
0.85
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.85”

Context: 18.23

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · copperTonnes: 18230000Grade: 0.15Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:b357c913e29f1d37cb0f
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
18230000
Grade
0.15
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.15”

Context: 18.23

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · nickelTonnes: 18230000Grade: 0.07Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:b357c913e29f1d37cb0f
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
18230000
Grade
0.07
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.07”

Context: 18.23

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · platinumTonnes: 51600000Grade: 1.3Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ab04515e767c3a5bebef
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
51600000
Grade
1.3
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“1.3”

Context: 51.6

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · palladiumTonnes: 51600000Grade: 19.5Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ab04515e767c3a5bebef
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
51600000
Grade
19.5
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“19.5”

Context: 51.6

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 50700000Grade: 0.7Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:0165a6b0ee4c09bc8167
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
50700000
Grade
0.7
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.7”

Context: 50.7

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 50700000Grade: 19Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:0165a6b0ee4c09bc8167
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
50700000
Grade
19
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“19.0”

Context: 50.7

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · platinumTonnes: 49200000Grade: 0.9Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:792b4830d279504412a0
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
49200000
Grade
0.9
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.9”

Context: 49.2

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · palladiumTonnes: 49200000Grade: 20.9Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:792b4830d279504412a0
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
49200000
Grade
20.9
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“20.9”

Context: 49.2

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · platinumTonnes: 18600000Grade: 0.87Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:d6b3753f1378e4a241a6
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
18600000
Grade
0.87
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.87”

Context: 18.60

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · palladiumTonnes: 18600000Grade: 2.1Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:d6b3753f1378e4a241a6
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
18600000
Grade
2.1
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“2.10”

Context: 18.60

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · goldTonnes: 18600000Grade: 0.17Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:d6b3753f1378e4a241a6
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
18600000
Grade
0.17
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.17”

Context: 18.60

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · copperTonnes: 18600000Grade: 0.11Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:d6b3753f1378e4a241a6
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
18600000
Grade
0.11
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.11”

Context: 18.60

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · nickelTonnes: 18600000Grade: 0.21Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:d6b3753f1378e4a241a6
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
18600000
Grade
0.21
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.21”

Context: 18.60

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 43860000Grade: 0.91Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ed8cc585c90cdd1de402
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
43860000
Grade
0.91
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.91”

Context: 43.86

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 43860000Grade: 2.16Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ed8cc585c90cdd1de402
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
43860000
Grade
2.16
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“2.16”

Context: 43.86

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 43860000Grade: 0.16Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ed8cc585c90cdd1de402
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
43860000
Grade
0.16
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.16”

Context: 43.86

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 43860000Grade: 0.09Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ed8cc585c90cdd1de402
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
43860000
Grade
0.09
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.09”

Context: 43.86

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 43860000Grade: 0.2Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ed8cc585c90cdd1de402
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
43860000
Grade
0.2
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.20”

Context: 43.86

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 62460000Grade: 0.9Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:6ab287514a6397cc476e
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
62460000
Grade
0.9
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.90”

Context: 62.46

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 62460000Grade: 2.14Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:6ab287514a6397cc476e
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
62460000
Grade
2.14
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“2.14”

Context: 62.46

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 62460000Grade: 0.16Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:6ab287514a6397cc476e
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
62460000
Grade
0.16
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.16”

Context: 62.46

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 62460000Grade: 0.1Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:6ab287514a6397cc476e
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
62460000
Grade
0.1
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.10”

Context: 62.46

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 62460000Grade: 0.2Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:6ab287514a6397cc476e
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
62460000
Grade
0.2
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.20”

Context: 62.46

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · platinumTonnes: 8000000Grade: 0.78Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:0cd16b81558708e09c5a
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
8000000
Grade
0.78
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.78”

Context: 8.00

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · palladiumTonnes: 8000000Grade: 1.9Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:0cd16b81558708e09c5a
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
8000000
Grade
1.9
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“1.90”

Context: 8.00

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · goldTonnes: 8000000Grade: 0.15Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:0cd16b81558708e09c5a
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
8000000
Grade
0.15
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.15”

Context: 8.00

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · copperTonnes: 8000000Grade: 0.09Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:0cd16b81558708e09c5a
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
8000000
Grade
0.09
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.09”

Context: 8.00

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · nickelTonnes: 8000000Grade: 0.19Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:0cd16b81558708e09c5a
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
8000000
Grade
0.19
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.19”

