Platinum Group Metals Ltd.
Interim Condensed Consolidated Financial Statements
(all amounts in thousands of United States Dollars unless otherwise noted)
For the period ended February 28, 2022
Filed: April 14, 2022
|
PLATINUM GROUP METALS LTD. Consolidated Statements of Financial Position |
| February 28, 2022 |
August 31, 2021 |
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| ASSETS | |||||||
| Current | |||||||
| Cash | $ | $ | |||||
| ATM Offering proceeds receivable (Note 7) | |||||||
| Amounts receivable | |||||||
| Prepaid expenses | |||||||
| Total current assets | |||||||
| Performance bonds and other assets | |||||||
| Mineral Properties and Exploration Assets (Note 3) | |||||||
| Property, plant and equipment | |||||||
| Total assets | $ | $ | |||||
| LIABILITIES | |||||||
| Current | |||||||
| Accounts payable and accrued liabilities | $ | $ | |||||
| Loan payable (Note 5) | |||||||
| Convertible Notes (Note 6) | |||||||
| Total current liabilities | |||||||
| Asset Retirement Obligation | |||||||
| Share based liabilities | |||||||
| Lease liability | |||||||
| Total liabilities | $ | $ | |||||
| SHAREHOLDERS' EQUITY | |||||||
| Share capital (Note 7) | $ | $ | |||||
| Contributed surplus | |||||||
| Accumulated other comprehensive loss | ( |
) | ( |
) | |||
| Deficit | ( |
) | ( |
) | |||
| Total shareholders' equity attributable to | |||||||
| shareholders of Platinum Group Metals Ltd. | |||||||
| Non-controlling interest | |||||||
| Total shareholders' equity | |||||||
| Total liabilities and shareholders' equity | $ | $ | |||||
Contingencies and Commitments (Note 9)
Approved by the Board of Directors and authorized for issue on April 14, 2022
|
/s/ Stuart Harshaw |
|
/s/ Diana Walters |
|||
|
Stuart Harshaw, Director |
|
Diana Walters, Director |
|||
| The accompanying notes are an integral part of the consolidated financial statements. |
| 2 |
PLATINUM GROUP METALS LTD.
Consolidated Statements of Loss and Comprehensive Loss
(in thousands of United States Dollars except share and per share data)
| Three months ended | Six months ended | ||||||||||||
| February 28, 2022 |
February 28, 2021 |
February 28, 2022 |
February 28, 2021 |
||||||||||
| Expenses | |||||||||||||
| General and administrative | $ | $ | $ | $ | |||||||||
| Interest | |||||||||||||
| Foreign exchange (gain) loss | ( |
) | ( |
) | ( |
) | |||||||
| Share of joint venture expenditures - Lion Battery (Note 4) | |||||||||||||
| Stock compensation expense (Note 7) | |||||||||||||
| $ | $ | $ | $ | ||||||||||
| Other Income | |||||||||||||
| Loss on fair value derivatives & other instruments | $ | ( |
) | $ | $ | ( |
) | $ | |||||
| Write-off due to prospecting right closures (Note 3) | |||||||||||||
|
Loss on early repayment of debt and Convertible Notes |
( |
) | |||||||||||
| Net finance income | ( |
) | ( |
) | ( |
) | ( |
) | |||||
| Loss for the period | $ | $ | $ | $ | |||||||||
| Items that may be subsequently reclassified to net loss: | |||||||||||||
| Currency translation adjustment | ( |
) | ( |
) | ( |
) | |||||||
| Comprehensive loss for the period | $ | $ | $ | $ | |||||||||
| Net Loss attributable to: | |||||||||||||
| Shareholders of Platinum Group Metals Ltd. | $ | $ | $ | $ | |||||||||
| $ | $ | $ | $ | ||||||||||
| Comprehensive loss attributable to: | |||||||||||||
| Shareholders of Platinum Group Metals Ltd. | $ | $ | $ | $ | |||||||||
| $ | $ | $ | $ | ||||||||||
| Basic and diluted loss per common share | $ | $ | $ | $ | |||||||||
| Weighted average number of common shares outstanding: | |||||||||||||
| Basic and diluted | |||||||||||||
The accompanying notes are an integral part of the consolidated financial statements.
