Platinum Group metals Ltd

Published : January 14th, 2016

Platinum Group Metals First Quarter Results and ...

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Platinum Group Metals First Quarter Results and Update

and -- () -- -- (TSX: PTM)(NYSE MKT: PLG) ('Platinum Group' or the 'Company') reports the Company's financial results for the first quarter ended and provides recent highlights and outlook. For details of the consolidated financial statements and Management's Discussion and Analysis for the three months ended , please see the Company's filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov).

All amounts herein are reported in Dollars unless otherwise stated. This is the first period for which the Company has used United States Dollars as a presentation currency. The Company holds cash in Canadian dollars, dollars and South African Rand. Changes in exchange rates may create variances in the cash holdings reported in Dollars.

Recent Highlights

--  Surface milling and concentrating facilities at the Project 1 platinum
    mine, located on the , , are now complete and cold commissioning has occurred. Hot
    commissioning is now in process.
--  On  the Company announced an expanded Diamond drilling
    program at Waterberg, located on the , , to delineate and upgrade shallow mineral
    resources. Prefeasibility work at Waterberg also continues.
--  On  the Company announced the draw-down of both a  Senior Secured Loan Facility from the  and a  Loan Facility from , a subsidiary of  based  and
    the Company's largest shareholder.
--  On  the Company filed an NI 43-101 Independent
    Technical Report regarding the updated resource estimate for the
     announced in a news release dated .
--  On  the Company filed an NI 43-101 Independent Technical
    Report regarding the updated resources and reserves for Project 1
    announced in a news release dated .
--  On  the Japan Oil, Gas and  ('JOGMEC'),
     ('Mnombo') and the Company agreed to
    consolidate the Waterberg JV and Waterberg Extension properties. All of
    the Waterberg prospecting licenses and applications are to be
    transferred into a new holding and operating corporation of which the
    Company will own 45.65%, JOGMEC will own 28.35% and Mnombo will own 26%.
    Combined with the Company's indirect stake through ownership of Mnombo,
    the Company will hold a 58.62% effective interest. As part of the
    agreement JOGMEC will fund  in exploration and engineering
    work over the next three years to .

Results For The Three Months Ended

During the three months ended , the Company incurred a net loss of ( - net loss of ). Results for the comparative period in 2014 included the write off of deferred finance fees and finance termination fees amounting to . General and administrative expenses during the period were ( - ), gains on foreign exchange were ( - ) while stock based compensation expense, a non-cash item, totalled Nil ( - ). Finance income consisting of interest earned and property rental fees in the period amounted to (- ). Loss per share for the period amounted to Nil as compared to a loss of per share for the first quarter of fiscal 2014.

The Company's cash position at was ( - ). Accounts receivable at totalled ( - ) while accounts payable and other liabilities amounted to ( - ). Accounts receivable were comprised primarily of value added taxes repayable to the Company in and amounts receivable from partners. Accounts payable included contract construction fees, drilling expenses, engineering fees, accrued professional fees and regular trade payables for ongoing exploration, development and administration costs.

During the three month period ending , total expenditures by the Company for development, construction, equipment and other costs for Project 1 totaled approximately . Total expenditures on the Waterberg projects were approximately , all of which was funded by joint venture partner JOGMEC.

Hot commissioning of the Project 1 plant is now underway and platinum and palladium concentrate production is set to commence in the weeks ahead. Hot commissioning was rescheduled from mid-December to to mitigate operational risks associated with the annual Christmas holiday season in . Underground development is ongoing and stoping is commencing. Development and stoping rates will need to increase from current levels to meet ramp up plans.

Outlook

The Company's key business objectives for calendar 2016 will be to safely ramp-up the Project 1 platinum mine inline or exceeding our guidance and to advance the through pre-feasibility and into preparations for a mining right application.

First concentrate production at Project 1 is now scheduled for late or early February, 2016 with first concentrate deliveries to Anglo platinum scheduled for February, 2016.

We strive to continue our positive relationship with all stakeholders including labour, government and local communities by staying true to our principles, of fair dealing and open, honest dialogue in a climate of mutual respect.