Context: 8.00

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · platinumTonnes: 6520000Grade: 1Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:892d5d9dbbe157383192
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
6520000
Grade
1
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“1.00”

Context: 6.52

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · palladiumTonnes: 6520000Grade: 2.08Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:892d5d9dbbe157383192
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
6520000
Grade
2.08
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“2.08”

Context: 6.52

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · goldTonnes: 6520000Grade: 0.17Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:892d5d9dbbe157383192
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
6520000
Grade
0.17
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.17”

Context: 6.52

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · copperTonnes: 6520000Grade: 0.1Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:892d5d9dbbe157383192
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
6520000
Grade
0.1
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.10”

Context: 6.52

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · nickelTonnes: 6520000Grade: 0.23Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:892d5d9dbbe157383192
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
6520000
Grade
0.23
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.23”

Context: 6.52

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 17640000Grade: 1.05Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:077de555d02f17a8278d
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
17640000
Grade
1.05
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“1.05”

Context: 17.64

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 17640000Grade: 2.03Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:077de555d02f17a8278d
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
17640000
Grade
2.03
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“2.03”

Context: 17.64

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 17640000Grade: 0.18Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:077de555d02f17a8278d
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
17640000
Grade
0.18
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.18”

Context: 17.64

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 17640000Grade: 0.24Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:077de555d02f17a8278d
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
17640000
Grade
0.24
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.24”

Context: 17.64

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 17640000Grade: 0.24Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:077de555d02f17a8278d
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
17640000
Grade
0.24
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.24”

Context: 17.64

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 24160000Grade: 1.04Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:83ad960712ce856667f6
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
24160000
Grade
1.04
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“1.04”

Context: 24.16

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 24160000Grade: 2.04Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:83ad960712ce856667f6
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
24160000
Grade
2.04
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“2.04”

Context: 24.16

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 24160000Grade: 0.18Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:83ad960712ce856667f6
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
24160000
Grade
0.18
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.18”

Context: 24.16

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 24160000Grade: 0.2Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:83ad960712ce856667f6
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
24160000
Grade
0.2
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.20”

Context: 24.16

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 24160000Grade: 0.24Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:83ad960712ce856667f6
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
24160000
Grade
0.24
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.24”

Context: 24.16

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · platinumTonnes: 3260000Grade: 1.07Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:38bc1c6ddb20a66a2439
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
3260000
Grade
1.07
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“1.07”

Context: 3.26

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · palladiumTonnes: 3260000Grade: 2.14Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:38bc1c6ddb20a66a2439
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
3260000
Grade
2.14
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“2.14”

Context: 3.26

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · goldTonnes: 3260000Grade: 0.18Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:38bc1c6ddb20a66a2439
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
3260000
Grade
0.18
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.18”

Context: 3.26

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · copperTonnes: 3260000Grade: 0.09Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:38bc1c6ddb20a66a2439
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
3260000
Grade
0.09
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.09”

Context: 3.26

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · nickelTonnes: 3260000Grade: 0.22Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:38bc1c6ddb20a66a2439
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
3260000
Grade
0.22
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.22”

Context: 3.26

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · platinumTonnes: 6280000Grade: 1.06Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:a9a8fe15a75577d0d722
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
6280000
Grade
1.06
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“1.06”

Context: 6.28

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · palladiumTonnes: 6280000Grade: 2.35Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:a9a8fe15a75577d0d722
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
6280000
Grade
2.35
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“2.35”

Context: 6.28

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · goldTonnes: 6280000Grade: 0.18Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:a9a8fe15a75577d0d722
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
6280000
Grade
0.18
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.18”

Context: 6.28

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · copperTonnes: 6280000Grade: 0.07Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:a9a8fe15a75577d0d722
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
6280000
Grade
0.07
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.07”

Context: 6.28

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · nickelTonnes: 6280000Grade: 0.19Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:a9a8fe15a75577d0d722
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
6280000
Grade
0.19
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.19”

Context: 6.28

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 12860000Grade: 0.95Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:58744728f42114a7788f
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
12860000
Grade
0.95
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.95”

Context: 12.86

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 12860000Grade: 1.95Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:58744728f42114a7788f
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
12860000
Grade
1.95
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“1.95”

Context: 12.86

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 12860000Grade: 0.14Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:58744728f42114a7788f
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
12860000
Grade
0.14
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.14”

Context: 12.86

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 12860000Grade: 0.07Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:58744728f42114a7788f
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
12860000
Grade
0.07
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.07”

Context: 12.86

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 12860000Grade: 0.19Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:58744728f42114a7788f
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
12860000
Grade
0.19
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.19”