3
|
PLATINUM GROUP METALS LTD. Consolidated Statements of Changes in Equity |
| |
# of Common Shares |
Share Capital |
Contributed Surplus |
Accumulated Other Comprehensive Income (loss) |
Deficit | Attributable to Shareholders of the Parent Company |
Non- Controlling Interest |
Total | ||||||||||||||||
| Balance August 31, 2020 | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) | |||||||||
| Stock based compensation | - | - | - | - | - | |||||||||||||||||||
| Restricted share units redeemed | ( |
) | - | - | ( |
) | - | ( |
) | |||||||||||||||
| Share options exercised | ( |
) | - | - | - | |||||||||||||||||||
| Share issuance - financing | - | - | - | - | ||||||||||||||||||||
| Share issuance costs | - | ( |
) | - | - | - | ( |
) | - | ( |
) | |||||||||||||
| Contributions of Waterberg JV Co. | - | - | - | - | ( |
) | ( |
) | ||||||||||||||||
| Foreign currency translation adjustment | - | - | - | - | - | |||||||||||||||||||
| Net loss for the period | - | - | - | - | ( |
) | ( |
) | - | ( |
) | |||||||||||||
| Balance February 28, 2021 | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | |||||||||||||
| Stock based compensation | - | - | - | - | ||||||||||||||||||||
| Restricted share units redeemed | ( |
) | - | - | - | - | - | |||||||||||||||||
| Share options exercised | ( |
) | - | - | - | |||||||||||||||||||
| Share issuance - financing | - | - | - | - | ||||||||||||||||||||
| Share issuance costs | - | ( |
) | - | - | - | ( |
) | - | ( |
) | |||||||||||||
| Contributions of Waterberg JV Co. | - | - | - | - | ( |
) | ( |
) | ||||||||||||||||
| Foreign currency translation adjustment | - | - | - | - | - | |||||||||||||||||||
| Net loss for the period | - | - | - | - | ( |
) | ( |
) | - | ( |
) | |||||||||||||
| Balance August 31, 2021 | ( |
) | ( |
) | ||||||||||||||||||||
| Stock based compensation | - | - | - | - | - | |||||||||||||||||||
| Restricted Share Units redeemed | ( |
) | - | - | - | - | - | |||||||||||||||||
| Share options exercised | ( |
) | - | - | - | |||||||||||||||||||
| Share issuance - financing | - | - | - | - | ||||||||||||||||||||
| Shares issued to repay convertible debt | - | - | - | |||||||||||||||||||||
| Share issuance costs | - | ( |
) | - | - | - | ( |
) | - | ( |
) | |||||||||||||
| Contributions of Waterberg JV Co. | - | - | - | - | ( |
) | ( |
) | ||||||||||||||||
| Foreign currency translation adjustment | - | - | - | ( |
) | - | ( |
) | - | ( |
) | |||||||||||||
| Net loss for the period | - | - | - | - | ( |
) | ( |
) | - | ( |
) | |||||||||||||
| Balance February 28, 2022 | ( |
) | ( |
) |
The accompanying notes are an integral part of the consolidated financial statements.
4
PLATINUM GROUP METALS LTD.
