July 2012 PLG: NYSE MK T PTM: TSX

PLATINUM GROUP METALS LTD.

An Emerging Platinum Producer

T h i s p r e s e n t a t i o n h a s b e e n p r e p a r e d b y P l a t i n u m G r o u p M e t a l s L t d . ( “ P l a t i n u m G r o u p ” o r t h e “ C o m p a n y ” ) . I n f o r m a t i o n i n c l u d e d i n t h i s p r e s e n t a t i o n r e g a r d i n g t h e C o m p a n y ’ s m i n e r a l p r o p e r t i e s h a s b e e n c o m p i l e d b y R . M i c h a e l J o n e s , P . E n g , t h e P r e s i d e n t a n d C h i e f E x e c u t i v e O f f i c e r o f t h e C o m p a n y , a n d a n o n - i n d e p e n d e n t Q u a l i f i e d P e r s o n f o r p u r p o s e s o f N a t i o n a l I n s t r u m e n t 4 3 - 1 0 1 - S t a n d a r d s o f D i s c l o s u r e f o r M i n e r a l P r o j e c t s ( “ N I 4 3 - 1 0 1 ” ) , b a s e d o n t h e i n d e p e n d e n t t e c h n i c a l r e p o r t s , a n d P r e s s R e l e a s e I n f o r m a t i o n f i l e d b y t h e C o m p a n y w i t h t h e C a n a d i a n s e c u r i t i e s r e g u l a t o r s a n d t h e U . S . S e c u r i t i e s a n d E x c h a n g e C o m m i s s i o n ( “ S E C ” ) .

F o r m o r e d e t a i l e d i n f o r m a t i o n r e g a r d i n g t h e C o m p a n y a n d i t s m i n e r a l p r o p e r t i e s , y o u s h o u l d r e f e r t o t h e C o m p a n y ’ s i n d e p e n d e n t t e c h n i c a l r e p o r t s a n d o t h e r f i l i n g s w i t h t h e C a n a d i a n s e c u r i t i e s r e g u l a t o r s a n d t h e S E C , w h i c h a r e a v a i l a b l e a t w w w . s e d a r . c o m a n d w w w . s e c . g o v , r e s p e c t i v e l y . S c i e n t i f i c o r T e c h n i c a l i n f o r m a t i o n c o n t a i n e d h e r e i n i s d e r i v e d f r o m t h e C o m p a n y ’ s t e c h n i c a l r e p o r t s w h i c h i n c l u d e m o r e d e t a i l e d i n f o r m a t i o n w i t h r e s p e c t t o t h e C o m p a n y ’ s p r o p e r t i e s , i n c l u d i n g t h e d a t e s o f s u c h r e p o r t s a n d t h e e s t i m a t e s i n c l u d e d t h e r e i n , d e t a i l s o f q u a l i t y a n d g r a d e o f e a c h r e s o u r c e , d e t a i l s o f t h e k e y a s s u m p t i o n s , m e t h o d s a n d p a r a m e t e r s u s e d i n t h e r e s o u r c e e s t i m a t e s a n d t h e F e a s i b i l i t y S t u d y , a g e n e r a l d i s c u s s i o n o f t h e e x t e n t t o w h i c h t h e r e s o u r c e e s t i m a t e s a n d t h e o t h e r e s t i m a t e s a n d p r o j e c t i o n s i n c l u d e d i n t h e r e p o r t s m a y b e m a t e r i a l l y a f f e c t e d b y a n y k n o w n e n v i r o n m e n t a l , p e r m i t t i n g , l e g a l , t a x a t i o n , s o c i o - p o l i t i c a l , m a r k e t i n g , o r o t h e r r e l e v a n t i s s u e s .

