# Platinum Group Metals Ltd. Reports 2024 Annual Results Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/platinum-group-metals-ltd-reports-2024-annual-results--a7304b68-7bed-4202-8735-61eccc911ae9 Original source: https://money.tmx.com/en/quote/PTM/news/8139977707714651/platinum-group-metals-ltd-reports-2024-annual-results Publisher: tmx Original announcement: 2024-11-27T23:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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, Other - Extracted: 2026-09-14 19:10:12 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Platinum Group Metals Ltd. reported its 2024 annual results, highlighted by a Definitive Feasibility Study \(DFS\) update for the Waterberg Project. The update shows a 20% increase in mineral reserves to 23.41 million 4E oz and an extension of the mine life to 54 years. Despite these technical milestones, the company reported a net loss for the year and noted a going concern emphasis of matter in its audited financial statements. Reasoning: The document reports a major DFS update for the Waterberg Project, showing significant growth in reserves, resources, and mine life, which outweighs the corporate financial losses and JV funding issues. - Positive factor: Significant increase in mineral reserves \(20%\) - Positive factor: Substantial extension of Life of Mine \(45 to 54 years\) - Positive factor: Improved continuity and tonnage in F-Central Zone - Positive factor: Robust economics with $569M NPV - Positive factor: Reduced capital expenditure requirements due to improved continuity - Negative factor: Going concern emphasis of matter in audit report - Negative factor: Net loss for the fiscal year - Negative factor: Funding shortfalls from JV partner Implats Facts used in scoring: 12 ## Classification and evidence **QP/CP Signed** Polarity: positive Definition: 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 Waterberg DFS Update was prepared by independent qualified persons in accordance with NI 43-101 Standards. Evidence · text > The Waterberg DFS Update was prepared by independent qualified persons in accordance with Canadian National Instrument 43-101 Standards **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical report was prepared in accordance with NI 43-101 Standards. Evidence · text > prepared by independent qualified persons in accordance with Canadian National Instrument 43-101 Standards **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: Mineral reserves increased by 20% to 23.41 million 4E oz. Evidence · text > Increased Mineral Reserve Estimate: Proven and Probable mineral reserves increased by 20% to 23.41 million 4E oz ## Extracted facts Stored fact records: 12. Some facts used in scoring do not have a stored record. ## Resource Estimates (12) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/platinum-group-metals-ltd-reports-2024-annual-results--a7304b68-7bed-4202-8735-61eccc911ae9#fact-resource-facts-0) Waterberg Project · platinum #### Identity - Project: Waterberg Project - Commodity: platinum - Region: south\_africa - Reported Region: South Africa - Ticker: PTM #### Resource scope - Estimate type: reserve - Effective date: 2024-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a24e6d2baf32db1c7f7d - Deposit or zone: Waterberg Project - Mining method: underground #### Resource Data - Category: proven - Tonnes: 0 #### Prior Estimate - Resource Date: 2024-08-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-11-27T00:00:00.000Z Reasoning: Part of the reported increase in mineral reserves. - Positive factor: Part of a 20% increase in total reserves Evidence · text > Proven and Probable mineral reserves increased by 20% to 23.41 million 4E oz #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/platinum-group-metals-ltd-reports-2024-annual-results--a7304b68-7bed-4202-8735-61eccc911ae9#fact-resource-facts-1) Waterberg Project · palladium #### Identity - Project: Waterberg Project - Commodity: palladium - Region: south\_africa - Reported Region: South Africa - Ticker: PTM #### Resource scope - Estimate type: reserve - Effective date: 2024-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a24e6d2baf32db1c7f7d - Deposit or zone: Waterberg Project - Mining method: underground #### Resource Data - Category: proven - Tonnes: 0 #### Prior Estimate - Resource Date: 2024-08-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-11-27T00:00:00.000Z Reasoning: Part of the reported increase in mineral reserves. - Positive factor: Part of a 20% increase in total reserves Evidence · text > Proven and Probable mineral reserves increased by 20% to 23.41 million 4E oz #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/platinum-group-metals-ltd-reports-2024-annual-results--a7304b68-7bed-4202-8735-61eccc911ae9#fact-resource-facts-2) Waterberg Project · rhodium #### Identity - Project: Waterberg Project - Commodity: rhodium - Region: south\_africa - Reported Region: South Africa - Ticker: PTM #### Resource scope - Estimate type: reserve - Effective date: 2024-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a24e6d2baf32db1c7f7d - Deposit or zone: Waterberg Project - Mining method: underground #### Resource Data - Category: proven - Tonnes: 0 #### Prior Estimate - Resource Date: 2024-08-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-11-27T00:00:00.000Z Reasoning: Part of the reported increase in mineral reserves. - Positive factor: Part of a 20% increase in total reserves Evidence · text > Proven and Probable mineral reserves increased by 20% to 23.41 million 4E oz #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/platinum-group-metals-ltd-reports-2024-annual-results--a7304b68-7bed-4202-8735-61eccc911ae9#fact-resource-facts-3) Waterberg Project · gold #### Identity - Project: Waterberg Project - Commodity: gold - Region: south\_africa - Reported Region: South Africa - Ticker: PTM #### Resource scope - Estimate type: reserve - Effective date: 2024-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a24e6d2baf32db1c7f7d - Deposit or zone: Waterberg Project - Mining method: underground #### Resource Data - Category: proven - Tonnes: 0 #### Prior Estimate - Resource Date: 2024-08-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-11-27T00:00:00.000Z Reasoning: Part of the reported increase in mineral reserves. - Positive factor: Part of a 20% increase in total reserves Evidence · text > Proven and Probable mineral reserves increased by 20% to 23.41 million 4E oz #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/platinum-group-metals-ltd-reports-2024-annual-results--a7304b68-7bed-4202-8735-61eccc911ae9#fact-resource-facts-4) Waterberg Project · copper #### Identity - Project: Waterberg Project - Commodity: copper - Region: south\_africa - Reported Region: South Africa - Ticker: PTM #### Resource scope - Estimate type: reserve - Effective date: 2024-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:57557aada6f6c6bb660a - Deposit or zone: Waterberg Project - Mining method: underground #### Resource Data - Category: proven - Tonnes: 246200000 - Grade: 0.08 - Grade Unit: % #### Prior Estimate - Resource Date: 2024-08-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-11-27T00:00:00.000Z Reasoning: Part of the reported increase in mineral reserves. - Positive factor: Part of a 20% increase in total reserves Evidence · text > 246.2 million tonnes at an average grade of 2.96 4E g/t, 0.08% copper \(" Cu "\), and 0.17% nickel \(" Ni "\) #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/platinum-group-metals-ltd-reports-2024-annual-results--a7304b68-7bed-4202-8735-61eccc911ae9#fact-resource-facts-5) Waterberg Project · nickel #### Identity - Project: Waterberg Project - Commodity: nickel - Region: south\_africa - Reported Region: South Africa - Ticker: PTM #### Resource scope - Estimate type: reserve - Effective date: 2024-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:57557aada6f6c6bb660a - Deposit or zone: Waterberg Project - Mining method: underground #### Resource Data - Category: proven - Tonnes: 246200000 - Grade: 0.17 - Grade Unit: % #### Prior Estimate - Resource Date: 2024-08-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-11-27T00:00:00.000Z Reasoning: Part of the reported increase in mineral reserves. - Positive factor: Part of a 20% increase in total reserves Evidence · text > 246.2 million tonnes at an average grade of 2.96 4E g/t, 0.08% copper \(" Cu "\), and 0.17% nickel \(" Ni "\) #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/platinum-group-metals-ltd-reports-2024-annual-results--a7304b68-7bed-4202-8735-61eccc911ae9#fact-resource-facts-6) Waterberg Project · platinum #### Identity - Project: Waterberg Project - Commodity: platinum - Region: south\_africa - Reported Region: South Africa - Ticker: PTM #### Resource scope - Estimate type: resource - Effective date: 2024-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:95064c7932939004e407 - Deposit or zone: Waterberg Project - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 345030000 - Grade: 3.04 - Grade Unit: 4E g/t #### Prior Estimate - Resource Date: 2024-08-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-11-27T00:00:00.000Z Reasoning: Part of the reported increase in Measured and Indicated resources. - Positive factor: 9.5% increase in Measured and Indicated resources Evidence · text > Measured and Indicated mineral resources increased by 9.5% to 33.76 million 4E oz ... \(345.03 million tonnes at an average grade of 3.04 4E g/t, 0.09% Cu and 0.18% Ni\) #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/platinum-group-metals-ltd-reports-2024-annual-results--a7304b68-7bed-4202-8735-61eccc911ae9#fact-resource-facts-7) Waterberg