Consolidated Statements of Cash Flows
(in thousands of United States Dollars)
| For the period ended | |||||||
| February 28, 2022 |
February 28, 2021 |
||||||
| OPERATING ACTIVITIES | |||||||
| Loss for the period | $ | ( |
) | $ | ( |
) | |
| Add items not affecting cash / adjustments: | |||||||
| Depreciation | |||||||
| Interest expense | |||||||
| Unrealized foreign exchange (loss) | ( |
) | |||||
| Loss on fair value of derivatives and other instruments | ( |
) | |||||
| Loss on repayment of debt and Convertible Notes | |||||||
| Stock compensation expense | |||||||
| Share of joint venture expenditures | |||||||
| Directors' fees paid in deferred share units | |||||||
|
Write-off costs associated with prospecting right closures (Note 3) |
|||||||
| Net change in non-cash working capital (Note 10) | ( |
) | ( |
) | |||
| $ | ( |
) | $ | ( |
) | ||
| FINANCING ACTIVITIES | |||||||
| Proceeds from issuance of equity | $ | $ | |||||
| Equity issuance costs | ( |
) | ( |
) | |||
| Cash received from option exercises | |||||||
| Sprott Facility principal repayments | ( |
) | ( |
) | |||
| Sprott Facility interest paid | ( |
) | ( |
) | |||
| Convertible note interest paid | ( |
) | ( |
) | |||
| Costs associated with repayment of debt and Convertible Notes | ( |
) | |||||
| Lease payments made | ( |
) | ( |
) | |||
| Share unit cash settlement | ( |
) | |||||
| Cash received from Waterberg partners | |||||||
| $ | $ | ||||||
| INVESTING ACTIVITIES | |||||||
| Performance bonds | $ | ( |
) | $ | ( |
) | |
| Investment in Lion | ( |
) | ( |
) | |||
| Expenditures incurred on Waterberg Project | ( |
) | ( |
) | |||
| $ | ( |
) | $ | ( |
) | ||
| Net increase in cash | |||||||
| Effect of foreign exchange on cash | ( |
) | ( |
) | |||
| Cash, beginning of period | |||||||
| Cash end of period | $ | $ | |||||
The accompanying notes are an integral part of the consolidated financial statements.
5
PLATINUM GROUP METALS LTD.
Notes to the Condensed Consolidated Interim Financial Statements
(in thousands of United States Dollars unless otherwise specified except share and per share data)
1. NATURE OF OPERATIONS
Platinum Group Metals Ltd. (the "Company") is a British Columbia, Canada, company formed by amalgamation on February 18, 2002. The Company's shares are publicly listed on the Toronto Stock Exchange in Canada and the NYSE American LLC ("NYSE American") in the United States. The Company's address is Suite 838-1100 Melville Street, Vancouver, British Columbia, V6E 4A6.
The Company is a development stage company conducting work on mineral properties it has staked or acquired by way of option agreements in the Republic of South Africa.
These financial statements consolidate the accounts of the Company and its subsidiaries. Lion Battery Technologies Inc. ("Lion") is accounted for using the equity method as the Company jointly controls Lion despite owning the majority of Lion's shares. The Company's subsidiaries, associates and joint ventures as at February 28, 2022 are as follows:
| Place of incorporation and operation |
Proportion of ownership interest and voting power held |
|||
| Name of subsidiary | Principal activity | February 28, 2022 |
August 31, 2021 |
|
| Platinum Group Metals (RSA) (Pty) Ltd. | Development | South Africa | ||
| Mnombo Wethu Consultants (Pty) Limited(1) | Development | South Africa | ||
| Waterberg JV Resources (Pty) Ltd.(1),(2) | Development | South Africa | ||
| Lion Battery Technologies Inc. | Research | Canada | ||
Notes:
(1) The Company controls and consolidates Mnombo Wethu Consultants (Pty) Limited ("Mnombo") and Waterberg JV Resources (Pty) Ltd. ("Waterberg JV Co.") for accounting purposes.
(2) Effective ownership of Waterberg JV Co. is
Liquidity
During the period ended February 28, 2022, the Company incurred a loss of $
COVID-19
In March 2020, the World Health Organization declared the outbreak of COVID-19 Coronavirus a global pandemic. The COVID-19 pandemic has had a material impact on the global economy, the scale and duration of which remain uncertain. Since March 2020, the pandemic has continued in waves and the emergence of the Omicron variant in late November 2021 caused a resurgence in new infections during the period. Related negative public health developments have again adversely affected workforces, economies and financial markets globally, resulting in continued economic uncertainty. Although to date the Company has not experienced a direct material adverse effect due to the pandemic, it is not possible for the Company to predict the duration or magnitude of the possible adverse results of the pandemic and its effects on the Company's business or ability to raise funds. The Company and Waterberg JV Resources (Pty) Ltd. have implemented a range of COVID-19 safety measures and monitoring procedures consistent with Canadian and South African directives.
