Kopernik Global Investors and David B. Iben jointly report beneficial ownership of 7,432,438 Common Shares of Group Metals Ltd, representing 5.86% of the outstanding Common Shares. The percentage is calculated on 126,825,879 shares outstanding as of February 28, 2026. The filing states that Kopernik Global Long-Term Opportunities, LP is the direct holder of 7,073,746 shares. The statement is a joint filing by Kopernik Global Investors, LLC and David B. Iben and includes a power of attorney authorizing Sarah L. Bertrand to sign.
Positive
None.
Negative
None.
Insights
Large passive stake disclosed; ownership exceeds 5% threshold.
The filing shows an aggregate beneficial position of 7,432,438 shares, equal to 5.86% of outstanding common shares as of February 28, 2026. The position is reported jointly by an adviser and its controlling member, consistent with regulatory aggregation rules.
Holdings are shown as shared voting and dispositive power. Subsequent filings or updates would reveal any changes in voting arrangements or sale activity.
Disclosure clarifies direct holder and filing authority; no assertion of beneficial ownership beyond the filing's language.
The filing identifies Kopernik Global Long-Term Opportunities, LP as the direct holder of 7,073,746 shares and records shared voting/dispositive power of 7,432,438 for the Reporting Persons. A power of attorney authorizes Sarah L. Bertrand to sign on behalf of the reporting person.
Investor impact depends on future transactions or amendments; the filing is a snapshot of aggregated ownership at the stated date.
Key Figures
Beneficial ownership:7,432,438 sharesDirect holder position:7,073,746 sharesShares outstanding:126,825,879 shares+1 more
4 metrics
Beneficial ownership7,432,438 sharesaggregate reported by Kopernik Global Investors and David B. Iben
Direct holder position7,073,746 sharesheld by Kopernik Global Long-Term Opportunities, LP (direct holder)
Shares outstanding126,825,879 sharesoutstanding as of February 28, 2026 (issuer interim statements)
Percent of class5.86%reported percentage based on outstanding shares as of February 28, 2026
"The Reporting Persons beneficially own, in the aggregate, 7,432,438 Common Shares."
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Shared dispositive powerregulatory
"Shared Dispositive Power 7,432,438.00"
Schedule 13G/Aregulatory
"This is jointly filed by Kopernik Global Investors, LLC and David B. Iben"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
PLATINUM GROUP METALS LTD
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
72765Q882
(CUSIP Number)
03/31/2026
(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
7,432,438.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,432,438.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,432,438.00
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)
5.86 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: Based on 126,825,879 common shares outstanding as of February 28, 2026, as set forth in the Issuer's Interim Condensed Consolidated Financial Statements for the six-month period ended February 28, 2026 filed by the Issuer on Form 6-K with the Securities and Exchange Commission on April 10, 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
7,432,438.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,432,438.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,432,438.00
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)
5.86 %
12
Type of Reporting Person (See Instructions)
HC
Comment for Type of Reporting Person: Based on 126,825,879 common shares outstanding as of February 28, 2026, as set forth in the Issuer's Interim Condensed Consolidated Financial Statements for the six-month period ended February 28, 2026 filed by the Issuer on Form 6-K with the Securities and Exchange Commission on April 10, 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, 7,432,438 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 5.86% of the Issuer's outstanding Common Shares based on 126,825,879 common shares outstanding as of February 28, 2026 as set forth in the Issuer's Interim Condensed Consolidated Financial Statements for the six-month period ended February 28, 2026 filed by the Issuer on Form 6-K with the Securities and Exchange Commission on April 10, 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:
7,432,438
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
7,432,438
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 7,073,746 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:
05/14/2026
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:
05/14/2026
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.
What stake does Kopernik report in Group Metals Ltd (PLG)?
Kopernik and David B. Iben report beneficial ownership of 7,432,438 shares, equal to 5.86%. This percentage uses 126,825,879 shares outstanding as of February 28, 2026 from the issuer's interim financial statements.
Which entity directly holds the reported shares for Kopernik?
The filing states that Kopernik Global Long-Term Opportunities, LP is the direct holder of 7,073,746 Common Shares. The LP is listed as the account through which the reported position is held by the Reporting Persons.
Do the reporting persons have sole voting or dispositive power?
No; the report lists 0 shares with sole voting or dispositive power and 7,432,438 shares with shared voting and dispositive power, indicating aggregated/shared control across the reporting entities.
Who signed the Schedule 13G/A for Kopernik and Mr. Iben?
The form is signed by Sarah L. Bertrand as General Counsel and Chief Compliance Officer, and on behalf of David B. Iben by power of attorney, with dates indicating signature on May 14, 2026.
What is the reporting date used for the outstanding share count?
The filing cites the issuer's interim condensed consolidated financial statements showing 126,825,879 common shares outstanding as of February 28, 2026, and references the issuer's Form 6-K filed on April 10, 2026 for that figure.
