Platinum Group Metals Ltd. Enters Into At-The-Market Equity Distribution Agreement

Rhea-AI Summary

Platinum Group Metals (NYSE American: PLG; TSX: PTM) entered an at-the-market equity distribution agreement effective March 10, 2026 to raise up to US$60.0 million of common shares under a 2026 ATM Program.

Proceeds are expected to be used over 24 months for staged development at the Waterberg Project and general corporate and administrative purposes. The agreement terminates on December 13, 2026 or earlier if the US$60.0 million cap is reached.

Positive

• Up to US$60.0M capital access via 2026 ATM program
• Proceeds earmarked for Waterberg staged development (24 months)
• 2024 ATM program completed, indicating prior market access

Negative

• Potential dilution to shareholders if full US$60.0M issued
• No guaranteed proceeds; company not obligated to sell Offered Shares

Key Figures

2026 ATM size: US$60.0 million ATM termination date: December 13, 2026 Use-of-proceeds window: 24 months +5 more

8 metrics

2026 ATM size US$60.0 million Maximum aggregate gross proceeds under 2026 ATM Program

ATM termination date December 13, 2026 Latest date Distribution Agreement may terminate if not earlier

Use-of-proceeds window 24 months Anticipated period for deploying net proceeds from ATM sales

Base shelf date November 13, 2024 Date of short form base shelf prospectus underpinning ATM

Prior ATM start December 5, 2024 Date 2024 ATM Program was established

F-10 filing date October 31, 2024 Initial filing date of Form F-10 registration statement

F-10 amendment date November 13, 2024 Amendment date of Form F-10 referenced for ATM

Waterberg focus Staged development programs Primary stated use of ATM proceeds alongside corporate purposes

Market Reality Check

Price: $2.35 Vol: Volume 2,033,140 vs 20-da...

normal vol

$2.35 Last Close

Volume Volume 2,033,140 vs 20-day average 2,445,454 ahead of the ATM announcement. normal

Technical Trading above 200-day MA: price 2.35 vs MA 2.12 before the new ATM.

Peers on Argus

PLG was up 0.86% pre-news while most peers like NMG (+3.64%), LODE (+3.33%), VOX...

PLG was up 0.86% pre-news while most peers like NMG (+3.64%), LODE (+3.33%), VOXR (+1.99%) and IONR (+1.91%) also traded higher; PLL diverged at -9.6%, suggesting stock-specific factors alongside broader basic materials strength.

Historical Context

3 past events · Latest: Feb 24 (Positive)

Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Feb 24	AGM results	Positive	+2.0%	Shareholders approved all AGM matters, including compensation plans and directors.
Jan 14	Quarterly earnings	Neutral	+1.1%	Reported Q1 FY2026 net loss and updated Waterberg spending and budget.
Nov 26	Annual results	Positive	+13.4%	Reported FY2025 loss, Waterberg DFS update, and ATM-driven financing progress.

Pattern Detected

Recent news and financial updates, including Waterberg progress and governance items, have been followed by positive 24-hour price reactions.

Recent Company History

Over the last several months, Platinum Group Metals has issued updates focused on governance, financial performance, and the Waterberg Project. The AGM on Feb 24, 2026 showed strong shareholder support for compensation plans and director elections, with the stock up 1.96%. Q1 FY2026 results on Jan 14, 2026 highlighted a quarterly net loss of $1.84M and cumulative Waterberg capitalized costs of $51.2M, with shares rising 1.08%. FY2025 results on Nov 26, 2025 combined a $4.54M net loss with significant Waterberg investment and ATM financing, followed by a 13.43% gain.

Market Pulse Summary

This announcement details a new US$60.0M at-the-market equity program running to as late as December...

Analysis

This announcement details a new US$60.0M at-the-market equity program running to as late as December 13, 2026, giving the company flexibility to issue shares at prevailing prices. Proceeds are targeted for staged development at the Waterberg Project and corporate needs. Recent history, including FY2025 and Q1 FY2026 updates, shows continued investment in Waterberg and use of ATM financing. Investors may monitor actual ATM drawdowns and project milestones over the next 24 months.