I n f o r m a t i o n i n c l u d e d i n t h i s p r e s e n t a t i o n , t h e C o m p a n y ’ s i n d e p e n d e n t t e c h n i c a l r e p o r t s a n d t h e C o m p a n y ’ s o t h e r p u b l i c s t a t e m e n t s r e l a t e d t o i t s m i n e r a l p r o p e r t i e s h a s b e e n p r e p a r e d i n a c c o r d a n c e w i t h s e c u r i t i e s l a w s i n e f f e c t i n C a n a d a , w h i c h d i f f e r f r o m U . S . s e c u r i t i e s l a w s . T h e S E C p e r m i t s U . S . m i n i n g c o m p a n i e s , i n t h e i r f i l i n g s w i t h t h e S E C , t o d i s c l o s e o n l y t h o s e m i n e r a l d e p o s i t s t h a t a c o m p a n y c a n e c o n o m i c a l l y a n d l e g a l l y e x t r a c t o r p r o d u c e . T h e C o m p a n y u s e s c e r t a i n t e r m s i n t h i s p r e s e n t a t i o n , s u c h a s “ r e s o u r c e s , ” t h a t t h e S E C ’ s g u i d e l i n e s s t r i c t l y p r o h i b i t U . S . r e g i s t e r e d c o m p a n i e s f r o m i n c l u d i n g i n t h e i r f i l i n g s w i t h t h e S E C . Y o u a r e u r g e d t o c o n s i d e r c l o s e l y t h e d i s c l o s u r e i n o u r F o r m 4 0 - F a n n u a l r e p o r t , w h i c h m a y b e s e c u r e d f r o m u s , o r f r o m t h e S E C ’ s w e b s i t e a t w w w . s e c . g o v .

T h i s p r e s e n t a t i o n a l s o c o n t a i n s i n f o r m a t i o n a b o u t a d j a c e n t p r o p e r t i e s o n w h i c h t h e C o m p a n y h a s n o r i g h t t o e x p l o r e o r m i n e . T h e C o m p a n y a d v i s e y o u t h a t t h e S E C ’ s m i n i n g g u i d e l i n e s s t r i c t l y p r o h i b i t i n f o r m a t i o n o f t h i s t y p e i n d o c u m e n t s f i l e d w i t h t h e S E C . I n v e s t o r s a r e c a u t i o n e d t h a t m i n e r a l d e p o s i t s o n a d j a c e n t p r o p e r t i e s a r e n o t i n d i c a t i v e o f m i n e r a l d e p o s i t s o n o u r p r o p e r t i e s .

T h i s p r e s e n t a t i o n i s n o t a n o f f e r t o s e l l , o r a s o l i c i t a t i o n t o b u y , a n y s e c u r i t i e s i n a n y j u r i s d i c t i o n . T h e T o r o n t o S t o c k E x c h a n g e a n d t h e A m e r i c a n S t o c k h a v e n o t r e v i e w e d a n d d o n o t a c c e p t r e s p o n s i b i l i t y f o r t h e a c c u r a c y o r a d e q u a c y o f t h i s p r e s e n t a t i o n , w h i c h h a s b e e n p r e p a r e d b y t h e C o m p a n y .

H i s t o r i c a l r e s u l t s o r f e a s i b i l i t y m o d e l s p r e s e n t e d h e r e i n a r e n o t g u a r a n t e e s o r e x p e c t a t i o n s o f f u t u r e p e r f o r m a n c e .

2

DISCLOSURE

C e r t a i n o f t h e s t a t e m e n t s m a d e h e r e i n , i n c l u d i n g s t a t e m e n t s r e g a r d i n g t h e t i m i n g o f f u t u r e a c t i v i t i e s a n d a c h i e v e m e n t s b y t h e C o m p a n y , f u t u r e a n t i c i p a t e d e x p l o r a t i o n a n d d e v e l o p m e n t p r o g r a m s , c o m p l e t i o n o f a F e a s i b i l i t y S t u d y i n r e s p e c t o f t h e W e s t e r n B u s h v e l d J o i n t V e n t u r e , b u s i n e s s p l a n s , p o t e n t i a l m i n i n g s c e n a r i o s a n d t i m i n g o f p r o d u c t i o n , b u s i n e s s t r e n d s a n d f u t u r e o p e r a t i n g f a c t o r s a n d a n t i c i p a t e d p l a t i n u m s u p p l y a n d d e f i c i t s a r e f o r w a r d - l o o k i n g a n d s u b j e c t t o i m p o r t a n t r i s k f a c t o r s a n d u n c e r t a i n t i e s , m a n y o f w h i c h a r e b e y o n d t h e C o m p a n y ’ s a b i l i t y t o c o n t r o l o r p r e d i c t . I n a d d i t i o n , r e s o u r c e e s t i m a t e s , t h e p r e - f e a s i b i l i t y s t u d y a n d t h e F e a s i b i l i t y S t u d y r e s u l t s c o n s t i t u t e f o r w a r d - l o o k i n g s t a t e m e n t s t o t h e e x t e n t t h a t t h e y r e p r e s e n t , r e s p e c t i v e l y , e s t i m a t e s o f m i n e r a l i z a t i o n t h a t m a y b e e n c o u n t e r e d u p o n a d d i t i o n a l e x p l o r a t i o n a n d e s t i m a t e s o f t h e c a p i t a l a n d o p e r a t i n g e x p e n s e s , m e t a l s a n d c u r r e n c y p r i c e s a n d o t h e r o p e r a t i n g c o n d i t i o n s t h a t m a y b e e n c o u n t e r e d i n t h e f u t u r e .

