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Platinum Group Metals Ltd. (PLG) is named as the issuer in a joint beneficial-ownership report from Kopernik Global Investors, LLC, an investment adviser, and David B. Iben, its controlling member and Co-Chief Investment Officer. They report 12,788,511 common shares beneficially owned, equal to 10.00%, with shared voting and dispositive power; they state none of the securities are held by the reporting persons. The percentage calculation uses 127,885,112 common shares outstanding as of May 31, 2026. Sarah L. Bertrand, General Counsel and Chief Compliance Officer, signed for Kopernik Global Investors and under power of attorney for David B. Iben.
Key Figures
Aggregate beneficial ownership:12,788,511 common sharesOwnership percentage:10.00%Common shares outstanding:127,885,112 shares+1 more
4 metrics
Aggregate beneficial ownership12,788,511 common sharesJointly reported by Kopernik Global Investors, LLC and David B. Iben
Ownership percentage10.00%Based on common shares outstanding as of May 31, 2026
Common shares outstanding127,885,112 sharesAs of May 31, 2026
Direct holding12,084,943 common sharesDirectly held by Kopernik Global Long-Term Opportunities, LP
Key Terms
beneficially own, shared power to vote, shared power to dispose
3 terms
beneficially ownregulatory
"The Reporting Persons beneficially own, in the aggregate"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
shared power to voteregulatory
"Shared power to vote or to direct the vote"
shared power to disposeregulatory
"Shared power to dispose or to direct the disposition"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Who directly holds the PLG shares reported in the amendment?
Kopernik Global Long-Term Opportunities, LP is identified as the beneficial owner of the reported securities and as the direct holder of 12,084,943 common shares, or more than five percent of PLG's common shares.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
PLATINUM GROUP METALS LTD
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
72765Q882
(CUSIP Number)
10/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
72765Q882
1
Names of Reporting Persons
Kopernik Global Investors, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
12,788,511.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
12,788,511.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,788,511.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.00 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: Based on 127,885,112 common shares outstanding as of May 31, 2026, as set forth in the Issuer's Interim Condensed Consolidated Financial Statements for the nine-month period ended May 31, 2026 filed by the Issuer on Form 6-K with the Securities and Exchange Commission on July 15, 2026.
SCHEDULE 13G
CUSIP Number(s):
72765Q882
1
Names of Reporting Persons
David B. Iben
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
12,788,511.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
12,788,511.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,788,511.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.00 %
12
Type of Reporting Person (See Instructions)
HC
Comment for Type of Reporting Person: Based on 127,885,112 common shares outstanding as of May 31, 2026, as set forth in the Issuer's Interim Condensed Consolidated Financial Statements for the nine-month period ended May 31, 2026, filed by the Issuer on Form 6-K with the Securities and Exchange Commission on July 15, 2026
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
PLATINUM GROUP METALS LTD
(b)
Address of issuer's principal executive offices:
Suite 838 - 1100 Melville Street, Vancouver BC, V6E 4A6, Canada
Item 2.
(a)
Name of person filing:
This Schedule 13G is jointly filed by Kopernik Global Investors, LLC ("Kopernik Global Investors") and David B. Iben (collectively, the "Reporting Persons"). Kopernik Global Investors is an investment adviser. Mr. Iben is the controlling member and Co-Chief Investment Officer of Kopernik Global Investors.
(b)
Address or principal business office or, if none, residence:
2502 N. Rocky Point Dr. Suite 300
Tampa, FL 33607
(c)
Citizenship:
Kopernik Global Investors is a limited liability company organized under the laws of Delaware. Mr. Iben is a citizen of the United States of America.
(d)
Title of class of securities:
Common Shares, no par value
(e)
CUSIP No.:
72765Q882
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The Reporting Persons beneficially own, in the aggregate, 12,788,511 Common Shares. None of the securities are held by the Reporting Persons. The filing of this statement shall not be construed as an admission that either of the Reporting Persons is the beneficial owner of any of the securities covered by this Schedule 13G for any other purpose.
(b)
Percent of class:
The number of Common Shares beneficially owned by the Reporting Persons represents 10.00% of the Issuer's outstanding Common Shares based on 127,885,112 common shares outstanding as of May 31, 2026 as set forth in the Issuer's Interim Condensed Consolidated Financial Statements for the nine-month period ended May 31, 2026, filed by the Issuer on Form 6-K with the Securities and Exchange Commission on July 15, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
12,788,511
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
12,788,511
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Securities reported on this Schedule 13G are beneficially owned by Kopernik Global Long-Term Opportunities, LP, a Guernsey limited partnership, and it is the direct holder of 12,084,943 Common Shares or more than five percent of the Common Shares.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Kopernik Global Investors, LLC
Signature:
/s/Sarah L. Bertrand
Name/Title:
Sarah L. Bertrand General Counsel and Chief Compliance Officer
Date:
11/04/2026
David B. Iben
Signature:
/s/ David B. Iben by Sarah L. Bertrand, power of attorney
Name/Title:
David B. Iben by Sarah L. Bertrand, power of attorney
Date:
11/04/2026
Exhibit Information
99.1 Joint Filing Agreement, dated November 4, 2024, by and between Kopernik Global Investors, LLC and David B. Iben is incorporated herein by reference to Exhibit 99.1 of Schedule 13G filed with the SEC via EDGAR Accession No. 0000930413-24-003093 on November 4, 2024.
99.2 Power of Attorney appointing Sarah L. Bertrand, dated October 25, 2024, signed by David B. Iben is incorporated herein by reference to Exhibit 99.2 of Schedule 13G filed with the SEC via EDGAR Accession No. 0000930413-24-003093 on November 4, 2024.
