Ivanhoe Mines is going to be investing $1.2 billion in the initial phases, eyeing a potential expansion by adding $800 million.

Robert Friedland, the mining billionaire, has gone on to launch the first phase of a much-awaited US$2-billion platinum-group metals project in South Africa. With this, he has realized a vision that has been 37 years in the making by way of decades of exploration and planning as well as development.

A Cornerstone African Mining Project

Friedland, the founder as well as the executive co-chairman of Vancouver-based Ivanhoe Mines Ltd., went on to inaugurate the Platreef mine on November 18, 2025, alongside Cyril Ramaphosa, the South African president.

The project can indeed be called one of the most prominent new mining developments in the continent and also a rare large-scale investment in the struggling mining industry of South Africa.

World-Class Deposit

Calling Platreef the largest undeveloped precious-metals mine in the world, Friedland went on to say that the operation is all set to become one of the lowest-cost worldwide sources of palladium, platinum, nickel, copper, and rhodium.
as well as gold.

According to South African President Ramaphosa, present at the ceremony, it indeed gives them a glimpse of the bright future of the mining industry in South Africa. He added that they do maintain that mining is indeed a sunrise industry, which has to continue to play a major enabling role in the development of the nation.

Ramaphosa further said that the modern concentrator plant of Platreef goes on to reflect how South Africa is indeed positioning itself as a strategic partner when it comes to the global energy transition and also the next wave pertaining to green industrialization.

Investment and Expansion Plans

The Canadian-American mining entrepreneur and billionaire, Robert Friedland, apparently has a global reputation for developing major mining projects throughout Asia, Africa as well as North America.

Friedland first gained international attention in the early 1990s after discovering the Voisey’s
Bay nickel-copper deposit in Canada, which was later sold for $4.3 billion to Inco.

Notably, Friedland also happened to be the driving force behind the Oyu Tolgoi copper-gold project development based out of Mongolia and has increasingly focused on Africa, including the Democratic Republic of the Congo’s Kamoa-Kakula copper project.

A Strategic Investment

It is well to be noted that Ivanhoe Mines is offering a commitment of $1.2 billion when it comes to the first two phases of the Platreef project, with Phase 2 anticipated to come online in the latter half of 2027. If it gets approved, a potential Phase 3 could as well go ahead and add another $800 million, hence further expanding the capacity of the mine.

According to Friedland, the Phase 1 mine is only a baby first step to an operation that they will be making almost 10 times bigger across the two further phases in terms of expansion, therefore underscoring the long-term vision of Friedland for the project.

Interestingly, Platreef also goes on to mark the first major venture in South Africa by Friedland. Ivanhoe Mines goes on to have 64% of the project, whereas 26% is owned by the Black economic empowerment partners, which includes the likes of 20 local communities that represent almost 150,000 residents.

Notably, the mine has already become a major source of employment, with more than 2000 people that work on-site, most coming from the nearby communities, hence highlighting the local economic impact on the community.

Delays and Development Issues

It is worth noting that the Platreef deposit was first identified in the 1980s; however, earlier production timelines got delayed because of capital allocation as well as fluctuations when it comes to commodity prices.

Matthew Keevil, the spokesman from Ivanhoe, went on to explain that the rescheduling

was majorly based around the capital expenditure plans that were related to certain other projects, hence offering context in terms of the long development period.

He further added that they have been spending some time now and also money at Kamoa-Kakula in the last five to six years, and it is indeed not typical to go ahead and build two tier-one mines simultaneously. Apparently, PGM prices also competitively bottomed in that period, while copper has had a moment in the sun.

A New Era When It Comes to African Mining

With Platreef now getting into production, the country is positioning the mine as a flagship in terms of modern and high-tech Africa-based mining, which is capable of supplying global green-energy markets while at the same time supporting the local economic growth.

Apparently, the company said on October 3, 2025, in an update pertaining to the underground mining expansion plans for its flagship Tharisa open-pit mine located near Rustenburg, that this capital was anticipated to be financed through internal cash and external funding lines, therefore making use of balance sheet agility. Importantly, the update was offered as the base for a presentation when it came to investors on the day.