2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting ("IAS 34") using accounting policies that are consistent with International Financial Reporting Standards as issued by the International Accounting Standards Board.
The Company's significant accounting policies and critical accounting estimates applied in these interim financial statements are the same as those applied in Note 2 of the Company's annual consolidated financial statements as at and for the year ended August 31, 2021.
6
PLATINUM GROUP METALS LTD.
Notes to the Condensed Consolidated Interim Financial Statements
(in thousands of United States Dollars unless otherwise specified except share and per share data)
Presentation Currency
The Company's presentation currency is the United States Dollar ("USD")
Foreign Exchange Rates Used
The following exchange rates were used when preparing these consolidated financial statements:
Rand/USD
Period-end rate: R
Period average rate: R
CAD/USD
Period-end rate: C$
Period average rate: C$
3. MINERAL PROPERTY and EXPLORATION AND EVALUATION ASSETS
Since mid-2017, the Company's only active mineral property has been the Waterberg Project located on the Northern Limb of the Bushveld Igneous Complex. During the previous fiscal year, the Waterberg Project was granted its mining right (the "Waterberg Mining Right") and as a result the Company reclassified the Waterberg Project from being an Exploration and Evaluation Asset to a Development Asset.
Total capitalized costs for the Waterberg Project are as follows:
| Balance, August 31, 2020 | $ | ||
| Additions | |||
| Recoveries from 100% Implats funded implementation budget | ( |
) | |
| Foreign exchange movement | |||
| Balance August 31, 2021 | $ | ||
| Additions | |||
|
Write-off costs associated with prospecting right closures |
( |
) | |
| Foreign exchange movement | ( |
) | |
| Balance February 28, 2022 |
Waterberg Project
At February 28, 2022, the Waterberg Project consisted of granted prospecting rights, applied for prospecting rights and the Waterberg Mining Right with a combined active project area of 66,003 hectares, located on the Northern Limb of the Bushveld Igneous Complex, approximately 85 km north of the town of Mokopane. Of the total project area, 20,532 hectares are covered by the Waterberg Mining Right. A further 40,983 hectares are covered by active prospecting rights and 4,488 hectares of rights under application. On March 9, 2022, Waterberg JV Co. passed a resolution to apply for closure on 50,985 gross hectares of prospecting rights, of which 14,209 hectares are held within the granted mining right, leaving a net 36,776 hectares of uneconomic prospecting rights to be closed. After the prospecting right closures described above are filed and effective, the project area will cover 29,227 hectares, being comprised of a granted mining right for 20,532 hectares, 4,207 hectares in active prospecting rights and 4,488 hectares of rights under application. Capitalized costs of $
7
PLATINUM GROUP METALS LTD.
Notes to the Condensed Consolidated Interim Financial Statements
(in thousands of United States Dollars unless otherwise specified except share and per share data)
On March 5, 2021 and subsequently the Company received three notices of appeal to the January 28, 2021 decision of the South African Department of Mineral Resources and Energy ("DMR") granting the Waterberg Mining Right filed by appellants from local communities. One group filed an application for an order in the High Court of South Africa to review and set aside the decision by the Minister of the Department of Forestry, Fisheries, and the Environment to refuse condonation for the late filing of an appeal against the grant of an environmental authorization for the mine in November 2020. On July 30, 2021, Waterberg JV Co. received a restraint application filed in the High Court of South Africa by a group claiming to represent individuals located near planned surface infrastructure. On November 30, 2021, the actual host community where the planned infrastructure is to be located filed an application to join as a respondent to the restraint application. In their affidavit the host community documented their support for the Waterberg Project. Waterberg JV Co. has filed answering affidavits and is opposing all court applications and all appeals received with respect to the Waterberg Mining Right. A time frame for the hearing of court applications or the settlement of appeals is uncertain. The required court submissions in response to Waterberg JV Co.'s affidavits have not been filed by the various applicants. The Waterberg Mining Right currently remains active, was notarially executed by the DMR on April 13, 2021 and was registered at the Mineral and Petroleum Titles Registration Office on July 6, 2021.