Key Terms

at-the-market equity program, equity distribution agreement, prospectus supplement, short form base shelf prospectus, +2 more

6 terms

at-the-market equity program financial

"for a new at-the-market equity program ("2026 ATM Program")"

An at-the-market equity program lets a company sell newly issued shares directly into the open market at the current trading price through a broker, rather than in a single, prearranged block. It provides flexible, on-demand access to cash—like drawing small amounts from a credit line—but increases the number of shares outstanding, which can reduce existing shareholders’ ownership percentage and put downward pressure on the stock price, so investors monitor program size and pacing.

equity distribution agreement financial

"entered into a new equity distribution agreement effective as of March 10, 2026"

An equity distribution agreement is a formal plan between a company and financial institutions to sell newly issued shares of the company's stock to investors over a period of time. It helps the company raise money gradually, similar to filling a container with water in stages, rather than all at once. For investors, it provides an organized way to buy shares and can influence the stock's supply and price.

prospectus supplement regulatory

"pursuant to a prospectus supplement dated December 5, 2024"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

short form base shelf prospectus regulatory

"to the Company's short form base shelf prospectus dated November 13, 2024"

A short form base shelf prospectus is a pre-approved, reusable document that lets a company register a pool of securities (like stocks or bonds) it can sell over time without repeating a full disclosure process each time. Think of it as a menu the company files once so it can quickly offer items from that menu later; investors care because it speeds up capital raises, can dilute existing holdings, and signals the company’s ability to access funding when needed.

Form F-10 regulatory

"forming a part of the Company's U.S. registration statement on Form F-10"

Form F-10 is a standardized prospectus document filed with Canadian securities regulators when a Canadian company offers shares or other securities to the public. It lays out the company’s business, financial results, management, and risks—like a detailed product label that helps investors compare what they’re buying and understand potential downsides. For investors, the form matters because it provides the core information needed to evaluate the safety, value and terms of a public securities offering.

at-the-market distributions financial

"sales of Offered Shares will be made by the Agents through "at-the-market distributions""

Sales of newly issued shares made gradually into the open market at whatever price buyers are currently paying, typically arranged through a broker rather than a single fixed-price offering. Investors should care because these steady sales increase the number of shares outstanding and can dilute existing holders and influence supply and price—similar to a vendor adding more tickets to resale at the current box-office rate, providing flexible funding but potentially easing upward price pressure.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia and Johannesburg, South Africa--(Newsfile Corp. - March 10, 2026) - Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) ("Platinum Group" or the "Company") reports that it has entered into a new equity distribution agreement effective as of March 10, 2026 (the "Distribution Agreement") with BMO Nesbitt Burns Inc. and Beacon Securities Limited (the "Canadian Agents") and BMO Capital Markets Corp. (the "U.S. Agent" and together with the Canadian Agents, the "Agents") for a new at-the-market equity program ("2026 ATM Program").

As previously announced, the Company established an at-the-market equity program on December 5, 2024 (the "2024 ATM Program") pursuant to a prospectus supplement dated December 5, 2024 to the Company's short form base shelf prospectus dated November 13, 2024. As of January 2026, the Company's 2024 ATM Program has been completed in full.

The Distribution Agreement will allow the Company to distribute up to US$60.0 million (or the equivalent in Canadian dollars) of common shares of the Company (the "Offered Shares") under the 2026 ATM Program. The Offered Shares will be issued by the Company to the public from time to time, through the Agents, at the Company's discretion. The Offered Shares sold under the 2026 ATM Program, if any, will be sold at the prevailing market price at the time of sale. The net proceeds of any such sales under the 2026 ATM Program are anticipated to be used, over the following 24 months, for (i) staged development programs at the Company's Waterberg Project; and (ii) general corporate and administrative purposes.

Under the Distribution Agreement, sales of Offered Shares will be made by the Agents through "at-the-market distributions" as defined in National Instrument 44-102 - Shelf Distributions on the Toronto Stock Exchange ("TSX"), NYSE American, LLC ("NYSE American") or any other trading market for the Offered Shares in Canada or the United States or as otherwise agreed between the Agents and the Company. The Company is not obligated to make any sales of Offered Shares under the Distribution Agreement. Unless earlier terminated by the Company or the Agents as permitted therein, the Distribution Agreement will terminate upon the earlier of (i) December 13, 2026 and (ii) the date that the aggregate gross sales proceeds of the Offered Shares sold under the 2026 ATM Program reaches the aggregate amount of US$60.0 million (or the equivalent in Canadian dollars).

The 2026 ATM Program is being made pursuant to a prospectus supplement to the Company's short form base shelf prospectus dated November 13, 2024 and forming a part of the Company's U.S. registration statement on Form F-10 filed October 31, 2024, as amended on November 13, 2024. The prospectus supplement relating to the 2026 ATM Program has been filed with the securities commissions in each of the provinces and territories of Canada and with the United States Securities and Exchange Commission.

