Platinum Group Metals (PTM) reports the Company’s financial results for the 2Q-six-month period ended February 28, 2025, and provides an update and outlook. The Company is focused on advancing the Waterberg project located on the Northern Limb of the Bushveld Complex in South Africa-the Waterberg Project.
The Waterberg Project is planned as a fully mechanised, shallow, decline access platinum, palladium, rhodium and gold mine, including by-product copper and nickel production, and is projected to be one of the largest and lowest cost underground platinum group metals (PGM) mines globally.
By highlighting Project Ownership, PTM reports, as of February 28, 2025, the Waterberg Project is owned by Waterberg JV Resources (Pty) Ltd. (Waterberg JV Co.), which is in turn owned by Platinum Group (37.19%), Mnombo Wethu Consultants (Pty) Ltd. (Mnombo) (26.0%), HJ Platinum Metals Company Ltd. (HJM) (21.95%) and Impala Platinum Holdings Ltd. (Implats) (14.86%).
Platinum Group holds a further 12.97% indirect interest in Waterberg JV Co. through a 49.9% interest in Mnombo. HJM was established in 2023 by Japan Organization for Metals and Energy Security (JOGMEC) and Hanwa Co. Ltd. (Hanwa) as a special purpose company to hold and fund their aggregate future equity interests in the Waterberg Project with JOGMEC expecting to fund 75% of future equity investments into HJM going forward.
By reporting about outlook, PTM said, the Company’s primary business objective is to advance the Waterberg Project to a development and construction decision. PTM is the operator of the Waterberg Project as directed by a technical committee comprised of representatives from joint venture partners Implats, Mnombo, and HJM.
Since October 18, 2022, Waterberg JV Co. has been advancing exploration and engineering work related to the Waterberg DFS Update, initial road access, water supply, infrastructure and essential site facilities, a first phase accommodation lodge, a site construction power supply from state utility Eskom and advancement of the Waterberg Social & Labour Plan. Engagement with local communities has been ongoing and together the parties have agreed upon the location of project facilities and infrastructure.
Before a construction decision can be undertaken, arrangements will be required for Waterberg Project concentrate offtake or processing. The Company and Waterberg JV Co. are assessing commercial alternatives for mine development financing and concentrate offtake. In addition to the Company’s investigation of smelting and base metal refining options in Saudi Arabia (as described above), the Company is also in discussion with several South African smelter operators, including Implats, with a view to negotiating formal concentrate offtake arrangements for the Waterberg Project.
The Company continues to work closely with regional and local communities and their leadership on mine development plans to achieve optimal outcomes and best value to all stakeholders. The unique properties of PGMs as powerful catalysts are being applied to various technologies as possible solutions for more efficient energy generation and storage, which may create new demand for PGMs.
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