By: Mining weekly

The company established an ATM programme in December 2024.

The distribution agreement allows PTM to distribute up to $60-million of common shares of the company under the ATM programme.

The offered shares will be issued by PTM from time to time through the agents at the company’s discretion.

If any shares are sold under the 2026 ATM programme, it will be at the prevailing market price at the time of sale.

PTM will use the net proceeds of any such sales for staged development programmes at the Waterberg palladium project, in South Africa, and for general corporate purposes.

The company is not obligated to make any sales of offered shares under the distribution agreement with the agents and, unless terminated earlier by PTM or the agents, the distribution agreement will terminate upon the earlier of December 13, 2026, or the date at which sales reach $60-million under the programme.

PTM is developing the Waterberg project as the majority owner, together with Impala Platinum Holdings, Mnombo Wethu Consultants and HJ Platinum Metals Company – which comprises companies called Hanwa and Japan Organisation for Metals and Energy Security.