UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington,D.C.20549

FORM 6-KReport of Foreign Private Issuer PursuanttoRule13a-16or15d-16

undertheSecuritiesExchangeActof1934

For the month of: January 2018

Commission File Number: 001-33562

PLATINUM GROUP METALS LTD.Suite 788 – 550 Burrard Street, Vancouver BC, V6C 2B5, CANADA

AddressofPrincipalExecutiveOffice

Indicatebycheckmarkwhethertheregistrantfilesorwillfileannualreportsundercover:

Form20-F[X]Form40-F[]

IndicatebycheckmarkiftheregistrantissubmittingtheForm6-KinpaperaspermittedbyRegulationS-TRule101(b)(1):[]

IndicatebycheckmarkiftheregistrantissubmittingtheForm6-KinpaperaspermittedbyRegulationS-TRule101(b)(7):[]

SIGNATURE

PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonbehalfbytheundersigned,thereuntodulyauthorized.

PLATINUM GROUP METALS LTD. /s/R.MichaelJonesDate:January16,2018 R.MichaelJones PresidentandChiefExecutiveOfficer

EXHIBIT INDEX

EXHIBIT 99.1 INCLUDED WITH THIS REPORT IS HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRANT’S REGISTRATIONSTATEMENTONFORMF-10(FILENO.333-213985),ANDTOBEAPARTTHEREOFFROMTHEDATEONWHICHTHISREPORTISSUBMITTED,TOTHEEXTENTNOTSUPERSEDEDBYDOCUMENTSORREPORTSSUBSEQUENTLYFILEDORFURNISHED.

Exhibit Description 99.1 ManagementInformationCircular 99.2 NoticeandAccessNotification 99.3 FormofProxy 99.4 NICard

ANNUAL NoticeofAnnualGeneralMeetingofShareholders

GENERAL ManagementInformationCircular

MEETING

Date: Friday,February23,2018

Place: 550BurrardStreet,Bentall5 LobbyLevelBoardroom Vancouver,BritishColumbia

Time: 11:00a.m.(Pacifictime)

CORPORATE DATA Head Office 788–550BurrardStreet Vancouver,BritishColumbia CanadaV6C2B5 Directors and Officers R.MichaelJones,President,ChiefExecutiveOfficer&Director FrankR.Hallam,ChiefFinancialOfficer,CorporateSecretary&Director

IainD.C.McLean,ChairmanandDirector BarryW.Smee,Director EricH.Carlson,Director TimothyD.Marlow,Director DianaJ.Walters,Director Kresimir(Kris)Begic,Vice-PresidentCorporateDevelopment Registrar and Transfer Agent ComputershareInvestorServicesInc. 3rdFloor–510BurrardStreet Vancouver,BritishColumbia CanadaV6C3B9 Legal Counsel GowlingWLG(Canada)LLP 2300–550BurrardStreet Vancouver,BritishColumbia CanadaV6C2B5 Auditor PricewaterhouseCoopersLLP 250HoweStreet,Suite700 Vancouver,BritishColumbia CanadaV6C3S7 Stock Exchange Listing TorontoStockExchange(“TSX ”) Symbol“PTM” NYSEAmerican(“NYSE American ”) Symbol“PLG”

TABLE OF CONTENTS

NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS iii PROXY SUMMARY 1ANNUALGENERALMEETINGDETAILS 1SHAREHOLDERVOTINGMATTERS 1DIRECTORNOMINEES 1 PART I - VOTING INFORMATION 3SOLICITATIONOFPROXIES 3APPOINTMENTOFPROXYHOLDER 3REVOCATIONOFPROXIES 3INFORMATIONFORNON-REGISTEREDSHAREHOLDERS 4VOTINGOFPROXIES 5VOTINGSECURITIESANDPRINCIPALHOLDERSTHEREOF 5 PART II - BUSINESS OF THE MEETING 6RECEIVINGTHECONSOLIDATEDFINANCIALSTATEMENTS 6ELECTIONOFDIRECTORS 6MajorityVotingPolicy 7NomineesforElectionasDirectors 7APPOINTMENTOFAUDITORS 8 PART III DISCLOSURE OF CORPORATE GOVERNANCE PRACTICES 9 PART IV STATEMENT OF EXECUTIVE COMPENSATION 9COMPENSATIONDISCUSSIONANDANALYSIS 9OfficerCompensationPhilosophyandObjectives 10CompetitiveCompensation 10ElementsofOfficerCompensation 11BaseSalary 11ExecutiveCompensation-RelatedFees 12AnnualIncentives(CashBonus) 13OptionBasedAwards(LongTermCompensation) 13PurchaseofFinancialInstruments 14PerformanceGraph 14Share-BasedandOption-BasedAwards 15SummaryCompensationTable 16IncentivePlanAwards 18OutstandingShare-BasedAwardsandOption-BasedAwards 18IncentivePlanAwards–ValueVestedorEarnedDuringtheYear 19DefinedBenefitorActuarialPlanDisclosure 19TerminationofEmployment,ChangeinResponsibilitiesandEmploymentContracts 19SignificantConditionsorObligationsAttachedtoPaymentandBenefits 21ClawbackPolicy 22 PART V - COMPENSATION OF DIRECTORS 22SCHEDULEOFDIRECTORS’FEESANDNARRATIVEDESCRIPTION 23OUTSTANDINGSHARE-BASEDAWARDSANDOPTION-BASEDAWARDSTODIRECTORS 23INCENTIVEPLANAWARDS–VALUEVESTEDOREARNEDDURINGTHEYEAR 24DEFERREDSHAREUNITPLANFORDIRECTORS 25 PART VI - OTHER INFORMATION 27

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INDEBTEDNESSOFDIRECTORSANDEXECUTIVEOFFICERS 27SECURITIESAUTHORIZEDFORISSUANCEUNDEREQUITYCOMPENSATIONSPLANS 27StockOptionPlan 27ShareCompensationPlan 30PurposeoftheShareCompensationPlan 30AdministrationoftheShareCompensationPlan 30NumberofCommonSharesAvailableforIssuanceundertheShareCompensationPlan 31RestrictionsontheAwardofRSUsandGrantofOptions 31RestrictedShareUnits 32Options 33Transferability 34ReorganizationandChangeofControlAdjustments 34AmendmentProvisionsintheShareCompensationPlan 35CORPORATECEASETRADEORDERSORBANKRUPTCIES 36INTERESTOFINFORMEDPERSONSINMATERIALTRANSACTIONS 37MANAGEMENTCONTRACTS 37INTERESTOFCERTAINPERSONSORCOMPANIESINMATTERSTOBEACTEDUPON 37AUDITCOMMITTEE 37OTHERMATTERS 37ADDITIONALINFORMATION 38 SCHEDULE “A” – CORPORATE GOVERNANCE PRACTICES S1

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NOTICE AND ACCESS NOTIFICATION TO SHAREHOLDERS

NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS

YouarereceivingthisnotificationasPlatinumGroupMetalsLtd.(the“Company ”)hasdecidedtousethenoticeandaccessmodel(“Notice and Access ”)providedforunderrecentamendmentstoNationalInstrument54-101–CommunicationwithBeneficialOwnersofSecuritiesofaReportingIssuerforthedeliveryofmeetingmaterialstoitsshareholdersforitsannualgeneralmeetingofshareholderstobeheldonFriday, February 23, 2018 (the“Meeting ”).UnderNoticeandAccess,insteadofreceivingprintedcopiesoftheCompany’smanagementinformationcircular(the“Information Circular ”),financialstatementsforthefiscalyearendedAugust31,2017andmanagement’sdiscussionandanalysis(collectively,the“Meeting Materials ”),shareholdersarereceivingthisnoticewithinformationonhowtheymayaccesssuchMeetingMaterialselectronically.However,togetherwiththisnotice,shareholderscontinuetoreceiveaproxy(inthecaseofregisteredshareholders)oravotinginstructionform(inthecaseofnon-registeredshareholders),enablingthemtovoteattheMeeting.TheCompanyhasadopted this alternative means of delivery in order to further its commitment to environmental sustainability and to reduce its printing andmailingcosts.Thisnoticeservesasanoticeofmeetingundersection169oftheBusinessCorporationsAct(BritishColumbia).

Meeting Date, Location and Purposes

TheMeetingwillbeheldonFriday,February23,2018(“Meeting Date ”)at11:00a.m.(Pacifictime)at550BurrardStreet,Bentall5,LobbyLevelBoardroom,Vancouver,BritishColumbia,forthefollowingpurposes:

1. toreceivetheauditedconsolidatedfinancialstatementsoftheCompanyforthefiscalyearendedAugust31,2017(withcomparativestatementsrelatingtotheprecedingfiscalyear)togetherwiththereportoftheauditorsthereon;

2. toelectthedirectors; 3. toappointtheauditorsandtoauthorizethedirectorstofixtheirremuneration;and 4. totransactsuchfurtherorotherbusinessasmayproperlycomebeforetheMeetingoranyadjournmentoradjournmentsthereof.

Fordetailedinformationwithrespecttoeachoftheabovematters,pleaserefertotheitembearingthecorrespondingtitleintheInformationCircular.

The Company urges shareholders to review the Information Circular before voting.

Accessing Meeting Materials Online

The Meeting Materials (and the financial statement request card) can be viewed online under the Company’s profile on SEDAR at www.sedar.com , or theCompany’swebsite:http://www.platinumgroupmetals.net/investor-relations/agm_2018/.

AccompanyingthisnoticearetheInformationCircular,aformofProxy(the“Proxy ”)orvotinginformationform(“VIF ”),andafinancialstatementrequestform(“Request Form ”).TheInformationCircularprovidesadditionalinformationrelatingtothematterstobeaddressedattheMeetingandisincorporatedbyreferenceintothisnotice.

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Requesting Printed Meeting Materials

AnyregisteredshareholderwhowishestoreceiveapapercopyoftheInformationCircularpriortothedateoftheMeetingshouldcontacttheCompanyat1-866-899-5450.AnyCanadianorUSbeneficialholderwhowishestoreceiveapapercopyoftheInformationCircularpriortothedateoftheMeetingshouldcontactBroadridgeInvestorCommunicationSolutions,Canadaat1-877-907-7643.ToobtainadditionalinformationabouttheNoticeandAccessprovisions,ortoobtainapapercopyoftheInformationCircularafterthedateoftheMeeting,pleasecontactFrankR.Hallam,theCorporateSecretaryoftheCompany,at1-866-899-5450.

Stratification

TheCompanyhasdeterminedthatthoseregisteredandbeneficialshareholderswithexistinginstructionsontheiraccounttoreceiveprintedmaterialsandthoseregisteredandbeneficialshareholderswithaddressesoutsideofCanadaandtheUnitedStateswillreceiveprintedcopiesoftheMeetingMaterialswiththisnotice.

Voting Process

RegisteredShareholdersatthecloseofbusinessonJanuary2,2018mayvoteinpersonattheMeetingorbyproxyasfollows:

Bytelephone:Callthetoll-freenumberindicatedontheproxyformandfollowtheinstructions.Ifyouchoosetovotebytelephone,youcannotappointanypersonotherthantheofficersnamedontheformofProxyasyourproxyholder.

Ontheinternet:Gotothewebsiteindicatedontheproxyformandfollowtheinstructionsonthescreen.Ifyoureturnyourproxyviatheinternet,youcanappointanotherperson,whoneednotbeashareholder,torepresentyouattheMeetingbyinsertingsuchperson’snameintheblankspaceprovidedintheformofProxy.CompleteyourvotinginstructionsanddateandsigntheProxy.MakesurethatthepersonyouappointisawarethatheorshehasbeenappointedandattendstheMeeting.

Bymail:CompletetheformofProxyandreturnitintheenvelopeprovided.IfyoureturnyourProxybymail,youcanappointanotherperson,whoneednotbeashareholder,torepresentyouattheMeetingbyinsertingsuchperson’snameintheblankspaceprovidedintheformofProxy.CompleteyourvotinginstructionsanddateandsigntheProxy.MakesurethatthepersonyouappointisawarethatheorshehasbeenappointedandattendstheMeeting.

InordertobevalidandacteduponattheMeeting,thedeadlineforreceivingadulycompletedandexecutedformofProxyorsubmittingaproxybytelephoneorovertheinternetis11:00a.m.(Pacifictime)onWednesday,February21,2018,ornolaterthan48hours(excludingSaturdays,Sundaysandholidays)beforethetimeofanyadjournedorpostponedmeetingoftheshareholders.

BeneficialShareholders(assuchtermisdefinedintheInformationCircular)mayvoteorappointaproxyusingtheirVIFatleastonebusinessdayinadvanceoftheproxydepositdeadlinenotedontheform.Youshouldcarefullyfollowtheinstructionsofyourintermediary,includingthoseregardingwhenandwheretheVIFistobedelivered.

For Any Questions

ShareholderswithquestionsaboutNoticeandAccesscancontacttheCompanyat1-866-899-5450.

DATEDatVancouver,BritishColumbia,this2nddayofJanuary,2018.

BY ORDER OF THE BOARD /s/R.MichaelJonesR.MichaelJonesPresident,ChiefExecutiveOfficer&Director

PLATINUM GROUP METALS LTD.MANAGEMENTINFORMATIONCIRCULAR

(containinginformationasatJanuary2,2018unlessindicatedotherwise)

PROXY SUMMARY

ThissummaryhighlightsinformationcontainedinthisManagementInformationCircular(the“Information Circular ”).Thesummarydoesnotcontainalloftheinformationthatyoushouldconsider.ShareholdersareencouragedtoreadtheentireInformationCircularcarefullypriortovoting.

ANNUAL GENERAL MEETING DETAILS

Date Location Time

Friday,February23,2018 550BurrardStreetBentall5,LobbyLevelBoardroomVancouver,BritishColumbia

11:00a.m.(Pacifictime)

SHAREHOLDER VOTING MATTERS

Matter to be Voted onManagement’s Recommendation Reference Page

ElectionofDirectors Foreachnominee Page6

AppointmentofAuditors For Page8

DIRECTOR NOMINEES

ShareholderswillbeaskedtoelectfivedirectorstoactasmembersoftheboardofdirectorsoftheCompany(the“Board ”)untilthenextannualgeneralmeetingofshareholdersunlessanofficeisearliervacated.

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Thefollowingchartprovidessummaryinformationabouteachdirectornominee.Additionalinformationregardingthenomineesmaybefoundbeginningatpage7ofthisInformationCircular.

Name Principal OccupationYear First Appointed Independent

Committee Participation

Audit Compensation

Governance and

NominationR.MichaelJones PresidentandChiefExecutive

OfficeroftheCompany2002 No

FrankR.Hallam CharteredAccountant;ChiefFinancialOfficeroftheCompany

2002 No

IainD.C.McLean(1) GeneralManagementConsultantandCharteredEngineer

2002 Yes x(2) x x

DianaJ.Walters Consultingspecialistprimarilyinnaturalresources,principalinvesting,investmentbanking/financeandindustrymanagement

2013 Yes x x(3) x(4)

TimothyD.Marlow CharteredMiningEngineerandConsultant

2011 Yes x(4) x(4) x(5)

Notes:

Notes : (1) ChairmanoftheBoard.(2) ManagementanticipatesthatMr.McLeanwillbeappointedasChairoftheAuditCommitteeoftheCompanyshortlyaftertheMeeting.(3) ManagementanticipatesthatMs.WalterswillbeappointedasChairoftheCompensationCommitteeoftheCompanyshortlyaftertheMeeting.(4) Notpresentlyamemberoftheapplicablecommittee.Messrs.EricCarlsonandBarrySmee,currentdirectorsoftheCompany,willnotbestandingforre-

electionattheMeetingandwillceasetobedirectorsoftheCompanyattheMeeting.ManagementanticipatesthatMr.MarlowwillbeappointedtotheAudit Committee in place of Mr. Carlson, and to the Compensation Committee in place of Mr. Smee, and that Ms.Walters will be appointed to theGovernanceandNominationCommitteeinplaceofMr.Smee.

(5) Management anticipates that Mr. Marlow will be appointed as Chair of the Governance and Nomination Committee of the Company shortly aftertheMeeting.

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PART I VOTING INFORMATION

SOLICITATION OF PROXIES

PlatinumGroupMetalsLtd.(the“Company ”)isprovidingthisInformationCircularinconnectionwiththemanagement’ssolicitationofproxiesforuseattheannualgeneralmeetingoftheCompany(andanyadjournmentthereof)tobeheldonFriday,February23,2018attheplaceandforthepurposessetforthintheaccompanyingnoticeofmeeting(the“Notice of Meeting ”).Unlessthecontextotherwiserequires,whenwereferinthisInformationCirculartotheCompany,itssubsidiariesarealsoincluded.