On August 21, 2017, PTM RSA completed the cession of legal title for all Waterberg Project prospecting rights into Waterberg JV Co. after earlier receiving Section 11 approval of the 2nd Amendment (defined below). On September 21, 2017, Waterberg JV Co. issued shares to all existing Waterberg partners pro rata to their joint venture interests, resulting in the Company holding a
Implats Transaction
On November 6, 2017, the Company and JOGMEC closed a transaction (the "Implats Transaction"), originally announced on October 16, 2017, whereby Impala Platinum Holdings Ltd. ("Implats") purchased an aggregate
On June 15, 2020, Implats delivered a formal notice of their election not to exercise their Purchase and Development Option due to increased economic uncertainty and reduced risk appetite in the short, medium and long-term as a result of the COVID-19 pandemic. Implats currently retains a
Acquisition and Development of the Waterberg Project
In October 2009, PTM RSA, JOGMEC and Mnombo entered into a joint venture agreement regarding the Waterberg Project (the "JOGMEC Agreement"). Under the terms of the JOGMEC Agreement, in April 2012, JOGMEC completed a $
8
PLATINUM GROUP METALS LTD.
Notes to the Condensed Consolidated Interim Financial Statements
(in thousands of United States Dollars unless otherwise specified except share and per share data)
On November 7, 2011, the Company entered an agreement with Mnombo to acquire
On May 26, 2015, the Company announced a second amendment (the "2nd Amendment") to the existing JOGMEC Agreement. Under the terms of the 2nd Amendment, all project prospecting rights were to be combined and contributed into the newly created operating company Waterberg JV Co. On August 3, 2017, the Company received Section 11 transfer approval from the DMR and title to all the Waterberg prospecting rights were ceded into Waterberg JV Co. on September 21, 2017.
Under the 2nd Amendment, JOGMEC committed to fund $
To February 28, 2022, an aggregate total of $
4. LION BATTERY TECHNOLOGIES INC.
Lion was incorporated on June 17, 2019 with the objective to research new lithium battery technology utilizing platinum and palladium. The Company received
On July 12, 2019, the Company and Amplats each invested $
On July 12, 2019, Lion entered into a Sponsored Research Agreement ("SRA") with Florida International University ("FIU") to fund a $
9
PLATINUM GROUP METALS LTD.
Notes to the Condensed Consolidated Interim Financial Statements
(in thousands of United States Dollars unless otherwise specified except share and per share data)
On August 4, 2020, the U.S. Patent and Trademark Office issued Patent No. 10,734,636 B2 entitled "Battery Cathodes for Improved Stability" to FIU. The patent includes the use of platinum group metals and carbon nanotubes and other innovations in a lithium battery. A second patent related to this was issued in December 2020 and a third was issued in June 2021. Further patents are currently applied for. Under the SRA, Lion has exclusive rights to all intellectual property being developed by FIU including patents granted. Lion is also reviewing several additional and complementary opportunities focused on developing next-generation battery technology using platinum and palladium.
The Company accounts for Lion using equity accounting as Lion is jointly controlled with Amplats. Lion pays a fee of $
5. SPROTT LOAN
On August 15, 2019, the Company announced it had entered a senior secured credit facility with Sprott Private Resource Lending II (Collector), LP ("Sprott") and other lenders party thereto (the "Sprott Lenders") pursuant to which the Sprott Lenders advanced the Company $
The Company maintained minimum working capital and cash balance requirements under the Sprott Facility throughout the period. The Company's pledge of its South African assets as security against the Sprott Facility has been fully released.
Effective interest of $
6. CONVERTIBLE NOTES
On June 30, 2017, the Company closed a private placement of $
On January 20, 2022, the Company announced the purchase and cancellation, on a private placement basis, of $
The Convertible Notes contained multiple embedded derivatives (the "Convertible Note Derivatives") relating to the conversion and redemption options. The Convertible Note Derivatives were valued upon initial recognition at fair value using partial differential equation methods at $
On January 2, 2021, the Company paid $
10
PLATINUM GROUP METALS LTD.
