Platinum Group Metals Ltd, listed as PLG on the Toronto Stock Exchange and NYSE American, holds a 37.425% direct stake in the Waterberg project on the Northern Limb of South Africa's Bushveld Complex, a palladium-dominant deposit still at the feasibility stage rather than in production. Its joint-venture partners at Waterberg are Mnombo Wethu Consultants (Pty) Ltd, HJ Platinum Metals Company Ltd and Impala Platinum Holdings Ltd. What follows covers that ownership, Waterberg's timeline, accreditation status and how the company compares with producers that already report output.
What Is Platinum Group Metals Ltd?#
Platinum Group Metals Ltd is a PGM developer whose shares trade as PLG on the Toronto Stock Exchange and NYSE American, and it has not yet reported a completed year of platinum-group-metal production. Its most recent dated figure is Waterberg's attributable resource: 64.0 million tonnes at 2.67 to 4.64 grams per tonne (6E), attributable to Impala Platinum Holdings Ltd's 14.625% interest, per Impala's Mineral Resource and Mineral Reserve Statement 2025 (30 June 2025). The platinum group metals market that DailyPlatinum tracks already counts ten producers reporting annual output; see platinum group metals market for how they compare.
Platinum Group Metals Ltd also holds Affiliate status with the London Platinum and Palladium Market (LPPM), a market-participation category rather than Good Delivery refiner accreditation, covered further below.
| Field | Value |
|---|---|
| Preferred name | Platinum Group Metals Ltd |
| Stock tickers | PLG (Toronto Stock Exchange); PLG (NYSE American) |
| LPPM membership | Affiliate |
| Flagship project | Waterberg, Northern Limb, Bushveld Complex (T-Zone and F-Zone) |
| Development stage | Definitive feasibility study, updated September 2024 |
| Resource basket (Implats-attributable share) | 6E: 62.9% palladium, 29.3% platinum, 6.4% gold, 1.4% rhodium |
Ownership and Corporate Structure#
Platinum Group Metals Ltd is publicly listed with no single shareholder holding a controlling stake confirmed in DailyPlatinum's facts ledger, and its flagship asset is held through a four-party joint venture rather than owned outright. Waterberg JV Resources (Pty) Ltd's four owners, led by Platinum Group Metals Ltd's 37.425% direct stake, are listed in the table below as of 28 February 2026, per Platinum Group Metals Ltd's SEC Form 6-K. The same filing adds a further indirect 12.97% Platinum Group Metals Ltd interest through its 49.9% stake in Mnombo, taking its combined economic interest to 50.395% (a DailyPlatinum calculation: 37.425% plus 12.97%).
| Owner | Direct stake in Waterberg JV Resources | Note |
|---|---|---|
| Platinum Group Metals Ltd | 37.425% | Plus an indirect 12.97% through its 49.9% stake in Mnombo Wethu Consultants |
| Mnombo Wethu Consultants (Pty) Ltd | 26.0% | 49.9% of Mnombo itself is held by Platinum Group Metals Ltd |
| HJ Platinum Metals Company Ltd | 21.95% | Not further identified in DailyPlatinum's sources |
| Impala Platinum Holdings Ltd | 14.625% | Also reports Waterberg's attributable 6E resource in its own Mineral Resource and Mineral Reserve Statement |
Development Timeline and Financing#
Platinum Group Metals Ltd's Waterberg project last reached a disclosed feasibility milestone in September 2024, when it updated the definitive feasibility study (DFS) first announced in 2019, per the Waterberg project page on its own website. The updated DFS carries cut-off-grade price assumptions of platinum at USD 1,050 per troy ounce, palladium at USD 1,300, rhodium at USD 5,000 and gold at USD 1,650; the capital cost, net present value and internal rate of return behind them are not published.
Waterberg's attributable resource covers 64.0 million tonnes across the T-Zone and F-Zone grading 2.67 to 4.64 grams per tonne on a 6E basis, split 62.9% palladium to 29.3% platinum, a ratio of 2.15, plus 6.4% gold and 1.4% rhodium (ruthenium and iridium unreported). A construction date, mining capacity and financing facility are not established in DailyPlatinum's sources. Four dated milestones mark the record so far.
- 4 September 2019: original DFS announced.
- September 2024: DFS updated, with revised cut-off-grade price assumptions.
- 30 June 2025: Impala Platinum Holdings Ltd reports Waterberg's attributable 6E resource.
- 28 February 2026: Waterberg JV Resources' ownership percentages confirmed in a SEC Form 6-K.
| Metal | DFS cut-off-grade price assumption (USD per troy ounce) |
|---|---|
| Platinum | 1,050 |
| Palladium | 1,300 |
| Rhodium | 5,000 |
| Gold | 1,650 |
PGM Refining and Accreditation#
Platinum Group Metals Ltd's own accreditation is limited to Affiliate membership of the London Platinum and Palladium Market, not Good Delivery refiner status, and no toll refiner is named for Waterberg concentrate because the project has not yet produced any. The LPPM spans 113 members in 21 countries (August 2026), across four tiers.
- 18 Full Members, a category that includes accredited Good Delivery refiners such as Johnson Matthey and Heraeus.
- 44 Associate Members.
- 48 Affiliates, Platinum Group Metals Ltd's own tier.
- 3 Affiliated Exchanges.
Waterberg's concentrate would need a named refining or toll arrangement to enter the Good Delivery system once production starts, not yet documented here.
Where Platinum Group Metals Ltd Fits in the PGM Market#
Platinum Group Metals Ltd does not appear in DailyPlatinum's ranked table for the platinum group metals market because Waterberg has not produced a reportable ounce, unlike the ten companies that do, led by Impala Platinum Holdings Ltd's 3,553.3 koz gross group production on a 6E basis for FY2025. The closest comparable is Ivanhoe Mines' Ivanplats, also developing a Northern Limb deposit, which produced its first concentrate on 18 November 2025 and targets about 100,000 ounces of PGM a year in Phase 1; Waterberg has reached neither milestone. DailyPlatinum gives no investment advice on Platinum Group Metals Ltd's shares; the platinum group metals market hub tracks the supply, demand and deficit or surplus producers report each year.
Platinum Group Metals Ltd FAQ#
Who are the major shareholders of PLG?#
No shareholder register naming a controlling stakeholder in Platinum Group Metals Ltd itself is confirmed in DailyPlatinum's facts ledger. What is confirmed, per its SEC Form 6-K, is its combined 50.395% direct and indirect stake in the Waterberg joint venture, detailed in the ownership section above.