Platinum Group Metals Ltd. reported its financial results for the nine months ended May 31, 2025, on July 11, 2025. The company incurred a net loss of $3.40 million, an improvement from the $4.02 million net loss reported in the comparable period ended May 31, 2024.
During the nine months ended May 31, 2025, the company issued 4,350,928 common shares through its 2025 At-The-Market (ATM) program at an average price of $1.32 per share, generating gross proceeds of $5.75 million. After May 31, 2025, an additional 4,172,397 common shares were sold for net proceeds of $6.52 million, bringing total ATM proceeds to $12.27 million.
Regarding the Saudi PGM smelter initiative, the company, Ajlan, MISA, and the Government of South Africa are now considering establishing a matte furnace in South Africa to smelt Waterberg Project concentrate. The resulting converter matte would then be shipped to Saudi Arabia for further processing, significantly reducing the volume of material transported.
The Waterberg Project continues to advance, with exploration and engineering work completed for the DFS Update and ongoing efforts for initial road access, water supply, and site facilities. Community infrastructure work has been completed or is underway, and skills training programs have been implemented, with 49 learners completing training in 2024 and 15 tertiary education bursaries granted between 2023 and 2025.
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