ThesolicitationofProxieswillbeprimarilybymail,butProxiesmaybesolicitedpersonallyorbytelephonebydirectors,officersandregularemployeesoftheCompanyatnominalcost.InaccordancewithNationalInstrument54-101–CommunicationwithBeneficialOwnersofSecuritiesofReportingIssuers(“NI 54-101 ”), arrangements have been made with brokerage houses and other intermediaries, clearing agencies, custodians, nominees and fiduciaries to forwardsolicitationmaterialstothebeneficialownersofcommonsharesinthecapitaloftheCompany(the“Common Shares ”)heldofrecordbysuchpersonsandtheCompanymayreimbursesuchpersonsforreasonablefeesanddisbursementsincurredbytheminsodoing.AllcostsofsolicitationbymanagementwillbebornebytheCompany.

TheCompanyhasgivennoticeoftheMeetinginaccordancewithNI54-101,pursuanttowhichithassenttheNoticeofMeeting,Proxyand/orvotinginformationform(“VIF ”) and a Request Form but not this Information Circular, directly to its registered shareholders (“Registered Shareholders ”) andits beneficialshareholders(“Beneficial Shareholders ”).

ThecontentsandthesendingofthisInformationCircularhavebeenapprovedbythedirectorsoftheCompany.TheCompanyreportsinUnitedStatesdollars;however,allreferencesinthisInformationCircularto“$”or“dollars”inthisInformationCircularrefertoCanadiandollarsunlessotherwiseindicated.Referencesto“US$”or“U.S.dollars”areusedtoindicateUnitedStatesdollarvalues.

APPOINTMENT OF PROXYHOLDER

The individuals named as proxyholders in the accompanying form of Proxy are the Chief Executive Officer and Chief Financial Officer, respectively, of theCompany(collectively,“Management’s Nominees ”).A SHAREHOLDER WISHING TO APPOINT SOME OTHER PERSON OR COMPANY (WHONEED NOT BE A SHAREHOLDER) TO REPRESENT THE SHAREHOLDER AT THE MEETING HAS THE RIGHT TO DO SO, EITHER BYSTRIKING OUT THE NAMES OF MANAGEMENT’S NOMINEES NAMED IN THE ACCOMPANYING FORM OF PROXY AND INSERTING THEDESIRED PERSON’S OR COMPANY’S NAME IN THE BLANK SPACE PROVIDED IN THE FORM OF PROXY. A proxy will not be valid unless thecompleted form of Proxy is received by Computershare Investor Services Inc. (“Computershare”), Proxy Dept., 100 University Avenue, 8 th Floor,Toronto, Ontario, M5J 2Y1 on or before 11:00 a.m. (Pacific time) on Wednesday, February 21, 2018 (the second business day before the date of theMeeting), being 48 hours (excluding Saturdays, Sundays and holidays) before the time set for holding the Meeting. Proxies delivered after that time willnot be accepted. However, the deadline for the deposit of proxies may be waived by the chairman of the Meeting at his sole discretion without notice.

REVOCATION OF PROXIES

Ashareholderwhohasgivenaproxymayrevokeitbyaninstrumentinwritingexecutedbytheshareholderorbyhisattorneydulyauthorizedinwritingor,wheretheshareholderisacorporation,byadulyauthorizedofficerorattorneyofthecorporation,anddeliveredtotheregisteredofficeoftheCompany,atSuite2300,550BurrardStreet,Vancouver,BritishColumbia,V6C2B5(Attention:DanielM.Allen)atanytimeuptoandincludingthelastbusinessdayprecedingthedayoftheMeeting,orifadjourned,anyreconveningthereof,ortotheChairmanoftheMeetingonthedayoftheMeetingor,ifadjourned,anyreconveningthereof,orinanyothermannerprovidedbylaw.Arevocationofaproxydoesnotaffectanymatteronwhichavotehasbeentakenpriortotherevocation.

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INFORMATION FOR NON-REGISTERED SHAREHOLDERS

Only Registered Shareholders or duly appointed proxyholders are permitted to vote at the Meeting. Most shareholders of the Company are “non-registered” shareholders because the Common Shares they own are not registered in their names but are instead registered in the names of a brokeragefirm, bank or other intermediary or in the name of a clearing agency. Shareholders who do not hold their Common Shares in their own name (referred toherein as “Beneficial Shareholders”) should note that only registered shareholders may vote at the Meeting. If CommonShares are listed in an accountstatementprovidedtoashareholderbyabroker,theninalmostallcasesthoseCommonShareswillnotberegisteredinsuchshareholder’snameontherecordsofthe Company. SuchCommonShares will more likely be registered under the nameof the shareholder’sbroker or an agent of that broker. In Canada, the vastmajorityofsuchCommonSharesareregisteredunderthenameofCDSInc.(theregistrationnameforCDSClearingandDepositoryServicesInc.,whichactsasnomineeformanyCanadianbrokeragefirms).CommonSharesheldbybrokers(ortheiragentsornominees)onbehalfofabroker’sclientcanonlybevoted(foror against resolutions) at the direction of the Beneficial Shareholder. Without specific instructions, brokers and their agents and nominees are prohibited fromvotingCommonSharesforthebrokers’clients.Therefore,eachBeneficialShareholdershouldensurethatvotinginstructionsarecommunicatedtotheappropriatepersonwellinadvanceoftheMeeting.

ExistingregulatorypolicyrequiresbrokersandotherintermediariestoseekvotinginstructionsfromBeneficialShareholdersinadvanceofshareholders’meetings.Thevariousbrokersandotherintermediarieshavetheir ownmailingprocedures andprovidetheir ownreturninstructions toclients, whichshouldbecarefullyfollowed by Beneficial Shareholders in order to ensure that their Common Shares are voted at the Meeting. Often the form of proxy supplied to a BeneficialShareholderbyitsbrokerisidenticaltotheformofProxyprovidedbytheCompanytotheregisteredshareholders.However,itspurposeislimitedtoinstructingtheregisteredshareholder ( i.e. ,the broker or agent of thebroker) howtovoteonbehalf of theBeneficialShareholder. ThemajorityofbrokersnowdelegateresponsibilityforobtaininginstructionsfromclientstoBroadridgeFinancialSolutions,Inc.(“Broadridge ”).Broadridgetypicallypreparesamachine-readablevoting instruction form, mails those forms to the Beneficial Shareholders and asks Beneficial Shareholders to return the forms to Broadridge, or otherwisecommunicatevotinginstructionstoBroadridge(e.g.,bywayoftheinternetortelephone).BroadridgethentabulatestheresultsofallinstructionsreceivedandprovidesappropriateinstructionsrespectingthevotingofCommonSharestoberepresentedattheMeeting.A Beneficial Shareholder who receives a Broadridgevoting instruction form cannot use that form to vote Common Shares directly at the Meeting. The voting instruction form must be returned to Broadridge(or instructions respecting the voting of Common Shares must be communicated to Broadridge) well in advance of the Meeting in order to have theCommon Shares voted.

Beneficial Shareholders fall into two categories – those who object to their identity being known to the issuers of securities which they own (“ObjectingBeneficial Owners ”or“OBOs ”)andthosewhodonotobjecttotheiridentitybeingmadeknowntotheissuersofthesecuritiestheyown(“Non-ObjectingBeneficial Owners ”or“NOBOs ”).SubjecttotheprovisionsofNI54-101,issuersmayrequestandobtainalistoftheirNOBOsfromintermediariesviatheirtransferagents.

TheCompanymayutilizetheBroadridgeQuickVote™servicetoassistNOBOswithvotingtheirCommonShares.

This Information Circular and accompanying materials are being sent to both registered shareholders and Beneficial Shareholders. If you are a BeneficialShareholder,andtheCompanyoritsagenthassentthesematerialsdirectlytoyou,yourname,addressandinformationaboutyourholdingsofsecuritieshavebeenobtainedinaccordancewithapplicablesecuritiesregulatoryrequirementsfromtheintermediaryholdingtheCommonSharesonyourbehalf.

TheCompanyhasadoptedtheNoticeandAccessproceduredescribedinNI54-101andNationalInstrument51-102–ContinuousDisclosureObligations(“NI51-102 ”) to distribute its proxy-related materials to the Registered and Beneficial Shareholders. In addition, the Company has elected to pay to distribute itsMeetingMaterialstotheOBOs.

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TheBeneficialShareholderscanexpecttoreceivevotinginformationbyBroadridgeortheirbrokersortheirbroker’sagentsassetoutabove.TheCompanywillreimburseintermediariesforpermittedreasonableout-of-pocketcostsandexpensesincurredbytheminmailingproxymaterialstoBeneficialShareholders.

AlthoughBeneficialShareholdersmaynotberecognizeddirectlyattheMeetingforthepurposesofvotingCommonSharesregisteredinthenameoftheirbrokers,a Beneficial Shareholder may attend the Meeting as proxyholder for the registered shareholder and vote the Common Shares in that capacity. BeneficialShareholders who wish to attend the Meeting and indirectly vote their Common Shares as proxyholder for the registered shareholder should enter theirown names in the blank space on the proxy provided to them and return the same to their broker (or the broker’s agent) in accordance with theinstructions provided by such broker.

All references to shareholders in this Information Circular and the accompanying form of Proxy and Notice of Meeting are to RegisteredShareholdersunlessspecificallystatedotherwise.

VOTING OF PROXIES

TheCommonSharesrepresentedbyaproperlyexecutedproxyinfavourofpersonsdesignatedasproxyholdersintheenclosedformofProxywill:

(a) bevotedorwithheldfromvotinginaccordancewiththeinstructionsoftheshareholderappointingtheproxyholderonanyballotthatmaybecalledfor;and

(b) whereachoicewithrespecttoanymattertobeacteduponhasbeenspecifiedintheformofProxy,bevotedinaccordancewiththespecificationmadeinsuchproxy.

ONAPOLL, SUCHCOMMONSHARESWILLBEVOTED IN FAVOUR OFEACHMATTERFORWHICHNOCHOICEHASBEENSPECIFIEDORWHEREBOTHCHOICESHAVEBEENSPECIFIEDBYTHESHAREHOLDER.

The enclosed form of Proxy, when properly completed and delivered and not revoked, confers discretionary authority upon the person appointedproxyholderthereundertovotewithrespecttoamendmentsorvariationsofmattersidentifiedintheNoticeofMeeting,andwithrespecttoothermatterswhichmayproperlycomebeforetheMeeting.IntheeventthatamendmentsorvariationstomattersidentifiedintheNoticeofMeetingareproperlybroughtbeforetheMeetingoranyfurtherorotherbusinessisproperlybroughtbeforetheMeeting,itistheintentionofManagement’sNomineestovoteinaccordancewiththeirbestjudgmentonsuchmattersorbusiness.AtthetimeoftheprintingofthisInformationCircular,managementoftheCompanyknowsofnosuchamendment,variationorothermatterwhichmaybepresentedtotheMeeting.

VOTING SECURITIES AND PRINCIPAL HOLDERS THEREOF

AuthorizedShareStructure:unlimitedCommonShareswithoutparvalue

IssuedandOutstanding:150,910,006CommonSharesasatJanuary2,2018(the“Record Date ”)

OnlyshareholdersofrecordholdingCommonSharesatthecloseofbusinessontheRecordDate,whoeitherpersonallyattendtheMeetingorwhohavecompletedanddeliveredaformofProxyinthemannerandsubjecttotheprovisionsdescribedaboveshallbeentitledtovoteortohavetheirCommonSharesvotedattheMeeting.

Onashowofhands,everyindividualwhoispresentandisentitledtovoteasashareholderorasarepresentativeofoneormorecorporateshareholders,orwhoisholding a valid Proxy on behalf of a shareholder who is not present at the Meeting, will have onevote, and on a poll every shareholder present in person orrepresentedbyavalidProxyandeverypersonwhoisarepresentativeofoneormorecorporateshareholders,willhaveonevoteforeachCommonShareregisteredinthatshareholder’snameonthelistofshareholders,whichisavailableforinspectionduringnormalbusinesshoursatComputershareandwillbeavailableattheMeeting.Shareholders represented by proxyholders are not entitled to vote on a show of hands.

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OnJanuary26,2016,theCompanyannouncedthattheCommonShareswouldbeconsolidated(the“Share Consolidation ”)onthebasisofonenewCommonSharefortenoldCommonShares(1:10).AllinformationinthisInformationCircularregardingtheissuedandoutstandingCommonShares,optionsandweightedaveragenumberandpershareinformationhasbeenadjustedtoreflecttheShareConsolidation.

TotheknowledgeofthedirectorsandexecutiveofficersoftheCompany,thefollowingentitiesbeneficiallyown,orcontrolordirect,directlyorindirectly,votingsecuritiescarrying10%ormoreofthevotingrightsattachedtothevotingsecuritiesoftheCompanyasoftheRecordDate:

Name No. of Shares PercentageFranklinResources,Inc./FranklinAdvisors,Inc. 27,878,488(1) 18.47%LibertyMutualGroupAssetManagementInc. 16,160,609(2) 10.71%Notes : (1) BasedoninformationprovidedtotheCompanyasofDecember20,2017byFranklinResources,Inc./FranklinAdvisors,Inc.(2) BasedoninformationprovidedtotheCompanyasofDecember19,2017byLibertyMutualGroupAssetManagementInc.

PART II BUSINESS OF THE MEETING

TheMeetingwilladdressthefollowingmatters:

1. ReceivingtheCompany’sauditedconsolidatedfinancialstatementsfortheyearendedAugust31,2017,togetherwiththeauditor’sreportthereon. 2. Electingthedirectorswhowillserveuntilthenextannualgeneralmeetingofshareholders. 3. AppointingtheauditorsthatwillserveuntilthenextannualgeneralmeetingofshareholdersandauthorizingtheBoardtosettheirremuneration. 4. AnysuchotherbusinessasmayproperlybebroughtbeforetheMeeting.

RECEIVING THE CONSOLIDATED FINANCIAL STATEMENTS

TheBoardhasapprovedtheconsolidatedfinancialstatementsoftheCompanyandtheauditor'sreportthereonforthefinancialyearendedAugust31,2017,whichwillbepresentedattheMeeting.NoapprovalorotheractionneedstobetakenattheMeetinginrespectofthesedocuments.

ELECTION OF DIRECTORS

TheBoardhasdeterminedthenumberofdirectorstobeelectedattheMeetingatfive.TheBoardcurrentlyconsistsofsevendirectors,andMessrs.EricCarlsonandBarrySmee,whocurrentlyserveontheBoard,haveadvisedtheCompanythattheywillnotbestandingforre-electionattheMeeting.

The term of office of each of the current directors will expire at the Meeting. The persons named below will be presented for election at the Meeting asmanagement’s nominees and the persons named by management as proxyholders in the accompanying form of Proxy intend to vote for the election ofthesenominees.Managementdoesnotcontemplatethatanyofthesenomineeswillbeunabletoserveasdirectors.Eachdirectorelectedwillholdofficeuntilthenextannual general meeting of the Company or until his or her successor is elected or appointed, unless his or her office is earlier vacated in accordance with theArticlesoftheCompanyortheprovisionsoftheBusinessCorporationsAct(BritishColumbia)(the“Act ”).

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Majority Voting Policy

OnJanuary13,2015,theBoardadoptedamajorityvotingpolicy, asamendedonFebruary18,2015(the“Policy ”).ThePolicyrequiresthatanynomineefordirectorwhoreceivesagreaternumberofvotes“withheld”thanvotes“for”hisorherelectionwillberequiredtotenderanoffertoresign(a“Resignation Offer”).ThePolicyappliesonlytouncontestedelections,whichareelectionsofdirectorswherethenumberofnomineesforelectionasdirectorisequaltothenumberofdirectorstobeelectedatsuchmeeting.FollowingatenderofaResignationOffer,theGovernanceandNominationCommitteewillconsidertheResignationOfferandwillrecommendtotheBoardwhetherornottoacceptorrejecttheResignationOfferortoproposealternativeactions.TheGovernanceandNominationCommitteewillbeexpectedtorecommendacceptingtheResignationOffer,exceptinsituationswhereextraordinarycircumstanceswouldwarranttheapplicabledirectortocontinuetoserveontheBoard.Within90daysfollowingtheapplicableannualgeneralmeeting,theBoardwillmakeadeterminationoftheactiontotakewithrespecttotheResignationOfferandwillpromptlydisclosebynewsreleaseitsdecisiontoacceptorrejectthedirector’sResignationOfferortoproposealternativeactionsasreferencedinthePolicy.IftheBoardhasdecidedtorejecttheResignationOfferortopursueanyalternativeactionotherthanacceptingtheResignationOffer,thentheBoardwilldiscloseinthenewsreleaseitsreasonsfordoingso.TheapplicabledirectorwillnotparticipateineithertheGovernanceandNominationCommitteeorBoarddeliberationsonhisorherResignationOffer.

