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

2

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

3

PLATINUM GROUP METALS LTD. Unaudited Consolidated Statements of Changes in Equity (in thousands of United States Dollars, except # of Common Shares)

 

			# of Common Shares			Share Capital			Contributed Surplus			Accumulated Other Comprehensive Income (loss)			Deficit			Attributable to Shareholders of the Parent Company			Non- Controlling Interest			Total
Balance, August 31, 2024			102,480,148		$	939,787		$	34,651		$	(167,690	)	$	(780,002	)	$	26,746		$	23,004		$	49,750
	Stock based compensation		-			-			703			-			-			703			-			703
	Restricted share units redeemed		130,073			200			(354	)		-			-			(154	)		-			(154	)
	Share options exercised		219,398			725			(635	)		-			-			90			-			90
	Share issuance - financing		5,150,928			6,754			-			-			-			6,754			-			6,754
	Share issuance costs		-			(1,087	)		-			-			-			(1,087	)		-			(1,087	)
	Dilution of non-controlling interest		-			-			-			25			(288	)		(263	)		(65	)		(328	)
	Contributions of Waterberg JV Co.		-			-			-			-			(197	)		(197	)		754			557
	Currency translation adjustment		-			-			-			(627	)		-			(627	)		-			(627	)
	Net loss for the period		-			-			-			-			(3,402	)		(3,402	)		-			(3,402	)
Balance, May 31, 2025			107,980,547		$	946,379		$	34,365		$	(168,292	)	$	(783,889	)	$	28,563		$	23,693		$	52,256
	Stock based compensation		-			-			216			-			-			216			-			216
	Share issuance - financing		4,590,566			7,432			-			-			-			7,432			-			7,432
	Share issuance costs		-			(247	)		-			-			-			(247	)		-			(247	)
	Contributions of Waterberg JV Co.		-			-			-			-			(44	)		(44	)		173			129
	Currency translation adjustment		-			-			-			800			-			800			-			800
	Net loss for the period		-			-			-			-			(1,135	)		(1,135	)		-			(1,135	)
Balance, August 31, 2025			112,571,113		$	953,564		$	34,581		$	(167,492	)	$	(785,068	)	$	35,585		$	23,866		$	59,451
	Stock based compensation		-			-			890			-			-			890			-			890
	Restricted share units redeemed		138,483			4			(375	)		-			-			(371	)		-			(371	)
	Share options exercised		330,973			642			(942	)		-			-			(300	)		-			(300	)
	Share issuance - financing		14,844,543			38,830			-			-			-			38,830			-			38,830
	Share issuance costs		-			(1,954	)		-			-			-			(1,954	)		-			(1,954	)
	Dilution of non-controlling interest		-			-			-			14			(228	)		(214	)		(50	)		(264	)
	Contributions of Waterberg JV Co.		-			-			-			-			(221	)		(221	)		861			640
	Currency translation adjustment		-			-			-			4,188			-			4,188			-			4,188
	Net loss for the period		-			-			-			-			(2,880	)		(2,880	)		-			(2,880	)
Balance, May 31, 2026			127,885,112		$	991,086		$	34,154		$	(163,290	)	$	(788,397	)	$	73,553		$	24,677		$	98,230

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

4

PLATINUM GROUP METALS LTD. Unaudited Interim Condensed Consolidated Statements of Cash Flows (in thousands of United States Dollars)

 

