Platinum Group Metals Ltd. reported its financial results for the six months ended February 28, 2025, on April 11, 2025. The company incurred a net loss of $2.25 million, an improvement from the $2.37 million net loss in the comparable period ended February 28, 2024.
During the three months ended February 28, 2025, the company issued 842,561 common shares through its 2025 At-The-Market (ATM) program at an average price of $1.35 per share, generating gross proceeds of $1.14 million. An additional 732,726 common shares were sold after February 28, 2025, for net proceeds of $0.90 million.
A significant strategic update was provided regarding the proposed Saudi PGM smelter. Following discussions, the Government of South Africa expressed a preference for beneficiation within South Africa. As a result, the company and Ajlan are now studying the possibility of establishing a matte furnace in South Africa to smelt Waterberg concentrate, with the reduced-volume converter matte then shipped to Saudi Arabia for further processing.
This revised approach would significantly reduce the volume of material shipped to Saudi Arabia from up to 130,000 tonnes of concentrate per year to approximately 8,000 tonnes of converter matte per year. This change aims to align with South African beneficiation goals while maintaining the strategic partnership for downstream refining.
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