The Company plans to continue working on the with its joint venture partners Mnombo and JOGMEC. The Company's objectives are to determine the scale of the Waterberg deposit, to find the section of the deposit with the greatest thickness nearest to surface and to optimize the mine plan and metallurgical recovery of the deposit for inclusion in the pre-feasibility study now underway. A resource update based on current Diamond drilling is anticipated in .

About

, based in and , has a successful track record with more than 20 years of experience in exploration, mine discovery, mine construction and mine operations.

Formed in 2002, holds significant mineral rights in the of , which is host to over 70% of the world's primary platinum production. The Company is currently focused on moving its first near-surface 1 platinum mine, to production.

has expanded its exploration efforts on the on the . Waterberg represents a new bulk type of platinum, palladium and gold deposit that is being studied for potential mechanized mining.

Qualified Person

, P.Eng., the Company's President, Chief Executive Officer and a significant shareholder of the Company, is a non-independent qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects and is responsible for preparing the technical information contained in this news release.

On behalf of the Board of

, CFO and Director

Disclosure

and the have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

This press release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of U.S. securities laws (collectively 'forward-looking statements'). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include, without limitation, the construction, development and ramp up of the Project 1 platinum mine; operational and economic projections with respect to the Project 1 platinum mine; future activities at Waterberg and the funding of such activities; trends in metal prices; the Company's overall capital requirements and future capital raising activities; plans and estimates regarding exploration, studies, development, construction and production on the Company's properties, other economic projections and the Company's outlook. Statements of resources also constitute forward-looking statements to the extent they represent estimates of mineralization that will be encountered on a property and/or estimates regarding future costs, revenues and other matters. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including; the Company's capital requirements may exceed its current expectations; the uncertainty of operational and economic projections; the ability of the Company to negotiate and complete future funding transactions; variations in market conditions; the nature, quality and quantity of any mineral deposits that may be located; metal prices; other prices and costs; currency exchange rates; the Company's ability to obtain any necessary permits, consents or authorizations required for its activities; the Company's ability to produce minerals from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies; and other risk factors described in the Company's Form 40-F annual report, annual information form and other filings with the and Canadian securities regulators, which may be viewed at www.sec.gov and www.sedar.com, respectively.

Contacts:
, 
President
(604) 899-5450 or Toll Free: (866) 899-5450
(604) 484-4710 (FAX)

, 
VP, Corporate Development
(604) 899-5450 or Toll Free: (866) 899-5450
(604) 484-4710 (FAX)
www.platinumgroupmetals.net

Source:

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Georgia | Japan | All
Gold and Silver Prices for these countries : Georgia | Japan | All

Platinum Group metals Ltd

DEVELOPMENT STAGE
CODE : PTM.TO
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Platinum Group Metals is a platinum development stage company based in Canada.

Platinum Group Metals holds various exploration projects in Philippines.

Its main asset in development is WESTERN BUSHVELD JV in South Africa and its main exploration properties are AGNEW LAKE and LAC DES ILES in Canada, WAR SPRINGS and TWEESPALK in South Africa and ACT (ADLAY CAGDIANAO TANDAWA NICKEL) in Philippines.

Platinum Group Metals is listed in Canada and in United States of America. Its market capitalisation is CA$ 282.1 millions as of today (US$ 214.9 millions, € 193.1 millions).

Its stock quote reached its highest recent level on November 30, 2012 at CA$ 9.90, and its lowest recent point on June 15, 2018 at CA$ 0.12.

