- Platinum Group Metals Ltd. (PLG, Financial) reported a net loss of $2.25 million for the six months ended February 28, 2025.
- General and administrative expenses increased to $2.0 million, while stock-based compensation decreased to $0.45 million.
- The company remains focused on the advancement of its Waterberg Project, securing a Rand 42 million interim budget and a $50 million ATM equity program.
Platinum Group Metals Ltd. (PLG) has announced its financial results for the six-month period ending February 28, 2025, recording a net loss of $2.25 million, a slight improvement from the $2.37 million loss in the same period last year. General and administrative expenses rose to $2.0 million, while stock-based compensation saw a decrease to $0.45 million. The basic and diluted loss per share remained consistent at $0.02.
Significant developments for PLG include the continued advancement of the Waterberg Project, planned as a fully mechanized PGM mine on the Northern Limb of the Bushveld Complex in South Africa. A Rand 42 million interim budget has been approved to support ongoing work programs, along with the establishment of a $50 million at-the-market (ATM) equity program to facilitate project funding.
Diversifying its strategic initiatives, PLG has also partnered with Ajlan & Bros Company to explore PGM smelting opportunities in Saudi Arabia, identifying potential for a smelter and base metal refinery through a memorandum of understanding with the Ministry of Investment of Saudi Arabia.
The company has issued 842,561 common shares through the ATM program at an average price of $1.35 per share, raising gross proceeds of $1.14 million. As of February 28, 2025, total expenditures on the Waterberg Project are cumulatively $90.1 million since inception, with $45.9 million capitalized to date.
Looking ahead, PLG aims to make a development and construction decision for the Waterberg Project, including securing concentrate offtake agreements and project financing. The company is also exploring battery technology innovations through its Lion Battery Technologies initiative in collaboration with Anglo American Platinum Limited and Florida International University.