			For the nine-month period ended
			May 31, 2026			May 31, 2025
OPERATING ACTIVITIES
	Loss for the period	$	(2,880	)	$	(3,402	)
	Add items not affecting cash / adjustments:
	Depreciation		50			51
	Unrealized foreign exchange gain		(1,336	)		(91	)
	Stock based compensation expense		1,005			790
	Interest from short-term investments		(222	)		-
	Share unit settlement		(755	)		-
	Share of joint venture expenditures		50			40
	Directors' fees paid in deferred share units		134			141
	Net change in non-cash working capital (Note 9)		(100	)		202
		$	(4,054	)	$	(2,269	)
FINANCING ACTIVITIES
	Proceeds from issuance of equity	$	38,830		$	6,682
	Equity issuance costs		(1,954	)		(1,087	)
	Cash received from option exercise		83			91
	Costs related to RSU redemption		-			(154	)
	Cash received from Waterberg partners		390			473
	Lease payments made		(60	)		(66	)
		$	37,289		$	5,939
INVESTING ACTIVITIES
	Performance bonds	$	(68	)	$	(75	)
	Acquisition of short-term investments		(6,100	)		-
	Disposal of short-term investments		17,300			-
	Interest received from short-term investments		311			-
	Acquisition of property and equipment		(46	)		-
	Investment in Lion		(50	)		(40	)
	Expenditures incurred on Waterberg Project		(1,688	)		(1,662	)
		$	9,659		$	(1,777	)
Net increase in cash			42,894			1,893
Effect of foreign exchange on cash			1,371			69
Cash, beginning of period			417			3,701
Cash, end of period		$	44,682		$	5,663

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

5

PLATINUM GROUP METALS LTD. Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the nine-month period ended May 31, 2026 (in thousands of United States Dollars unless otherwise specified except share and per share data)

1. NATURE OF OPERATIONS AND LIQUIDITY RISK

Platinum Group Metals Ltd. (the "Company") is a British Columbia, Canada company formed by amalgamation on February 18, 2002. The Company's shares are publicly listed on the Toronto Stock Exchange in Canada and the NYSE American, LLC ("NYSE American") in the United States of America.  The Company is a development stage company conducting work on mineral properties it has staked or acquired by way of option agreements in the Republic of South Africa.  Key metals of economic interest on the Company's mineral properties include platinum, palladium, rhodium, gold, copper, and nickel.

The Company's head office and principal place of business is located at Suite 838-1100 Melville Street, Vancouver, British Columbia, Canada, V6E 4A6.  The Company's registered and records office is located at Suite 2300, 550 Burrard Street, Vancouver, British Columbia, Canada V6C 2B5.

These financial statements consolidate the accounts of the Company and its subsidiaries.  The Company's subsidiaries and joint ventures as at May 31, 2026 are as follows:

¹The Company controls and consolidates Mnombo Wethu Consultants (Pty) Limited ("Mnombo") and Waterberg JV Resources (Pty) Ltd. ("Waterberg JV Co") for accounting purposes.

²Effective ownership of Waterberg JV Co is 63.42% (63.32% August 31, 2025) when Mnombo's ownership portion is combined with Platinum Group Metals (RSA) (Pty) Ltd ownership portion.

³Lion Battery Technologies is accounted for using the equity method as the Company jointly controls the investee despite having the majority of the shares.

These unaudited interim condensed consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to meet its obligations and continue its operations for at least the next twelve months.

At May 31, 2026 the Company had working capital of $44,269 and a cash balance of $44,682. During the nine-month period ended May 31, 2026, the Company incurred a net loss of $2,880 and cash outflows from operating activities of $4,054.

During the nine-month period ended May 31, 2026, the Company sold 14,844,543 shares at an average price of US$2.62 for gross proceeds of $38.8 million before directly attributable costs of $0.97 million.  The Company has sufficient cash to fund its operations, working capital requirements and capital program for more than the next 12 months.

The continued operations of the Company and the recoverability of the amounts shown for mineral properties is dependent upon the ability of the Company to obtain the necessary financing to complete the development of the Waterberg Project and bring it to future profitable production. The Company does not generate cash flow from operations to fund its activities and therefore relies principally on the issuance of securities for financing. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company.

2. BASIS OF PRESENTATION AND MATERIAL ACCOUNTING POLICIES

These unaudited interim condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), applicable to the preparation of interim financial statements including International Accounting Standard 34 Interim Financial Reporting.  The Company's material accounting policies and critical accounting estimates applied in these interim financial statements are the same as those disclosed in Note 2 of the Company's annual consolidated financial statements as at and for the year ended August 31, 2025. 