The CEO, Phoevos Pouroulis, stated in a communication that the phased approach to portal development helps with early access to reef, with the board and pillar design enabling a safe, cost-effective ramp-up along with long-term operational efficiency. He added that as they continue to innovate with purpose, they are indeed setting standards for multiple generations to come.

Importantly, he emphasized the fact that the underground mining expansion offers a high-confidence, low-geological-risk opportunity so as to sustain Tharisa Mine for more than 50 years.

It is worth noting that Tharisa Mine happens to be the flagship asset of the company, a co-producing open-pit mine when it comes to the platinum group metals as well as chrome concentrates. Significantly, there are plans for a phased move to underground mining expansion by way of the Apollo Complex-West Mine development and the Orion Complex-East Mine project.

The company stated that Tharisa Mine is all set to elevate the operational efficiency and environmental stewardship along with long-term value creation.

The present processing facilities had a capacity of 5.6 Mtpa when it came to run-of-mine (ROM), therefore ensuring production scalability and, at the same time, operational flexibility.

Apparently, the life of mine—the LOM schedule offered for the open-pit operations—is to get depleted by the 2035 financial year.

Pouroulis went on to indicate that the addition of underground mined ore from the West Mine-Apollo Complex as well as the East Mine-Orion Complex from 2031 would make sure that the 5.6 Mtpa nameplate processing capacity was achieved and, as a matter of fact, exceeded.

Both the Apollo and Orion complexes, which will be developed sequentially, happen to be designed to mine 255 ktpm, having a combined production rate of almost 510 ktpm that was capped at the plant feed capacity of 5.6 Mtpa.

All this would go on to maintain the present PGM as well as chrome concentrate output, with growth opportunities because of smarter mining and also less dilution. Apparently, a mining contractor model will be deployed.

Pouroulis further went on to state that their proven co-product business model is going to continue to give out value as they switch on a modern smart mine, therefore future-proofing their capacity to unlock long-term value by way of a more efficient, agile as well as a lower-cost mining model that happens to cover many generations.

He added that the shallow ore body helped with on-reef mechanized development, therefore delivering cleaner ROM along with significantly decreasing the waste, capital intensity as well as environmental effect.

Significantly, he went on to note that the underground project happens to be the natural progression when it comes to operations and has been established to access a multigenerational mineral resource base and elevate the operational efficiencies while, at the same time, maintaining their world-class yardsticks when it comes to health, environmental stewardship, safety, and further bloating their track record in terms of long-term value creation.

As per a third-quarter production report to June 30, 2025, the company said that the cash on hand was $164.6m, with debt of $121.5m, therefore bringing the net cash to $43.1m. At that point in time, the production was trending towards the lower end of guidance.

Interestingly, it was in May 2025 that the half-year headline earnings per share were reported 78% lower, coming to US 2.9 cents, with Tharisa carrying on with its track record in terms of generating profits, although at lower levels, thereby helping the company to consistently invest in the sustainability and, of course, growth of its operations. Besides, the company also noted they now happen to be in their tenth year in terms of returning capital to the shareholders, and at the same time they are also going ahead with their second share buyback.

It is well to be noted that the share price of Tharisa fell 1.64% to R24 on October 3, 2025. This is the price that has risen by 34% in a year and has also maintained its position on the market.

This move will see black investors picking a 13% stake in both Impala Platinum, which owns the Impala Rustenburg and Impala Refineries assets, and Impala Bafokeng through its subsidiary, Impala Bafokeng Resources.

The equity ownership in Impala and Impala Bafokeng Resources will be distributed among an employee share ownership trust, a community share ownership trust and a strategic empowerment consortium, with respective ownership stakes of 4%, 4% and 5%.

Implats has collaborated with Siyanda Resources, which will spearhead the strategic empowerment consortium’s participation.

The transaction’s three components will be facilitated through loans from Impala and Impala Bafokeng Resources, with dividends used to service interest and capital repayments.

The community share ownership trust (CSOT), established through CSOT Proprietary, will subscribe for a 4% share in both Impala and Impala Bafokeng Resources.