Context: 12.86

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 19150000Grade: 0.99Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:61f96b295ddc2fe008ac
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
19150000
Grade
0.99
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.99”

Context: 19.15

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 19150000Grade: 2.08Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:61f96b295ddc2fe008ac
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
19150000
Grade
2.08
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“2.08”

Context: 19.15

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 19150000Grade: 0.15Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:61f96b295ddc2fe008ac
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
19150000
Grade
0.15
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.15”

Context: 19.15

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 19150000Grade: 0.07Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:61f96b295ddc2fe008ac
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
19150000
Grade
0.07
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.07”

Context: 19.15

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 19150000Grade: 0.19Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:61f96b295ddc2fe008ac
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
19150000
Grade
0.19
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.19”

Context: 19.15

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · platinumTonnes: 4100000Grade: 1.02Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:f228abba3d4bc1b98ead
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
4100000
Grade
1.02
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“1.02”

Context: 4.10

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · palladiumTonnes: 4100000Grade: 2.06Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:f228abba3d4bc1b98ead
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
4100000
Grade
2.06
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“2.06”

Context: 4.10

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · goldTonnes: 4100000Grade: 0.16Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:f228abba3d4bc1b98ead
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
4100000
Grade
0.16
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.16”

Context: 4.10

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · copperTonnes: 4100000Grade: 0.07Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:f228abba3d4bc1b98ead
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
4100000
Grade
0.07
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.07”

Context: 4.10

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · nickelTonnes: 4100000Grade: 0.18Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:f228abba3d4bc1b98ead
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
4100000
Grade
0.18
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.18”

Context: 4.10

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · platinumTonnes: 46670000Grade: 0.83Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:729a00c1597fd907a854
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
46670000
Grade
0.83
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.83”

Context: 46.67

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · palladiumTonnes: 46670000Grade: 1.92Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:729a00c1597fd907a854
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
46670000
Grade
1.92
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“1.92”

Context: 46.67

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · goldTonnes: 46670000Grade: 0.13Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:729a00c1597fd907a854
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
46670000
Grade
0.13
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.13”

Context: 46.67

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · copperTonnes: 46670000Grade: 0.06Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:729a00c1597fd907a854
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
46670000
Grade
0.06
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.06”

Context: 46.67

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · nickelTonnes: 46670000Grade: 0.18Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:729a00c1597fd907a854
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
46670000
Grade
0.18
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.18”

Context: 46.67

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 139630000Grade: 0.77Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ec2eed3f9e7763a40a9f
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
139630000
Grade
0.77
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.77”

Context: 139.63

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 139630000Grade: 1.78Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ec2eed3f9e7763a40a9f
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
139630000
Grade
1.78
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“1.78”

Context: 139.63

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 139630000Grade: 0.12Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ec2eed3f9e7763a40a9f
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
139630000
Grade
0.12
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.12”

Context: 139.63

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 139630000Grade: 0.07Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ec2eed3f9e7763a40a9f
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
139630000
Grade
0.07
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.07”

Context: 139.63

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 139630000Grade: 0.18Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:ec2eed3f9e7763a40a9f
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
139630000
Grade
0.18
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.18”

Context: 139.63

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 186300000Grade: 0.79Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:6a8c27b923e1a1a8c0e9
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
186300000
Grade
0.79
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.79”

Context: 186.30

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 186300000Grade: 1.82Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:6a8c27b923e1a1a8c0e9
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
186300000
Grade
1.82
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“1.82”

Context: 186.30

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 186300000Grade: 0.12Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:6a8c27b923e1a1a8c0e9
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
186300000
Grade
0.12
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.12”

Context: 186.30

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 186300000Grade: 0.07Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:6a8c27b923e1a1a8c0e9
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
186300000
Grade
0.07
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.07”

Context: 186.30

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 186300000Grade: 0.18Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:6a8c27b923e1a1a8c0e9
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
186300000
Grade
0.18
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.18”

Context: 186.30

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · platinumTonnes: 31580000Grade: 0.77Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:f91ee0f31f079b6e1a53
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
31580000
Grade
0.77
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.77”

Context: 31.58

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · palladiumTonnes: 31580000Grade: 1.66Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:f91ee0f31f079b6e1a53
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
31580000
Grade
1.66
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“1.66”

Context: 31.58

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · goldTonnes: 31580000Grade: 0.1Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:f91ee0f31f079b6e1a53
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
31580000
Grade
0.1
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.10”