Nominees for Election as Directors

Thefollowingtableandnotestheretosetsoutthenameofeachpersonproposedtobenominatedbymanagementforelectionasadirector,hisorherprovinceandcountryofresidence,allofficesoftheCompanynowheldbyhimorher,hisorherprincipaloccupation,theperiodoftimeforwhichheorshehasbeenadirectoroftheCompany,andthenumberofvotingsecuritiesoftheCompanybeneficiallyowned,orcontrolledordirected,directlyorindirectly,byhimorherandhisorherassociatesandaffiliates,asattheRecordDate:

Name, Position, Province/State and Country of Residence (1)

Principal Occupation and Occupation During the Past 5 Years

Director since (2)

Number of voting securities beneficially

owned or controlled or directed, directly or

indirectly (3)

R. Michael Jones (12)President,ChiefExecutiveOfficerandDirectorBritishColumbia,Canada

PresidentandChiefExecutiveOfficeroftheCompanyandapredecessorcompanyfrom2000topresent.

Feb.18,2002(4)

272,920CommonShares(5)

Frank R. Hallam (12)ChiefFinancialOfficer,CorporateSecretaryandDirectorBritishColumbia,Canada

CharteredAccountantsince1993;ChiefFinancialOfficeroftheCompanyandthefounderofapredecessorcompanyfrom1983topresent.

Feb.18,2002(6)

125,314CommonShares

Iain D.C. Mclean (7)(8)(9)ChairmanandIndependentDirectorBritishColumbia,Canada

GeneralManagementConsultantandCharteredEngineer.ChiefOperatingOfficer,MineSenseTechnologies,atechnologycompanybasedinVancouver,B.C.fromAug2014toSep2015;RegionalVicePresident,GemcomSoftware/DassaultSystemesGEOVIAfromJune2010toJuly2014.

Feb.18,2002(10)

20,335CommonShares

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Name, Position, Province/State and Country of Residence (1)

Principal Occupation and Occupation During the Past 5 Years

Director since (2)

Number of voting securities beneficially

owned or controlled or directed, directly or

indirectly (3)

Diana J. Walters (7)(8)IndependentDirectorNewYork,USA

Consultingspecialistprimarilyinnaturalresources,principalinvesting,investmentbanking/financeandindustrymanagement.PresidentandCEOofLibertyMetalsandMiningHoldings,LLCfromJan2010toOct2014.

Jul.16,2013 4,000CommonShares

Timothy D. Marlow (9)(11)(12)IndependentDirectorBritishColumbia,Canada

CharteredMiningEngineerandConsultant.PresidentofPhilippineGoldConsultingLLCfrom1995–2014;PresidentofMarlow&Associatesfrom1995topresent.

Jun.15,2011 3,000CommonShares

Notes : (1) Theinformation as to the province/state andcountry of residence andprincipal occupation, not being within the knowledgeof theCompany,hasbeen

furnishedbytherespectivedirectorsindividually.(2) ThetermofofficeofeachofthedirectorselectedattheMeetingwillexpireatthenextannualmeetingoftheshareholdersoftheCompany.(3) The information as to securities beneficially owned, or controlled or directed, directly or indirectly, by each proposed director, not being within the

knowledgeoftheCompany,hasbeenfurnishedbytherespectivedirectorsindividually.(4) ServedasadirectorofoneoftheCompany’spredecessorsfromFebruary24,2000toFebruary18,2002.(5) OftheseCommonShares,95,600areheldby599143B.C.Ltd.(acompany50%ownedbyMr.Jonesand50%ownedbyMr.Jones’wife).(6) ServedasadirectorofoneoftheCompany’spredecessorsfromMarch11,1983toFebruary18,2002.(7) MemberoftheAuditCommittee.(8) MemberoftheCompensationCommittee.(9) MemberofGovernanceandNominationCommittee.(10) ServedasadirectorofoneoftheCompany’spredecessorsfromOctober9,2000toFebruary18,2002.(11) ManagementanticipatesthatMr.MarlowwillbeappointedtotheAuditCommittee,theCompensationCommitteeandtheGovernanceandNomination

CommitteeshortlyaftertheMeeting.(12) MemberoftheDisclosureCommittee,acommitteeestablishedbytheChiefExecutiveOfficerandtheChiefFinancialOfficerthe(“Certifying Officers ”)

toassistinthefulfillmentoftheirresponsibilitytooverseetheaccuracyandtimelinessofdisclosuresmadebytheCompany.

APPOINTMENT OF AUDITORS

Unlesssuchauthorityis withheld, thepersonnamedintheaccompanyingproxyintendtovotefortheappointment of PricewaterhouseCoopersLLP,CharteredAccountants of Suite 700, 250 Howe Street, Vancouver, British Columbia, V6C 3S7, as auditors of the Company to hold office for the ensuing year at aremunerationtobefixedbythedirectors.

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PART III DISCLOSURE OF CORPORATE GOVERNANCE PRACTICES

EffectiveJune30,2005,NationalInstrument58-101–DisclosureofCorporateGovernancePractices(“NI 58-101 ”)wasadoptedineachoftheprovincesandterritoriesofCanada.NI58-101requiresissuerstodisclosethecorporategovernancepracticesthattheyhaveadopted.ThecorporategovernancepracticesadoptedbytheCompanyaresetoutinSchedule“A”attachedtothisInformationCircular.

PART IV STATEMENT OF EXECUTIVE COMPENSATION

ForthepurposesofthisInformationCircular,aNamedExecutiveOfficer(“NEO ”)oftheCompanymeanseachofthefollowingindividuals:

(a) thechiefexecutiveofficer(“CEO ”)oftheCompany; (b) thechieffinancialofficer(“CFO ”)oftheCompany; (c) each of the Company’s three most highly compensated executive officers of the Company, including any of its subsidiaries, or the three most highly

compensatedindividualsactinginasimilarcapacity,otherthantheCEOandCFO,atAugust31,2017whosetotalcompensationwas,individually,morethan$150,000,asdeterminedinaccordancewithsubsection1.3(6)ofForm51-102F6–StatementofExecutiveCompensation,forthatfinancialyear;and

(d) eachindividualwhowouldbeanNEOunderparagraph(c)abovebutforthefactthattheindividualwasneitheranexecutiveofficeroftheCompanyorits

subsidiaries,noractinginasimilarcapacity,atAugust31,2017.

During the year ended August 31, 2017 (“Fiscal 2017 ”)the Company had five NEOs: R. Michael Jones, the President and CEOof theCompany; Frank R.Hallam,theCFOoftheCompany;PeterC.Busse,theformerChiefOperatingOfficeroftheCompany(Mr.BusseretiredeffectiveFebruary20,2017);Kresimir(Kris)Begic,Vice-PresidentCorporateDevelopment;andMliboMgudlwa,VPoftheCompany’swhollyownedsubsidiary,PlatinumGroupMetals(RSA)(Pty)Ltd.Mr.BegicandMr.Mgudlwaarenotexecutiveofficers(asthattermisdefinedunderNationalInstrument51-102–ContinuousDisclosureObligations)butconstituteNEOsbasedonparagraph(d)above.

COMPENSATION DISCUSSION AND ANALYSIS

The Compensation Committee is responsible for ensuring that the Company has in place an appropriate plan for executive compensation and for makingrecommendationstotheBoardwithrespecttothecompensationoftheCompany’sofficers.TheCompensationCommitteeensuresthattotalcompensationpaidtoallactiveNEOsisfairandreasonableandisconsistentwiththeCompany’scompensationphilosophy.TheCompensationCommitteeiscomprisedofBarryW.Smee(Chair),IainD.C.McLeanandDianaJ.Walters,allofwhomareindependentdirectorsoftheCompany.

TheCompanydoesnot generate operatingcashflowandrelies onequity anddebt financings to fundits explorationandcorporate activities.Therefore,astheCompanyseekstoattract,retainandmotivatehighlyskilledandexperiencedNEOs,itmustatthesametimeconsidercurrentmarketandindustrycircumstancesandtheCompany’sliquidityandabilitytoraisefurthercapital.

The mineral exploration and development industry is extremely competitive and active for officers and other employees. Since 2008 the global economicenvironmenthasbeenunstable,resultinginavolatileequitymarket.Variablecommoditiesmarketconditionsandassociatedlongtermmarketuncertaintiessince2011havehadanimpactonexecutivecompensationdecisionsmadeduringthefiscal yearsendedAugust312014to2017.TheCompensationDiscussionandAnalysis that followsoutlinestheCompany’sexecutivecompensationcomponentsandphilosophies, whichat times, wastemperedbytheCompany’sdesiretopreservecapitalinlightofuncertaineconomiccircumstances.

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Officer Compensation Philosophy and Objectives

TheCompany’sprincipal goalistocreatevalueforitsshareholders. TheCompany’scompensationphilosophyreflectsthisgoal, andisbasedonthefollowingfundamentalprinciples:

1. Compensationprogramsalignwithshareholderinterests–theCompanyalignsthegoalsofofficerswithmaximizinglong-termshareholdervalue; 2. Performance sensitive – compensation for officers should be linked to operating and market performance of the Company and fluctuate with the

performance;and 3. Offermarketcompetitivecompensationtoattractandretaintalent–thecompensationprogramshouldprovidemarketcompetitivepayintermsofvalue

andstructureinordertoretainexistingemployeeswhoareperformingaccordingtotheirobjectivesandtoattractnewindividualsofthehighestcalibre.

TheCompanydoesnothaveaformalcompensationprogramwithsetbenchmarks;however,theCompanydoeshaveaninformalprogramdesignedtoencourage,compensateandrewardemployeesonthebasisofindividualandcorporateperformance,includingbutnotlimitedtotheCommonShareprice,bothintheshortandthelongterm,andtoaligntheinterestsofofficerswiththeinterestoftheCompany’sshareholders.Thisalignmentofinterestsisachievedbymakinglongtermequity-basedincentivesthroughthegrantingofstockoptions,asignificantcomponentofexecutivecompensation(ontheassumptionthattheperformanceoftheCommonSharepriceoverthelongtermisanimportantindicatoroflongtermperformance).

TheobjectivesofthecompensationprogramincompensatingtheactiveNEOsarederivedfromtheabove-mentionedcompensationphilosophyandareasfollows:toattract, motivateandretainhighlyskilledandexperiencedofficers;toaligntheinterestsofofficerswithshareholders’interestsandwiththeexecutionoftheCompanybusinessstrategy;andtotiecompensationdirectlytothosemeasurementsandrewardsbasedonachievingandexceedingperformanceexpectations.

The Compensation Committee has not formally considered the implications of the risks associated with the Company’s compensation policies and practices.Notwithstandingthis, riskmanagementisaconsiderationoftheCompensationCommitteewhenimplementingitscompensationpoliciesandtheCompensationCommittee does not believe that the Company’s compensation policiesand practices result in unnecessary or inappropriate risk taking, including risksthatarelikelytohaveamaterialadverseeffectontheCompany.

Competitive Compensation

TheCompanyisdependentonindividualswithspecializedskillsandknowledgerelatedtotheexplorationforanddevelopmentofmineralprospects,corporatefinance and management. Therefore, the Company seeks to attract, retain and motivate highly skilled and experienced officers by providing competitivecompensation. The Compensation Committee reviews data related to compensation levels and programs of various companies that are similar in size to theCompany and operate within the mining exploration anddevelopment industry, prior to making its recommendations to the Board. Theseother companies areidentifiedbelowinthesectionfollowingthetableundertheheadingentitled“ExecutiveCompensation-RelatedFees”.TheCompensationCommitteealsoreliesontheexperienceofitsmembersasofficersand/ordirectorsofothercompaniesinsimilarlinesofbusinessastheCompanyinassessingcompensationlevels.

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Thepurposeofthisprocessisto:

understandthecompetitivenessofcurrentpaylevelsforeachexecutivepositionrelativetocompanieswithsimilarrevenuesandbusinesscharacteristics;identifyandunderstandanygapsthatmayexistbetweenactualcompensationlevelsandmarketcompensationlevels;andestablish as a basis for developing salary adjustments and short-term and long-term incentive awards for the Compensation Committee’s approval andrecommendationtotheBoard.

Elements of Officer Compensation

Acombinationoffixedandvariablecompensationisusedtomotivateofficerstoachieveoverallcorporategoals.ForthefinancialyearendedAugust31,2017,thethreebasiccomponentsofofficercompensationwere:

basesalary;annualincentives(cashbonus);andoptionbasedawards(long-termcompensation).

Basesalarycomprisestheportionofexecutivecompensationthatisfixed,whereasannualincentivesandoptionbasedcompensationrepresentcompensationthatis“atrisk”andthusmayormaynotbepaidtotherespectiveofficerdependingon:whethertheofficerisabletomeetorexceedhisorherapplicableperformanceexpectations;marketperformanceoftheCommonShares;andtheCompany’sliquidityandabilitytoraisefurthercapitalintheprevailingeconomicenvironment.

Nospecificformulaehavebeendevelopedtoassignaspecificweightingtoeachofthesecomponents.Instead,theCompensationCommitteereviewseachelementof compensation for market competitiveness, and it may weigh a particular element more heavily based on the officer’s role and responsibilities within theCompany. The focus is on remaining competitive in the market with respect to “total compensation” as opposed to within any one component of executivecompensation.

ThemembersoftheCompensationCommitteehavedirectexperiencewithofficercompensationwhichenablesthemtomakedecisionsonthesuitabilityoftheCompany’s compensation policies. Barry W. Smee until recently served as a board member of other publicly listed mining companies. Diana J.Waltershasextensivebusinessexperienceinthenaturalresourcessector,bothasaninvestmentbankerandinoperatinganddirectorshiproles.IainD.C.McLeanhasextensivebusiness experience in mine operations and seniormanagement positions in publicly listed and private technology companies.Collectively, the CompensationCommitteeisawareofthemarketcompensationlevelsandcanprovideguidanceonthepoliciesrequiredtoensuretheCompanyhasappropriatecompensationpoliciesinplace.

The Compensation Committee reviews on an annual basis the cashcompensation, performance andoverall compensation package of each active NEO.Itthensubmits to the Board recommendations with respect to base salaryadjustments, bonuses andparticipation in optionbasedcompensation arrangements foreachNEO.

Basesalaryistargetedtobecompetitiveinthemarketplaceinordertoattract andretainqualifiedindividualstotheCompanyandthen typicallyservesasthefoundationfordeterminingannualandlong-termincentiveplanamounts.TheactualamountofannualincentiveisdecidedbasedonindividualperformanceandthediscretionoftheCompensationCommittee.Long-termcompensationistargetedtobecompetitiveinthemarketplace,butispositionedinsuchawayastohavesignificantpayatriskandbedependentuponthelong-termsuccessoftheCompany.

BaseSalary

The Compensation Committee and the Board approve the salary ranges for the active NEOs. Base salaries are set with the goal of being competitive withcorporationsofacomparablesizeandatthesamestageofdevelopment,therebyenablingtheCompanytocompeteforandretainNEOscriticaltotheCompany’slong-termsuccess.IndeterminingthebasesalaryofanNEO,theCompensationCommitteeplacesequalweightonthefollowingcriteria:

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theparticularresponsibilitiesrelatedtotheposition;salariespaidbycomparablebusinesses;theexperienceleveloftheofficer;andhisorheroverallperformanceorexpectedperformance(inthecaseofanewlyhiredofficer).

TheCompensationCommitteemakesanassessmentofthesecriteria,andusingthisinformationtogetherwithbudgetaryguidelinesandotherinternallygeneratedplanningandforecastingtools,performsanannualassessmentofthecompensationofallofficers’andemployees’compensationlevels.IntheyearendedAugust31, 2016(“Fiscal 2016 ”)theCompensation Committee engagedanexternal independent consultant, LaneCaputoCompensationInc. (the“Consultant ”)toassisttheCompensationCommitteeinassessingthecriteriaandtomakerecommendationsonappropriatecompensationlevelsforofficersandemployees.Duringfiscal2016theConsultantalsoassistedtheCompensationCommitteewiththeassessmentanddesignofamendmentstotheCompany’sShareCompensationPlanandtheimplementationofaDeferredShareUnitPlan,bothasdefinedanddescribedbelow.

