Mr. Frank Hallam reports

LION BATTERY TECHNOLOGIES ADVANCES PLATINUM AND PALLADIUM BASED LITHIUM-SULFUR BATTERY TECHNOLOGY

Platinum Group Metals Ltd.'s majority-owned subsidiary, Lion Battery Technologies Inc., has completed the first phase of independent testing and scale-up of its platinum- and palladium-based lithium-sulphur battery technology.

Independent testing by the Battery Innovation Center in Newberry, Ind., validated Lion's proprietary electrode technology in prototype lithium-sulphur cells. Platinum group metal catalysts improved capacity and rate capability compared with non-catalyzed cells, with palladium-rich formulations delivering the strongest overall performance. The results support the technology's continued development toward pilot-scale manufacturing and commercial demonstration.

"At the heart of lithium-sulphur battery chemistry are complex reactions that directly influence performance," said Dr. Bilal El-Zahab. "After more than five years of research and testing, the results show that the catalytic properties of platinum and palladium can help address critical challenges in this chemistry and deliver meaningful performance improvements."

Following completion of this phase, Platinum Group and Valterra Platinum Ltd. have approved financing for the next stage of Lion's development program, which will focus on manufacturing and testing pouch-cell prototypes in several performance configurations, optimizing catalyst formulations, and evaluating performance in target applications. These include drones, where higher energy density can enable longer operating times, increased payload capacity and improved performance. The resulting data will inform further commercialization plans.

Lion was established by Platinum Group and Valterra Platinum in 2019 to develop next-generation battery technologies using platinum and palladium. Under a sponsored research agreement with Florida International University, Lion holds exclusive rights to the intellectual property developed through the program and leads its commercialization. To date, the U.S. Patent and Trademark Office has granted eight patents related to the technology, with additional applications pending.

Lion's research and development program will continue under the guidance of Dr. El-Zahab, supported by a multidisciplinary team of battery and material science specialists and postdoctoral researchers. An independent advisory board provides additional strategic guidance and technical validation. Its members include Dr. Seth Miller, a PhD chemist, entrepreneur and consultant with more than 20 years of battery cell and electrochemistry experience, and Sam Jaffe, a battery industry executive with two decades of lithium-ion experience who serves as vice president of business development and product at Mana Battery, a sodium-ion cell and electrolyte developer.

About Platinum Group Metals Ltd.

Platinum Group is an owner and is the operator of the Waterberg project, a bulk underground platinum group metal and base metal deposit located in South Africa. The Waterberg project was discovered by Platinum Group and is being jointly developed with joint venture partners Mnombo Wethu Consultants Pty. Ltd., HJ Platinum Metals Company Ltd. (on behalf of Japan Organization for Metals and Energy Security and Hanwa Co. Ltd.) and Impala Platinum Holdings Ltd.

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