Platinum Group Metals 2016 Annual Results

VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA--(Marketwired - Nov. 29, 2016) - 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, 2016 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, 2016, 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 receive a hard copy of the complete Financial Statements from the Company free of charge upon request.

During 2016 the Company completed construction at the Maseve platinum and palladium mine (the "Maseve Mine") and has moved into the ramp up stage of production. During 2016 the Company also advanced its large Waterberg platinum discovery. After the Company's August 31, 2016 fiscal year end, on October 19, 2016, the Company declared initial reserves and announced the positive findings of an independent pre-feasibility study for the Waterberg Project funded by partner the Japan Oil, Gas and Metals National Corporation ("JOGMEC").

The Company's cash position at August 31, 2016 was US$16.45 million, while at present the Company holds approximately US$28.5 million in cash. 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. All amounts herein are reported in United States dollars unless otherwise specified.

Recent Highlights

US $40 Million Public Offering - On November 1, 2016, the Company announced the closing of a previously announced public offering of common shares. The Company issued 22,230,000 common shares at a price of US$1.80 per share, for aggregate gross proceeds of approximately US$40.0 million. BMO Capital Markets and RBC Dominion Securities Inc. acted as the underwriters and agreed to buy the shares on a bought deal basis. The net proceeds of the November 2016 Offering are for underground development and production ramp-up of the Maseve Platinum Mine, working capital during start-up, and general corporate purposes. US$2.5 million of the net proceeds was used to repay one half of a US$5.0 million second advance received by the Company from the Sprott Resource Lending Partnership, among other lenders ("Sprott"). The November 2016 offering was made pursuant to an effective shelf registration statement previously filed on October 14, 2016 with the SEC and a corresponding Canadian base shelf prospectus filed with the securities regulatory authority in each of the provinces of Canada, except Quebec. In relation to the offering, a prospectus supplement to the base shelf prospectus was filed on October 25, 2016 with the SEC and with the securities regulatory authority in each of the provinces of Canada, except Quebec.