Duringfiscal2017theCompensationCommitteedidnotengageanexternalindependentconsultantandthecommitteemadenorecommendationtoalterthebasesalaryforanyactiveNEOortoaltertheShareCompensationPlanorDeferredShareUnitPlan.TheaggregatefeesbilledtotheCompanyoritssubsidiariesbytheConsultant,includinganyofitsassociates,duringthefiscalyearendedAugust31,2017wasNil.

ExecutiveCompensation-RelatedFees

Consultant Year (1)Fees ($)

All Other Fees ($)

Total Fees ($)

LaneCaputoCompensationInc.(2) 20172016

Nil8,431

NilNil

Nil8,431

Notes : (1) FinancialyearendedAugust31st.(2) LaneCaputoCompensationInc.wasoriginallyretainedinJanuary2011toprovideafullreviewofseniorexecutiveandboardcompensationwithafullset

ofbenchmarkcompanycomparisons.

TheCompensationCommitteeandtheConsultanthadaccesstootherpubliccompanydatathroughavailableinformationandotherpubliccompanyboardswherethemembersserve.Inparticular,theCompanylookedatthefollowingbenchmarkgroupasprovidedinawrittenreportbytheConsultantin2015:

ArgonautGoldInc.MAGSilverCorp.SemafoInc.AsankoGoldInc.NevsunResourcesLtd.SierraMetalsInc.AuRicoGoldInc.(priortoitsmergerwithAlamosGoldInc.)PerseusMiningLimitedTerangaGoldCorporationEndeavourMiningCorporationPrimeroMiningCorp.TorexGoldResourcesInc.GuyanaGoldfieldsInc.RomarcoMineralsInc.

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TrevaliMiningCorporationKatangaMiningLimitedRoxgoldInc.TrueGoldMiningInc.LucaraDiamondCorp.RubiconMineralsCorporation

This benchmark group was selected based on the stage of the company, market capitalization and geographic location of the companies’ properties. TheCompensation Committee used the benchmark group data to ensure the compensation levels were sufficient to be competitive without exceeding averagecompensationforcompaniesofthesamesizeandstage.

DuringthefinancialyearendingAugust31,2017,approximately:$525,000(2016-$465,167)waspaidasbasefeestotheCompany’sPresident/CEO;$475,000(2016- $427,031) waspaidasbasesalaryfor theCompany’s CFO;$165,277(2016-$337,789)waspaidasbasesalaryfortheCompany’sformerCOO,whoretired on February 20, 2017; $230,000 (2016 - $213,333) was paid as a base salary for the Company’s VP Corporate Development; and $234,212 (2016 -$197,288) was paid as a base salary for the VP Platinum Group Metals (RSA) (Pty) Ltd. Employee salaries are based on fair market value and individualperformanceassessedbymanagement.Incentivesandoptionsareconsideredseparatelyfrombasesalary.

AnnualIncentives(CashBonus)

Officersareeligibleforanannualdiscretionarybonus,payableincash.TheBoardapprovessuchannualincentives,relyingheavilyontherecommendationsoftheCompensationCommitteeingrantingthem.TheCompensationCommitteeassesseseachactiveNEO’sperformanceandhisorherrespectivecontributiontotheCompany’ssuccess,andaftertakingintoaccountthefinancialandoperatingperformanceoftheCompany,makesarecommendationtotheBoard.Competitivelevelsofbasesalary,comparisonsandoptionbasedawardsareconsideredwhensettingincentives.Overallcompensationisconsideredasawholeincludingannualincentives.FortheCEOandCOO,safetyisalsoaconsiderationforbonuscompensation.

AlthoughsomeperformancemilestonesweremetbyNEOsinFiscal2017,followingFiscal2017,andasatthedateofthisInformationCircular,theCompensationCommittee has determined that no cash bonus amounts will bepaid to NEOs in respect of Fiscal 2017 due to the performance of the Maseve Mine and as areflectionofmarketconditionsfortheCommonShares.

OptionBasedAwards(LongTermCompensation)

TheCompensationCommitteebelievesthatitisimportanttoawardincentivestockoptionsaspartofanoverallcompensationpackage.Encouragingitsofficersand employees to become shareholders of the Company is, in the Compensation Committee’s view, the best way to align their interests with those of theCompany’sshareholders.

EquityparticipationisaccomplishedthroughtheCompany’ssharecompensationplan(the“Share Compensation Plan ”),whichisdesignedtogiveeachoptionholderaninterestinpreservingandmaximizingshareholdervalueinthelongerterm,toenabletheCompanytoattractandretainindividualswithexperienceandability,andtorewardindividualsforcurrentperformanceandexpectedfutureperformance.InternalexperienceoftheCompensationCommitteeandBoardisusedwithrespecttooptionlevelsandcomparisonsaremadetosimilarcompaniesatthesamestageofdevelopmentintheminingindustry.

TheCompensationCommitteeconsidersstockoptiongrantswhenreviewingNEOcompensationpackagesasawhole.StockoptionsgrantedtoNEOsduringthemostrecentlycompletedfinancialyeararedisclosedbelowundertheheading“SummaryCompensationTable”.

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Purchase of Financial Instruments

NEOsanddirectorsarenotpermittedtopurchasefinancialinstruments,includingforgreatercertainty,prepaidvariableforwardcontracts,equityswaps,collarsorunitsofexchangefundsthataredesignedtohedgeoroffsetadecreaseinmarketvalueofequitysecuritiesgrantedascompensationorheld,directlyorindirectly,bytheNEOordirector.

Performance Graph

Thefollowingchart compares thetotal cumulative shareholder returnon$100investedintheCommonSharesonSeptember1, 2012withthecumulativetotalreturnsoftheS&P/TSXCompositeIndexandtheS&P/TSXGlobalMiningIndexforthefivemostrecentlycompletedfinancialyears.

2012 2013 2014 2015 2016 2017PlatinumGroupMetalsLtd. 100 152 149 44 47 11S&P/TSXCompositeIndex 100 106 131 116 122 127S&P/TSXGlobalMiningIndex 100 86 97 63 76 85

Asshownintheforegoinggraph,theCompany’sperformancehasbeenbelowtheperformanceoftheS&P/TSXCompositeIndexandS&P/TSXGlobalMiningIndex.Marketconditionsoverthepastseveralyearshavebeenvolatileandhaveparticularlyimpactedthejuniorminingsector.Marketconditionsandassociatedlongtermmarketuncertaintieshaveanimpactonofficercompensationdecisions;however,theCompensationCommitteealsoconsiderstheperformanceoftheofficersandtheachievementofmilestones.TheCompany’sofficershaveachievedmanyplannedmilestones,notwithstandingthedifficultiesexperiencedattheMaseveMineandmarketconditions.

Duringthe2013calendaryear,theCompanycompletedapublicofferingof22.5millionsharesforgrossproceedsof$180millionandcompletedapublicofferingof14.9millionsharesforgrossproceedsofapproximately$175.2million,successfullycompletedPhase1constructionatProject1,commencedwithexecutionofPhase2constructionandundergrounddevelopmentatProject1andadvancedthesignificantnewdiscoveryatitsWaterbergpropertyincludingthedeclarationofinferredresources.

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Duringthe2014calendaryear,theCompanycontinuedwiththeexecutionofPhase2constructionandundergrounddevelopmentatProject1,furtheradvancedthediscoveryatitsWaterbergpropertyincludingthecompletionofapositivepreliminaryeconomicassessmentfortheWaterbergJointVenture,declaredasignificantincreasetoinferredresourcesfortheWaterbergpropertyandcompletedapublicofferingof21.5millionsharesforgrossproceedsofapproximatelyUS$113.8million.

During the 2015 calendar year, at Project 1, the Company completed all required permitting, advanced underground development and substantiallycompletedconstruction,commencedwithpreparationsforproductionandcompletedUS$80millionindebtfinancing.AttheWaterbergProjecttheCompanycompletedanamendmenttotheexistingjointventurearrangementinMay2015toconsolidatetheownershipoftheproject, achievingUS$20millioninpartnerfundingasacomponentofthedeal.Anew,largerresourceestimatewascompletedatWaterberginJuly2015.

Duringthe2016calendaryear,atProject1,theCompanycompletedconstructionofsurfaceinfrastructureandplantcommissioning,howeverproductionrampuphasbeenbehindschedule.AttheWaterbergProject,theCompanycompletedapositivepre-feasibilitystudyinOctober2016andanew,largerresourceestimateinApril2016.TheCompanycompletedapublicofferingof11.0millionsharesforgrossproceedsofUS$33.0millioninMay2016andapublicofferingof22.2millionsharesforgrossproceedsofapproximatelyUS$40.0millioninNovember2016.

Duringthe2017calendaryear,basedonsub-optimalperformanceattheMaseveMine,theCompanyundertookinSeptember2017toexitconventionalplatinumminingbyagreeingtosellitspositionintheMaseveMineinatransactionvaluedatapproximatelyUS$74.0million.TheCompanyalsoclosedatransactioninNovember2017tosellan8.6%interestintheWaterbergProjectforUS$17.2milliontoImpalaPlatinumHoldingsLtd.(“Implats ”),anintegratedSouthAfricanproducerofplatinumgroupmetals(“PGMs ”).Implatswasalsograntedanoptiontoearnandacquireuptoa50.01%interestintheWaterbergProjectfromtheCompanyandanother joint venture partner. At the Waterberg Project, the Companyinitiated a Definitive Feasibility Studywhich is underwayandtargeting alarge,thickPGMresourcewiththeobjectivetomodelalarge-scale,fully-mechanizedmine.TheCompanycompletedapublicofferingof19.7millionsharesforgrossproceedsofUS$28.75millioninJanuary2017,apublicofferingof15.4millionsharesforgrossproceedsofUS$20millioninApril2017andissuedandsoldUS$20millionof67/8%convertibleseniorsubordinatednotestocertaininstitutionalinvestorsinJune2017.

FromSeptember1,2012toAugust31,2017,thesharepriceoftheCompanyhasdecreasedbyapproximately89.5%comparedtoanincreaseintheS&P/TSXCompositeIndexofapproximately27.3%andadecreaseintheS&P/TSXGlobalMiningIndexofapproximately15.2%duringthecorrespondingperiod.

Share-Based and Option-Based Awards

It is generally recognized that share and option based awardsaid in attracting, retaining andencouraging individuals due to the opportunityoffered to themtoacquireaproprietaryinterestintheCompany.

InFebruary2017,theCompanyadoptedaShareCompensationPlantoprovidefortheawardofrestrictedshareunits(‘RSUs ”)andgrantstockoptionstoitsdirectors, executive officers, key employees and consultants (the “Eligible Persons ”) of the Company and its Subsidiaries for the purpose of advancing theinterestsoftheCompanyanditsSubsidiaries,anditsshareholdersby:(i)ensuringthattheinterestsofEligiblePersonsarealignedwiththesuccessoftheCompanyanditsSubsidiaries;(ii)encouragingstockownershipbyEligiblePersons;and(iii)providingcompensationopportunitiestoattract, retainandmotivateEligiblePersons.

PriortotheadoptionoftheShareCompensationPlan,theCompanyprovidedforthegrantofstockoptionstoEligiblePersonsthroughitsstockoptionplan(the“Stock Option Plan ”),whichcurrentlyexistsonlyforthepurposeofgoverningthetermsofalloutstandingoptionsthatwereissuedbeforetheadoptionoftheShareCompensationPlan. Nonewoptionsmaybegrantedunder theStockOptionPlanandthetotal numberof outstandingoptionsissued(but notexercised)undertheStockOptionPlancounttowardsthemaximumnumberofstockoptionsandRSUsissuableundertheShareCompensationPlan.

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TheCompensationCommitteedeterminestherangesofstockoptiongrantsforeachlevel ofexecutiveofficer, thekeyemployeestowhomit recommendsthatgrantsbemade,andthetermsandconditionsoftheoptionsformingpartofsuchgrants,andmakesrecommendationstotheBoardaccordingly.Individualgrantsare determined by an assessment of an individual’s current and expected future performance, level of responsibilities and the importance of the positionandcontributiontotheCompany. Theexistingnumber andtermsof theoutstandingoptionsare takenintoaccount whengrantingnewoptions. Theexerciseprice,whichcanbenolessthanthemarketprice(asdefinedintheTSXCompanyManual),theterm,uptoamaximumoftenyears,andvestingprovisions,ifany,willbedeterminedbythedirectorsoftheCompany.

ThenumberofstockoptionswhichmaybeissuedundertheShareCompensationPlanintheaggregateandinrespectofanyfiscalyearislimitedunderthetermsoftheShareCompensationPlanandcannotbeincreasedwithoutshareholderapproval.DetailsoftheCompany’sShareCompensationPlanareprovidedbelowunder“SecuritiesAuthorizedforIssuanceunderEquityCompensationPlans”.Therewasnore-pricingofstockoptionsundertheShareCompensationPlanorotherwiseduringthemostrecentlycompletedfinancialyear.

Summary Compensation Table

Thefollowingtablesetsforthalldirectandindirectcompensationfor,orinconnectionwith,servicesprovidedtotheCompanyanditssubsidiariesforthefinancialyearsendedAugust31,2017,August31,2016andAugust31,2015inrespectofeachNEO.

Non-Equity Incentive Plan Compensation ($) Share- Option- Long- All Other Total

Based Based Annual term Pension

Compensation

CompensationNEO Name and Salary Awards Awards (2) Incentive Incentive Value Principal Position Year (1) ($) ($) ($) Plans Plans ($) ($) ($)R.Michael 2017 525,000 Nil 216,375 Nil Nil Nil Nil 741,375Jones 2016 465,167 Nil 56,304 78,750 Nil Nil Nil 600,221CEO(3) 2015 430,000 Nil 338,415 331,500 Nil Nil Nil 1,099,915FrankR.Hallam 2017 475,000 Nil 189,550 Nil Nil Nil Nil 664,550CFO(3) 2016 427,031 Nil 50,049 72,625 Nil Nil Nil 549,705 2015 396,667 Nil 282,013 306,000 Nil Nil Nil 984,680PeterC.Busse 2017 165,277 Nil 10,640 Nil Nil Nil Nil 175,917COO(4) 2016 337,789 Nil 37,537 58,625 Nil Nil Nil 433,951 2015 320,000 Nil 155,107 110,000 Nil Nil Nil 585,107Kresimir(Kris) 2017 230,000 Nil 106,857 Nil Nil Nil Nil 336,857Begic 2016 213,333 Nil 23,460 36,750 Nil Nil Nil 273.543VPCorporate 2015 201,667 Nil 84,604 100,000 Nil Nil Nil 386,271Development

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Non-Equity Incentive Plan Compensation ($)

NEO Name and PrincipalPosition Year (1)

Salary ($)

Share- Based

Awards ($)

Option- Based

Awards (2)

($)

AnnualIncentive

Plans

Long- term

Incentive Plans

Pension Value ($)

All OtherCompensation

($)

TotalCompensation

($)MliboMgudlwa 2017 242,409 Nil 86,369 Nil Nil Nil 4,129 332,908VPPlatinum 2016 196,615 Nil 20,020 14,676 Nil Nil 11,427 242,738GroupMetals(RSA)(Pty)Ltd(5)

2015 190,266 Nil 56,403 26,549 Nil Nil 17,656 234,471

Notes : (1) FinancialyearendedAugust31st.(2) Amount is basedonthefair value of the awardonthedate of grant for a financial year usingtheBlack-Scholes optionpricingmodelwiththevarious

assumptions related to expected volatility, risk-free interest rate, expected life and expected dividend yield. Optionpricing models require the input ofhighly subjective assumptions including the expected price volatility. Changes in the subjective input assumptions can materially affect the fair valueestimated,andtherefore,theexistingmodelsdonotnecessarilyprovideareliablesinglemeasureofthefairvalueoftheCompany’sstockoptions.

(3) AlsoadirectoroftheCompany.NofeesarepaidtotheNEOinhisroleasadirector.(4) RetiredFebruary20,2017.(5) SalarypaidinRand.CanadiandollarvalueissubjecttoexchangeratefluctuationsbetweentheSouthAfricanRandandtheCanadiandollar.

