October 29, 2015‌‌‌

September 2015 Quarterly Report‌

Platina Resources Limited (ASX: PGM) is pleased to report its activities for the September 2015 Quarter on the Company's 100%-owned Owendale scandium and platinum project and Munni Munni project in Australia.‌‌‌‌

HIGHLIGHTS‌‌

OWENDALE

• Discussions in progress with a major international resource corporation concerning a possible cooperation at the Owendale project‌‌

• Preliminary Review of Environmental Factors completed

  
  

  MUNNI MUNNI

  
  

• Agreement signed with Artemis Resources Limited, for Artemis to earn a 70% interest in the Munni Munni Platinum Group Elements Project in the West Pilbara region of WA

  
  

  CORPORATE

  
  

• Over $0.5 Million raised from options exercise which expired during the Quarter. Directors contribute over 25% of funds raised.

  
  

  DECEMBER 2015 QUARTER PLANS

  
  

• Preliminary feasibility study (PFS) on Owendale progressing

• Bankable feasibility study (BFS) on Owendale to commence (subject to funding)

SUMMARY

During the quarter, the Company completed a Preliminary Review of Environmental Factors which has confirmed the pathways to an Environmental Impact Statement and Mining Lease application.

In mid-September, the Company announced that new discussions have commenced with a major international resource corporation concerning a possible cooperation at the Company's Owendale deposit. The Company will continue further discussions with the interested party over the next quarter.

On a Corporate note, a total of 8,888,052 Platina listed options (which expired on 30 September) were exercised into ordinary shares by shareholders, raising $533,283 of additional working capital.

REVIEW OF OPERATIONS

Owendale Scandium and Platinum Project

Platina's 100%-owned Owendale Project in New South Wales (Figure 1) has the potential to become Australia's first scandium producer with platinum credits. An independent scoping study, released in March 2015, confirmed Owendale is an outstanding project.

The base case for the project is a simple, open-pit mining operation which will mine approximately 50,000 tonnes of ore per annum for treatment and concentration on site to produce 30 tonnes of scandium oxide at 99.9% purity. Highlights of the Study included:

• Annual production of 30 tonnes 99.9% purity scandium oxide with optional platinum, nickel and cobalt credits for a mine life approaching 70 years

• Life of mine all-in-cash-costs estimated at USD $466 (AUD$598) per kilo scandium oxide

• Capital cost estimate of USD $57 million (AUD$73.5 million)

• Simple open pit mining operation of just 50,000 tonnes processed each year Mining is expected to take place two to three times per year in small campaigns from shallow open pits.

The mining concept will involve conventional shovel and truck open cut mining, most likely located on a shallow, high-grade starter pit. Batch high pressure acid leach (HPAL) autoclaves are required in order to produce the initial 30 tonnes of scandium oxide.

The Owendale Project hosts an Indicated and Inferred Mineral Resource (JORC 2012) of 24 million tonnes of scandium grading 384ppm Sc (at a cut-off of 300ppm Sc) and contains a total in-situ content of 9,100 tonnes of scandium metal or 14,000 tonnes of scandium oxide (Table 1). Details of the resource are in the technical description of the Company's ASX release dated 3rd October 20131. See also Figures 2 to 5.

During the quarter, Platina announced it had commenced discussions with a major international resource corporation (potential investor) concerning a possible cooperation at Owendale. The discussions centred on:

• A proposed purchase of shares by way of a placement to the potential investor, making it a major shareholder in Platina Resources

• Agreement by the potential investor to solely fund all feasibility studies costs at Owendale to earn a percentage interest in the project

• Agreement by the potential investor to solely fund the expected capital costs for the development and production of scandium oxide at Owendale, earning the potential investor an additional equity in the project

• Joint marketing of the scandium product produced from the Owendale deposit.

Platina expects that a final investment decision could be made by all parties in late November 2015. Any investment by the potential investor will be subject to approval from the Australian Foreign Investment Board as well as other requisite Australian and overseas Government approvals.

Figure 1. Owendale Project location

Figure 2. Owendale scandium resource areas