The Company has relied on the exemption for "Eligible Interlisted Issuers" under Section 602.1 of the TSX Company Manual in connection with the listing of the Offered Shares on the TSX.

Copies of the prospectus supplement, the corresponding base shelf prospectus, the Distribution Agreement and other relevant documents are available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Alternatively, copies of the prospectus supplement relating to the 2026 ATM Program, the corresponding base shelf prospectus and any amendment to the documents may be obtained, without charge upon request by contacting:

Canadian Short Form Base Shelf  Prospectus and Prospectus Supplement: BMO Nesbitt Burns Inc. Mississauga Distribution Centre C/O The Data Group of Companies 80 Ambassador Drive Mississauga, Ontario L5T 2Y9	U.S. F-10 Registration Statement,  as amended, and Prospectus Supplement: BMO Capital Markets 151 W 42nd Street, 32nd Floor New York, NY 10036 Attention: Equity Syndicate Department
or by emailing pgardner@datagroup.ca	or by emailing bmoprospectus@bmo.com

 

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of, the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Platinum Group Metals Ltd. and the Waterberg Project

The Waterberg Project was discovered by Platinum Group and is being operated in joint-venture with Impala Platinum Holdings Ltd., Mnombo Wethu Consultants (Pty) Ltd. (“Mnombo”), and HJ Platinum Metals Company Ltd. on behalf of Japan Organization for Metals and Energy Security and Hanwa Co. Ltd.

On behalf of the Board of Directors of
Platinum Group Metals Ltd.

Frank R. Hallam
President, CEO and Director

For further information contact:
Kris Begic, VP, Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450

Disclosure

The TSX and the NYSE American have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

This news release 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", "may", "will", "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 news release include, but are not limited to, the future issuance of Offered Shares sold under the 2026 ATM Program; the ability to allocate of the proceeds from any sale of the Offered Shares as described in the Prospectus Supplement; the aggregate gross proceeds of the 2026 ATM Program; the use of proceeds from any sales of Offered Shares under the 2026 ATM Program; and the Company's other future plans and expectations. Although the Company believes any forward-looking statements in this news release 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 but not limited to, the Company may not sell any of the Offered Shares or may raise less than the maximum offering amount under the 2026 ATM Program; management has broad discretion in the use of proceeds from the 2026 ATM Program; compliance with regulatory requirements; the Company's inability to generate sufficient cash flow or raise additional capital, and to comply with the terms of any new indebtedness; additional financing requirements; and any new indebtedness may be secured, which potentially could result in the loss of any assets pledged by the Company; 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 South African Rand and the Canadian Dollar; volatility in metals prices; the uncertainty of alternative funding sources for Waterberg JV Resources (Pty) Ltd ("Waterberg JV Co."); the Company may become subject to the U.S. Investment Company Act; 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. or Mnombo; 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; 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; pandemics and other public health crises; 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 40-F annual report, AIF and other filings, including the short form base shelf prospectus, prospectus supplement and the Form F-10 registration statement, with the SEC and Canadian securities regulators, which may be viewed at www.sec.gov and www.sedarplus.ca, 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 because of new information, future events or results or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287857

FAQ

What does the PLG 2026 ATM Program authorize and how much can Platinum Group raise?

It authorizes at-the-market sales of common shares up to US$60.0 million. According to the company, the Distribution Agreement allows sales through designated agents at prevailing market prices until proceeds reach US$60.0 million or December 13, 2026.

How will proceeds from the PLG 2026 ATM Program be used over the next 24 months?

Proceeds are intended for staged development at the Waterberg Project and corporate needs. According to the company, funds are anticipated to support Waterberg development programs and general corporate and administrative purposes over a 24-month period.

Does the Distribution Agreement obligate Platinum Group to sell the Offered Shares under PLG's ATM?

No, the company is not required to sell any Offered Shares under the agreement. According to the company, sales will occur at its discretion and through agents as at-the-market distributions at prevailing market prices.

When does the PLG Distribution Agreement for the 2026 ATM Program terminate?

It terminates on December 13, 2026 or when gross sales reach US$60.0 million. According to the company, the earlier of those two events will end the Distribution Agreement unless mutually terminated sooner.

Which agents will manage the PLG 2026 ATM Program and on which exchanges can shares be sold?

BMO Nesbitt Burns, Beacon Securities and BMO Capital Markets will act as agents. According to the company, sales may be made on the TSX, NYSE American or other agreed trading markets in Canada or the United States.