SignificantfactorsnecessarytounderstandtheinformationdisclosedintheSummaryCompensationTableaboveareasfollows:

Pursuant to the terms of an employment agreement dated August 1, 2012 (the “ Jones Employment Agreement ”), R. Michael Jones is employed as theCompany’s President/CEO. Pursuant to the Jones Employment Agreement, Mr. Jones’ annual compensation is $525,000 effective July 1, 2016 and payable insemi-monthlyinstallments.TheJonesEmploymentAgreementalsoincludesachangeofcontrolprovision,whichisdescribedmorefullybelowat“TerminationofEmployment,ChangeinResponsibilitiesandEmploymentContracts”.Mr.Jonesisalsoeligibleforanannualdiscretionarybonus.

PursuanttothetermsofanemploymentagreementdatedJuly5,2012(the“Hallam Employment Agreement ”),FrankR.HallamisemployedastheCompany’sCFO. Pursuant to the Hallam Employment Agreement, Mr. Hallam’s annual compensation is $475,000 effective July 1, 2016 and payable in semi-monthlyinstallments. The Hallam Employment Agreement also includes a change of control provision, which is described more fully below at “ Termination ofEmployment,ChangeinResponsibilitiesandEmploymentContracts”.Mr.Hallamisalsoeligibleforanannualdiscretionarybonus.

Pursuant to the terms of an employment agreement dated July 25, 2012 (the “Begic Employment Agreement ”), Kresimir (Kris) Begic is engaged as theCompany’sVPofCorporateDevelopment.PursuanttotheBegicEmploymentAgreement,Mr.Begic’sannualcompensationis$230,000effectiveJuly1,2016andpayableinsemi-monthlyinstalments.TheBegicEmploymentAgreementalsoincludesachangeofcontrolprovision,whichisdescribedmorefullybelowat“TerminationofEmployment,ChangeinResponsibilitiesandEmploymentContracts”.Mr.Begicisalsoeligibleforanannualdiscretionarybonus.

TheJonesEmploymentAgreement,theHallamEmploymentAgreementandtheBegicEmploymentAgreementarecollectivelythe“Employment Agreements ”.

Pursuant to the terms of an employment agreement dated June 28, 2011 (the “Mgudlwa Employment Agreement ”), Mlibo Mgudlwa is engaged as VPofPlatinumGroupMetals(RSA)(Pty)Ltd.PursuanttotheMgudlwaEmploymentAgreement,Mr.Mgudlwa’sannualcompensationeffectiveMay1,2016isRand2,467,975(approximately$242,409andpayableinsemi-monthlyinstalments.Mr.Mgudlwaisalsoeligibleforanannualdiscretionarybonus.

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Incentive Plan Awards

OutstandingShare-BasedAwardsandOption-BasedAwards

The following table sets forth information concerning all awards outstanding under incentive plans of the Company at the end of the most recentlycompletedfinancialyear,includingawardsgrantedbeforethemostrecentlycompletedfinancialyear,toeachoftheNEOs.TheclosingpriceoftheCommonSharesontheTSXonAugust31,2017was$0.81.

Option-Based Awards Share-Based Awards

Name

Number of Securities

Underlying Unexercised

Options (#)

Option Exercise

Price ($)

Option Expiration

Date

Value of Unexercised

In-The-Money Options (1)

($)

Number of Shares or Units of

Shares that have not vested

(#)

Market or Payout Value

of Share-Based Awards that

have not vested

($)

R.Michael 40,000 9.60 Sep7,2017 Nil Nil Nil

Jones 100,000 13.00 Jan14,2019 Nil Nil Nil

120,000 6.50 Feb16,2020 Nil Nil Nil

67,500 2.00 Dec22, Nil Nil Nil

200,000 2.00 2020 Nil Nil Nil

Dec23,2021

FrankR. 40,000 9.60 Sep7,2017 Nil Nil Nil

Hallam 87,500 13.00 Jan14,2019 Nil Nil Nil

100,000 6.50 Feb16,2020 Nil Nil Nil

60,000 2.00 Dec22, Nil Nil Nil

175,000 2.00 2020 Nil Nil Nil

Dec23,2021

PeterC.Busse 20,000 9.60 Sep7,2017 Nil Nil Nil

(2) 40,000 13.00 Jan14,2019 Nil Nil Nil

55,000 6.50 Feb16,2020 Nil Nil Nil

45,000 2.00 Dec22,2020 Nil Nil Nil

Kresimir(Kris) 25,000 9.60 Sep7,2017 Nil Nil Nil

Begic 36,500 13.00 Jan14,2019 Nil Nil Nil

30,000 6.50 Feb16,2020 Nil Nil Nil

28,125 2.00 Dec22, Nil Nil Nil

100,000 2.00 2020 Nil Nil Nil

Dec23,2021

MliboMgudlwa 20,000 9.60 Sep7,2017 Nil Nil Nil

15,000 13.00 Jan14,2019 Nil Nil Nil

20,000 6.50 Feb16,2020 Nil Nil Nil

24,000 2.00 Dec22, Nil Nil Nil

90,000 2.00 2020 Nil Nil Nil

Dec23,2021

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Notes : (1) This amount is calculated based on the difference between the market value of the securities underlying the options at the end of the most recently

completedfinancialyear,whichwas$0.81,andtheexerciseorbasepriceoftheoption.(2) RetiredFebruary20,2017.

IncentivePlanAwards–ValueVestedorEarnedDuringtheYear

TheCompanydoesnothaveanyincentiveplans,pursuanttowhichcompensationthatdependsonachievingcertainperformancegoalsorsimilarconditionswithinaspecifiedperiodisawarded,earned,paidorpayabletotheNEOs.

Thefollowingtablesetsforth,foreachNEO,thevalueofallincentiveplanawardsvestedorearnedduringtheyearendedAugust31,2017.

Name

Option-based awards – Value vested during the

year (1)

($)

Share-based awards – Value vested during

the year ($)

Non-equity incentive plan compensation – Value earned during the year

($)

R.MichaelJones Nil Nil Nil

FrankR.Hallam Nil Nil Nil

PeterC.Busse(2) Nil Nil Nil

Kresimir(Kris)Begic Nil Nil Nil

MliboMgudlwa Nil Nil NilNotes : (1) ThisvalueiscalculatedasthedifferencebetweenthemarketpriceoftheCommonSharesandtheexercisepriceoftheoptionsonthevestingdate.(2) RetiredFebruary20,2017.

TheoptionsgrantedtotheaboveNEOsonDecember22,2015havethefollowingvestingschedule:25%oftheoptionsvestedonthedateofgrant;25%oftheoptionsvestedoneyearfromthedateofgrant(December22,2016);25%oftheoptionsvestedtwoyearsfromthedateofgrant(December22,2017);and25%oftheoptionswillvestthreeyearsfromthedateofgrant(December22,2018).AstheexercisepriceoftheoptionswasatorabovethemarketpriceoftheCommonSharesonthedateofgrant,thevalueoftheoptionswhichvestedthatwouldhavebeenrealizediftheoptionshadbeenexercisedonthevestingdatewas“nil”.

SubsequenttoAugust31,2017,therewerenooptionsgrantedtoNEOs.

Defined Benefit or Actuarial Plan Disclosure

TheCompanydoesnotprovideretirementbenefitsfordirectorsorofficers,anddoesnothaveapensionplanoradeferredcompensationplan.

Termination of Employment, Change in Responsibilities and Employment Contracts

TheCompanyhasthefollowingplansorarrangementsinrespectofremunerationreceivedorthatmaybereceivedbytheNEOsintheCompany’smostrecentlycompletedfinancial yearorcurrentfinancial yearinrespectofcompensatingsuchofficerintheeventofterminationofemployment(asaresultofresignation,changeofcontrolorchangeofresponsibilities).

NoterminationorchangeofcontrolpaymentsarepayabletoMr.MgudlwapursuanttotheMgudlwaEmploymentAgreement.

PursuanttotheEmploymentAgreements,eachofR.MichaelJones,FrankR.HallamandKresimir(Kris)Begic(hereinafterreferredtoas“Jones ”,“Hallam ”and“Begic ”,respectively;eachan“Officer ”andcollectively,the“Officers ”)mayresignbygiving90days’writtennoticeandthereafterbeentitledtohisannualsalaryearnedtothedateofcessation,togetherwithanyoutstandingearnedbutuntakenvacationpay,reimbursementofanyfinalexpensesandallbonusesearnedinrespectofanyperiodbeforethedateofcessation(collectively,the“Final Wages ”).

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IfanOfficeristerminatedwithoutcauseorresignsforgoodcause(asdefinedbelow),theCompanywillpaytheOfficer:

theFinalWages;and

anadditionalamountequalto12months(24monthsforJonesandHallam)oftheOfficers’annualsalary(the“Severance Period ”),and

theOfficer’scurrentbenefitswillcontinueuntiltheearlieroftheendoftheSeverancePeriodandreceiptofsimilarbenefitsthroughotheremployment.

InthecaseofeitheraterminationorresignationforgoodcausefollowingaChangeofControl(asdefinedbelow),theCompanywillpayseveranceasfollows(the“COC Severance ”):

FinalWages;anadditionalamountequivalentto24months’annualsalary(the“COC Severance Period ”);anadditionallumpsumequaltothesumoftheamountspaidasbonusestotheOfficerinrespectofthecompletedthreebonusyearsprecedingthedateoftermination divided by 36 (the “Average Monthly Bonus ”) multipliedby the number of completed months in the current bonus year through to theterminationdate;andanadditionallumpsumequaltotheAverageMonthlyBonusmultipliedbythenumberofmonthsintheCOCSeverancePeriod,andtheOfficers’currentbenefitswillcontinueuntiltheearlieroftheendoftheCOCSeverancePeriodandtheOfficers’receiptofsimilarbenefits throughotheremployment.

Inaddition,eachOfficershallhaveaspecialrighttoresignononemonth’swrittennotice,deliveredwithin60daysfollowingaChangeofControl,inwhichcasetheOfficerwillbeentitledtoreceivetheCOCSeverance.

UponaChangeofControl,anynon-vestedoptionsheldbytheOfficerwillbedeemedvestedonaChangeofControl.WheretheChangeofControlisatransactioninwhichthesharesoftheCompanyaretobepurchasedorotherwiseexchangedoracquired,suchvestingshalltakeplacesoastopermittheOfficer,athiselectionto participate in the transaction in respect of any such non-vested option shares, provided that if, for any reason suchChange of Control transaction does notcomplete,theoptionsshallreverttotheiroriginalterms,includingastovestingandalloptionsthevestingofwhichisacceleratedpursuanttotheforegoingshallremainopenforexerciseuntiltheearlieroftheirexpirydateoroneyearfromtheChangeofControl.

Definitions

“Change of Control ”means:

(a) theacquisition,beneficially,directlyorindirectly,byanypersonorgroupofpersonsactingjointlyorinconcert,withinthemeaningofMultilateralInstrument62-104–TakeoverBidsandIssuerBids(oranysuccessorinstrumentthereto),ofCommonSharesoftheCompanywhich,whenaddedto all other Common Shares of the Company at the time held beneficially, directly or indirectly by such person or persons acting jointly or inconcert,totalsforthefirsttimemorethan50%oftheoutstandingCommonSharesoftheCompany;or

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(b) theremoval,byextraordinaryresolutionoftheshareholdersoftheCompany,ofmorethan51%ofthethenincumbentdirectorsoftheCompany,or

theelectionofamajorityofdirectorstotheCompany’sBoardwhowerenotnomineesoftheCompany’sincumbentBoardatthetimeimmediatelyprecedingsuchelection;or

(c) the consummation of a sale of all or substantially all of the assets of the Company, or the consummation of a reorganization, merger orothertransactionwhichhassubstantiallythesameeffect;or

(d) amerger,consolidation,planofarrangementorreorganizationoftheCompanythatresultsinthebeneficial,directorindirecttransferofmorethan

50%ofthetotalvotingpoweroftheresultingentity’soutstandingsecuritiestoaperson,orgroupofpersonsactingjointlyandinconcert,whoaredifferentfromthepersonthathave,beneficially,directlyorindirectly,morethan50%ofthetotalvotingpowerpriortosuchtransaction.

“good cause ”meanstheoccurrenceofoneofthefollowingeventswithouttheOfficer’swrittenconsent:

(a) uponthematerialbreachofanymaterialtermoftheEmploymentAgreementbytheCompanyifsuchbreachordefaulthasnotbeenremediedto

the reasonable satisfaction of the Officer within 30 days after written notice of the breach of default has been delivered by theOfficer to theCompany;or

(b) amaterialreductionintheOfficer’sresponsibilities,titleorreporting,exceptasaresultoftheOfficer’sdisability;or (c) anyreductionbytheCompanyintheOfficer’sthencurrentannualsalary;or (d) relocationoftheOfficer’sprincipalofficelocationbymorethan25kilometres.

AnestimateoftheamountofthesepaymentsassumingthatthetriggeringeventgivingrisetosuchpaymentsoccurredonAugust31,2017,issetoutinthetablebelowandismorefullydescribedinthesectionthatfollows:

Triggering Event

NEO Resignation

Termination Without Cause and Resignation for Good

Cause Change of Control

R.MichaelJones N/A $1,050,000 $1,460,250

FrankR.Hallam N/A $950,000 $1,328,625

Kresimir(Kris)Begic N/A $230,000 $596,750

MliboMgudlwa N/A N/A N/A

Except as describedabove, the Companyhasnoplansorarrangements in respect of remuneration receivedor that maybereceivedbytheNEOsin respect ofcompensatingsuchofficerintheeventofterminationofemployment(asaresultofresignation,retirement,ChangeofControl,etc.)orachangeinresponsibilities.

Significant Conditions or Obligations Attached to Payment and Benefits

PursuanttothetermsoftheirrespectiveEmploymentAgreements,theOfficershaveagreed:

todevotesuchoftheirtimeandattentiontotheaffairsandbusinessoftheCompanyanditssubsidiariesasrequiredtofaithfullyfulfilltheirdutiesasanofficeroftheCompany;

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nottodivulgeanyconfidentialinformationorsecretsoftheCompanytoanypersonorpersonswithoutthepriorconsentinwritingofthedirectors;

nottoparticipateinthemanagementofanybusinessoperationengagedinmineraloperationwithin10kmofanymineralpropertybeingmined,exploredordevelopedbytheCompanywithin12monthsofterminationwithoutthewrittenconsentofthedirectors;and

to communicate immediately to the directors all business opportunities which come to the Officers in their position with the Company and to assignownershipofallbusinessopportunities,inventionsandimprovementsinthenatureofthebusinessoftheCompanythattheOfficersmayconceive,makeordiscover while employed by the Company and such opportunities, inventions and improvements shall become the exclusive property of the CompanywithoutanyobligationontheCompanytomakefurtherpayment.

Otherthanasprovidedabove,asatAugust31,2017,therewerenoemploymentcontractsbetweentheCompanyandanyNEOtocompensatesuchNEOintheeventofresignation,retirementoranyotherterminationoftheNEO’semploymentwiththeCompanyoritssubsidiaries,aChangeofControloftheCompanyoritssubsidiaries,orachangeinresponsibilitiesoftheNEOfollowingaChangeofControl.

Clawback Policy

Asameasureofaccountabilityandtoensurethatperformance-basedcompensationpaidbytheCompanyisbasedonaccuratefinancialdata,theBoardmayrequirereimbursement or forfeiture of any such compensation received by an executive officer in the event that there is a financial restatement or correction to theCompany’sfinancialstatementsandtheBoard,oritsdesignees(the“Administrators ”)determinethataloweramountofcompensationwouldhavebeenpaidbasedontherestatedfinancialresultssuchthattheindividualreceivedanexcessamountofcompensation.

Ifafinancialrestatementoccurs,andiftheAdministratorsdetermine:(i)thattheamountofanyperformance-basedcompensationactuallyissued,paid,granted,orawardedtoanyexecutiveofficeroftheCompanywouldhavebeenaloweramounthaditbeencalculatedbasedonsuchrestatedfinancialresults;and(ii)thatsuchexecutiveofficerengagedinfraudorintentionalillegalconductwhichmateriallycontributedtotheneedforsuchFinancialRestatement,thentheAdministratorsshall, except as provided below, cancel, rescind, or otherwise seek to recover fromsuch executive officer for thebenefit of the Company, and such executiveofficer will be required to forfeit or repay to the Company, the after-tax portion of the difference between the Awarded Compensation and the ActualCompensation.

TheAdministratorsshallnotseeksuchcancelation,rescission,forfeiture,orrecoveryfromanexecutiveofficertotheextenttheAdministratorsdetermine:(i)thattodosowouldbeunreasonable;or(ii)thatitwouldbebetterfortheCompanynottodoso.