Platinum Group Metals has 133 070 008 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Platinum Group metals Ltd
11/6/2018Group ten metals – On the search for platinum group metals i...
9/30/2013Media Coverage - A different animal! Long term South African...
7/10/2013Mining Weekly - New-Breed Platinum Operator Hits Jackpot In ...
8/15/2012(PLG:NYSE MKT, PTM:TSX) – Media Coverage – Mining Weekly
3/9/2011- Media Coverage - Mining Weekly
Financings of Platinum Group metals Ltd
5/5/2016Platinum Group Metals Announces US$33 Million Bought Deal Fi...
11/3/2015Platinum Group Metals to Drawdown US $40 million Sprott Faci...
12/9/2014Platinum Group Metals Announces US$110 Million Bought Deal F...
12/9/2013Announces C$175 Million Bought Deal Financing
12/12/2012Announces Public Offering of Common Shares
9/26/2008Announces Non-Brokered Private Placement
Nominations of Platinum Group metals Ltd
7/16/2013Adds to Board of Directors
Financials of Platinum Group metals Ltd
7/14/2016Platinum Group Metals Third Quarter Results and Update
4/12/2016Platinum Group Metals Second Quarter Results and Update
4/10/2015and Second Quarter Results
1/14/2013Reports Q1 2013 Financial Results
7/13/2012Reports Q3 2012 Financial Results
4/16/2012Reports Q2 2012 Financial Results
1/25/2012Reports Q1 2012 Financial Results
7/13/2011Reports Q3 2011 Financial Results
Project news of Platinum Group metals Ltd
8/31/20151:57 am Platinum Group Metals files WBJV Project 1 technical...
4/20/20151:09 pm Platinum Group Metals announces a new intercept WE 0...
11/14/2013Extension of the Super F Zone of the Waterberg Platinum Depo...
11/11/2013WBJV Project 1 Project Finance Update and Waterberg Update
10/21/2013Reports on Initial Drilling on the Waterberg Extension Permi...
10/18/2013Announces that 26% WBJV Project 1 Shareholder Africa Wide Ha...
10/2/2013Announces the Start of New Exploration on the Waterberg Exte...
9/3/2013Announces Updated Waterberg Resource of 17.5 million ounces
6/10/2013Announces an 800 meter step out on the T2 Platinum Layer int...
4/24/2013WBJV Project 1 Platinum Mine Signs Life of Mine Concentrate ...
4/23/2013Continues to Significantly Expand Waterberg Platinum Discove...
2/14/2013WBJV Project 1 (Maseve) Section 54 Notice
2/14/2013WBJV Project 1 (Maseve) Surface Worker Fatality
2/5/2013Prophecy Platinum Announces Drill Results Demonstrating Broa...
2/1/201310 Million Ounce Platinum, Palladium and Gold Inferred Updat...
1/16/2013INVITATION: Platinum Group Metals Cocktail Reception, Core S...
11/5/2012Strike Length Doubles at Waterberg Platinum Discovery
10/12/2012WBJV Project 1 Banking Advances
9/11/2012Anglo American Exercises First Right of Refusal for Platinum...
9/5/2012Initial 6.6 Million Ounce Platinum, Palladium and Gold Infer...
7/20/2012Sable Project Update Western Bushveld South Africa
10/8/2009Feasibility Study Project 1 Platinum Mine
10/9/2009(Western Bushveld Jv)Exploration Projects Update New Large Funded Joint Venture w...
3/5/2009(War Springs)PTM Signs US$10M Option Funding Agreement for War Springs Pr...
9/2/2008(Western Bushveld Jv)Increase its Interest in Project 1 Platinum Mine from 37% to...
7/1/2008Project 1 Bankable Feasibility Study to be Published July 7,...
4/25/2008(Western Bushveld Jv)First Project 3 Resource adds 1.9 million ounces to Western ...
4/23/2008(Western Bushveld Jv)Project 2 Resources Increase Western Bushveld Joint Venture
3/17/2008(War Springs)War Springs Resource Increased to 1.7 Million Ounces
1/22/2008(Western Bushveld Jv)Western Bushveld Joint Venture Update
Corporate news of Platinum Group metals Ltd
7/31/2017Platinum Group Metals Ltd. Operational and Strategic Process...
9/19/2016Corporate Update
7/14/2016Platinum Group posts 3Q profit