Notes to the Condensed Consolidated Interim Financial Statements
(in thousands of United States Dollars unless otherwise specified except share and per share data)
On July 2, 2021, the Company paid $
On January 2, 2022, the Company paid $
In February 2022, the Company paid $
The components of the Convertible Notes are as follows:
| Convertible Note balance August 31, 2020 | $ | ||
| Interest payment | ( |
) | |
| Accretion and interest incurred during the year | |||
| Gain on embedded derivatives during the year ended August 31, 2021 | ( |
) | |
| Convertible Note balance August 31, 2021 | $ | ||
| Accretion and interest incurred during the period | |||
| Interest paid during the period | ( |
) | |
| Legal fees relating to the Convertible Notes incurred during period | ( |
) | |
| Principal repaid in shares ($ |
( |
) | |
| Gain on repayment of the Convertible Notes | ( |
) | |
| Convertible Note balance February 28, 2022 | $ |
7. SHARE CAPITAL
(a) Authorized
Unlimited common shares without par value.
(b) Issued and outstanding
At February 28, 2022, the Company had
Fiscal 2022
On February 5, 2021, the Company entered into the ATM Offering. During the six month period ended February 28, 2022, the Company sold an aggregate of
On February 4 and 10, 2022, the Company issued
On February 11, 2022, the Company closed a non-brokered private placement with Deepkloof Limited ("Deepkloof"), a subsidiary of existing major shareholder Hosken Consolidated Investments Limited ("HCI") for
Fiscal 2021
As of August 31, 2021, the Company had sold an aggregate of
11
PLATINUM GROUP METALS LTD.
Notes to the Condensed Consolidated Interim Financial Statements
(in thousands of United States Dollars unless otherwise specified except share and per share data)
On December 8, 2020, the Company closed a non-brokered private placement with HCI for
On November 30, 2020, the Company completed the sale of common shares pursuant to an at-the-market offering (the "2020 ATM"). Final sales were settled, and the 2020 ATM completed, on December 2, 2020. An aggregate of
On October 15, 2020, the Company closed a non-brokered private placement for
(c) Incentive stock options
The Company has entered into Incentive Stock Option Agreements under the terms of its share compensation plan with directors, officers, consultants and employees. Under the terms of the stock option agreements, the exercise price of each option is set, at a minimum, at the fair value of the common shares at the date of grant. Stock options of the Company are subject to vesting provisions. All exercise prices are denominated in Canadian Dollars.
The following tables summarize the Company's outstanding stock options:
|
Number of Share |
Average Exercise |
|||||
| Options outstanding at August 31, 2020 | $ |
|||||
| Granted | $ |
|||||
| Forfeited | ( |
) | $ |
|||
| Exercised | ( |
) | $ |
|||
| Options outstanding at August 31, 2021 | $ |
|||||
| Granted | $ |
|||||
| Expired | ( |
) | $ |
|||
| Exercised | ( |
) | $ |
|||
| Options outstanding at February 28, 2022 | 4,437,171 | $ |
| Number Outstanding at February 28, 2022 |
Number Exercisable at February 28, 2022 |
Exercise Price in CAD |
Average Remaining Contractual Life (Years) |
||||
| $ |
|
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| $ |
|
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| $ |
|
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| $ |
|
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| $ |
|
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| $ |
|
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| $ |
|
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|
|
|||||||
During the six month period ended February 28, 2022 the Company granted
During the year ended August 31, 2021, the Company granted
During the six month period ended February 28, 2022, the Company recorded $
12
PLATINUM GROUP METALS LTD.
Notes to the Condensed Consolidated Interim Financial Statements
(in thousands of United States Dollars unless otherwise specified except share and per share data)
(d) Deferred Share Units
The Company has established a DSU plan for non-executive directors. Each DSU has the same value as one Company common share. DSU's must be retained until the director leaves the Board of Directors, at which time the DSU's are issued.