PART V COMPENSATION OF DIRECTORS

Thefollowingtabledescribesallamountsofcompensationprovidedtothenon-NEOdirectorsoftheCompanyfortheyearendedAugust31,2017.

Director Name (1)

Fees Earned

(2) ($)

Share- Based

Awards ($)

Option- Based

Awards (3) ($)

Non-Equity Incentive

Plan Compensation

($)

Pension Value

($)

All Other Compensation

($)Total

($)

IainD.C.McLean 75,000 Nil 133,239 Nil Nil Nil 208,239

EricH.Carlson 75,000 Nil 133,239 Nil Nil Nil 208,239

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BarryW.Smee 60,000 Nil 133,239 Nil Nil Nil 193,239

TimothyD.Marlow 50,000 Nil 133,239 Nil Nil Nil 183,239

DianaJ.Walters 50,000 Nil 133,239 Nil Nil Nil 183,239Notes : (1) RelevantdisclosurehasbeenprovidedintheSummaryCompensationTableabove,fordirectorswhoreceivecompensationfortheirservicesasadirector

whoarealsoNEOs.(2) ThisCompensationofDirectorsTableoutlinesthecompensationpaidforBoardandcommitteeretainerfees,meetingfeesandperdiemfeesasdescribed

below.(3) AmountisbasedonthegrantdatefairvalueoftheawardforafinancialyearusingtheBlack-Scholesoptionpricingmodelwiththevariousassumptions

relatedtoexpectedvolatility,risk-freeinterestrate,expectedlifeandexpecteddividendyield.Optionpricingmodelsrequiretheinputofhighlysubjectiveassumptions including the expected price volatility. Changes in the subjective input assumptions can materially affect the fair value estimated, andtherefore,theexistingmodelsdonotnecessarilyprovideareliablesinglemeasureofthefairvalueoftheCompany’sstockoptions.

Schedule of Directors’ Fees and Narrative Description

Exceptasnotedbelow,theCompanyhasnoarrangements,standardorotherwise,pursuanttowhichthenon-NEOdirectorsarecompensatedbytheCompanyfortheirservicesintheircapacityasdirectors,orforcommitteeparticipation,involvementinspecialassignmentsorforservicesasaconsultantorexpertduringthefiscalyearendedAugust31,2017.

Exceptasnotedbelow,noneoftheCompany’scurrentnon-NEOdirectorshavereceivedanymannerofcompensationforservicesprovidedintheircapacityasdirectors,consultantsorexpertsduringtheCompany’smostrecentlycompletedfinancialyear.

Thefeespayabletothenon-NEOdirectorsoftheCompanyarefortheirserviceasdirectorsandasmembersofcommitteesoftheBoardandareasfollows:

Board or Committee Name Annual Retainer Per Diem

BoardofDirectors $50,000 Nil

BoardChairman $15,000 Nil

ChairoftheAuditCommittee. $15,000 Nil

OtherCommitteeChairs $10,000 Nil

SpecialAssignments Nil $1,000

Directors’feesarerecommendedbytheCompensationCommitteebasedonareviewofprevailingmarketconditionsandacomparisontopeergroupcompanieswithsimilarlinesofbusiness,marketcapitalizationandpublicstockexchangelistings.ThisrecommendationisthensubjecttotheapprovaloftheBoard.

Outstanding Share-Based Awards and Option-Based Awards to Directors

The following table sets forth information concerning all awards outstanding under incentive plans of the Company at the end of the most recentlycompletedfinancialyear,includingawardsgrantedbeforethemostrecentlycompletedfinancialyear,toeachofthedirectorswhoarenotalsoaNEO.TheclosingpriceoftheCompany’ssharesontheTSXonAugust31,2017was$0.81.

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Option-Based Awards Share-Based Awards

Director Name

Number of Securities

Underlying Unexercised

Options (#)

Option Exercise

Price ($)

Option Expiration

Date

Value of Unexercised

In-The-Money Options

(1) ($)

Number of Shares or Units of

Shares that have not vested

(#)

Market or Payout Value

of Share-Based Awards that

have not vested

($)IainD.C.McLean 25,000 9.60 Sep7,2017 Nil Nil Nil 25,000 13.00 Jan14,2019 Nil Nil Nil 35,000 6.50 Feb16,2020 Nil Nil Nil 33,750 2.00 Dec22,2020 Nil Nil Nil 125,000 2.00 Dec23,2021 Nil Nil NilEricH.Carlson 25,000 9.60 Sep7,2017 Nil Nil Nil 25,000 13.00 Jan14,2019 Nil Nil Nil 35,000 6.50 Feb16,2020 Nil Nil Nil 33,750 2.00 Dec22,2020 Nil Nil Nil 125,000 2.00 Dec23,2021 Nil Nil NilBarryW.Smee 25,000 9.60 Sep7,2017 Nil Nil Nil 25,000 13.00 Jan14,2019 Nil Nil Nil 35,000 6.50 Feb16,2020 Nil Nil Nil 33,750 2.00 Dec22,2020 Nil Nil Nil 125,000 2.00 Dec23,2021 Nil Nil NilTimothyD.Marlow 25,000 9.60 Sep7,2017 Nil Nil Nil 25,000 13.00 Jan14,2019 Nil Nil Nil 35,000 6.50 Feb16,2020 Nil Nil Nil 33,750 2.00 Dec22,2020 Nil Nil Nil 125,000 2.00 Dec23,2021 Nil Nil NilDianaJ.Walters 25,000 13.00 Jan14,2019 Nil Nil Nil 35,000 6.50 Feb16,2020 Nil Nil Nil 33,750 2.00 Dec22,2020 Nil Nil Nil 125,000 2.00 Dec23,2021 Nil Nil Nil Notes : (1) This amount is calculated based on the difference between the market value of the securities underlying the options at the end of the most recently

completedfinancialyear,whichwas$0.81,andtheexerciseorbasepriceoftheoption.(2) 25%oftheoptionsgrantedonDecember22,2015vestedasofthedateofgrant(December22,2015);25%oftheoptionsvestedoneyearofthedateof

grant(December22,2016);25%oftheoptionsvestedtwoyearsfromthedateofgrant(December22,2017);and25%oftheoptionswillvestthreeyearsfromthedateofgrant(December22,2018).

Incentive Plan Awards – Value Vested or Earned During the Year

TheCompanydoesnothaveanyincentiveplanspursuanttowhichcompensationthatdependsonachievingcertainperformancegoalsorsimilarconditionswithinaspecifiedperiodisawarded,earned,paidorpayabletothedirectors.

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Thefollowingtablesetsforthdetailsofthevaluevestedorearnedbyeachdirector,whoisalsonotaNEO,duringthemostrecentlycompletedfinancialyearforeachincentiveplanaward.

Name

Option-based awards – Value vested during

the year (1)

($)

Share-based awards – Value vested during

the year ($)

Non-equity incentive plan compensation –

Value earned during the year ($)

IainD.C.McLean Nil N/A N/A

EricH.Carlson Nil N/A N/A

BarryW.Smee Nil N/A N/A

TimothyD.Marlow Nil N/A N/A

DianaJ.Walters Nil N/A N/A Note : (1) ThisvalueiscalculatedasthedifferencebetweenthemarketpriceoftheCommonSharesandtheexercisepriceoftheoptionsonthevestingdate.

TheoptionsgrantedtotheabovedirectorsonDecember22,2015havethefollowingvestingschedule:25%oftheoptionsvestedonthedateofgrant;25%oftheoptionsvestedoneyearfromthedateofgrant(December22,2016);25%oftheoptionsvestedtwoyearsfromthedateofgrant(December22,2017);and25%oftheoptionswillvestthreeyearsfromthedateofgrant(December22,2018).AstheexercisepriceoftheoptionswasatorabovethemarketpriceoftheCommonSharesonthedateofgrant,thevalueoftheoptionswhichvestedthatwouldhavebeenrealizediftheoptionshadbeenexercisedonthevestingdatewas“nil”.

SubsequenttoAugust31,2017,therewerenooptionsgrantedtothenon-NEOdirectors.

Deferred Share Unit Plan for Directors

InFebruary2017,theBoardadoptedadeferredshareunitplanfordirectors(the“DSU Plan ”)effectiveconcurrentlywiththeShareCompensationPlanadoption.The DSUPlan permits directors whoare not salariedofficers or employees of the Company or a related corporation (referred to as “Eligible Directors ”)toconvertintodeferredshareunits(“DSUs ”)thefeesthatwouldotherwisebepayablebytheCompanytothemrelatingtofutureservicesfortheirparticipationontheBoardandoncommitteesoftheBoard,includingallannualretainersandamountsthatwouldbepayableforservingastheChairoftheBoardand/orasachairofacommitteeoftheBoard(excludinganyreimbursementofexpenses)(the“Board Fees ”).OnlyEligibleDirectorsarepermittedtoparticipateintheDSUPlan.The DSUPlan is administered by the Board or such other persons as may be designated by the Board fromtime to time, through the recommendation of theCompensationCommittee(the“DSUP Administrators ”).

WithrespecttotheconversionofBoardFeesintoDSUs,eachEligibleDirectormay,undertheDSUPlan,electtoconvertaminimumof20%uptoamaximumof100%,in 10%increments, of his or her future BoardFees for the relevant periodintoDSUsin lieuofbeingpaidsuchfees incash. OnthedateonwhichtherelevantBoardFeesarepayable,thenumberofDSUstobecreditedtoaparticipatingEligibleDirector(a“DSU Participant ”)willbedeterminedbydividinganamountequaltothedesignatedpercentageoftheBoardFeesthattheDSUParticipanthaselectedtohavecreditedinDSUsonthatfeepaymentdate,bythemarketvalue of a CommonShare on that fee payment date. Eligible Directors will be entitled to make anelection under the DSUPlan in respect of the period fromJanuary1throughDecember31nolaterthanDecember31oftheprioryear.NewlyelectedEligibleDirectors,andallEligibleDirectorsonthedatehereof,willhave30daysfromthedateofhis/herappointmentorthedatetheDSUPlaniseffective, asapplicable, tomakeanelectioninrespectoftheremainderofsuchcalendaryear.Allsuchelectionswillbeirrevocableinrespectofsuchperiod.

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IfaDSUParticipantbecomesasalariedofficeroranemployeeoftheCompanyorarelatedcorporation,suchDSUParticipantshallthereuponbesuspendedfromfurtherparticipationintheDSUPlaninthemannersetoutintheDSUPlan.

The DSUP Administrators may also, in their sole discretion from time to time, award DSUs to one or more Eligible Directors for the purposes of providingadditionalequityrelatedremunerationtosuchEligibleDirectorsinrespectoffutureservicesasanEligibleDirector.WithrespecttotheawardofsuchDSUs,theDSUPAdministratorswilldeterminewhenDSUswillbeawarded,thenumberofDSUstobeawarded,thevestingcriteriaforeachawardofDSUs,ifany,andallothertermsandconditionsofeachaward.UnlesstheDSUPAdministratorsdetermineotherwise,suchDSUswillbesubjecttoavestingschedulewherebytheywill become vested in equal instalments over three years with one-third vesting on the first anniversary of the award and one-third vesting on each of thesubsequent anniversaries of the award. TheDSUPAdministrators mayconsider alternatives for vestingcriteria related to theCompany’s performance andwillhavetheflexibilityundertheDSUPlantoapplysuchvestingcriteriatoparticularawardsofDSUs.TheDSUPlanwillalsoprovidethat:(a)wheretheTerminationofBoardService(asdefinedbelow)ofaDSUParticipant(orterminationofserviceasasalariedofficeroremployee,ifapplicable)occursasaresultoftheDSUParticipant’s death, all unvested DSUsof that DSUParticipant will vest effective onthe date of death; and(b) if there is a changeof control (as suchtermisdefinedintheDSUPlan),allunvestedDSUswillvestimmediatelypriortosuchchangeofcontrol.

If cashdividendsarepaidbytheCompanyontheCommonShares,aDSUParticipantwillalsobecreditedwithdividendequivalentsintheformofadditionalDSUsbasedonthenumberofvestedDSUstheDSUParticipantholdsontherecorddateforthepaymentofsuchdividend.

CanadianDSUParticipantswillnotbeentitledtoredeemanyDSUs(regardlessoftheirvestedstatus)untilaftertheDSUParticipantceasestobeamemberoftheBoardbywayofretirement,non-re-electionasadirector,resignation,incapacityordeath(each,a“Termination of Board Service ”),orterminationofserviceasasalariedofficeroremployee,ifapplicable.

Except with respect to U.S. Eligible Directors (defined below) a DSU Participant (or the DSU Participant’s legal representative, as the casemay be) will bepermittedtoredeemhisorhervestedDSUsnoearlierthanfollowingTerminationofBoardService(andterminationofserviceasasalariedofficeroremployee,ifapplicable) by giving written notice to the Company to redeem on one or more dates specified by the DSU Participant (or the DSU Participant’s legalrepresentative,asthecasemaybe),whichdatesshallnot,inanyevent,beearlierthanthetenthdayfollowingthereleaseoftheCompany’squarterlyorannualfinancialresultsimmediatelyfollowingsuchtermination,orlaterthanDecember1ofthefirstcalendaryearcommencingafterthetimeofsuchtermination.TheDSUsofanEligibleDirectorwhoisacitizenorresidentoftheUnitedStates,asdefinedintheUnitedStatesInternalRevenueCodeof1986,asamended(the“Code ”),andanyotherEligibleDirectorwhoissubject totaxundertheCodewithrespect toDSUsgrantedpursuant totheDSUPlan(each, a“U.S. EligibleDirector ”)willberedeemedduringthecalendaryearfollowingtheyearinwhichtheU.S.EligibleDirectorexperiencesa“separationfromservice”(asdefinedinthe Code) on a date selected by the Company. Upon redemption of DSUs, the Company will pay to the DSU Participant (or the DSU Participant’s legalrepresentative,asthecasemaybe)alumpsumcashpaymentequaltothenumberofDSUstoberedeemedmultipliedbythemarketvalueofaCommonShareonthe redemption date, net of any applicable deductions and withholdings. The DSU Plan will not entitle any DSU Participant to acquire Common Shares inconnectionwiththeredemptionofvestedDSUsundertheDSUPlan.

TheDSUPlanwillalsocontainprovisionsthatapplytoDSUParticipantswhoaresubjecttotaxinboththeUnitedStatesandCanada.ForsuchDSUParticipants,inlimitedcircumstancesspecifiedintheDSUPlanwherethereisaconflictintherequirementsofU.S.taxlawsandCanadiantaxlaws,therelevantDSUswillbeforfeited.

SubsequenttotheadoptionoftheCompany’sDSUPlan,therehavebeennoDSUsgrantedbytheCompany.

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PART VI OTHER INFORMATION

INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS

Asatthedatehereofandduringthemostrecentlycompletedfinancial year,therewasnoindebtednessoutstandingofanycurrentorformerdirector,executiveofficeroremployeeoftheCompanyoritssubsidiarieswhichisowingtotheCompanyoritssubsidiariesortoanotherentitywhichisthesubjectofaguarantee,supportagreement,letterofcreditorothersimilararrangementorunderstandingprovidedbytheCompanyoritssubsidiaries,enteredintoinconnectionwithapurchaseofsecuritiesorotherwise.

Noindividualwhois,oratanytimeduringthemostrecentlycompletedfinancialyearwas,adirectororexecutiveofficeroftheCompany,noproposednomineeforelectionasadirectoroftheCompanyandnoassociateofsuchpersons:

(a) isoratanytimesincethebeginningofthemostrecentlycompletedfinancialyearhasbeen,indebtedtotheCompanyoritssubsidiaries;or

(b) whoseindebtednesstoanotherentityis,oratanytimesincethebeginningofthemostrecentlycompletedfinancialyearhasbeen,thesubjectofa

guarantee,supportagreement,letterofcreditorothersimilararrangementorunderstandingprovidedbytheCompanyoritssubsidiaries,whetherinrelationtoasecuritiespurchaseprogramorotherprogramorotherwise.

