Platinum Group Metals 2015 Annual Results and Update

VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA--(Marketwired - Nov. 24, 2015) - Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum Group" or the "Company") reports the Company's financial results for the year ended August 31, 2015 and provides recent highlights and outlook. For details of the consolidated financial statements (the "Financial Statements"), Management's Discussion and Analysis, Annual Information Form and Annual Report on Form 40-F for the year ended August 31, 2015, please see the Company's filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company's website at www.platinumgroupmetals.net. Shareholders may request a copy of the complete Financial Statements from the Company free of charge.

To date 2015 has been a pivotal year for the Company as it completes construction at the WBJV Project 1 platinum mine and moves into production. During 2015 the Company also advanced and consolidated its large Waterberg platinum discovery while at the same time progressing with a detailed pre-feasibility study funded by partner the Japan Oil, Gas and Metals National Corporation ("JOGMEC").

R. Michael Jones CEO and co-founder of Platinum Group Metals said "In 2015 we have safely and continuously advanced Project 1 to the point of production and have grown the Waterberg Project substantially. These accomplishments were achieved despite difficult markets through the support of our shareholders, partners, labour and government. Our largest shareholders have been stalwart and we expect the platinum and palladium market to improve during 2016 and 2017 in line with continued increases in global demand for these metals".

The Company's cash position at August 31, 2015 was $51.4 million, while at present the Company holds approximately $126 million in cash, after drawing upon the loans described below. The Company holds cash in Canadian dollars, United States dollars and South African Rand and changes in exchange rates may create variances in the cash holdings reported in Canadian dollars. All amounts herein are reported in Canadian dollars unless otherwise specified.

Recent Highlights

• Surface milling and concentrating facilities at the Project 1 platinum mine, located on the Western Limb of the Bushveld Igneous Complex, South Africa, are now complete. Cold commissioning has occurred and hot commissioning is imminent. First production is planned for December 2015.