Context: 31.58

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · copperTonnes: 31580000Grade: 0.05Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:f91ee0f31f079b6e1a53
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
31580000
Grade
0.05
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.05”

Context: 31.58

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · nickelTonnes: 31580000Grade: 0.17Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:f91ee0f31f079b6e1a53
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
31580000
Grade
0.17
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.17”

Context: 31.58

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 33110000Grade: 0.99Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:697b6ff316f08a478c44
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
33110000
Grade
0.99
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.99”

Context: 33.11

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 33110000Grade: 1.86Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:697b6ff316f08a478c44
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
33110000
Grade
1.86
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“1.86”

Context: 33.11

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 33110000Grade: 0.13Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:697b6ff316f08a478c44
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
33110000
Grade
0.13
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.13”

Context: 33.11

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 33110000Grade: 0.04Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:697b6ff316f08a478c44
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
33110000
Grade
0.04
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.04”

Context: 33.11

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 33110000Grade: 0.13Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:697b6ff316f08a478c44
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
33110000
Grade
0.13
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.13”

Context: 33.11

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · platinumTonnes: 20310000Grade: 0.82Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:be18778dd7062dd99c3b
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
20310000
Grade
0.82
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.82”

Context: 20.31

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · palladiumTonnes: 20310000Grade: 1.52Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:be18778dd7062dd99c3b
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
20310000
Grade
1.52
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“1.52”

Context: 20.31

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · goldTonnes: 20310000Grade: 0.1Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:be18778dd7062dd99c3b
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
20310000
Grade
0.1
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.10”

Context: 20.31

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · copperTonnes: 20310000Grade: 0.04Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:be18778dd7062dd99c3b
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
20310000
Grade
0.04
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.04”

Context: 20.31

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · nickelTonnes: 20310000Grade: 0.12Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:be18778dd7062dd99c3b
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
20310000
Grade
0.12
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.12”

Context: 20.31

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 0Grade: 0Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:12e11dd5e36e90f83c6c
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
0
Grade
0
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.00”

Context: 0.00

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 0Grade: 0Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:12e11dd5e36e90f83c6c
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
0
Grade
0
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.00”

Context: 0.00

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 0Grade: 0Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:12e11dd5e36e90f83c6c
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
0
Grade
0
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.00”

Context: 0.00

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 0Grade: 0Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:12e11dd5e36e90f83c6c
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
0
Grade
0
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.00”

Context: 0.00

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 0Grade: 0Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:12e11dd5e36e90f83c6c
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
0
Grade
0
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.00”

Context: 0.00

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · platinumTonnes: 4230000Grade: 0.76Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:202a331777dc2da523a9
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
4230000
Grade
0.76
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.76”

Context: 4.23

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · palladiumTonnes: 4230000Grade: 1.85Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:202a331777dc2da523a9
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
4230000
Grade
1.85
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“1.85”

Context: 4.23

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · goldTonnes: 4230000Grade: 0.15Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:202a331777dc2da523a9
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
4230000
Grade
0.15
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.15”

Context: 4.23

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · copperTonnes: 4230000Grade: 0.09Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:202a331777dc2da523a9
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
4230000
Grade
0.09
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.09”

Context: 4.23

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · nickelTonnes: 4230000Grade: 0.19Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:202a331777dc2da523a9
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
4230000
Grade
0.19
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.19”

Context: 4.23

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · platinumTonnes: 78080000Grade: 0.87Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:b7d92b646b78654f803a
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
78080000
Grade
0.87
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.87”

Context: 78.08

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · palladiumTonnes: 78080000Grade: 2.01Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:b7d92b646b78654f803a
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
78080000
Grade
2.01
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“2.01”

Context: 78.08

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · goldTonnes: 78080000Grade: 0.15Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:b7d92b646b78654f803a
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
78080000
Grade
0.15
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.15”

Context: 78.08

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · copperTonnes: 78080000Grade: 0.08Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:b7d92b646b78654f803a
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
78080000
Grade
0.08
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.08”

Context: 78.08

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · nickelTonnes: 78080000Grade: 0.2Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:b7d92b646b78654f803a
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
78080000
Grade
0.2
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“0.20”

Context: 78.08

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 247100000Grade: 0.85Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:9609281fa48bcc3fe231
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
247100000
Grade
0.85
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.85”

Context: 247.10

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 247100000Grade: 1.88Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:9609281fa48bcc3fe231
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
247100000
Grade
1.88
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“1.88”

Context: 247.10

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 247100000Grade: 0.13Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:9609281fa48bcc3fe231
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
247100000
Grade
0.13
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.13”

