The company incurred a net loss of $8.84 million during the nine-month period, compared to a net loss of $5.90 million in 2020.

This quarter’s results included general and administrative expenses of $2.91 million, up slightly from last year’s $2.71 million.

The company also experienced a loss per share of $0.12 compared to a loss of $0.10 per share in 2020.

Platinum Group Metals is focused on advancing its Waterberg Project in South Africa, which is projected to be one of the largest and lowest cost platinum mines in the world.

After receiving mining rights for the Waterberg Project by the South African government in January, the company has focused on working with the local community to maximize the project’s value while it completes funding for construction.

The company is also advancing an initiative through Lion Battery Technologies to develop next-generation lithium battery technology using platinum and palladium. The initiative is being advanced in collaboration with Anglo American Platinum Limited and Florida International University.

The next major milestones at the Waterberg Project include further detailed work with the local communities near the mine, offtake arrangements, and construction financing.

Platinum Group Metals is the operator of the Waterberg Project, a bulk underground palladium and platinum deposit located in South Africa.

Platinum Group Metals Ltd. (PTM) is down 6.16 per cent on the day, trading at $3.81 per share as of 2:20 pm ET.