The PFS considers development of a large, shallow, decline-accessible, mechanized mine producing 744,000 ounces per year (oz/y) of platinum, palladium, rhodium, and gold (4E) in concentrate (222,000 oz/y of platinum, 472,000 oz/y of palladium, 6,000 oz/y of rhodium, and 45,000 oz/y of gold.) Probable reserves at the project total 12.3 million 4E oz.

Capital expenditures to full production are estimated at approximately $1.06 billion, including $67 million in contingencies. On-site life-of-mine average cash costs of production are estimated at $248/4E oz, including byproduct credits and exclusive of smelter discounts. Near-term planning calls for completion of a feasibility study and filing of a mining right application.

Mine production will be from a lowcost, multidecline, fully mechanized mining complex along an initial 13-km deposit strike length, with two 300,000-mt/m mills and a modeled 18-year mine-life. A fleet of about 400 trackless machines, including drill rigs, loaders, dump trucks, and other trackless machines, will be used for mining and development. A minimum mining width has been set at 3 m so that all mining can be fully mechanized, safe and efficient.

Flotation test work indicates that the Waterberg ores are amenable to treatment by conventional flotation without the need for regrinding. The PFS assumes that the flotation concentrate will be sold to or toll treated at South African smelters and refineries.

Platinum Group Metals plans to continue drilling the deposit and to advance the project to completion of a feasibility study and a construction decision.