Context: 247.10

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 247100000Grade: 0.08Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:9609281fa48bcc3fe231
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
247100000
Grade
0.08
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.08”

Context: 247.10

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 247100000Grade: 0.18Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:9609281fa48bcc3fe231
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
247100000
Grade
0.18
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.18”

Context: 247.10

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 325170000Grade: 0.86Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:68cb87f176e7e6738cd9
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
325170000
Grade
0.86
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.86”

Context: 325.17

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 325170000Grade: 1.92Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:68cb87f176e7e6738cd9
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
325170000
Grade
1.92
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“1.92”

Context: 325.17

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · goldTonnes: 325170000Grade: 0.14Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:68cb87f176e7e6738cd9
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
325170000
Grade
0.14
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.14”

Context: 325.17

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · copperTonnes: 325170000Grade: 0.08Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:68cb87f176e7e6738cd9
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
325170000
Grade
0.08
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.08”

Context: 325.17

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · nickelTonnes: 325170000Grade: 0.19Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:68cb87f176e7e6738cd9
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
325170000
Grade
0.19
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“0.19”

Context: 325.17

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · platinumTonnes: 71470000Grade: 0.81Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:2dd5d1df89f1d248d9b2
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
71470000
Grade
0.81
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.81”

Context: 71.47

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · palladiumTonnes: 71470000Grade: 1.7Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:2dd5d1df89f1d248d9b2
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
71470000
Grade
1.7
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“1.70”

Context: 71.47

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · goldTonnes: 71470000Grade: 0.12Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
gold
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:2dd5d1df89f1d248d9b2
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
71470000
Grade
0.12
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.12”

Context: 71.47

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · copperTonnes: 71470000Grade: 0.06Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:2dd5d1df89f1d248d9b2
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
71470000
Grade
0.06
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.06”

Context: 71.47

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · nickelTonnes: 71470000Grade: 0.15Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:2dd5d1df89f1d248d9b2
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
71470000
Grade
0.15
Grade Unit
%
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“0.15”

Context: 71.47

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · platinumTonnes: 65300000Grade: 1.6Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:934133ce313c41e8bc71
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
65300000
Grade
1.6
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“1.6”

Context: 65.3

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · palladiumTonnes: 65300000Grade: 4.8Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:934133ce313c41e8bc71
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
65300000
Grade
4.8
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“4.8”

Context: 65.3

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 64599999.99999999Grade: 1.5Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:684a8a7a7e7fd4489a23
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
64599999.99999999
Grade
1.5
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“1.5”

Context: 64.6

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 64599999.99999999Grade: 4.6Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:684a8a7a7e7fd4489a23
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
64599999.99999999
Grade
4.6
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“4.6”

Context: 64.6

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · platinumTonnes: 63700000Grade: 1.5Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:c5e1a3295298e6309059
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
63700000
Grade
1.5
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“1.5”

Context: 63.7

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · palladiumTonnes: 63700000Grade: 4.3Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:c5e1a3295298e6309059
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
63700000
Grade
4.3
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“4.3”

Context: 63.7

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · platinumTonnes: 28300000Grade: 5.95Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:d08df11d542089f7570d
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
28300000
Grade
5.95
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“5.95”

Context: 28.3

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredWaterberg Project · palladiumTonnes: 28300000Grade: 5.95Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:d08df11d542089f7570d
Mining method
underground
Resource basis
gross

Resource Data

Category
measured
Tonnes
28300000
Grade
5.95
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Measured resource for platinum contributes significantly to the overall project, indicating high confidence in this portion of the resource. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High confidence category
  • Significant contained metal

Evidence · table

“5.95”

Context: 28.3

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · platinumTonnes: 29300000Grade: 5.83Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:cbfdc35cac497590ede7
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
29300000
Grade
5.83
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“5.83”

Context: 29.3

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedWaterberg Project · palladiumTonnes: 29300000Grade: 5.83Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:cbfdc35cac497590ede7
Mining method
underground
Resource basis
gross

Resource Data

Category
indicated
Tonnes
29300000
Grade
5.83
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Indicated resource for platinum provides good confidence for future economic studies. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Good confidence category
  • Significant contained metal

Evidence · table

“5.83”

Context: 29.3

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · platinumTonnes: 30000000Grade: 8.95Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
platinum
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:3563f6deb5fb7783a2bc
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
30000000
Grade
8.95
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“8.95”

