Platinum Group Metals Ltd. reported its first‑quarter 2026 financial results, showing a net loss of $1.84 million for the three months ended November 30 2025. The loss is unchanged from the same period in 2024, indicating that the company’s development‑stage operations continue to generate a consistent, albeit negative, bottom line.
Cash and liquidity remain a key focus. The company’s cash and cash equivalents fell to $0.42 million at the end of the quarter, a sharp decline from $3.70 million reported for the same date in 2024. Despite the lower cash balance, the current ratio of 5.82 and a debt‑to‑equity ratio of 0.01 demonstrate that PLG still maintains a strong liquidity cushion and minimal reliance on debt financing.
Operating expenses were trimmed, with general and administrative costs dropping to $1.08 million from $1.24 million year‑over‑year. Share‑based compensation increased to $1.13 million from $0.72 million, reflecting ongoing investment in talent and management incentives. Capitalized costs for the Waterberg project rose to $51.2 million as of November 30 2025, up from $46.85 million a year earlier, underscoring the company’s continued capital outlay toward advancing the flagship project.
The company’s management emphasized that the Waterberg project remains the central driver of its long‑term strategy. While the project requires significant upfront investment, the firm’s low leverage and robust liquidity position provide the flexibility needed to pursue a development and construction decision. Management also highlighted the importance of maintaining disciplined cash flow management as the company continues to invest in both the Waterberg project and its emerging battery‑technology initiatives.
Overall, the results confirm that PLG’s financial trajectory is stable, with a consistent loss and a solid liquidity base. The company’s focus on advancing the Waterberg project and managing cash flow prudently positions it to navigate the development phase while preparing for future operational milestones.
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