Platinum Group Metals Ltd 2024年度报告

Washington, D.C.20549 FORM 40-F ☐Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934or For the fiscal year endedAugust 31, 2025 PLATINUM GROUP METALS LTD. Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the periodcovered by the annual report: 112,571,113 Common Shares outstanding as of August 31, 2025 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Actduring the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act. Emerging growth company☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if theregistrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† † The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board toits Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements ofthe registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ DOCUMENTS INCORPORATED BY REFERENCE The following documents, filed as Exhibits 99.1, 99.2, 99.3, and 99.14 to this Annual Report on Form 40-F of Platinum Group MetalsLtd. (the "Registrant" or the "Company"), are hereby incorporated by reference into this Annual Report: (a)Annual Information Form for the fiscal year ended August 31, 2025 ("AIF"); (b)Audited Consolidated Financial Statements as at August 31, 2025 and 2024, and for the two years in the period ended August31, 2025 and the related notes, Management's Annual Report on Internal Control over Financial Reporting and the Report of (c)Management's Discussion and Analysis for the fiscal year ended August 31, 2025 ("MD&A"); and (d)Waterberg Definitive Feasibility Study Update, Bushveld Igneous Complex, Republic of South Africa dated October 9, 2024,and with an effective date of August 31, 2024 EXPLANATORY NOTE The Company is a Canadian issuer eligible to file its annual report pursuant to Section 13 of the Exchange Act on Form 40-F.The Company is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act.Accordingly, the Company's equity The Company is permitted, under a multi-jurisdictional disclosure system adopted by the United States, to prepare thisAnnual Report in accordance with Canadian disclosure requirements, which are different from those of the United States. FORWARD LOOKING STATEMENTS This Annual Report and the Exhibits incorporated by reference herein contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws, respectively, which may include, but are notlimited to, statements with respect to possible events, conditions, acquisitions, or results of operations that are based on assumptionsabout future conditions and courses of action and include future oriented financial information with respect to prospective results ofoperations, financial position or cash flows that is presented either as a forecast or a projection, and also include, but are not limited to,statements with respect to our future financial and operating performance and estimates of reserves and resources. Often, but not Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actualresults, performance or achievements to be materially different from any future results, performance or achievements expressed orimplied by the forward-looking statements. As a result, actual actions, events or results may differ materially from those described inthe forward-looking statements, and there may be other factors that cause actions, events