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATIONS PLANS

ThefollowingtableprovidesinformationregardingtheStockOptionPlanandtheShareCompensationPlan(together,the“Plans ”)asofAugust31,2017,underwhichsecuritiesoftheCompanyareauthorizedforissuancetodirectors,seniorofficers,employees,non-employeedirectors,managementcompanyemployees,andconsultants:

Plan Category

Number of Securities to be Issued Upon

Exercise of Outstanding Options

(a)

Weighted-Average Exercise Price of

Outstanding Options

(b)

Number of Securities Remaining Available for Future Issuance

Under Equity Compensation Plans (Excluding Securities Reflected in Column

(a)) (c)

EquityCompensationPlansApprovedByShareholders

4,382,275(1) $4.65 14,846,938

EquityCompensationPlansNotApprovedByShareholders

N/A N/A Nil(1)

Total 4,382,275 $4.65 14,846,938 Note : (1) 4,287,275oftheseoptionsweregrantedpursuanttotheStockOptionPlanandhaveaweightedaverageexercisepriceof$4.66pershareand95,000of

theseoptionsweregrantedpursuanttotheShareCompensationPlanandhaveaweightedaverageexercisepriceof$2.00pershare.

Stock Option Plan

The Stock Option Plan exists only for the purpose of governing the terms of all outstanding options that were issued under the Stock Option Plan before theadoptionoftheCompany’sShareCompensationPlanonFebruary23,2017.NonewoptionsmaybegrantedundertheStockOptionPlanandthetotalnumberofoutstandingoptionsissued(butnotexercised)undertheStockOptionPlancounttowardsthemaximumnumberofstockoptions(“Options ”)andrestrictedshareunits (“RSUs ”)issuable under the Share Compensation Plan. Details of the Share Compensation Plan are provided below under “Securities Authorized forIssuanceUnderEquityCompensationPlans–ShareCompensationPlan”.

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The Stock Option Plan was approved by the shareholders at the annual general meeting held on January 10, 2006 and was amended at the Company’s annualgeneral meeting held on January 10, 2007 and was ratified by the shareholders at the annual general meetings held on January 12, 2010, January 8, 2013andFebruary26,2016.TheStockOptionPlanisclassifiedasa10%“rolling”planpursuanttowhichthenumberofCommonShareswhichmaybeissuablepursuanttooptionspreviouslygrantedandthosegrantedundertheStockOptionPlanisamaximumof10%oftheissuedandoutstandingCommonSharesatthetimeofthegrant.

OtherinformationrelatingtotheStockOptionPlanisasfollows:

TheStockOptionPlanisadministeredbytheCompensationCommittee.

Optionsmaybegrantedtodirectors,seniorofficers,employees,non-employeedirectors,managementcompanyemployeesandconsultantsoftheCompanyanditsaffiliates.

AsatJanuary2,2018,anaggregateof3,627,200optionswereoutstandingundertheStockOptionPlan,beinganumberofoptionsequalto2.40%oftheCompany’sissuedandoutstandingCommonSharesonsuchdate.

Thenumber of CommonShares reservedfor issuanceunder options grantedto Insiders (as definedin theStockOptionPlan), together withanysharesissuabletoInsiderspursuanttoanyothersharecompensationarrangementsoftheCompany,maynotexceed10%oftheissuedandoutstandingnumberofCommonSharesunlessapprovedbydisinterestedshareholders.

The number of shares issued to Insiders, together with any shares issued to Insiders pursuant to any other share compensation arrangements of theCompany,within a 12-month period may not exceed 10% of the issued and outstanding number of Common Shares unless approved by disinterestedshareholders.

The number of Common Shares reserved for issuance to any one individual pursuant to options or any other share compensation arrangements of theCompanyin any12-month period maynot exceed 5%of the number of issued andoutstandingCommonShares fromtimeto timeunless approvedbysecurityholderswhoarenotInsiders.

ThemaximumaggregatenumberofCommonSharesthatmaybereservedundertheStockOptionPlanorothersharecompensationarrangementsoftheCompanyforissuancetoanyoneconsultantduringany12-monthperiodmaynotexceed2%oftheissuedandoutstandingCommonShares.

ThemaximumaggregatenumberofCommonSharesthatmaybereservedundertheStockOptionPlanorothersharecompensationarrangementsoftheCompanyfor issuance to persons employed in investor relations activities (as a group)may not exceed, in any 12 month period, 2%of the issued andoutstandingCommonShares.

TheexercisepriceforoptionsgrantedundertheStockOptionPlanisdeterminedbytheCompensationCommittee,initsdiscretion,atthetimetheoptionsaregranted,butsuchpriceshallbefixedincompliancewiththeapplicableprovisionsoftheTSXCompanyManualinforceatthetimeofgrant,and,inanyevent,maynotbelessthantheclosingpriceoftheCommonSharesontheTSXonthetradingdayimmediatelyprecedingthedayonwhichtheoptionisgranted(providedthatiftherearenotradesonsuchdaythenthelastclosingpricewithintheprecedingtentradingdayswillbeused,andiftherearenotradeswithinsuchten-dayperiod,thenthesimpleaverageofthebidandaskpricesonthetradingdayimmediatelyprecedingthedayofgrantwillbeused).

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TheStockOptionPlandoesnotcontainprovisionsallowingforthetransformationofastockoptionintoastockappreciationright.

VestingofoptionsisatthediscretionoftheCompensationCommitteeatthetimeofgrantofoptions.

OptionsmaybeexercisableforaperiodoftimedeterminedbytheCompensationCommitteewiththemaximumtermofoptionsgrantedundertheStockOptionPlanbeingtenyearsfromthedateofgrant.

OptionscanonlybeexercisedbytheoptioneeaslongastheoptioneeremainsaneligibleoptioneepursuanttotheStockOptionPlan.Optionsgrantedtoanyoptioneewhoisadirector,employee,consultantormanagementcompanyemployeemustexpirewithin90daysaftertheoptioneeceasestobeinatleastoneofthesecategories.Optionsgrantedtoanyoptioneewhoisengagedininvestorrelationsactivitiesmustexpirewithin30daysaftertheoptioneeceasestobeemployedtoprovideinvestorrelationsactivities.

In the event of death of the optionee, the outstanding options shall remain in full force and effect and exercisable by the heirs or administrators of thedeceased optionee in accordance with the termsof the agreement for one year fromthe date of death or the balance of the option period, whichever isearlier.

OptionsgrantedundertheStockOptionPlanarenotassignableortransferableotherthanpursuanttoawillorbythelawsofdescentanddistribution.

SubjecttothepoliciesoftheTSX,theBoardmay,atanytime,withoutfurtheractionbytheCompany’sshareholders,amendtheStockOptionPlanoranyoptiongrantedthereunderinsuchrespectsasitmayconsideradvisableand,withoutlimitingthegeneralityoftheforegoing,itmaydosoto:

(a) ensurethattheoptionsgrantedthereunderwillcomplywithanyprovisionsrespectingstockoptionsintheincometaxandotherlawsinforceinanycountryorjurisdictionofwhichaparticipanttowhomanoptionhasbeengrantedmayfromtimetotimeberesidentoracitizen;

(b) makeamendmentsofanadministrativenature; (c) changevestingprovisionsofanoptionortheStockOptionPlan; (d) changeterminationprovisionsofanoptionprovidedthattheexpirydatedoesnotextendbeyondtheoriginalexpirydate; (e) reducetheexercisepriceofanoptionforanoptioneewhoisnotanInsider; (f) makeanyamendmentsrequiredtocomplywithapplicablelawsorTSXrequirements;and (g) makeanyotheramendmentswhichareapprovedbytheTSX.

Other than as set forth above, any other amendments to the Stock OptionPlan or options granted thereunder (or options otherwise governed thereby),including the reduction of the exercise price or the cancellation and reissuance of options or other entitlements, will be subject to the approval oftheshareholdersandTSX.

The Stock Option Plan does not contain any provisions relating to the provision of financial assistance by the Company to optionees to facilitate thepurchaseofCommonSharesupontheexerciseofoptions.

The Stock Option Plan contains adjustment provisions pursuant to which the exercise price of an option and/or the number of securities underlying anoptionmaybeadjustedintheeventofcertaincapitalchangesoftheCompanyincluding,withoutlimitation,shareconsolidations,stock-splits,dividendsandcorporatereorganizations.Theadjustmentprovisionsaremeanttoensurethattherightsassociatedwiththeoptionareneitherenhancednorprejudicedasaresultofthecapitalchange.

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Share Compensation Plan

TheShareCompensationPlanwasadoptedbytheCompanyafteritwasapprovedbytheshareholdersattheannualgeneralmeetingheldonFebruary23,2017(the“Adoption Date ”). As of the Adoption Date, the ShareCompensation Plan governs all newgrants of RSUsand options to purchase CommonShares (the “Options ”).TheCompany’sStockOptionPlancontinuestoexistbutonlyforthepurposeofgoverningthetermsofalloutstandingoptionsthatwerebeenissuedunder the Stock Option Plan before the adoption of theShare Compensation Plan. No newoptions may be granted under the Stock OptionPlan andthe totalnumberofoutstandingoptionsissued(butnotexercised)undertheStockOptionPlancounttowardsthemaximumnumberofOptionsandRSUsissuableundertheShareCompensationPlan.AdescriptionoftheStockOptionPlanisprovidedaboveunder“SecuritiesAuthorizedforIssuanceUnderEquityCompensationsPlans–StockOptionPlan”.

TheShareCompensationPlanisa10%“rolling”planpursuanttowhichthenumberofCommonShareswhichmaybeissuable pursuant toRSUsandOptionsgrantedundertheShareCompensationPlan,optionspreviouslygrantedundertheStockOptionPlan,togetherwiththoseCommonSharesissuablepursuanttoanyothersecuritybasedcompensationarrangementsoftheCompanyoritssubsidiaries,isamaximumof10%oftheissuedandoutstandingCommonSharesatthetimeofthegrant.

TheShareCompensationPlanprovidesparticipants(each,an“SCP Participant ”),whomayincludeparticipantswhoarecitizensorresidentsoftheUnitedStates(each,a“US-SCP Participant ”),withtheopportunity,throughRSUsandOptions,toacquireanownershipinterestintheCompany.TheRSUswillriseandfallinvaluebasedonthevalueoftheCommonShares.UnliketheOptions,theRSUswillnotrequirethepaymentofanymonetaryconsiderationtotheCompany.Instead,eachRSUrepresentsarighttoreceiveoneCommonSharefollowingtheattainmentofvestingcriteriadeterminedatthetimeoftheaward.See“RestrictedShareUnits–VestingProvisions”below.TheOptions,ontheotherhand,arerightstoacquireCommonSharesuponpaymentofmonetaryconsideration(i.e.,theexerciseprice),subjectalsotovestingcriteriadeterminedatthetimeofthegrant.See“Options–VestingProvisions”below.

PurposeoftheShareCompensationPlan

ThestatedpurposeoftheShareCompensationPlanistoadvancetheinterestsoftheCompanyanditssubsidiaries,anditsshareholdersby:(a)ensuringthattheinterestsofSCPParticipantsarealignedwiththesuccessoftheCompanyanditssubsidiaries;(b)encouragingstockownershipbysuchpersons;and(c)providingcompensationopportunitiestoattract,retainandmotivatesuchpersons.

The following people are eligible to participate in the ShareCompensation Plan: any officer or employee of the Company or any officer or employee of anysubsidiary of the Company and, solely for purposes of the grant of Options, any non-employee director of the Company or any non-employeedirector of anysubsidiaryoftheCompany,andanyconsultant(definedundertheShareCompensationPlanasaconsultantthat:(i)isanindividualthatprovidesbonafideservicestotheCompanypursuanttoawrittencontractforserviceswiththeCompanyandsuchservicesarenotinconnectionwiththeofferorsaleofsecuritiesinacapital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities; or (ii) otherwise satisfies the requirements toparticipateinan“employeebenefitplan”asdefinedinRule405undertheUnitedStatesSecuritiesActof1933,asamended(the“1933 Act ”)registeredbytheCompanyonFormS-8).Non-employeedirectors oftheCompanyarenoteligible toparticipateintheShareCompensationPlaninrespectofRSUs.UndertheShareCompensationPlan,non-employeedirectorsoftheCompanycontinuetobeeligibletoparticipateinrespectofOptions;however,onlyonalimitedbasis.See“RestrictionsontheAwardofRSUsandGrantofOptions”below.UndertheStockOptionPlan,directorsoftheCompanyhadtechnicallybeeneligibletoparticipateonadiscretionarybasiswithoutanylimitsonparticipation.

AdministrationoftheShareCompensationPlan

TheShareCompensationPlanisadministeredbytheBoardorsuchotherpersonsasmaybedesignatedbytheBoard(the“SCP Administrators ”)basedontherecommendationofthecompensationcommitteeoftheBoard(the“Compensation Committee ”).TheSCPAdministratorsdeterminetheeligibilityofpersonstoparticipateintheShareCompensationPlan,whenRSUsandOptionswillbeawardedorgranted,thenumberofRSUsandOptionstobeawardedorgranted,thevestingcriteriaforeachawardofRSUsandgrantofOptionsandallothertermsandconditionsofeachawardandgrant,ineachcaseinaccordancewithapplicablesecuritieslawsandstockexchangerequirements.

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NumberofCommonSharesAvailableforIssuanceundertheShareCompensationPlan

ThenumberofCommonSharesthatareavailableforissuanceuponthevestingofRSUsawardedandOptionsgrantedundertheShareCompensationPlanwillbelimitedto10%oftheissuedandoutstandingCommonSharesatthetimeofanygrant,asreducedbythenumberofCommonSharesthatmaybeissuablepursuanttooptionsoutstandingundertheStockOptionPlan.

AsofthedateofthisInformationCircular,theCompanyhas150,910,006CommonSharesissuedandoutstandingandtheaggregatenumberofCommonSharesthat maybeissuable pursuant to optionsoutstandingunder theStockOptionPlanis 3,627,200CommonShares (beingapproximately 2.40%of the issuedandoutstandingCommonSharesandapproximately24%ofthetotalCommonSharesthatmaybeissuableundertheShareCompensationPlan).TheCommonSharesthatmaybeissuablepursuanttooptionsoutstandingundertheStockOptionPlanareincludedinthecalculationofthetotalnumberofCommonSharesthatmaybeissuablepursuanttoRSUsorOptionsundertheShareCompensationPlan.

RestrictionsontheAwardofRSUsandGrantofOptions

CertainrestrictionsonawardsofRSUsandgrantsofOptionsapplyasfollows:

(a) the number of CommonShares issuable under the ShareCompensation Planto anyoneSCPParticipant (together with those CommonSharesissuablepursuanttoanyothersecurity-basedcompensationarrangementsoftheCompanyoritssubsidiaries)cannotexceed5%oftheCommonSharesthenissuedandoutstanding;

(b) thetotalnumberofCommonSharesreservedandavailableforgrantandissuancepursuanttotheShareCompensationPlan(togetherwiththoseCommon

Sharesissuablepursuanttoanyothersecurity-basedcompensationarrangementsoftheCompanyoritssubsidiaries)cannotexceed10%oftheCommonSharesthenissuedandoutstanding(togetherwiththoseCommonSharesissuablepursuanttoanyothersecurity-basedcompensationarrangementsoftheCompanyoritssubsidiaries);

(c) thenumberofCommonSharesissuabletoinsidersundertheShareCompensationPlan(togetherwiththoseCommonSharesissuablepursuanttoanyother

security-basedcompensationarrangementsoftheCompanyoritssubsidiaries)cannotexceed10%oftheCommonSharesthenissuedandoutstanding; (d) thenumberofCommonSharesissuedtoinsidersundertheShareCompensationPlanwithinaone-yearperiod(togetherwiththoseCommonSharesthat

areissuedpursuanttoanyothersecurity-basedcompensationarrangementsoftheCompanyoritssubsidiaries)cannotexceed10%oftheCommonSharesthenissuedandoutstanding;and

(e) the number of Common Shares reserved for issuance to SCP Participants who are non-employee directors pursuant to Options under the Share

CompensationPlanshallbelimitedtothelesserof:

(i) 0.25%oftheCommonSharesthenissuedandoutstanding;and

(ii) $1,000,000intotalvalueofgrantsthateachdirectorreceivesoverthelifeoftheShareCompensationPlanfromtheeffectivedatethereoforanannualgrantvalueof$100,000perdirector,inbothcasesbasedonavaluationdeterminedusingtheBlack-Scholesformulaoranyotherformulawhichiswidelyacceptedbythebusinesscommunityasamethodforthevaluationofoptions.

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RestrictedShareUnits

ThetotalnumberofRSUsthatmaybeawardedshallnotexceed2.5%oftheissuedandoutstandingCommonSharesfromtimetotime.

