Platinum Group Metals and Japanese Partner Consolidate Waterberg PGM District

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 26, 2015) - Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum Group Metals" or the "Company") announces that the Japan Oil, Gas and Metals National Corporation ("JOGMEC") has committed to fund the next US $20 million of joint venture funding at Waterberg. In conjunction with JOGMEC's firm funding commitment, Platinum Group Metals, JOGMEC and empowerment partner Mnombo Wethu Consultants ("Mnombo") have agreed to consolidate the Waterberg Joint Venture and the Waterberg Extension projects into one unitized project area (the "New Waterberg JV"). As a result of the consolidation announced today, and with the funding provided by JOGMEC, approximately 15 drill rigs and crews will immediately be returned to active status at the Waterberg site.

Agreed New Waterberg JV ownership interests:

• Platinum Group Metals: 58.62% ⁽¹⁾
  
  
• JOGMEC: 28.35%
  
  
• Mnombo: 26.00%

(1) (45.65% directly and 12.97% indirectly through Mnombo)

Platinum Group Metals will increase its direct and indirect effective interest in the old Waterberg Joint Venture area from 49.98% currently to 58.62%. Platinum Group will decrease its effective interest the old Waterberg Extension from 87% to 58.62%. JOGMEC will decrease its interest in the old Waterberg Joint Venture from 37% to 28.35% and increase its interest in the old Waterberg Extension from zero to 28.35%.

Based on the most recent declared resource estimate for the Waterberg Joint Venture and the Waterberg Extension, as at June 2014, the exchange of interests described above are "ounce neutral" in that each party is exchanging the same number of inferred resource ounces. Platinum Group Metals Ltd will retain operatorship of the consolidated project and achieves a majority effective interest in the overall project.

In consideration of the further resource potential in the less explored old Waterberg Extension, JOGMEC has committed to fund a total of US $20 million of exploration and development expenditures for the combined project over three years. The JOGMEC funded budget to March 31, 2016 is US $8.0 million for the entire New Waterberg JV, including fill-in drilling, extension exploration drilling and pre-feasibility engineering.