Platinum Group Metals Ltd. (TSX: PTM) is the operator of the Waterberg Project, a bulk underground PGM deposit located in South Africa. Waterberg was discovered by Platinum Group and is being jointly developed with Implats, the Japan Oil, Gas and Metals National Corporation (JOGMEC) and Hanwa Co. Ltd. Waterberg has the potential to be a large-scale, low-cost producer of palladium, platinum, rhodium, and gold. Geographically, it operates in Canada and South Africa. 

This Report covers the Key Recommendation Rationale, Valuation, Target Price, and Recommendation on the stock. 

As per the previous Report published on “PTM” as on 26^th November 2025, Kalkine provided a “Speculative Buy” stance on the stock at CAD 2.94.

Noted below are the details of support and resistance levels provided in the previous report:

PTM Daily Chart

Considering continued operating losses with limited revenue generation, slow advancement and uncertain path to Waterberg project development, high capital intensity with no clear near-term cash flow, current trading levels and risks associated, it is prudent to exit at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the last closing price of CAD 3.36 on 1^st December 2025.  

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on December 1, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.