Platinum Group Metal Ltd. (NASDAQ: PLG) stock declined by 8.54% at last close whereas the PLG stock price gains by 7% in the after-market trading session on Friday. The Waterberg Project, a massive underground palladium and platinum deposit in South Africa, is operated by Platinum Group Metals Ltd. Platinum Group found the Waterberg Project, which is being developed in collaboration with Impala Platinum Holdings Ltd. and Mnombo Wethu Consultants (Pty) Ltd.
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Platinum Group Metals announced its financial results for the nine months concluded May 31, 2021, as well as a recap of recent events and predictions.
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- PLG lost $8.84 million in the nine months ending May 31, 2021 (net loss of $5.90 million in the same period in 2020).
- During the time, general and administrative costs were $2.91 million (May 31, 2020 – $2.71 million). Due to decreased debt levels, interest expenditure was $3.63 million in the current quarter however for May 31, 2020, it was$4.01 million.
- Foreign exchange gains were $1.65 million (a loss of $1.20 million on May 31, 2020) as the US Dollar depreciated against the Canadian Dollar, PLG’s functioning currency.
- Accounts receivable totaled $0.25 million at May 31, 2021, compared to $0.22 million at August 31, 2020, while accounts payable and accrued liabilities amounted to $1.45 million compared to $1.41 million at August 31, 2020.
- Before partner reimbursements, total expenditures on the Waterberg Project for the nine-month period were around $1.95 million whereas for May 31, 2020, the value was $2.12 million. The Waterberg Project has $44.4 million in cumulative net costs as of May 31, 2021 (May 31, 2020: $34.0 million). The property has cost $78.1 million in total expenditures from its commencement through May 31, 2021.
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Furthermore,
PLG’s main goal is to move the Waterberg Project forward to planning and implementation. PLG continues to work alongside with the DMRE, regional, and local communities, as well as their leaders, on how the mine may be developed to offer the greatest outcomes and value to all stakeholders.
Further comprehensive work with the host communities in the mining region, offtake arrangements, and construction funding are the next significant milestones for PLG and the Waterberg Project. PLG is in talks with a number of companies about the offtake of concentrate, and comprehensive due diligence for construction finance is proceeding with a number of partners.
