Platinum Metals : Corporate Presentation - European Gold Forum - April 2023

WATERBERG PGM

Large-scale,low-cost PGM mine development in South Africa

CORPORATE PRESENTATION April 2023

NYSE.A PLG

TSX PTM

DISCLOSURE

Technical and Scientific Information

• This presentation has been prepared by Platinum Group Metals Ltd. ("Platinum Group" or the "Company"). Information included in this presentation regarding the Company's mineral properties has been approved by Rob van Egmond, P. Geo. an Independent Qualified Person for purposes of National Instrument 43-101 - Standards of Disclosure for Mineral
  Projects ("NI 43-101"), based on independent information filed by the Company with the Canadian securities regulators and the U.S. Securities and Exchange Commission ("SEC").
  For more detailed information regarding the Company and its mineral properties, you should refer to the Company's independent technical reports and other filings with the Canadian securities regulators and the SEC, which are available at www.sedar.com and www.sec.gov, respectively. Scientific and technical information contained herein is derived from the
  Company's technical reports. Information contained herein related to the Waterberg
  Definitive Feasibility Study and associated Reserve and Resource Update can be found in the October 4, 2019 technical report entitled, "Waterberg Project Definitive Feasibility Study and Mineral Resource Update." www.sedar.com and www.sec.gov. Reference is made to such reports for more detailed information with respect to the Company's properties, including details of quality and grade of each mineral resource estimate, details of the key assumptions, methods and parameters used in the mineral resource estimates and a general discussion of the extent to which the mineral resource estimates and the other estimates and projections included in the reports may be materially affected by any known environmental, permitting, legal, taxation, socio-political, marketing, or other relevant issues.

Cautionary Note to United States Investors

• This presentation has been prepared in accordance with the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all reserve estimates included in this presentation have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum
  Definition Standards on Mineral Resources and Mineral Reserves (the "CIM Definition Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ from the requirements of the U.S. Securities and Exchange Commission (the "SEC") under subpart 1300 of Regulation S-K (the "SEC Modernization Rules"), and resources and reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. The SEC Modernization Rules replaced the historical property disclosure requirements included in SEC Industry Guide 7. As a foreign private issuer that will file its annual report for 2022 on Form 40-F with the SEC pursuant to the multi-

jurisdictional disclosure system, the Company is not currently subject to the SEC Modernization Rules. If the Company ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the multi-jurisdictional disclosure system, then the Company will be subject to the SEC Modernization Rules which differs from the requirements of NI 43-101 and the CIM Definition Standards. The SEC Modernization Rules includes the adoption of terms describing mineral reserves and mineral resources that are "substantially similar" to the corresponding terms under the CIM Definition Standards. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". In addition, the SEC has amended its definitions of "proven mineral reserves"

and "probable mineral reserves" to be "substantially similar" to the corresponding CIM

Definitions. U.S. investors are cautioned that while the above terms are "substantially similar" to CIM Definitions, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules. U.S. investors are also cautioned that while the SEC recognizes "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under the SEC Modernization Rules, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable. Further, "inferred

mineral resources" have a greater amount of uncertainty as to their existence and as to

whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the "inferred mineral resources" exist. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies, except in rare cases. For these reasons, the mineral reserve and mineral resource estimates and related information in this presentation may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

NYSE.A PLG • TSX PTM 2

FORWARD-LOOKING STATEMENTS

This presentation contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of U.S. securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this presentation include, without limitation, statements regarding the projections and assumptions relating to the DFS, including, without limitation NPV, IRR, costs, mine life, payback periods, margins, exchange rates, inflation, recoveries, grades, potential production of the Waterberg Project and other

operational and economic projections with respect to the Waterberg Project; Waterberg Project's

potential to be a bulk mineable, low cost, dominantly palladium mine producing platinum and palladium based on a fully mechanized mine plan; the Waterberg Project's potential to be one of the largest and lowest cash cost underground platinum group metals mines globally; the expected creation of 1,100 new highly skilled jobs; the potential for future drilling to convert mineral resources into reserves, extending mine life; and the potential for underground mining of the North Mine to lower future capital costs. Mineral resource and reserve estimates are also forward-looking statements because such estimates involve estimates of mineralization that may be encountered in the future if a production decision is made, as well as estimates of future costs and values. Although the Company believes the forward-looking statements in this presentation are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance and that actual results may differ materially from those in forward-looking statements as a result of various factors, including possible adverse impacts due the global outbreak of COVID-19; the Company's history of losses and negative cash flow; the Company's ability to continue as a going concern; the Company's properties may not be brought into a state of commercial production; uncertainty of estimated production, development plans and cost estimates for the Waterberg Project; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs, between actual and estimated metallurgical recoveries and between estimated and actual production; fluctuations in the relative values of the

U.S. Dollar, the Rand and the Canadian Dollar; volatility in metals prices; the failure of the Company or the other shareholders to fund their pro rata share of funding obligations for the Waterberg Project; any disputes or disagreements with the other shareholders of Waterberg JV Co., Mnombo Wethu Consultants (Pty) Ltd. or Maseve; the ability of the Company to retain its key management employees and skilled and experienced personnel; conflicts of interest; litigation or other administrative proceedings brought against the Company; actual or alleged breaches of governance processes or instances of fraud, bribery or corruption; the Company may become subject to the U.S. Investment Company Act; exploration, development and mining risks and the inherently dangerous nature of the mining industry, and the risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and uncertainties; property and mineral title risks including defective title to mineral claims or property; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada and South Africa; equipment shortages and the ability of the Company to acquire necessary access rights and infrastructure for its mineral properties; environmental regulations and the ability to obtain and maintain necessary permits, including environmental authorizations and water use licences; extreme competition in the mineral exploration industry; delays in obtaining, or a failure to obtain, permits necessary for current or future operations or failures to comply with the terms of such permits; risks of doing business in South Africa, including but not limited to, labour, economic and political instability and potential changes to and failures to comply with legislation; the Company's common shares may be delisted from the NYSE American or the TSX if it cannot maintain compliance with the applicable listing requirements; and other risk factors described in the Company's most recent Form 20-F annual report, annual information form and other filings with the U.S Securities and Exchange Commission ("SEC") and Canadian securities regulators, which may be viewed at www.sec.gov and www.sedar.com, respectively. Proposed changes in the mineral law in South Africa if implemented as proposed would have a material adverse effect on the

Company's business and potential interest in projects. Any forward-looking statement speaks only

as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward- looking statement, whether as a result of new information, future events or results or otherwise.

NYSE.A PLG • TSX PTM 3

WATERBERG A Tier One Mining Asset

Reserves

19.50 million ounces of PGMs and Au

Projected Cost

First Quartile

$640/4E Ounce

Mine Life

45+ Years

Projected Annual Production

420,000 Ounces 4E

100% Waterberg Project. See Appendix and October 4, 2019 technical report - www.sedar.com Proven and probable reserves: 187 million tonnes at 3.24 g/t 4E (2.5 g/t cut-off)

NYSE.A PLG • TSX PTM 4

WATERBERG Location and Highlights

Bulk mechanized mining with a higher skilled work force. Safer to mine.

Full suite of PGMs gold and base metals.

Multi-decline, shallow ramp access. Lower capital and operating costs compared to deep vertical shafts.

Low chrome sulphide concentrate with base metal content amenable to existing smelters.

See Appendix and October 4, 2019 technical report - www.sedar.com

NYSE.A PLG • TSX PTM 5