7/14/2016Platinum Group posts 3Q profit
7/14/2016Platinum Group Metals Third Quarter Results and Update
5/31/2016Platinum Group Metals Ltd. Announces More High Grade, Thick ...
5/31/2016Platinum Group Metals Ltd. Announces More High Grade, Thick ...
5/26/2016Platinum Group Metals Closes Public Offering of Common Share...
5/26/2016Platinum Group Metals Closes Public Offering of Common Share...
5/5/2016Platinum Group Metals Announces US$33 Million Bought Deal Fi...
5/5/2016Platinum Group Metals Maseve Update and Amendment to Working...
5/5/2016Platinum Group Metals Maseve Update and Amendment to Working...
4/29/2016Platinum Group Metals Files Waterberg Project Technical Repo...
4/19/2016Platinum Group Metals Reports 13% Increase in F Zone Grade a...
4/19/2016Platinum Group Metals Reports 13% Increase in F Zone Grade a...
4/12/2016Platinum Group reports 2Q loss
1/26/20163:43 am Platinum Group Metals consolidates common shares on ...
1/26/2016Platinum Group Metals Announces Share Consolidation
1/26/2016Platinum Group Metals Announces Share Consolidation
1/19/2016Insiders Are Loading Up on Platinum Mining Company
1/19/2016Insiders Are Loading Up on Platinum Mining Company
1/14/2016Platinum Group Metals First Quarter Results and Update
1/14/2016Platinum Group Metals First Quarter Results and Update
1/14/2016Platinum Group posts 1Q loss
1/14/2016Platinum Group posts 1Q loss
11/25/2015Platinum Group Metals 2015 Annual Results and Update
11/25/2015Platinum Group Metals 2015 Annual Results and Update
11/3/2015Summary of Terms
11/2/2015Platinum Group Metals to Drawdown US $40 million Sprott Faci...
11/2/2015Platinum Group Metals to Drawdown US $40 million Sprott Faci...
10/15/2015Platinum Group Metals (PLG) in Focus: Stock Up 6.3%
10/15/2015Platinum Group Metals (PLG) in Focus: Stock Up 6.3%
9/5/2015Platinum Group Metals Files Waterberg Project Technical Repo...
8/29/2015Platinum Group Metals Files WBJV Project 1 Technical Report
8/29/2015Platinum Group Metals Files WBJV Project 1 Technical Report
7/22/2015Platinum Group Metals Increases Waterberg Mineral Resource t...
7/15/2015Platinum Group Metals Update and Third Quarter Results
7/15/2015Platinum Group Metals Update and Third Quarter Results
7/15/2015Platinum Group Metals Ltd.: WBJV Project 1 Platinum Mine Upd...
7/15/2015Platinum Group Metals Ltd.: WBJV Project 1 Platinum Mine Upd...
4/20/2015Platinum Group Metals Reports Second Waterberg Extension Int...
4/20/2015Platinum Group Metals Reports Second Waterberg Extension Int...
4/10/2015Platinum Group Metals Update and Second Quarter Results
4/10/2015Platinum Group Metals Update and Second Quarter Results
12/9/2014Platinum Group Discontinues 150,000 Unit Offering of Senior ...
11/26/2014Platinum Group Metals Reports 2014 Annual Results
2/25/2014BMO Global Metals and Mining Conference Webcast Presentation...
2/14/2014Announces a Positive Preliminary Economic Assessment for a 6...
1/10/2014Reports Q1 2014 Financial and Operating Results
12/9/2013Waterberg Extension Project Drilling Intersects 53.22 Metres...
11/27/2013Reports 2013 Annual Results
10/17/2013Files Report on Updated Mineral Resource Estimate for the Wa...
9/23/2013’ CEO Addresses Denver Gold Forum
7/25/2013Bushveld Complex: A Mining Battle Ground – Financial Mail – ...
7/25/2013Announces 52 New Platinum Intercepts at Waterberg
7/12/2013Reports Q3 2013 Financial and Operating Results
6/12/2013Announces an 800 meter step out on the T2 Platinum Layer (RE...
5/15/2013Reports Positive Metallurgical Test Results for Waterberg
4/12/2013Resumes Work on North Declines, WBJV Project 1 Platinum Mine
4/9/2013Reports Q2 2013 Financial and Operating Results
3/18/2013Waterberg Technical Report Filed
