Name and Location
Waterberg Joint Venture (JV) palladium and platinum project, Limpopo, South Africa.

Client
The  prior Waterberg JV and  Waterberg Extension projects have  been consolidated into a unitised project area now known as the Waterberg JV. The transaction includes a firm $20-million funding commitment from JV partner Japan Oil, Gas, Metals National Corporation (Jogmec) over the next three years.

The Jogmec-funded budget to March 31, 2016, is $8-million for the entire new Waterberg JV, including fill-in drilling, extension exploration drilling and prefeasibility engineering.

Platinum Group Metals (PTM) will increase its direct and indirect effective interest in the old Waterberg JV area from its current 49.98% to 58.62%, comprising 45.65% held directly and 12.97% held indirectly through Mnombo. PTM will decrease its effective interest in the old Waterberg Extension from 87% to 58.62%. Jogmec will decrease its interest in the old Waterberg JV from 37% to 28.35% and increase its interest in the old Waterberg Extension from zero to 28.35%. Mnombo will hold 26% of the new Waterberg JV project.

PTM has noted that the exchange of interests are "ounce neutral" in that each party is exchanging the same number of inferred resource ounces.

It will retain the responsibility of operating the consolidated project and has achieved a majority effective interest in the overall project.

Project Description
The Waterberg deposit consists of discrete, layered and continuous platinum group metal-bearing layers, starting at 140 m from the surface, with a consistent westerly dip. The deposit has to date been drilled for about 10.4 km northwards on strike. Geophysical surveys and drilling, to date, indicate that the deposit remains open down dip and on strike to the north-west.

Net Present Value/Internal Rate of Return
Not stated.

Value
Not stated.

Duration
A preliminary economic assessment (PEA) for the original Waterberg JV was completed in June 2014. A prefeasibility study (PFS) is under way, with expected completion in late 2015 or early 2016.

Latest Developments
PTM has announced an expanded drilling programme at Waterberg to delineate and upgrade shallow mineral resources.

Prefeasibility work at the project is continuing.

Key Contracts and Suppliers
WorleyParsons (PEA); DRA (qualified person role for the ongoing Waterberg PFS) and Coffey Mining (South Africa )(independent resource assessment).

On Budget and on Time?
The project continues to expand and operations have been within budget.

Contact Details for Project Information
PTM, tel +27 11 782 2186, fax +27 11 782 4338 or email info@platinumgroupmetals.net.
Jogmec public relations division, tel +81 3 6758 8106.
WorleyParsons, tel +27 11 218 3000 or fax +27 11 218 3100.
DRA, tel +27 11 202 8600 or email info@DRAglobal.com.
Coffey Mining (South Africa), tel +27 11 679 3331 or fax +27 11 679 3272