Platinum Group Metals Ltd (PTM) reports the Company’s financial results for the nine month period ended May 31, 2023 and provides an update and outlook. The Company is focussed on advancing the Waterberg Project located on the Northern Limb of the Bushveld Complex in South Africa.
The Waterberg Project is planned as a fully mechanised, shallow, decline access palladium, platinum, gold and rhodium mine and is projected to be one of the largest and lowest cost underground platinum group metals mines globally.
By presenting the results for the nine month period ended May 31, 2023, PTM said, during the nine month period ended May 31, 2023, the Company incurred a net loss of $4.05 million (May 31, 2022 – $7.26 million).
General and administrative expenses of $2.9 million (May 31, 2022 – $3.26 million ) during the current period were lower than the comparable period, with the higher expense at May 31, 2022 being primarily due to legal expenses for our successful defense at trial against claims by Africa Wide, which took place during October 2021 and February 2022.
Interest expense was $Nil in the current period versus $1.65 million in the comparable nine month period of fiscal 2022. The Company repaid all its remaining debt in February 2022, thereby eliminating related future interest expense.
The foreign exchange gain recognized in the current period was $0.29 million (May 31, 2022 – $0.12 million loss) due to the U.S. Dollar increasing in value relative to the Canadian Dollar during the current period. Lion Battery joint venture battery research and development expenses were $0.30 million during the nine month period (May 31, 2022 – $0.25 million). Stock compensation expense was $1.6 million during the period (May 31, 2022 – $1.73 million).
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