CSOT aims to benefit a broad range of beneficiaries from previously disadvantaged communities identified in the social and labour plans of the mines.

It will hold its interest through CSOT Proprietary, with funding provided by interest-free loans from Impala and Impala Bafokeng Resources.

Additionally, CSOT is entitled to distribute 65% of its annual dividends from Impala and Impala Bafokeng Resources to the beneficiaries, with the remainder used to repay the vendor funding.

The second component involves the Impala Bafokeng Resources employee share ownership trust (IBR ESOT), which will replace the previously proposed employee share ownership plan and will be open to all eligible permanent employees and volume contractors at the mines.

The third component is the Bokamoso Consortium, led by Siyanda Resources, which will hold a 5% shareholding in both Impala and Impala Bafokeng Resources through Bokamoso Rustenburg Proprietary.

This equity interest will be funded by a R100m ($5.48m) equity injection from the consortium and vendor funding through preference shares issued to Impala and Impala Bafokeng Resources.

After the transaction, Impala Holdings will retain an 87% shareholding in Impala, alongside the CSOT Proprietary, the pre-existing Impala ESOT and Bokamoso Rustenburg Proprietary.

Similarly, Impala Bafokeng will hold an 87% stake in Impala Bafokeng Resources, with the remaining shares held by the CSOT Proprietary, the ESOT Proprietary and Bokamoso Rustenburg Proprietary.

The B-BBEE transaction is expected to be implemented by 30 June 2024, pending necessary approvals.

KorrAI will apply its proprietary technology on the Project to identify areas of interest for ground exploration for Greenridge’s 2024 exploration programme. The technology will hopefully allow the Company to be more efficient in the potential discovery of mineralised outcrops by leveraging revolutionary systems across the entire Project. Pursuant to the KorrAI Agreement, KorrAI shall provide technology solutions to Greenridge using geospatial imagery, modelling, and survey and sensor data relevant to the natural resources sector under individual statement of works. Either KorrAI or Greenridge may terminate the KorrAI Agreement by providing written notice at any time following completion of the Services under each existing Statement of Work.

Historical drilling on the Project intersected up to 9 ft of 0.69% U3O8 including 4.90% U3O8 over 1 ft from 8 ft depth and high-grade samples of up to 4.36% U3O8, 53.16 oz/t Ag, 1.15% Pb and 7.0% Ni.

Russell Starr, Chief Executive Officer of Greenridge, commented, “We are thrilled to be collaborating with KorrAI and using their Technology to aid us in identifying mineralised outcrops across the Nut Lake Uranium Project. KorrAI’s Technology will not only provide us with exceptional data but also hopefully boost the efficiency and accuracy of our planned exploration programme and allow us to use this technology for future projects.”

KorrAI is an advanced earth observation technology company and is using advanced satellite imagery, integrated artificial intelligence, and machine learning to identify undiscovered mineralised outcrops. KorrAI’s proprietary technologies and processes fuse a variety of datasets and integrate known mineralised analogues and other internal company data to identify priority areas of interest. The exploration tool is a cost-effective and systematic approach to identifying targets for prospecting follow-up over highly prospective trends and areas of interest.

Rob McEwan, President of KorrAI, commented, “We are extremely excited to be working with Greenridge, particularly due to the exceptional promise of their property, the Nut Lake Uranium Project. We look forward to using our cutting-edge technology to provide Greenridge with the highly reliable data to run a more streamlined exploration program at their Project.”

Highlights:

• The US Geological Survey (USGS), after completing some limited drilling at the Willcox Playa in the 1970’s, historically referenced this area as one of the most prospective locations for lithium in the Western United States, similar in its potential to Clayton Valley,
• Nevada, and the lithium brine and claystone deposits that have been identified there.
  Decades of US Air Force activity in the Willcox Playa has ended, with MAX benefiting from first-mover advantage and securing three well-situated blocks totaling 3754 acres mostly leased from the state of Arizona.
• The area is surrounded by excellent infrastructure including rail, roads and services in the nearby town of Willcox.
• Mr. Rav Mlait, CEO of MAX Power, commented: “This strategic move into the United States is another way of differentiating MAX in the growing lithium space in combination with our initiative in northern Quebec where we are the forefront of a highly targeted drive to discover entirely new high-grade lithium camps.”