During the six month period ended February 28, 2022, a recovery of $
(e) Restricted Share Units
The Company has established a restricted share unit ("RSU") plan for officers and certain employees of the Company. Each RSU represents the right to receive one Company common share following the attainment of vesting criteria determined at the time of the award. RSUs vest over a three-year period.
During the period ended February 28, 2022, a stock compensation expense of $
8. RELATED PARTY TRANSACTIONS
All amounts receivable and amounts payable owing to or from related parties are non-interest bearing with no specific terms of repayment. Transactions with related parties are in the normal course of business and are recorded at consideration established and agreed to by the parties. Transactions with related parties are as follows:
(a) During the period ended February 28, 2022, $
(b) During the period ended February 28, 2022, the Company paid or accrued payments of $
(c) In May 2018, Deepkloof made a strategic investment in the Company by way of participation in a public offering and a private placement. Through the terms of the May 2018 private placement, HCI acquired a right to nominate one person to the board of directors of the Company and a right to participate in future equity financings of the Company to maintain its pro-rata interest. HCI has exercised its right to nominate one person to the board of directors. During the period the Company closed a non-brokered private placement of
(d) During the six month period ended February 28, 2022, the Company purchased and cancelled, on a private placement basis, the outstanding principal balance of $
9. CONTINGENCIES AND COMMITMENTS
The Company's remaining minimum payments under its office and equipment lease agreements in Canada and South Africa total approximately $
From period end the Company's aggregate commitments are as follows:
13
PLATINUM GROUP METALS LTD.
Notes to the Condensed Consolidated Interim Financial Statements
(in thousands of United States Dollars unless otherwise specified except share and per share data)
| Payments Due by Year | |||||||||||||||
| < 1 Year | 1 - 3 Years | 4 - 5 Years | > 5 Years | Total | |||||||||||
| Lease Obligations | $ | $ | $ | $ | $ | ||||||||||
| Environmental Bonds | |||||||||||||||
| Totals | $ | $ | $ | $ | $ | ||||||||||
Africa Wide Legal Action
In April 2018, the Company completed a transaction whereby Maseve Investments 11 (Pty) Ltd. ("Maseve") was acquired (the "Maseve Sale Transaction") by Royal Bafokeng Platinum Ltd. ("RBPlats"). Maseve owned and operated the Maseve Mine. In September 2018, the Company reported receipt of a summons whereby by Africa Wide Mineral Prospecting and Exploration Proprietary Limited ("Africa Wide") instituted legal proceedings in South Africa against PTM RSA, RBPlats and Maseve in relation to the Maseve Sale Transaction. Africa Wide held
10. SUPPLEMENTARY CASH FLOW INFORMATION
Net change in non-cash working capital:
| Period ended | February 28, 2022 |
February 28, 2021 |
||||
| Amounts receivable, prepaid expenses and other assets | $ | ( |
) | $ | ( |
) |
| Payment of bank advisory fees | ( |
) | ||||
| Accounts payable and other liabilities | ( |
) | ||||
| $ | ( |
) | $ | ( |
) |
During the period, the Company issued
11. SEGMENTED REPORTING
Segmented information is provided on the basis of geographical segments as the Company manages its business through two geographical regions - Canada and South Africa. The Chief Operating Decision Makers ("CODM") reviews information from the below segments separately so the below segments are separated.
The Company evaluates performance of its operating and reportable segments as noted in the following table:
| At February 28, 2022 | Assets | Liabilities | ||||
| Canada | $ | $ | ||||
| South Africa | ||||||
| $ | $ |
14
PLATINUM GROUP METALS LTD.
Notes to the Condensed Consolidated Interim Financial Statements
(in thousands of United States Dollars unless otherwise specified except share and per share data)
| At August 31, 2021 | Assets | Liabilities | ||||
| Canada | $ | $ | ||||
| South Africa | ||||||
| $ | $ |
| Comprehensive Loss (Income) for the period ended |
February 28, 2022 |
February 28, 2021 |
||||
| Canada | $ | $ | ||||
| South Africa | ( |
) | ||||
| $ | $ |
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