3/15/2013Added to S&P/TSX Global Mining Index
2/4/2013Announces New Intercepts at Waterberg
1/30/2013Visit Platinum Group Metals Ltd. at Mining Indaba
11/14/2012Leading PGM Forecaster Calls for Significant Platinum and Pa...
10/26/2012(PLG:NYSE MKT, PTM:TSX) – Media Coverage: The Northern Miner
10/10/2012Technical Report Filed
9/25/2012(PLG:NYSE MKT, PTM:TSX) – Media Coverage Business News Netwo...
9/19/2012(PLG:NYSE MKT, PTM:TSX) – Media Coverage - Bloomberg TV – Lu...
9/17/2012.: Significant New Intercepts Expand the Waterberg Platinum ...
9/11/2012(PLG:NYSE MKT, PTM:TSX) – Media Coverage – Kitco News from D...
7/10/2012Adopts Shareholder Rights Plan
6/19/2012Confirms Plans
5/23/2012New Waterberg Results
5/8/2012Announces Waterberg Discovery Expands
5/2/2012– Media Coverage – Business Day
4/4/2012.: Mining Right Granted for WBJV Project 1 Platinum Mine
2/29/2012CEO Addresses BMO Global Metals and Mining Conference
2/27/2012Reminder: Join PLATINUM GROUP METALS for cocktails at PDAC!
2/6/2012.: Waterberg Discovery of Thick High Grade Reefs Expanded
9/6/2011President and CEO Interviewed on Business News Network (BNN)
8/29/2011North Limb Platinum Exploration Update
8/2/2011.: Mandate for $260 Million WBJV Project Loan Completed
7/11/2011Adds to its Board
7/5/2011Construction Update
5/16/2011. Announces Acceptance of Western Bushveld Joint Venture (WB...
5/5/2011' Partner Completes Transaction with Chinese Consortium
4/13/2011Global Exploration Update Platinum Group Metals Ltd.
4/4/2011Project 1 Mine Advances Underground and Mining Right Applica...
2/21/2011– Media Coverage – The Globe and Mail
2/21/2011Appoints Gordon Chunnett to Advisory Board
2/17/2011Eskom Agreement Completed for Delivery of 40MVA Electricity ...
2/9/2011Media Coverage
12/22/2009Platinum For A New World
10/8/2009Hosts Webcast for WBJV Update
6/26/2009Company Update
6/17/2009Announces Closing for C$35 Million
5/29/2009Announces Pricing of Offering
5/28/2009Announces C$35 Million Offering
12/9/2008Definitive Agreements For 74% Deal Executed
9/15/2008Creates New Funded Platinum Joint Venture
9/6/2008Platinum Group in Loan Talks for $506 Million Mine
6/25/2008We Are Building on Platinum
4/1/2008Platinum Group Metals Ltd - Project 2 Update Western Bushvel...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (PTM.TO)AMEX (PLG)
2.12+1.44%1.60+0.00%
TORONTO
CA$ 2.12
10/18 14:08 0.030
1.44%
Prev close Open
2.09 2.10
Low High
2.07 2.12
Year l/h YTD var.
1.49 -  2.89 3.41%
52 week l/h 52 week var.
0.165 -  2.89 842.22%
Volume 1 month var.
10,260 -4.50%
24hGold TrendPower© : -11
Produces
Develops Platinum
Explores for Cobalt - Copper - Gold - Iron - Nickel - Palladium - Platinum - Uranium
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 10/23/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
20198.72%2.201.92
2018413.16%2.140.12
2017-80.41%3.190.36
2016-3.00%5.250.20
2015-64.29%7.401.80
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.76-0.89%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 3.52+1.44%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.00-2.91%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 1.60+2.56%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.76-8.43%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 1.95+1.56%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 0.88+0.57%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.83+0.44%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.06+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.10+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.12+1.44%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 20.03-1.72%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.05+0.00%Trend Power :