F o r w a r d - l o o k i n g s t a t e m e n t s a r e n e c e s s a r i l y b a s e d o n a n u m b e r o f e s t i m a t e s a n d a s s u m p t i o n s t h a t a r e i n h e r e n t l y s u b j e c t t o s i g n i f i c a n t b u s i n e s s , e c o n o m i c a n d c o m p e t i t i v e u n c e r t a i n t i e s a n d c o n t i n g e n c i e s . K n o w n a n d u n k n o w n f a c t o r s c o u l d c a u s e a c t u a l r e s u l t s t o d i f f e r m a t e r i a l l y f r o m t h o s e p r o j e c t e d i n t h e f o r w a r d - l o o k i n g s t a t e m e n t s . S u c h f a c t o r s i n c l u d e , a m o n g o t h e r s : m e t a l s p r i c e v o l a t i l i t y ; d e m a n d f o r p l a t i n u m a n d t h e p l a t i n u m s u p p l y ; a d d i t i o n a l f u n d r a i s i n g r e q u i r e m e n t s ; d e f e c t i v e t i t l e t o m i n e r a l c l a i m s o r p r o p e r t y ; d i s c r e p a n c i e s b e t w e e n a c t u a l a n d e s t i m a t e d r e s e r v e s a n d r e s o u r c e s , b e t w e e n a c t u a l a n d e s t i m a t e d d e v e l o p m e n t a n d o p e r a t i n g c o s t s , b e t w e e n a c t u a l a n d e s t i m a t e d m e t a l l u r g i c a l r e c o v e r i e s a n d b e t w e e n e s t i m a t e d a n d a c t u a l p r o d u c t i o n ; c h a n g e s i n n a t i o n a l a n d l o c a l g o v e r n m e n t l e g i s l a t i o n ( i n c l u d i n g e n v i r o n m e n t a l l e g i s l a t i o n ) , t a x a t i o n , c o n t r o l s , r e g u l a t i o n s a n d p o l i t i c a l o r e c o n o m i c d e v e l o p m e n t s i n C a n a d a , S o u t h A f r i c a o r o t h e r c o u n t r i e s i n w h i c h t h e C o m p a n y d o e s o r m a y c a r r y o u t b u s i n e s s i n t h e f u t u r e ; s u c c e s s o f e x p l o r a t i o n a c t i v i t i e s a n d p e r m i t t i n g t i m e l i n e s ; t h e s p e c u l a t i v e n a t u r e o f m i n e r a l e x p l o r a t i o n , d e v e l o p m e n t a n d m i n i n g , i n c l u d i n g t h e r i s k s o f o b t a i n i n g n e c e s s a r y l i c e n s e s a n d p e r m i t s ; d i l u t i o n ; c o m p e t i t i o n ; c u r r e n c y f l u c t u a t i o n s ; a n d l o s s o f k e y e m p l o y e e s . T h e F e a s i b i l i t y S t u d y i n c l u d e s p l a n s o n s u r f a c e r i g h t s t h a t t h e c o m p a n y d o e s n o t o w n . F a i l u r e t o a c q u i r e t h e s e s u r f a c e r i g h t s m a y m a t e r i a l l y i m p a c t t h e p l a n s . I n a d d i t i o n , t h e r e a r e r i s k s a n d h a z a r d s a s s o c i a t e d w i t h t h e b u s i n e s s o f m i n e r a l e x p l o r a t i o n , d e v e l o p m e n t a n d m i n i n g , i n c l u d i n g e n v i r o n m e n t a l h a z a r d s , i n d u s t r i a l a c c i d e n t s , u n u s u a l o r u n e x p e c t e d f o r m a t i o n s , p r e s s u r e s , m i n e c o l l a p s e s , c a v e - i n s o r f l o o d i n g ( a n d t h e r i s k o f i n a d e q u a t e i n s u r a n c e o r i n a b i l i t y t o o b t a i n i n s u r a n c e , t o c o v e r t h e s e r i s k s ) , a s w e l l a s t h e f a c t o r s d e s c r i b e d o r r e f e r r e d t o i n t h e s e c t i o n e n t i t l e d “ R i s k F a c t o r s ” i n t h e C o m p a n y ’ s A n n u a l I n f o r m a t i o n F o r m f o r t h e y e a r e n d e d A u g u s t 3 1 w h i c h i s a v a i l a b l e o n S E D A R a t w w w . s e d a r . c o m , a n d i s i n c l u d e d a s p a r t o f t h e C o m p a n y ’ s F o r m 4 0 - F a n n u a l r e p o r t f i l e d w i t h t h e S E C a t w w w . s e c . g o v . Y o u a r e a d v i s e d t o r e v i e w t h e s e r i s k f a c t o r s , a n d n o t t o p l a c e u n d u e r e l i a n c e o n f o r w a r d - l o o k i n g s t a t e m e n t s .