6

PLATINUM GROUP METALS LTD. Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the nine-month period ended May 31, 2026 (in thousands of United States Dollars unless otherwise specified except share and per share data)

Presentation Currency

The Company's presentation currency is the USD.

Foreign Exchange Rates Used

The following exchange rates were used when preparing these consolidated financial statements:

Rand/USD

Period end rate: R16.2253 (2025 R17.9820)

Period average rate: R16.7581 (2025 R18.2045)

CAD/USD

Period end rate: $1.3798 (2025 C$1.3758)

Period average rate: $1.3811 (2025 C$1.4044)

3. MINERAL PROPERTIES

The Company's only active mineral property is the Waterberg Project, located on the Northern Limb of the Bushveld Igneous Complex, approximately 85 km north of the town of Mokopane.  To May 31, 2026, an aggregate total of $92.9 million has been funded by all parties for the development of the Waterberg Project.  Development expenditures for the Waterberg Project have been capitalized.  Until the Waterberg prospecting rights were transferred to Waterberg JV Resources Proprietary Limited in 2017, all costs incurred by other joint venture partners were treated as cost recoveries by the Company.   

Total capitalized costs for the Waterberg Project are as follows:

Waterberg - History of Acquisition

The Company acquired the prospecting rights which became the Waterberg Project by staking and a series of transactions from 2009 to 2012.

On September 21, 2017, Waterberg JV Co. acquired all Waterberg Project prospecting rights in exchange for the issue of shares to all existing Waterberg joint venture partners pro rata to their joint venture interests, resulting in the Company holding a 45.65% direct interest in Waterberg JV Co., Japan Organization for Metals and Energy Security (formerly Japan Oil, Gas and Metals National Corporation) ("JOGMEC") holding a 28.35% interest and Mnombo, as the Company's Black Economic Empowerment partner, holding 26%. 

On November 6, 2017, the Company, along with JOGMEC and Mnombo closed a strategic transaction to sell to Impala Platinum Holdings Ltd. ("Implats") 15% of Waterberg JV Co. for $30 million.  The Company sold Implats an 8.6% interest for $17.2 million and JOGMEC sold a 6.4% interest for $12.8 million.  Implats also acquired a right of first refusal to match concentrate offtake terms offered to Waterberg JV Co. by a bona fide third-party.  JOGMEC, or their nominee, retained a right to receive refined mineral products at the volumes produced from the Waterberg Project as well as a right to purchase or direct the sale of all or part of the project concentrate (the "Metal Rights"). 

7

PLATINUM GROUP METALS LTD. Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the nine-month period ended May 31, 2026 (in thousands of United States Dollars unless otherwise specified except share and per share data)

In March 2019, JOGMEC completed the sale of a 9.755% interest in Waterberg JV Co. and the Metal Rights to Hanwa Co., Ltd. 

Since December, 2023, Implats has elected not to fund its pro rata share of approved Waterberg cash calls while the Company elected to cover Implats' pro rata share of approved cash calls.  As of May 31, 2026 Implats' interest in Waterberg JV Co. has diluted from 15.0% to 14.63% while the Company's direct interest in Waterberg JV Co. has increased concurrently.  During the nine-month period ended May 31, 2026 Implats was diluted from 14.73% to 14.63%.

Waterberg Mining Right

On January 28, 2021, the South African Department of Mineral and Petroleum Resources ("DMR") issued a letter to Waterberg JV Co. notifying the Company that a mining right (the "Waterberg Mining Right") had been granted.  The Waterberg Mining Right was notarially executed on April 13, 2021, was registered at the Mineral and Petroleum Titles Registration Office on July 6, 2021 and currently remains active.  At May 31, 2026, the Waterberg Project covered an area of 24,971 hectares consisting of the 20,482 hectare Waterberg Mining Right and one application for the incorporation of two adjacent farms covering 4,489 hectares into the Waterberg Mining Right.  One prospecting right consisting of approximately 4,190 hectares located adjacent to the north of the Waterberg Mining Right was allowed to expire during fiscal 2025 and a closure application has been filed with the DMR.

