Platinum Group Metals Ltd.

Interim Condensed Consolidated Financial Statements

(all amounts in thousands of United States Dollars unless otherwise noted) For the period ended May 31, 2021

Filed: July 15, 2021

PLATINUM GROUP METALS LTD.

Condensed Consolidated Interim Statements of Financial Position (in thousands of United States Dollars)

May 31,

August 31,

2021

2020

ASSETS

Current

Cash

$

8,989

$

1,308

Amounts receivable

251

218

Prepaid expenses

240

385

Total current assets

9,480

1,911

Performance bonds and other assets

167

108

Mineral Properties and Exploration Assets (Note 3)

44,414

34,939

Property, plant and equipment

436

457

Total assets

$

54,497

$

37,415

LIABILITIES

Current

Accounts payable and other liabilities

$

1,449

$

1,412

Loan payable (Note 5)

1,300

-

Bank advisory fees payable (Note 9)

-

2,890

Total current liabilities

2,749

4,302

Loan payable (Note 5)

9,791

19,337

Convertible notes (Note 6)

18,909

17,212

Share based liabilities

1,655

509

Lease liability

167

198

Total liabilities

$

33,271

$

41,558

SHAREHOLDERS' EQUITY

Share capital (Note 7)

$

888,123

$

861,890

Contributed surplus

29,663

28,278

Accumulated other comprehensive loss

(157,994)

(164,124)

Deficit

(755,335)

(746,313)

Total shareholders' equity (deficit) attributable to

shareholders of Platinum Group Metals Ltd.

4,457

(20,269)

Non-controlling interest

16,769

16,126

Total shareholders' equity (deficit)

21,226

(4,143)

Total liabilities and shareholders' equity

$

54,497

$

37,415

Going Concern (Note 1)

Contingencies and Commitments (Note 9)

Approved by the Board of Directors and authorized for issue on July 15, 2021

/s/ Stuart Harshaw

/s/ Diana Walters

Stuart Harshaw, Director

Diana Walters, Director

The accompanying notes are an integral part of the consolidated financial statements. 2

PLATINUM GROUP METALS LTD.

Condensed Consolidated Interim Statements of Loss and Comprehensive (Income) Loss (in thousands of United States Dollars except share and per share data)

Three months ended

Nine months ended

May 31,

May 31,

2021

2020

May 31, 2021 May 31, 2020

Expenses

General and administrative

$

967

$

803

$

2,909

$

2,712

Interest

1,105

1,376

3,629

4,084

Foreign exchange (gain) loss

(981)

842

(1,654)

1,204

Share of joint venture expenditures - Lion Battery (Note 4)

-

-

343

-

Stock compensation expense (Note 7)

1,167

408

2,774

1,144

$

2,258

$

3,429

$

8,001

$

9,144

Other Income

Loss (Gain) on fair value derivatives & other instruments (Note

$

49

$

(49)

$

607

$

(3,112)

7)

Loss on the partial settlement of the Sprott Facility

-

-

300

-

Net finance income

(25)

(28)

(73)

(134)

Net Loss for the period

$

2,282

$

3,352

$

8,835

$

5,898

Items that may be subsequently reclassified to net loss:

Currency translation adjustment

(2,805)

3,140

(6,130)

4,034

Comprehensive (income) loss for the period

$

(523)

$

6,492

$

2,705

$

9,932

Net Loss attributable to:

Shareholders of Platinum Group Metals Ltd.

$

2,282

$

3,352

$

8,835

$

5,898

Non-controlling interests

-

-

-

-

$

2,282

$

3,352

$

8,835

$

5,898

Comprehensive (income) loss attributable to:

Shareholders of Platinum Group Metals Ltd.

$

(523)

$

6,492

$

2,705

$

9,932

Non-controlling interests

-

-

-

-

$

(523)

$

6,492

$

2,705

$

9,932

Basic and diluted loss per common share

$

0.03

$

0.05

$

0.12

$

0.10

Weighted average number of common shares outstanding:

Basic and diluted

$

74,013,641

$

62,347,102

$

71,003,263

$

60,815,363

The accompanying notes are an integral part of the consolidated financial statements.

3

PLATINUM GROUP METALS LTD.