Project · copper #### Identity - Project: Waterberg Project - Commodity: copper - Region: south\_africa - Reported Region: South Africa - Ticker: PTM #### Resource scope - Estimate type: resource - Effective date: 2024-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:95064c7932939004e407 - Deposit or zone: Waterberg Project - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 345030000 - Grade: 0.09 - Grade Unit: % #### Prior Estimate - Resource Date: 2024-08-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-11-27T00:00:00.000Z Reasoning: Part of the reported increase in Measured and Indicated resources. - Positive factor: 9.5% increase in Measured and Indicated resources Evidence · text > 345.03 million tonnes at an average grade of 3.04 4E g/t, 0.09% Cu and 0.18% Ni #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/platinum-group-metals-ltd-reports-2024-annual-results--a7304b68-7bed-4202-8735-61eccc911ae9#fact-resource-facts-8) Waterberg Project · nickel #### Identity - Project: Waterberg Project - Commodity: nickel - Region: south\_africa - Reported Region: South Africa - Ticker: PTM #### Resource scope - Estimate type: resource - Effective date: 2024-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:95064c7932939004e407 - Deposit or zone: Waterberg Project - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 345030000 - Grade: 0.18 - Grade Unit: % #### Prior Estimate - Resource Date: 2024-08-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-11-27T00:00:00.000Z Reasoning: Part of the reported increase in Measured and Indicated resources. - Positive factor: 9.5% increase in Measured and Indicated resources Evidence · text > 345.03 million tonnes at an average grade of 3.04 4E g/t, 0.09% Cu and 0.18% Ni #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/platinum-group-metals-ltd-reports-2024-annual-results--a7304b68-7bed-4202-8735-61eccc911ae9#fact-resource-facts-9) Waterberg Project · platinum #### Identity - Project: Waterberg Project - Commodity: platinum - Region: south\_africa - Reported Region: South Africa - Ticker: PTM #### Resource scope - Estimate type: resource - Effective date: 2024-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:b22f4bcaf8d39a324ffc - Deposit or zone: Waterberg Project - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 89700000 - Grade: 2.96 - Grade Unit: 4E g/t #### Prior Estimate - Resource Date: 2024-08-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-11-27T00:00:00.000Z Reasoning: Part of the reported increase in Inferred resources. - Positive factor: 6.6% increase in Inferred resources Evidence · text > Inferred mineral resources increased by 6.6% to 8.52 million 4E oz ... \(89.70 million tonnes at an average grade of 2.96 4E g/t, 0.08% Cu, and 0.15% Ni\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/platinum-group-metals-ltd-reports-2024-annual-results--a7304b68-7bed-4202-8735-61eccc911ae9#fact-resource-facts-10) Waterberg Project · copper #### Identity - Project: Waterberg Project - Commodity: copper - Region: south\_africa - Reported Region: South Africa - Ticker: PTM #### Resource scope - Estimate type: resource - Effective date: 2024-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:b22f4bcaf8d39a324ffc - Deposit or zone: Waterberg Project - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 89700000 - Grade: 0.08 - Grade Unit: % #### Prior Estimate - Resource Date: 2024-08-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-11-27T00:00:00.000Z Reasoning: Part of the reported increase in Inferred resources. - Positive factor: 6.6% increase in Inferred resources Evidence · text > 89.70 million tonnes at an average grade of 2.96 4E g/t, 0.08% Cu, and 0.15% Ni #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/platinum-group-metals-ltd-reports-2024-annual-results--a7304b68-7bed-4202-8735-61eccc911ae9#fact-resource-facts-11) Waterberg Project · nickel #### Identity - Project: Waterberg Project - Commodity: nickel - Region: south\_africa - Reported Region: South Africa - Ticker: PTM #### Resource scope - Estimate type: resource - Effective date: 2024-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:b22f4bcaf8d39a324ffc - Deposit or zone: Waterberg Project - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 89700000 - Grade: 0.15 - Grade Unit: % #### Prior Estimate - Resource Date: 2024-08-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-11-27T00:00:00.000Z Reasoning: Part of the reported increase in Inferred resources. - Positive factor: 6.6% increase in Inferred resources Evidence · text > 89.70 million tonnes at an average grade of 2.96 4E g/t, 0.08% Cu, and 0.15% Ni #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ## 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.