Platinum Group Metals is a development-stage mining company with a single asset: the Waterberg Project, a large underground PGM deposit on the Northern Limb of the Bushveld Igneous Complex in South Africa's Limpopo province. The company has no revenue and funds operations entirely through equity issuance, including an at-the-market equity program and periodic private placements to anchor shareholder HCI. The Waterberg Project is a planned mechanized underground mine designed to produce roughly 353,000 combined platinum, palladium, rhodium, and gold (4E) ounces per year at steady state, with first ore targeted for 2029 and steady-state production around 2032. The deposit holds 23.4 million ounces of 4E in proven and probable reserves, and is palladium-dominant, with palladium comprising roughly 63% of the 4E resource. Once in production, the business model is simple: mine ore, process it into flotation concentrate on-site, and sell the concentrate to a smelter under a net smelter return arrangement. Platinum Group holds a 50.3% effective interest in the project through a joint venture that also includes Japanese partners JOGMEC and Hanwa, BEE partner Mnombo, and Implats. Before any construction decision, the company must secure two critical prerequisites: a concentrate offtake agreement with a smelter and project financing for roughly $946M in upfront capital. No formal offtake agreement is in place, and Platinum Group is exploring both existing South African smelters and a potential new smelter in Saudi Arabia via a partnership with Ajlan & Bros.