Consolidated Interim Statements of Changes in Equity

(in thousands of United States Dollars, except # of Common Shares)

# of Common

Share

Contributed

Accumulated

Deficit

Attributable to

Non-

Total

Shares

Capital

Surplus

Other

Shareholders

Controlling

Comprehensive

of the Parent

Interest

Income (loss)

Company

Balance August 31, 2019

58,575,787

$

855,270

$

26,777

$

(159,637)

$

(739,018)

$

(16,608)

$

15,451

$

(1,157)

Stock based compensation

-

1,143

-

-

1,143

-

1,143

Shares issued for interest on Convertible Notes

517,468

687

-

-

-

687

-

687

Share issuance - financing

3,225,807

4,000

-

-

-

4,000

-

4,000

Share issuance costs

-

(284)

-

-

-

(284)

-

(284)

Warrants exercised

28,040

55

-

-

-

55

-

55

Contributions of Waterberg JV Co.

-

-

-

-

(214)

(214)

1,447

1,233

Foreign currency translation adjustment

-

-

-

(4,034)

-

(4,034)

-

(4,034)

Net loss for the period

-

-

-

-

(5,898)

(5,898)

-

(5,898)

Balance May 31, 2020

62,347,102

859,728

27,920

(163,671)

(745,130)

(21,153)

16,898

(4,255)

Stock based compensation

-

358

-

-

358

-

358

Shares issued for interest on Convertible Notes

526,471

687

-

-

-

687

-

687

Share issuance - financing

1,221,500

1,705

-

-

-

1,705

-

1,705

Share issuance costs

-

(230)

-

-

-

(230)

-

(230)

Contributions of Waterberg JV Co.

-

-

-

-

47

47

(772)

(725)

Foreign currency translation adjustment

-

-

-

(453)

-

(453)

-

(453)

Net loss for the period

-

-

-

-

(1,230)

(1,230)

-

(1,230)

Balance August 31, 2020

64,095,073

861,890

28,278

(164,124)

(746,313)

(20,269)

16,126

(4,143)

Stock based compensation

-

-

2,439

-

-

2,439

-

2,439

Restricted Share Units redeemed

121,668

189

(281)

-

-

(92)

-

(92)

Share options exercised

793,344

2,155

(773)

1,382

1,382

Share issuance - financing

9,339,276

25,325

-

-

-

25,325

-

25,325

Share issuance costs

-

(1,436)

-

-

-

(1,436)

-

(1,436)

Contributions of Waterberg JV Co.

-

-

-

-

(187)

(187)

643

456

Foreign currency translation adjustment

-

-

-

6,130

-

6,130

-

6,130

Net loss for the period

-

-

-

-

(8,835)

(8,835)

-

(8,835)

Balance May 31, 2021

74,349,361

$

888,123

$

29,663

$

(157,994)

$

(755,335)

$

4,457

$

16,769

$

21,226

The accompanying notes are an integral part of the consolidated financial statements.

4

PLATINUM GROUP METALS LTD.

Condensed Consolidated Interim Statements of Cash Flows

(in thousands of United States Dollars)

For the nine months ended

May 31,

May 31,

2021

2020

OPERATING ACTIVITIES

Loss for the period

$

(8,835)

$

(5,898)

Add items not affecting cash / adjustments:

Depreciation

98

146

Interest expense

3,629

4,091

Unrealized foreign exchange (loss)

(107)

419

Loss (Gain) on fair value of derivatives and other instruments

607

(3,112)

Loss on partial settlement of Sprott Facility

300

-

Stock compensation expense

2,774

1,144

Share of joint venture expenditures

343

-

Directors' fees paid in deferred share units

120

97

Net change in non-cash working capital (Note 10)

(2,753)

(256)

$

(3,824)

$

(3,369)

FINANCING ACTIVITIES

Share issuance - warrant exercise

$

-

$

48

Proceeds from issuance of equity

25,325

4,000

Equity issuance costs

(1,437)

(284)

Cash received from option exercises

1,382

-

Sprott Facility principal repayments

(8,670)

-

Sprott Facility interest paid

(1,301)

(1,680)

Convertible note interest paid

(687)

-

Lease payments made

(78)

(62)

Share unit cash settlement

(191)

-

Cash received from Waterberg partners

1,321

945

15,664

2,967

INVESTING ACTIVITIES

Performance bonds

$

(36)

$

(52)

Investment in Lion

(350)

-

Expenditures incurred on Waterberg Project

(2,916)

(4,492)

(3,302)

(4,544)

Net increase (decrease) in cash

8,538

(4,946)

Effect of foreign exchange on cash

(857)

726

Cash, beginning of period

1,308

5,550

Cash end of period

$

8,989

$

1,330

The accompanying notes are an integral part of the consolidated financial statements.

5

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Platinum Group Metals Ltd. published this content on 16 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 July 2021 07:30:03 UTC.