T h e C o m p a n y u n d e r t a k e s n o o b l i g a t i o n t o u p d a t e p u b l i c l y o r r e l e a s e a n y r e v i s i o n s t o f o r w a r d - l o o k i n g s t a t e m e n t s t o r e f l e c t e v e n t s o r c i r c u m s t a n c e s a f t e r t h e d a t e o f t h i s p r e s e n t a t i o n o r t o r e f l e c t t h e o c c u r r e n c e o f u n a n t i c i p a t e d e v e n t s .

3

FORWARD LOOKING STATEMENTS

The Company

WHY PLATINUM GROUP

METALS?

� A well funded emerging producer with active exploration in South

Africa and Canada.

� Flagship Western Bushveld Joint Venture (WBJV) - large scale mine development in construction.

� Waterberg – a new thick, near sur face PGM discovery on the North Limb.

� Strategic, low cost project portfolio moving forward in a challenging environment for PGM production.

5

AN EMERGING PLATINUM PRODUCER

Stock Symbols PLG: NYSE MKT PTM: TSX Market Capitalization $170M CAD Share Price $0.90 CAD 52 Week High/Low $1.80/$0.81 Shares Outstanding 177,584,542 Options 14,469,500 Fully Diluted 192,054,042 Cash $65M CAD

6

SHARE STRUCTURE

THREE YEARS

October 2009 Feasibility Study Update

April 2010 74% Transaction Completed

October 2010 $143M Equity Financing

January 2011 WBJV Construction Commences

August 2011 Project Loan Mandate

November 2011 Waterberg Discovery April 2012

Mining License Awarded

8

SHAREHOLDERS AND RESEARCH

Major Shareholders Franklin Advisers Inc. Genesis Investment Management LLP JP Morgan Asset Management Ltd. Liberty Mutual Insurance Group T. Rowe Price Associates Inc. Jennison Associates LLC Wellington Management Company LLP RBC Global Asset Management Inc. Chilton Investment Company LLC Cambrian Capital LP R. Michael Jones U.S. Global Investors Inc. Canada Pension Plan

Research Coverage RBC Capital Markets Credit Suisse GMP Securities Raymond James Stifel Nicolaus Haywood Securities Mackie Research Capital CIBC World Markets

Index Membership S&P/TSX Small Cap ISE Global Platinum

Platinum

Palladium THE PGM MARKET

SUPPLY DEMAND

10

THE PLATINUM MARKET

The depth of South Af r ican p lat inum mines is becoming unsusta inable at current metal pr ices

