Revised and Updated Mineral Resource Estimate for the Waterberg Platinum Project, South Africa (Latitude 23° 22′ 01”S, Longitude 28° 49′ 42”E) Prepared by Coffey Mining Pty Ltd on behalf of: Platinum Group Metals Ltd Effective Date: 2 September 2013 Qualified Person: Kenneth Lomberg (Pr.Sci.Nat.) Alan Goldschmidt (Pr.Sci.Nat.) Coffey Mining (SA) Pty Ltd (2006/030152/079) VAT Number (415 023 9327) Block D, Somerset Office Estate, 604 Kudu Street, Allen’s Nek 1737 Roodepoort, South Africa Coffey Mining (SA) Pty Ltd Author(s): Kenneth Lomberg Senior Principal B.Sc.(Hons) Geology, B.Com., M.Eng. Pr.Sci.Nat., FGSSA Alan Goldschmidt Senior Consultant B.Sc.(Hons) Geology, B.Com., GDE, Pr.Sci.Nat. Date: 2 September 2013 Project Number: JWAT02 Copies: Platinum Group Metals (2) Coffey Mining – Johannesburg (1) Document Review and Sign Off Kenneth Lomberg Alan Goldschmidt Senior Principal Senior Consultant Waterberg Project Updated Mineral Resource Estimate – 2 September 2013 Coffey Mining (SA) Pty Ltd Date and Signature Page This report titled “Revised and Updated Mineral Resource Estimate for the Waterberg Platinum Project, South Africa” with an effective date of 2 September 2013 was prepared on behalf of Platinum Group Metals (Pty) Ltd by Kenneth Lomberg and Alan Goldschmidt and signed: Dated at Roodepoort, South Africa, this 2 September 2013 [Signed] [Signed] Kenneth Lomberg, B.Sc.(Hons) Geology, Alan Goldschmidt, B.Sc.(Hons) Geology, B.Com., M.Eng., Pr.Sci.Nat., FGSSA. B.Com., GDE, Pr.Sci.Nat. Senior Principal Senior Consultant Waterberg Project Updated Mineral Resource Estimate – 2 September 2013 Coffey Mining (SA) Pty Ltd Table of Contents 1 Summary ....................................................................................................................................... 1 1.1 Introduction ........................................................................................................................ 1 1.2 Project Area and Location ................................................................................................. 1 1.3 Geological Setting, Deposit Type and Mineralisation ....................................................... 1 1.4 Local Geology ................................................................................................................... 2 1.5 Exploration Status ............................................................................................................. 5 1.5.1 Drilling ..................................................................................................................... 5 1.5.2 Sample Preparation................................................................................................. 6 1.5.3 Analysis ................................................................................................................... 6 1.5.4 Quality Control and Quality Assurance ................................................................... 6 1.6 Mineral Resources ............................................................................................................ 6 1.7 Interpretation and Conclusions ......................................................................................... 9 2 Introduction ................................................................................................................................ 10 2.1 Scope of the Report ........................................................................................................ 10 2.2 Principal Sources of Information ..................................................................................... 10 2.3 Qualifications and Experience ......................................................................................... 10 2.4 Independence .................................................................................................................. 11 3 Reliance on Other Experts ........................................................................................................ 12 4 Property Description and Location .......................................................................................... 13 4.1 Property Description and Location .................................................................................. 13 4.2 Mining Tenure ................................................................................................................. 13 4.3 License Status ................................................................................................................. 15 4.4 Holdings Structure ........................................................................................................... 17 4.5 Royalties and Agreements .............................................................................................. 18 4.6 Environmental Liabilities .................................................................................................. 18 5 Accessibility, Climate, Local Resources, Infrastructure and Physiography ....................... 19 5.1 Access ............................................................................................................................. 19 5.2 Climate ............................................................................................................................ 19 5.3 Physiography ................................................................................................................... 19 5.4 Local Resources and Infrastructure ................................................................................ 20 6 History ......................................................................................................................................... 21 6.1 Ownership History ........................................................................................................... 21 6.2 Exploration History .......................................................................................................... 21 Waterberg Project Updated Mineral Resource Estimate – 2 September 2013 Coffey Mining (SA) Pty Ltd 6.3 Mineral Resource History ................................................................................................ 22 6.3.1 September 2012 .................................................................................................... 22 6.3.2 February 2013 ....................................................................................................... 22 6.4 Production History ........................................................................................................... 23 7 Geological Setting and Mineralisation ..................................................................................... 24 7.1 Regional and Local Setting ............................................................................................. 24 7.1.1 Bushveld Complex Stratigraphy ............................................................................ 25 7.1.2 The Northern Limb ................................................................................................ 27 7.1.3 The Platreef and its Mineralisation ........................................................................ 30 7.2 Waterberg Group /Bushveld Complex Age Relationship ................................................ 31 7.3 Project Geology ............................................................................................................... 32 7.3.1 Stratigraphy ........................................................................................................... 34 7.3.2 Structure ................................................................................................................ 36 7.4 Mineralised Zones/Layers ............................................................................................... 36 8 Deposit Types ............................................................................................................................. 41 9 Exploration.................................................................................................................................. 42 9.1 Current Exploration ......................................................................................................... 42 9.1.1 Surface Mapping ................................................................................................... 42 9.1.2 Geochemical Soil Sampling .................................................................................. 42 9.2 Geophysical Surveys ....................................................................................................... 43 9.3 Coffey Mining: Technical Review .................................................................................... 43 10 Drilling ......................................................................................................................................... 45 10.1 Drilling in 2010 ................................................................................................................. 45 10.2 Drilling in 2011 to 2013 .................................................................................................... 45 10.3 Drilling Quality ................................................................................................................. 45 10.4 Diamond Core Sampling ................................................................................................. 45 10.5 Sample Recovery ...........................................................................................................