Context: 30.0

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredWaterberg Project · palladiumTonnes: 30000000Grade: 8.95Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
palladium
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Michael Murphy, Charles Muller, Gordon Cunningham
Resource group id
resource:3563f6deb5fb7783a2bc
Mining method
underground
Resource basis
gross

Resource Data

Category
inferred
Tonnes
30000000
Grade
8.95
Grade Unit
g/t
Cutoff Grade
2
Cutoff Unit
g/t

Prior Estimate

Resource Date
2024-08-31

Lab

Laboratory
Set Point Laboratories

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Inferred resource for platinum adds to the overall resource base but has lower geological confidence. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Adds to overall resource base

Negative factors

  • Lower confidence category

Evidence · table

“8.95”

Context: 30.0

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

Metallurgical Results (3)

flotationWaterberg Project · 4eRecovery: 78 %Head Grade: 2.96Head Grade Unit: g/tView all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
4e
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Test Work

Program Status
detailed
Test Type
flotation
Processing Route
standard South African flotation MF-2 (Mill-Float-Mill-Float) circuit

Recovery

Recovery
78 %
Recovery Basis
actual_test
Head Grade
2.96
Head Grade Unit
g/t
Conc. Grade
80
Conc. Grade Unit
g/t

Lab

Laboratory
XPS Expert Process Solutions and Set Point Laboratories
Consultant
DRA Projects SA (Pty) Ltd.

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Estimated 4E recovery of 78% using a standard flotation circuit is a positive indicator for the project's metallurgical performance.

Positive factors

  • Good recovery for PGM flotation
  • Standard processing route

Evidence · text

“an average 4E recovery of 78% is estimated”

Tags used in scoring

Mill Routeneutral

Processing via mill or concentrator (CIL, CIP, tank leach, flotation).

Why it applies: processing_route matches the flotation signal

Byproduct Commodityneutral

The tested commodity is a byproduct rather than the primary economic driver.

Why it applies: the release describes a byproduct credit

flotationWaterberg Project · copperRecovery: 81 %Head Grade: 0.08Head Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
copper
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Test Work

Program Status
detailed
Test Type
flotation
Processing Route
standard South African flotation MF-2 (Mill-Float-Mill-Float) circuit

Recovery

Recovery
81 %
Recovery Basis
actual_test
Head Grade
0.08
Head Grade Unit
%

Lab

Laboratory
XPS Expert Process Solutions and Set Point Laboratories
Consultant
DRA Projects SA (Pty) Ltd.

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Forecasted copper recovery of 81% is strong and contributes positively to byproduct credits.

Positive factors

  • Strong recovery for copper
  • Standard processing route

Evidence · text

“Cu recoveries are forecast at 81%”

Tags used in scoring

Mill Routeneutral

Processing via mill or concentrator (CIL, CIP, tank leach, flotation).

Why it applies: processing_route matches the flotation signal

Byproduct Commodityneutral

The tested commodity is a byproduct rather than the primary economic driver.

Why it applies: the release describes a byproduct credit

flotationWaterberg Project · nickelRecovery: 44 %Head Grade: 0.17Head Grade Unit: %View all details
Link to this fact

Identity

Project
Waterberg Project
Commodity
nickel
Region
south_africa
Reported Region
South Africa
Ticker
PTM

Test Work

Program Status
detailed
Test Type
flotation
Processing Route
standard South African flotation MF-2 (Mill-Float-Mill-Float) circuit

Recovery

Recovery
44 %
Recovery Basis
actual_test
Head Grade
0.17
Head Grade Unit
%

Lab

Laboratory
XPS Expert Process Solutions and Set Point Laboratories
Consultant
DRA Projects SA (Pty) Ltd.

Review

Needs Review
No
Historical
No

Dates

Event date
2024-09-16T00:00:00.000Z

Reasoning: Modelled nickel recovery of 44% is moderate but still contributes to byproduct credits.

Positive factors

  • Adds to byproduct credits

Negative factors

  • Moderate recovery for nickel

Evidence · text

“Ni recovery is modelled at 44%”

Tags used in scoring

Mill Routeneutral

Processing via mill or concentrator (CIL, CIP, tank leach, flotation).

Why it applies: processing_route matches the flotation signal

Low Recoverynegative

Recovery below the weak band for the commodity and processing route.

Why it applies: 44% is below the weak band (75%)

Byproduct Commodityneutral

The tested commodity is a byproduct rather than the primary economic driver.

Why it applies: the release describes a byproduct credit

How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.