Page 29 - Integrated Annual Report

as personal protective equipment (PPE), hand sanitizers, disinfectants, and food parcels during the pandemic.
Together with the HCI Foundation, the mining contractor, some transport contractors and our very own staff, the company embarked on a program to provide food relief to the indigent communities in and around our mining operations. A total of 4 698 food parcels were distributed during the initial hard lockdown that reached the doors of more than 3 000 households.
In May 2021 we farewelled our CEO Russell Jackson who passed away after a brief illness. Russell was an inspirational leader who made an outstanding contribution from his appointment in 2010. Russell enriched our work in so many ways and was instrumental in the formation of HCI Coal. Throughout this time, he exemplified the values that guide our work and was held in the highest regard by all who knew him. We are all the poorer for his loss.
PLATINUM GROUP METALS LIMITED (“PTM”)
www.platinumgroupmetals.net
PTM is advancing the large palladium dominant Waterberg Project in South Africa (“Waterberg Project”). A definitive feasibility study published in September 2019 (“DFS”) estimated 19.5 million reserve ounces of palladium, platinum, gold and rhodium at Waterberg, which is planned to be a shallow, low cost mechanised underground mine with decline access.
A mining right for the Waterberg Project was granted by the South African Department of Mineral Resources and Energy (“DMRE”) on January 28, 2021. Several local parties have written appeals to the grant of the Waterberg Mining Right, which PTM and the DMRE are working through in the appropriate manner. PTM’s near-term objectives are to continue working with local communities to maximize project value for all stakeholders, to complete construction financing and enter into concentrate offtake arrangements. Peak funding requirements are estimated at US $600 million, which may be satisfied by a combination of metal stream and equity financing plus a senior secured debt facility.
Engineering work and preparations for construction at Waterberg continues. PTM is in discussions with several parties regarding concentrate offtake and technical due diligence is underway with
View in 2021 looking over Waterberg Project Field Offices, Camp and Core Yard northward to the Mining Right area.
multiple parties for construction financing.
PTM is also advancing an initiative through Lion Battery Technologies Inc. (“Lion”) in collaboration with Anglo American Platinum Limited and Florida International University. Lion was jointly formed in 2019 to accelerate the development of next-generation lithium battery technology using platinum and palladium.
For the 12 months ended February 2021, PTM incurred a net loss of US$11.14 million (2020: – $9.87 million). During the period ending February 2021 PTM issued 11.6 million shares pursuant to offerings, placements and option exercises at an average price of US$2.48 per share.
Platinum Group is listed as PLG on the NYSE.A (New York Stock Exchange) and PTM on the TSX (Toronto Stock Exchange).
HOSKEN CONSOLIDATED INVESTMENTS LIMITED
INTEGRATED ANNUAL REPORT 2021 27