Appeals and Legal Matters

On March 7, 2024, a group claiming to be the rightful leadership of two host communities filed an application in the High Court of South Africa seeking to set aside the January 28, 2021 grant of the Waterberg Mining Right by the DMR.  Many of the applicants participated in earlier, unsuccessful appeals and court actions.  The applicants have requested condonation for the late filing of this appeal, claim informal rights to two farms overlaying a portion of the Waterberg Mining Right area, object to the grant of the Waterberg Mining Right, and object to the DMR dismissing their appeals on or about October 13, 2022.  The two farms in question are not planned to host any significant mine infrastructure.  Attorneys acting on behalf of Waterberg JV Co. filed a notice of opposition and an answering affidavit.  A notice of opposition and an answering affidavit were also filed by the State Attorneys on the Minister and DMR's behalf.  A non-profit organization, the Land and Accountability Research Centre (LARC) at the University of Cape Town, has requested to be admitted as amicus curiae in the matter, which formal court application is expected to be filed in due course.

4. LION BATTERY TECHNOLOGIES INC.

Lion was incorporated on June 17, 2019, with the objective to research new lithium battery technology utilizing the catalytic properties of platinum and palladium.  The Company received 400,000 common shares of Lion, valued at a price of $0.01 per share, as the original founder of Lion. On July 12, 2019, the Company together with an affiliate of Valterra Platinum Limited (previously Anglo American Platinum Limited) ("Valterra") entered investment, shareholder and research agreements to facilitate Lion's objectives.  The Company and Valterra have agreed to equally invest up to an aggregate of $6.73 million into Lion in order to fund research and commercialization activities (see below).  Funding into Lion by the Company and Valterra is to be exchanged for preferred shares of Lion at a price of $0.50 per share over an approximate five year period.  Valterra and the Company have funded Lion equally for an aggregate $4.79 million as of May 31, 2026.

The Company accounts for Lion using equity accounting as Lion is jointly controlled with Valterra.  Lion pays a fee of $3 per month to the Company for general and administrative services. 

Research Program - Florida International University

On July 12, 2019, Lion entered into a Sponsored Research Agreement ("SRA") with Florida International University ("FIU") to fund a $3.0 million research program over approximately three years.  The SRA was subsequently amended and currently remains valid until December 31, 2026.  On July 6, 2021 Lion agreed to increase the planned amount of research funding to FIU by a further amount of $1.0 million, for a total of up to $4.0 million.  Lion has provided aggregate research funding and patent filing fees to FIU in the amount of $3.85 million as of May 31, 2026.  Agreements and contract amendments to facilitate additional commercialization work are currently under negotiation amongst all parties.  Under the SRA, Lion has exclusive rights to all intellectual property being developed by FIU including patents granted.

8

PLATINUM GROUP METALS LTD. Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the nine-month period ended May 31, 2026 (in thousands of United States Dollars unless otherwise specified except share and per share data)

5. ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

6. SHARE CAPITAL

(a) Authorized

Unlimited common shares without par value.

(b) Shares Issued

On November 13, 2024, the Company filed a final short form base shelf prospectus (the "2024 Shelf Prospectus") with the securities regulatory authorities in each of the provinces and territories of Canada and a corresponding registration statement on Form F-10 with the United States Securities and Exchange Commission.  The 2024 Shelf Prospectus is valid for 25 months from the filing date.  On December 5, 2024, the Company filed a supplement (the "Supplement") to the 2024 Shelf Prospectus and announced an Equity Distribution Agreement (the " 2024 EDA") whereby the Company could sell its common shares from time to time until December 13, 2026, for up to $50 million in aggregate sales proceeds pursuant to an at-the-market offering (the "2025 ATM") with agents BMO Capital Markets, BMO Nesbitt Burns Inc., and Beacon Securities Limited.  The 2025 ATM was completed in full on January 23, 2026, with an aggregate of 22,726,804 shares being sold at an average price of $2.20 and total directly attributable costs of $1.25 million. 