11

DEEP AND DEEPER

WESTERN BUSHVELD JVShallow Declines

DEPTH: 100m to 600mCOST: $400M/$500M USDLEAD TIME: 3 Years

Mostly Mined Out

First GenerationVertical Shafts

DEPTH: 600m to 1000mCOST: $1B USDLEAD TIME: 5 to 7 years

Mostly Mined Out

Second GenerationVertical Shafts

DEPTH: 1000m+COST: $1.5B USDLEAD TIME: 5 to 7 years

Nearing Depletion

Third Generation Vertical Shafts

DEPTH: 1500m to 2500m COST: $2B USD per shaftLEAD TIME: 7 to 10 Years

Sinking, Developing, Operating or Cancelled

WBJV HIGHLY COMPETITIVE

12

SPOT PLATINUM PRICE

Development WESTERN BUSHVELD

JOINT VENTURE

14

THE WESTERN BUSHVELD COMPLEX SOUTH AFRICA 70% OF GLOBAL PLATINUM PRODUCTION

The nor thern por t ion of the Western L imb is w i tnessing over $4B USD in new p lat inum mine bui ld ing

15

NORTH WEST LIMB

� Platinum Group has a 74% interest in the WBJV. Wesizwe Platinum (WEZ/JSE) owns the remaining 26%.

� Chinese state owned Jinchuan acquired a controll ing stake in Wesizwe for $900M (USD) in 2010.

� The WBJV is one of the last remaining undeveloped shallow, high grade deposits on the Western Bushveld.

� A $100M Phase 1 construction program started in 2011 with first production scheduled for mid 2014.

16

WESTERN BUSHVELD JOINT VENTURE

17

WBJV PROJECT 1 – QUICK FACTS

• See UFS Oct 2009, www.sedar.com, including Risk Factors, Metal Prices and Differences in Reporting under SEC Guidelines in the USA • Resources may never become reserves, figures may change during project implementation in progress. • Figures based on 100% Project Valuation – PTM 74%, WEZ 26% • Metal Price Assumptions: Pt: $1,343, Pd: $322, Rh: $4,951, Au: $807 (2009 UFS) * Updated Operational Guidance, April 16, 2012 • See Appendix for tonnes and grade associated with reserves and resources and associated Qualified Persons

Cent ra l Decl ine

S i te Establ ished

Power and Water Connected

Long - term Arrangements in P lace

18

WESTERN BUSHVELD JOINT VENTURE

Adjacent Sty ldr i f t development

$1 .5B capi ta l cost mining the same layers down-dip of the WBJV

19

STYLDRIFT ANGLO PLATINUM AND RBPLATS

Cent ra l dec l ine looking nor th toward the Wesizwe/J inchuan development .

$1 .5B capita l cost mining the same layers down-dip of the WBJV.

20

WESTERN BUSHVELD JOINT VENTURE

June 2012

South Box Cut Const ruct ion.

21

WESTERN BUSHVELD JOINT VENTURE

� Syndicate announced in August 2011 includes Barclays Capital, Standard Bank and CAT Financial.

� $260M (USD) senior loan facil ity with a nine year term.

� Additional working capital facil ity – up to $25M (USD) with standby subordinate loan facil ity if required.

� Hedging emphasis on byproducts – palladium, gold, base metals – platinum is 70% of projected revenue.

� Closing anticipated in Q3 2012.

22

PROJECT BANKING

Exploration WATERBERG

24

BUSHVELD COMPLEX SOUTH AFRICA

� The North l imb has recently seen

mine expansion by Anglo Platinum and a great increase in exploration investment

� The Mogalkwena mine is Anglo Platinum’s most profitable operation

� The Ivanplats Platreef discovery

has attracted a $280M (USD) investment from JOGMEC and ITOCHU Corp. for an 8% interest

� The Platreef project currently has over 30 dri l ls on site and is planning a public of fering

25

THE NORTH LIMB

Anglo Platinum’s Mogalkwena Mine includes four open pits employing conventional truck and shovel operations. Life-of-mine extends beyond 2060 with a Mineral Resource of 141.6 4E million ounces and an Ore Reserve of 55.3 4E million ounces. 2010 production was 260,000 ounces 4E. (Source: Anglo Platinum)

26

THE NORTH LIMB BUSHVELD COMPLEX SOUTH AFRICA

WATERBERG PROJECT AREA REGIONAL GEOLOGY

� Japan oil and Gas Mineral Exploration Corporation (JOGMEC) partnership completed in 2009

