Platinum Group Metals has initiated a definitive feasibility study (DFS) update for its Waterberg PGM project, focusing on optimized mine design, updated capital and operating cost estimates, and revised long-term metal-price inputs. The study aims to deliver a comprehensive economic model reflecting current palladium, platinum and gold price forecasts, positioning the project for potential financing and development decision milestones.

The timing of the DFS update aligns with recent independent sensitivity work at a major PGM deposit, which reported 45%–55% increases in palladium-equivalent grades under high-price scenarios. These results highlight the significant leverage that higher metal prices can impart on project resources, reinforcing the importance of updated price assumptions in feasibility studies across the precious-metals sector.

Completion of the Waterberg DFS update is expected in mid-2026, after which Platinum Group Metals will review economic outputs to guide potential project financing, strategic partnerships or joint-venture options. Investors will monitor revised net present value and internal rate of return metrics, as well as any shifts in capital requirements tied to the updated study outcomes.