Platinum Group Metals Ltd. (NYSE American: PLG) (TSX: PTM) Eyeing Response to U.S. Recommendation to Impose Sanctions on Russian Titanium, Palladium

• The Biden administration aims to weaken Russia’s financial stability through sanctions, limiting its ability to sustain its war efforts in Ukraine.
• Imposing sanctions on Russian titanium and palladium would create several strategic advantages for the U.S.
• Sanctions on Russian palladium and titanium could be especially advantageous for existing producers and emerging palladium mining projects outside of Russia.

The United States recently called on its Group of Seven (“G7”) allies to consider imposing sanctions on Russian titanium and palladium supplies, a move that, if approved, could have a profound impact on global metals markets as well as on Russia’s economy (https://ibn.fm/Q9sHS). Companies operating in the metals sector, including Platinum Group Metals (NYSE American: PLG) (TSX: PTM), majority owner and operator of the Waterberg PGM Project in South Africa, are watching closely to see what action the G7 might take.

“Biden administration officials floated the [sanction] possibility during a meeting of G7 deputy finance ministers on Tuesday in Washington,” a Bloomberg article reported. “Finance officials from around the world have gathered in the U.S. capital for annual meetings of the International Monetary Fund and the World Bank. The Biden administration aims to weaken Russia’s financial stability further, limiting its ability to sustain its war efforts in Ukraine. 

“Sanctions targeting these specific metals would strategically restrict Russia’s economic inflow from two of its major exports, as titanium is essential for the aerospace and medical sectors, while palladium is critical in automotive, electronics and tech manufacturing,” the article continued. “One major challenge is that Europe is reliant on the metals and has shown little appetite to target them in the past. G7 members Germany, France and Italy would also need the backing of the other 24 members of the European Union for such sanctions.”

If G7 sanctions materialize, Russian companies, which currently dominate global palladium production and control a significant portion of the titanium market, would face restricted access to the international marketplace. This change would diminish Russia’s export revenue and limit its resources, directly impacting its ability to finance military operations.

Sanctions on Russian palladium could be particularly advantageous for non-Russian producers and emerging mine developers such as Platinum Group Metals Ltd. operator of the Waterberg PGM Project. PGMs are critical for pollution control in the automotive sector, including traditional internal combustion engines (“ICE”) and the growing gasoline hybrid and plug-in hybrid (“PHEV”) segments. PGMs also play a critical role in fuel-cell technology and the production of hydrogen.

For more information, visit www.PlatinumGroupMetals.net.

NOTE TO INVESTORS: The latest news and updates relating to PLG are available in the company’s newsroom at https://ibn.fm/PLG

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