Platinum Group Metals Launches US$60M Equity Program, Raises US$36.8M
Platinum Group Metals launched a US$60M at‐the‐market equity program to fund Waterberg Project development, selling 13.8M shares at US$2.67 each for US$36.8M in H1. The Waterberg JV approved a ZAR92.1M Stage Six budget, and Platinum Group’s interest rose as Implats’ stake diluted.
1. At-Market Equity Program
On March 10, 2026, Platinum Group Metals entered into an Equity Distribution Agreement establishing a 2026 at‐the‐market program to distribute up to US$60.0 million of common shares through Canadian and U.S. agents until December 13, 2026. Offered shares will be issued at prevailing market prices at the company’s discretion.
2. H1 Equity Issuances
During the six months ended February 28, 2026, the company sold 13,785,310 common shares at an average price of US$2.67 per share, generating gross proceeds of US$36.82 million before US$0.92 million in issuance costs under its previous ATM program. No sales have yet occurred under the new 2026 at‐the‐market program.
3. Waterberg Project Funding and JV Ownership
The Waterberg JV Co. approved a ZAR92.1 million Stage Six budget for fiscal 2026 to continue work programs, including elements of a US$21.0 million pre‐construction plan. Implats did not fund its share of cash calls, diluting its 14.625% stake by roughly 0.375%, while Platinum Group’s direct JV interest increased concurrently.