On March 10, 2026, the Company filed a supplement to the 2024 Shelf Prospectus and announced a subsequent Equity Distribution Agreement with BMO Nesbitt Burns Inc. and Beacon Securities Limited (as the Canadian Agents) and BMO Capital Markets Corp. (as the US Agent) whereby the Company could sell its Common Shares for up to $60.0 million in aggregate sales proceeds in "at the market" transactions (the "2026 ATM").  During the three-month period ended May 31, 2026 1,059,233 shares were sold at an average price of US$1.90 per share for gross proceeds of $2.01 million before deducting directly attributable costs of $0.05.

At May 31, 2026 the Company had 127,885,112 common shares outstanding. 

Fiscal 2026

During the three-month period ended May 31, 2026, 1,059,233 shares were sold through the 2026 ATM at an average price of US$1.90 for gross proceeds of $2.01 million before deducting directly attributable costs of $0.05 million.  During the nine-month period ended May 31, 2026, 14,844,543 shares were sold through the 2025 and 2026 ATMs at an average price of US$2.62 for gross proceeds of $38.8 million before deducting directly attributable costs of $0.97 million. 

Fiscal 2025

During the year ended August 31, 2025, 8,941,494 shares were sold through the 2025 ATM at an average price of US$1.47 for gross proceeds of $13.18 million before deducting directly attributable costs of $0.33 million.  During the year ended August 31, 2025, the Company incurred $1.33 million in share issuance costs related directly and indirectly to the filing of the 2024 Shelf Prospectus, Supplement, 2024 EDA and 2025 ATM sales.

9

PLATINUM GROUP METALS LTD. Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the nine-month period ended May 31, 2026 (in thousands of United States Dollars unless otherwise specified except share and per share data)

On May 29, 2025, the Company closed a non-brokered private placement with Deepkloof Limited ("Deepkloof"), a subsidiary of existing major shareholder Hosken Consolidated Investments Limited ("HCI") for 800,000 common shares at a price of US$1.26 each for gross proceeds of $1.0 million returning HCI's ownership in the Company to approximately 26% at closing.

(c) Incentive stock options

The Company has entered into Incentive share purchase option agreements under the terms of its shareholder approved share compensation plan with directors, officers, consultants and employees.  Under the terms of the share purchase option agreements, the exercise price of each option is set, at a minimum, at the fair value of the common shares at the date of grant.  Options of the Company are subject to vesting provisions.  All exercise prices are denominated in CAD.

The following tables summarize the Company's outstanding share purchase options:

In fiscal 2026, the weighted average share price when options were exercised was $4.11 CAD.

During the nine-month period ended May 31, 2026, the Company granted 504,225 share purchase options, which will vest in three tranches on the first, second and third anniversary of the grant.

During the year ended August 31, 2025, the Company granted 467,520 share purchase options, which will vest in three tranches on the first, second and third anniversary of the grant. 

During the three-month period ended May 31, 2026, the Company recorded $144 of stock compensation costs (May 31, 2025 - $123) related to share purchase options, of which $138 was expensed (May 31, 2025 - $119) and $6 was capitalized to mineral properties (May 31, 2025 - $4).

10

PLATINUM GROUP METALS LTD. Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the nine-month period ended May 31, 2026 (in thousands of United States Dollars unless otherwise specified except share and per share data)

During the nine-month period ended May 31, 2026, the Company recorded $430 of stock compensation costs (May 31, 2025 - $427) related to share purchase options, of which $415 was expensed (May 31, 2025 - $412) and $15 was capitalized to mineral properties (May 31, 2025 - $15).

