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Platinum Group Metals Ltd (PLG) delivers essential updates through this centralized news hub for investors tracking PGM exploration and battery technology advancements. Access verified updates about the Waterberg Project's development, financial disclosures, and strategic partnerships in the platinum group metals sector.
This resource provides timely announcements including operational milestones, NI 43-101 technical reports, and joint venture progress. Users will find critical information about mineral resource estimates, exploration results, and initiatives applying platinum/palladium in energy storage solutions.
Key updates cover three focus areas: Project Developments from South African operations, Financial Reporting including earnings and capital allocation, and Technology Partnerships advancing battery chemistry research. All content undergoes rigorous verification to ensure accuracy.
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Platinum Group Metals (TSX: PTM, NYSE American: PLG) announced positive results from an updated Definitive Feasibility Study (2024 DFS) for the Waterberg Mine. Key updates include:
- Mineral Reserve Increase: Proven and probable reserves up by 20% to 23.41 million 4E oz.
- Extended Life of Mine: Now 54 years with steady annual production of 353,208 4E oz.
- Robust Economics: After-tax NPV at an 8% discount rate of USD $569 million, IRR of 14.2%.
- Low Costs: On-site cash cost of $658 per 4E oz, AISC of $761 per 4E oz.
- Strong Cash Flow: After-tax cashflow of $6.50 billion LOM.
- Capital Efficiency: Total project capital of $946 million.
Additional improvements include increased resource confidence, higher continuity, reduced capital expenditure by $200 million, improved mine management, and reduced water consumption by 36%. The Waterberg Project intends to create approximately 3,425 jobs, contributing to local economies and the automotive and energy sectors.
Platinum Group Metals announced its financial results for nine months ending May 31, 2024. The company reported a net loss of $4.02 million, a slight improvement from the $4.05 million loss in the previous year. General and administrative expenses decreased to $2.57 million from $2.92 million. The Waterberg Project in South Africa remains the primary focus, with recent approvals for budgets to continue work programs and updates to the 2019 Definitive Feasibility Study. Notable collaboration initiatives include a potential PGM smelter in Saudi Arabia with Ajlan & Bros and advancements in lithium battery technologies with Lion Battery Technologies. Platinum Group also reported a private placement raising $2.5 million and noted a 26% interest return for major shareholder, Hosken Consolidated Investments. The company holds diverse currencies, and exchange rates have impacted cash holdings. A new at-the-market equity program worth $50 million was announced, with $1.97 million raised so far. Future goals include further development of the Waterberg Project and finalizing concentrate offtake agreements.
