Platinum Group Metals Ltd. reports that exploration borehole WE153 has intercepted platinum group metals mineralization consistent with both the T Zone and F Zone as found within the mineral resources and reserves of the proposed Waterberg Mine, located on the Northern Limb of the Bushveld Complex in South Africa, (the "Waterberg Project"). Borehole WE153 was collared on prospecting rights owned by Waterberg JV Resources (Pty) Ltd. ("Waterberg JV Co.") located adjacent to the north of the Waterberg Project mining right. The borehole collar was positioned along a projected strike line approximately 16 kilometres north from the area of delineated T Zone mineral resources and approximately 8 kilometres north from the area of delineated F Zone mineral resources.

Borehole WE153 intercepted 7.02 metres of mineralized T Zone beginning at a depth of 1,272.98 metres. The mineralized interval displayed approximately 2% to 4% blebby copper, nickel, and iron sulphides. The drill core was logged, and the mineralized intercept recovered was sampled and sent for assay by Intertek Genalysis Minerals in Australia.

As of May 15th, Borehole WE153 had been drilled to a depth of 1,990.35 metres. At a depth of 1,757.94 metres the borehole intercepted olivine-rich lithologies consistent with the F Zone and at a depth of 1,972.19 metres the borehole intercepted the felspathic pyroxenite top contact of the F Zone. An F Zone intercept of 9.42 metres of approximately 2% to 4% blebby copper, nickel, and iron sulphides has been observed.

After a depth of 1,981.61 only sporadic sulphides were observed. Drilling is expected to continue for only a short distance further. The F Zone drill core will be logged, and the mineralized intercept recovered will be sampled and sent for assay by Intertek Genalysis Minerals in Australia.

A definitive feasibility study completed in September 2019(1) estimated significant mineral resources and reserves at the Waterberg Project. The mineralized T Zone and F Zone of the Waterberg deposit are hosted within intrusive rocks of the Bushveld Igneous Complex ("BIC"), which underly the Waterberg Project and dip westerly at approximately 34 to 38 degrees. Along its up-dip edge the BIC is projected to subcrop (as shown in map above) beneath rocks of the Waterberg Sedimentary Package, striking north easterly at first, and then in a northerly direction, forming an arc from south to north.

At the southern end of this arc, within the known area of the Waterberg deposit, the T Zone and F Zone both subcrop within 150 metres from surface. In the southern area the F Zone is normally found approximately 300 metres vertically below the T Zone and typically subcrops approximately 400 metres or more farther eastward than the T Zone. At borehole WE153 the T Zone and F Zone have been found deeper than to the south and the middling between the T Zone and F Zone appears to have widened to approximately 476 vertical metres.

The T Zone observed in this northern area also demonstrates a variation in facies from that seen to the south.