� JOGMEC has earned a 37% interest by spending $3.2M USD

� Platinum Group holds a 49.97% ownership

� Discovery hole announced November 9, 2011

� Current program – 10 dri l l r igs, +3000 assays in progress

� Init ial resource estimate – Q3 2012

28

WATERBERG

29

WATERBERG – DRILL RESULTS

Zone Average Thickness (m)

Average Grade 3E g/t

Number of Intercepts

T0 2.13 1.69 16

T1 3.40 2.68 15

T2 3.91 4.26 19

T3 2.15 2.68 18

F 16.29 3.08 7

• T Zones: 50% Pd, 30% Pt, 20% Au • F Zone: 55% Pd, 40% Pt, 5% Au

30

SCHEMATIC SECTION

*Conceptual - not to scale

� Q1 2012 – Mining Right record of decision – COMPLETED.

� Q3 2012 – Completion of formal of f take arrangement

� Q3 2012 – Completion of Project Banking

� Q3 2012 – Waterberg Init ial Resource Statement

� Q3 2012 – Start of Phase 2 implementation

� Q4 2012 – Waterberg Regional Exploration

� Mid 2014 – First production.

31

CORPORATE MILESTONES

� Large scale, high margin platinum development in progress

� Near term milestones: of f take and funding completion

� New potentially large scale PGM discovery on North Limb with Japanese funding partner JOGMEC – 10 dri l ls

� Strategic project portfolio in a challenging cl imate for PGM producers globally.

32

CONCLUSION

P lat inum Group Meta ls L td .

Sui te 328 – 550 Burrard St reet

Vancouver, BC V6C 2V5

Canada

+1 604-899-5450

info@plat inumgroupmetals .net

www.plat inumgroupmetals .net

P lat inum Group Meta ls RSA (Pty ) L td .

Technology House

V ic tor y Park

Johannesburg , RSA

+27 11 782 2186

33

CONTACT

WBJV Reserves and Resources

34

APPENDIX

35

WBJV ~ MEASURED RESOURCES

Measured Mineral Resource (4E)

Cut-off (cm.g/t)

Million Tonnes

(Mt)

Grade 4E

(g/t)

Mining Width

(m)

Tonnes PGE (4E)

MozPGE’s(4E)

Project 1 MR

300 6.603 8.38 1.33 55.333 1.779

Project 1 UG2

300 7.464 4.26 1.34 31.797 1.022

Total Measured

300 14.067 6.19 1.34 87.13 2.801

QP Charles Muller of Minxcon, See details Press Release and 43-101 reports on www.sedar.com

36

WBJV ~ INDICATED RESOURCES

Indicated Mineral Resource (4E)

Cut-off (cm.g/t)

Million Tonnes

(Mt

Grade 4E

(g/t)

Mining Width

(m)

Tonnes PGE(4E)

MozPGE’s(4E)

Project 1 & 1A MR

300 11.183 7.25 1.24 81.077 2.607

Project 1 & 1A UG2

300 19.209 4.46 1.39 85.672 2.754

Total Indicated

300 30.392 5.49 1.34 166.749 5.361

QP Charles Muller of Minxcon, See details Press Release and 43-101 reports on www.sedar.com

37

WBJV ~ MERENSKY RESERVES

Tonnes (000) 4E Content 4E

t g/t tonne Moz

Merensky Proven

6,678 5.61 37,478 1.21

Merensky Probable

11,333 5.44 61,677 1.98

Total Merensky Mineral Reserves

18,011 5.51 99,155 3.19

QP Charles Muller of Minxcon Resources, See details Press Release and 43-101 reports on www.sedar.com. Includes mining dilution and flow of ore factors, QPs Tim Spindler and Gordon Cunningham Mining Factors and Updated Feasibility Study October 2009

38

WBJV ~ UG2 RESERVES

Tonnes (000) 4E Content 4E

t g/t tonne Moz

UG2 Proven

5,086 3.37 17,126 0.55

UG2 Probable

8,449 3.41 28,831 0.93

Total UG2 Mineral Reserves

13,535 3.40 45,957 1.48

QP Charles Muller of Minxcon Resources, See details Press Release and 43-101 reports on www.sedar.com, Tim Spindler and Gordon Cunningham Mining Factors and Updated Feasibility Study