The Company used the Black-Scholes model to determine the grant date fair value of share purchase options granted.  The following assumptions were used in valuing share purchase options granted during the period ended May 31, 2026 and the year ended August 31, 2025:

(d) Deferred Share Units

The Company has established a deferred share unit ("DSU") plan for non-executive directors.  Each director may elect to have all or a portion of their fees settled by way of DSUs at prevailing market share prices.  Each DSU has the same value as one common share of the Company.  DSUs must be retained until a director leaves the board, at which time the departing director's DSUs are redeemed.  Management has the ability to defer payment of redeemed DSU's for greater than one year and can redeem the DSUs in cash or common shares.

During the nine-month period ended May 31, 2026, director fees of $134 (May 31, 2025 - $141) were settled by the issuance of DSUs.  An expense of $159 (May 31, 2025 - $120 expense) was recorded in share based compensation for the revaluation of fully vested DSUs. 

At May 31, 2026 a total of 1,057,900 DSUs were issued and outstanding.

(e) Restricted Share Units

The Company has established a shareholder approved restricted share unit ("RSU") plan for officers and certain employees of the Company.  Each RSU represents the right to receive one common share of the Company following the attainment of vesting criteria determined at the time of the award.  RSUs vest over a three-year period.

During the three-month period ended May 31, 2026, a stock compensation cost of $167 was recorded (May 31, 2025 - $89) of which $155 was expensed (May 31, 2025 - $83) and $12 was capitalized (May 31, 2025 - $6). 

During the nine-month period ended May 31, 2026, a stock compensation cost of $460 was recorded (May 31, 2025 - $276) of which $431 was expensed (May 31, 2025 - $258) and $29 was capitalized (May 31, 2025 - $18).  During the nine-month period ended May 31, 2026 the Company issued 341,320 RSUs which vest evenly on the first, second and third anniversary of issuance.  At May 31, 2026, 583,835 RSUs were issued and outstanding, with Nil of the outstanding RSU's being vested.

7. RELATED PARTY TRANSACTIONS 

All amounts receivable and amounts payable owing to or from related parties are non-interest bearing with no specific terms of repayment.  Transactions with related parties are as follows:

(a) During the nine-month period ended May 31, 2026, $262 (May 31, 2025 - $254) was paid or accrued to independent directors for directors' fees and services.

(b) During the nine-month period ended May 31, 2026, the Company paid or accrued payments of $39 (May 31, 2025 - $38) from West Vault Mining Inc., for accounting and administrative services.  The Company and West Vault Mining have one officer and director in common (Frank Hallam).

11

PLATINUM GROUP METALS LTD. Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the nine-month period ended May 31, 2026 (in thousands of United States Dollars unless otherwise specified except share and per share data)

(c) In May 2018, Deepkloof made a strategic investment in the Company by way of participation in a public offering and a private placement.  Through the terms of the May 2018 private placement, HCI acquired a right to nominate one person to the board of directors of the Company and a right to participate in future equity financings of the Company to maintain its pro-rata interest.  HCI has exercised its right to nominate one person to the board of directors. As of May 31, 2026, HCI's ownership of the Company was reported at 27,767,994 common shares, representing approximately a 21.71% interest in the Company.  In May 2025, HCI subscribed to a private placement for 800,000 common shares at US$1.26 per share for gross proceeds to the Company of $1.0 million, (see Share Capital (Note 6) for further details).

8. CONTINGENCIES AND COMMITMENTS

The Company's remaining minimum payments under its office and equipment lease agreements in Canada and South Africa total approximately $0.3 million to February 2029.

From period end the Company's aggregate commitments are as follows:

9. SUPPLEMENTARY CASH FLOW INFORMATION

Net change in non-cash working capital:

At May 31, 2026 $180 of accounts payable was capitalized to the Waterberg Project (May 31, 2025 - $126).

10. SEGMENTED REPORTING

The Company operates in one segment being the development of the Waterberg Project in South Africa.  The Company operates in two geographical areas being Canada and South Africa.  The Company's main asset, the Waterberg Project is located in the Republic of South Africa.

12

PLATINUM GROUP METALS LTD. Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the nine-month period ended May 31, 2026 (in thousands of United States Dollars unless otherwise specified except share and per share data)

13