Mr. Mlait added, “With an American division and a Canadian division, our view is that we will be able to grow our shareholder base exponentially in 2023 while delivering brisk year-round news flow. Each division will have its own niches in the lithium space, allowing MAX to appeal to very specific audiences in North America, and in each case, this includes quality exploration opportunities that provide potential high impact discovery leverage for investors. In addition, this structure provides for the potential of various strategic corporate options to further build shareholder value including a spinout of certain assets if the opportunity arises.”

This is the initial step in JX Nippon’s efforts to expand into mineral resources business with rare metals.

As part of the new plans, JX Nippon will work together with AMG Brasil for the production of tantalum raw materials from ores extracted at AMG-operated Mibra mine in Minas Gerais, Brazil.

This work will be executed by a JX Nippon-AMG Brasil joint venture (JV) from January next year.

The tantalum pre-concentrate will be processed at Brazil’s mine site and the subsequent concentrate will be purchased by Taniobis on priority grounds. This purchase will account for 20% of the overall procurement made by Taniobis.

Taniobis vice chairman Kazuyuki Marukawa said: “Through our strong partnership among AMG Brasil, JX Nippon and Taniobis, we can fulfil our mission to enhance the stable supply of tantalum to the market.

“At the same time, we believe we can develop our overall tantalum relevant market with the steady growth in order to serve for the better world.”

JX Nippon claimed that this will further maintain stable procurement of raw materials to facilitate the advanced materials production, supporting its ‘Long-Term Vision 2040’ strategy.

The advanced materials can further be used for manufacturing semiconductors and capacitors as well as for addressing the rise in demand for mobile devices and telecommunications infrastructure.

Apart from stable procurement, the entire effort will simultaneously boost JX Nippon’s contribution to ensure ‘sustainable and responsible’ procurement.

In 2020, JX Nippon finalised an agreement to purchase stakes in Caserones copper mine owned by Mitsui & Co and Mitsui Mining and Smelting.

FLSmidth will also provide site services including installation supervision, commissioning and training. The new plant will increase output at the site, maintaining its position as a major lithium producer in Argentina. This new lithium extraction facility will provide technical-grade lithium carbonate which, with further purification, will be used to produce battery cathodes for the growing electric vehicle market. Toyota Tsusho Corporation owns 25% of the facility.

“Following our involvement in extensive process design at Olaroz, we are very excited Sales de Jujuy has entrusted FLSmidth to supply technologies for their new, world-class lithium extraction plant in Argentina. This order, in addition to the other lithium extraction orders announced earlier in 2021, confirms FLSmidth’s leading position as the technology provider of choice for all types of lithium deposits globally. It’s also satisfying to partner with a company that shares FLSmidth’s commitment to environmentally sound lithium production – a great match for our MissionZero ambitions,” commented Mikko Keto, Mining President, FLSmidth.

The technology provided by FLSmidth includes a clarifier, Pneumapress® filters, Shriver® filter press, OTG polishing filters and a pyromet dryer package. The technology package also includes other important equipment such as the reactors, ion exchange, pneumatic transport system and a bagging package. Equipment delivery will begin shortly and the contract will be complete by end of 2022, with the final trainings.

“FLSmidth is a world leader in environmentally sound lithium processing technologies. This aligns with Sales de Jujuy’s ambition to not only produce materials necessary for electric vehicles and renewable energy infrastructure, but to do so in an efficient and environmentally responsible manner through lowered emissions and significantly reduced water usage,” aded Fernando de la Calle, Engineering Project Director Olaroz.

The FLSmidth state-of-the-art equipment will deliver high availability and high productivity and mean low energy consumption and resource-efficient operations. The new plant is expected to produce 25 000 tpy of technical-grade lithium carbonate solutions that deliver efficiencies across industries. It allows for the storage of energy produced by solar, tidal and wind sources, aiding efforts to decarbonise the energy market. Supporting the lithium industry, therefore, is a good fit with the goals of FLSmidth’s MissionZero sustainability ambition.

A recent report from Fitch Solutions forecast global lithium production will more than triple from 442 000 t of lithium carbonate-equivalent (LCE) in 2020 to 1.5 million t of LCE by 2030. Having been involved in lithium extraction for 25 years, the evolving lithium extraction landscape has led to several recent projects for FLSmidth in Australia, Chile, Finland and the US.

The Company intends to use the net proceeds of the Offering (i) for underground development and production ramp-up of the Maseve Mine; (ii) for working capital during start-up; and (iii) for general corporate purposes.

The Offering is being made pursuant to an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and a corresponding Canadian base shelf prospectus filed with the securities regulatory authority in each of the provinces of Canada, except Quebec. A prospectus supplement relating to the Offering has been filed with the SEC and with the securities regulatory authority in each of the provinces of Canada, except Quebec.

A copy of the prospectus supplement and base shelf prospectus relating to the Offering in Canada may be obtained by contacting BMO Capital Markets, Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road,
Brampton, Ontario, L6S 6H2 or by telephone at (905) 791-3151 Ext 4312 or by email at torbramwarehouse@datagroup.ca.

A copy of the prospectus supplement and base shelf prospectus relating to the Offering in the United States may be obtained by contacting BMO Capital Markets Corp., Attn: Equity Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036 (Attn: Equity Syndicate), or by telephone at (800) 414-3627 or by email at bmoprospectus@bmo.com.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

About Platinum Group Metals Ltd.

Platinum Group is based in Johannesburg, South Africa and Vancouver, Canada. The Company’s business is currently focused on the operation of the Project 1 “Maseve” platinum mine and the exploration and feasibility engineering on the newly discovered Waterberg platinum and palladium deposit, where the Company is the operator of the Waterberg JV Project with JOGMEC and Mnombo.

The Toronto Stock Exchange and the NYSE MKT LLC have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Platinum Group Metals Ltd., Vancouver
R. Michael Jones, President
Platinum Group Metals Ltd., Vancouver
Kris Begic , VP, Corporate Development
(604) 899-5450 / Toll Free: (866) 899-5450

Wellgreen Platinum Ltd is pleased to announce that its previously announced metallurgical testwork program is now complete. Final metallurgical results will be available this quarter pending completion of reporting by XPS in Falconbridge Ontario.

The Company also announces that, effective February 8, 2017, it has sold (the “Sale”) Ursa Major Minerals Inc., formerly a wholly-owned subsidiary, to a private company (the “Purchaser”). URSA holds the Ontario properties, Shakespeare, Shining Tree, Fox Mountain, Stumpy Bay, Porter Baldwin and Porter Option, all of which were considered non-core and non-material to Wellgreen Platinum.

Pursuant to the Sale, the Company will receive total cash and share consideration equivalent to C$200,000 from the Purchaser over the next three years. In addition, the Company will retain a 1.0% NSR royalty interest in the Shakespeare property, and a 0.5% NSR royalty interest in the other properties.

Diane Garrett, President and CEO commented: “This sale allows the Company to divest itself of non-core assets and to reduce the costs associated with care and maintenance activities in respect of these properties. Our strategic focus is the advancement of our flagship Wellgreen Project in Yukon, Canada and the divestiture of URSA allows us to focus 100% of our resources on this world class deposit”.

The scientific and technical information disclosed in this news release was reviewed and approved by John Eggert, P. Eng., who is a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and an independent technical consultant to the Company.

About Wellgreen Platinum

Wellgreen Platinum is a Canadian mining exploration and development company focused on the active advancement of its 100% owned Wellgreen Ni-PGM Project located in the Yukon Territory of Canada. The 2015 PEA demonstrated that the Wellgreen Project has the potential to become a large, low cost, open pit producer of platinum, palladium, gold, nickel, and copper. The Wellgreen property is accessible from the paved Alaska Highway, which leads to year-round deep sea ports in southern Alaska.

Wellgreen Platinum Contacts:
Diane Garrett, President & Chief Executive Officer,
1-416-304-9318,
dgarrett@wellgreenplatinum.com,
info@wellgreenplatinum.com