(a) MechanicsforRSUs

RSUsawardedto SCPParticipants under the ShareCompensation Plan are credited to an account that is established on theirbehalf andmaintained inaccordancewiththeShareCompensationPlan.EachRSUawardedwillconditionallyentitletheholderthereoftotheissuanceofoneCommonShareuponachievementofthevestingcriteria.ItiscurrentlyanticipatedthatRSUsawardedundertheShareCompensationPlanwillberedeemedforCommonSharesissuedfromtreasuryoncethevestingcriteriaestablishedbytheSCPAdministratorsatthetimeoftheawardhavebeensatisfied.However,theCompanywillcontinuetoretaintheflexibilitythroughtheamendmentprovisionsintheShareCompensationPlantosatisfyitsobligationtoissueCommonSharesbypurchasingCommonSharesintheopenmarketorbymakingalumpsumcashpaymentofequivalentvalue.

(b) VestingProvisions

TheShareCompensationPlanprovidesthat:(i)atthetimeoftheawardofRSUs,theSCPAdministratorswilldeterminethevestingcriteriaapplicabletotheawardedRSUs;(ii)vestingofRSUsmayincludecriteriasuchasperformancevesting;(iii)eachRSUshallbesubjecttovestinginaccordancewiththeterms set out in an agreement evidencing the award of the RSU attached as Exhibit A to the ShareCompensation Plan (or in such form as the SCPAdministratorsmayapprovefromtimetotime)(eachan“RSU Agreement ”);and(iv)allvestingandissuancesorpaymentsinrespectofanRSUshallbecompletednolaterthanDecember15ofthethirdcalendaryearcommencingaftertheawarddateforsuchRSU.

It is the SCPAdministrators’ current intention that RSUsmay be awarded with both time-based vesting provisions as a component of theCompany’sannualincentivecompensationprogram,andperformance-basedvestingprovisionsasacomponentoftheCompany’slong-termincentivecompensationprogram.

Under the Share Compensation Plan, should the date of vesting of an RSU fall within a blackout period or within nine business days following theexpirationofablackoutperiod,thedateofvestingwillbeautomaticallyextendedtothetenthbusinessdayaftertheendoftheblackoutperiod.

(c) Termination,RetirementandOtherCessationofEmploymentinconnectionwithRSUs

ApersonparticipatingintheShareCompensationPlanwillceasetobeeligibletoparticipateinthefollowingcircumstances:(i)receiptofanynoticeoftermination of employment or service (whethervoluntary or involuntary and whether with or without cause); (ii) retirement; and (iii) any cessation ofemploymentorserviceforanyreasonwhatsoever,includingdisabilityanddeath(an“EventofTermination”).Insuchcircumstances,anyandallCommonSharescorresponding to anyvested RSUswill be issued(and with respect to eachRSUof a US-SCPParticipant, suchRSUwill be settled andsharesissuedassoon as practicable following the date of vesting of such RSUas set forth in the applicable RSUAgreement, but in all cases within 90daysfollowingsuchdateofvesting);andunlessotherwisedeterminedbytheSCPAdministratorsintheirdiscretion,anyunvestedRSUswillautomaticallybeforfeitedandcancelled(andwithrespecttoanyRSUofaUS-SCPParticipant,iftheSCPAdministratorsdetermine,intheirdiscretion,towaivevestingconditionsapplicabletoanRSUthatisunvestedatthetimeofanEventofTermination,suchRSUshallnotbeforfeitedorcancelled,butinsteadwillbedeemed to be vested and settled and shares delivered following the date of vesting of such Restricted Share Unit as set forth in the applicable RSUAgreement.)Notwithstandingtheabove,ifapersonretiresinaccordancewiththeCompany’sretirementpolicyatsuchtime,anyunvestedperformance-based RSUswill not be forfeited or cancelled and instead shall be eligible to becomevested inaccordance with the vesting conditions set forth in theapplicableRSUAgreementaftersuchretirement(asifretirementhadnotoccurred),butonlyiftheperformancevestingcriteria,ifany,havebeenmetontheapplicabledate.Forgreatercertainty,ifapersonisterminatedforjustcause,allunvestedRSUswillbeforfeitedandcancelled.

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Options

ThetotalnumberofCommonSharesthatmaybeissuableonexerciseofOptionsshallnotexceed7.5%ofthenumberofissuedandoutstandingCommonSharesfromtimetotime.

(a) MechanicsforOptions

EachOptiongrantedpursuanttotheShareCompensationPlanwillentitletheholderthereoftotheissuanceofoneCommonShareuponachievementofthe vesting criteria andpayment of the applicableexercise price. Options granted under the Share Compensation Plan will beexercisableforCommonShares issued fromtreasury once the vesting criteria established by the SCPAdministrators at the time of the granthave been satisfied. However, theCompany will continue to retain the flexibility through the amendment provisions in the Share Compensation Plan to satisfy its obligation to issueCommonSharesbymakingalumpsumcashpaymentofequivalentvalue(i.e.,pursuanttoacashlessexercise),providedthereisafulldeductionofthenumberofunderlyingCommonSharesfromtheShareCompensationPlan’sreserve.

(b) VestingProvisions

TheShareCompensationPlanprovidesthatunlessotherwisedeterminedbytheSCPAdministrators,Optionsshallvestandbecomeexercisableinrespectof331/3%oftheCommonSharessubjecttosuchOptionsonthefirstdayaftereachofthefirstthreeanniversariesofthegrantdateofsuchOptions.

(c) Termination,RetirementandOtherCessationofEmploymentinconnectionwithOptions

A person participating in the Share Compensation Plan will cease to be eligible to participate where there is an Event of Termination. In suchcircumstances, unless otherwise determined by the SCP Administrators in their discretion, any unvested Options will be automatically cancelled,terminated andnot available for exercise andanyvested Options maybe exercised only before the earlier of: (i) the expiryof the Option; and (ii) sixmonths after the date of the Event of Termination. If a person is terminated for just cause, all Options will be (whether or not then exercisable)automaticallycancelled.

(d) OtherTerms

CashlessexerciseofOptionsshall onlybeavailabletoanSCPParticipant whowasgrantedandis exercisingsuchOptionsoutside theUnitedStatesincompliancewithRegulationSunderthe1933ActatatimewhentheCommonSharesarelistedandpostedfortradingonastockexchangeormarketinCanada,theSCPParticipantintendstoimmediatelyselltheCommonSharesissuableuponexerciseofsuchOptionsinCanadaandtheproceedsofsalewill besufficient tosatisfytheexercisepriceoftheOptions. If aneligibleSCPParticipant elects toexercisetheOptionsthroughcashlessexerciseandcomplieswithanyrelevantprotocolsapprovedbytheAdministrators,asufficientnumberoftheCommonSharesissueduponexerciseoftheOptionswillbesoldinCanadabyadesignatedbrokeronbehalfoftheSCPParticipanttosatisfytheexercisepriceoftheOptions,theexercisepriceoftheOptionswillbedeliveredtotheCompanyandtheSCPParticipantwillreceiveonlytheremainingunsoldCommonSharesfromtheexerciseoftheOptionsandthenetproceedsofthesaleafterdeductingtheexercisepriceoftheOptions,applicabletaxesandanyapplicablefeesandcommissions,allasdeterminedbytheAdministrators fromtimeto time. TheCompanymaynot deliver the CommonShares issuable upona cashless exercise of Options until receipt of theexercisepricetherefor,whetherbyadesignatedbrokersellingtheCommonSharesissuableuponexerciseofsuchOptionsthroughashortpositionorsuchothermethoddeterminedbytheAdministratorsincompliancewithapplicablelaws.

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TheSCPAdministratorswilldeterminetheexercisepriceandterm/expirationdateofeachOption,providedthattheexercisepriceinrespectofthatOptionshallnotbelessthanthe“Fair Market Value ”ofaCommonShare(definedintheShareCompensationPlanastheweightedaveragetradingpriceofaCommonShareonanyexchangeinCanadaforthelastfivetradingdaysor,iftheCommonSharesarenotlistedfortradingonanexchange,thefairmarketvalue per Common Share on such day will be determined by the SCP Administrators with reference to such factors or such information as the SCPAdministratorsintheirdiscretiondeemappropriate)onthedatetheOptionisgranted.TheexercisepriceofOptionsgrantedtoUS-SCPParticipantsshallnotbelessthanthegreater of(i) theFair MarketValueofaCommonShareonthegrant date and(ii) theclosingprice of theCommonSharesonanyexchangeinCanadawhereCommonSharesarelistedonthelasttradingdaypriortothedatetheOptionisgranted.

NoOptionshallbeexercisableaftertenyearsfromthedatetheOptionisgranted.UndertheShareCompensationPlan,shouldthetermofanOptionexpireon a date that falls within a blackout period or within nine business days following the expiration of a blackout period, such expiration date will beautomaticallyextendedtothetenthbusinessdayaftertheendoftheblackoutperiod.

The Share Compensation Plan provides that any unvested Options will vest at such time as determined by the SCP Administrators such that SCPParticipantswillbeabletoparticipateinaChangeofControl,asdefinedintheShareCompensationPlan,includingbysurrenderingsuchOptionstotheCompanyorathirdpartyorexchangingsuchOptions,forconsiderationintheformofcashorothersecurities.Additionally,anyexchange,substitutionoramendmentofOptionsofUS-SCPParticipantswilloccuronlytotheextentandinamannerthatispermittedundertheCodeandthe1933Act.

Unless otherwise determined by the Board, in the event of a Change of Control, any surviving or acquiring corporation shall assume any OptionoutstandingundertheShareCompensationPlanonsubstantiallythesameeconomictermsandconditionsorsubstituteorreplacesimilaroptionsforthoseOptionsoutstandingundertheShareCompensationPlanonsubstantiallythesameeconomictermsandconditions.

Transferability

RSUsawardedandOptionsgrantedundertheShareCompensationPlanoranyrightsofanSCPParticipantcannotbetransferred,assigned,charged,pledgedorhypothecated,orotherwisealienated,whetherbyoperationoflaworotherwise.

ReorganizationandChangeofControlAdjustments

IntheeventofanydeclarationbytheCompanyofanystockdividendpayableinsecurities(otherthanadividendwhichmaybepaidincashorinsecuritiesattheoptionof theholder of CommonShares), or anysubdivisionorconsolidationofCommonShares, reclassificationorconversionof theCommonShares,oranycombinationorexchangeofsecurities,merger,consolidation,recapitalization,amalgamation,planofarrangement,reorganization,spinoffinvolvingtheCompany,distribution(otherthannormalcoursecashdividends)ofCompanyassetstoholdersofCommonShares,oranyothercorporatetransactionoreventinvolvingtheCompanyortheCommonShares,theSCPAdministratorsmaymakesuchchangesoradjustments,ifany,astheyconsiderfairorequitable,toreflectsuchchangeoreventincludingadjustingthenumberofOptionsandRSUsoutstandingundertheShareCompensationPlan,thetypeandnumberofsecuritiesorotherpropertytobereceiveduponexerciseorredemptionthereof,andtheexercisepriceofOptionsoutstandingundertheShareCompensationPlan,providedthatthevalueofanyOptionorRSUimmediatelyaftersuchanadjustmentshallnotexceedthevalueofsuchOptionorRSUpriorthereto.ChangesoradjustmentstoOptionsandRSUsofUS-SCPParticipantswill beinaccordancewiththerequirementsoftheCodeandwillcomplywiththevestingprovisionsoftheShareCompensationPlan.TheSCPAdministratorswilladoptrules,regulations,policies,guidelinesorconditionswithrespecttotheexerciseofthepowerorauthoritytomakechangesoradjustmentspursuanttoreorganizations.

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IfthereisaChangeofControltransaction,theSCPAdministratorsmay,intheirsolediscretion,determinethatanyorallunvestedRSUsandanyorallOptionsshallvestorbecomeexercisable,asapplicable,atsuchtimeandinsuchmannerasdeterminedbytheSCPAdministratorsintheirsolediscretionsuchthatSCPParticipantswillbeabletoparticipateintheChangeofControltransaction,including,attheelectionoftheholderthereof,bysurrenderingsuchRSUsandOptionsto the Company or a third party or exchanging such RSUs or Options, for consideration in the form of cash and/or securities, to be determined by the SCPAdministrators,subject,inthecaseofaUS-SCPParticipant,totheapplicablerequirementsofSection409AoftheCode.

AmendmentProvisionsintheShareCompensationPlan

TheBoardmayamendtheShareCompensationPlanoranyRSUorOptionatanytimewithouttheconsentofanySCPParticipantprovidedthatsuchamendmentshall:

(a) notadverselyalterorimpairanyRSUpreviouslyawardedoranyOptionpreviouslygranted,exceptaspermittedbytheadjustmentprovisionsoftheShareCompensationPlanand,withrespecttoRSUsandOptionsofUS-SCPParticipants,suchamendmentwillnotcreateadversetaxconsequences;

(b) besubjecttoanyregulatoryapprovalsincluding,whererequired,theapprovaloftheTorontoStockExchangeandtheNYSEAmerican;and (c) besubjecttoshareholderapproval,whererequired,bytherequirementsoftheTorontoStockExchangeandtheNYSEAmerican,providedthatshareholder

approvalshallnotberequiredforthefollowingamendments:

(i) amendments of a “housekeeping nature”, including any amendment to the Share Compensation Plan or a RSU or Option that is necessarytocomplywithapplicablelaws,taxoraccountingprovisionsortherequirementsofanyregulatoryauthorityorstockexchangeandanyamendmenttotheShareCompensationPlanoranRSUorOptiontocorrectorrectifyanyambiguity,defectiveprovision,errororomissiontherein,includinganyamendmenttoanydefinitionstherein;

(ii) amendmentsthatarenecessaryordesirableforRSUsorOptionstoqualifyforfavourabletreatmentunderanyapplicabletaxlaw;

(iii) achangetothevestingprovisionsofanyRSUoranyOption(includinganyalteration,extensionoraccelerationthereof);

(iv) achangetotheterminationprovisionsofanyOptionorRSU(e.g.,relatingtoterminationofemployment,resignation,retirementordeath)that

doesnotentailanextensionbeyondtheoriginalexpirationdate(assuchdatemaybeextendedbyvirtueofablackoutperiod);

(v) theintroductionoffeaturestotheShareCompensationPlanthatwouldpermittheCompanytoretainabrokerandmakepaymentsforthebenefitofSCPParticipantstosuchbrokerwhowouldpurchaseCommonSharesintheopenmarketforsuchpersons,insteadofissuingCommonSharesfromtreasuryuponthevestingoftheRSUs;

(vi) theintroductionoffeaturestotheShareCompensationPlanthatwouldpermittheCompanytomakelumpsumcashpaymentstoSCPParticipants,

insteadofissuingCommonSharesfromtreasuryuponthevestingoftheRSUs;

(vii) theintroductionofacashlessexercisefeature(payableincashorsecurities), whichwouldprovideforuptothefulldeductionofthenumberofunderlyingsecuritiesfromtheShareCompensationPlanreserve;and

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(viii) changetheapplicationofReorganizationAdjustmentsprovisionsinsection6.3ortheChangeofControlprovisionsinsection6.2).

Forgreatercertainty,shareholderapprovalwillberequiredincircumstanceswhereanamendmenttotheShareCompensationPlanwould:

(a) changefromafixedmaximumpercentageofissuedandoutstandingCommonSharestoafixedmaximumnumberofCommonShares; (b) increasethelimitsreferredtoaboveunder“RestrictionsontheAwardofRSUsandGrantofOptions”; (c) permittheawardofRSUstonon-employeedirectorsoftheCompanyorachangeinthelimitationsongrantsofOptionstonon-employeedirectors; (d) permitRSUsorOptionstobetransferableorassignableotherthanfornormalestatesettlementpurposes; (e) reducetheexercisepriceofanyOption(includinganycancellationofanOptionforthepurposeofreissuanceofanewOptionatalowerexercisepriceto

thesameperson); (f) extendthetermofanyOptionbeyondtheoriginalterm(exceptifsuchperiodisbeingextendbyvirtueofablackoutperiod);or (g) amendtheamendmentprovisionsinSection6.4oftheShareCompensationPlan.

CORPORATE CEASE TRADE ORDERS OR BANKRUPTCIES

Exceptasdisclosedbelow,noneoftheproposeddirectors(oranyoftheirpersonalholdingcompanies)oftheCompany:

(a) is, or during the ten years preceding the date of this Information Circular has been, a director, chief executive officer or chief financial officer of anycompany,includingtheCompany,that:

(i) wassubjecttoanorderthatwasissuedwhiletheproposeddirectorwasactinginthecapacityasdirector,chiefexecutiveofficerorchieffinancial

officer;or

(ii) wassubjecttoanorderthatwasissuedaftertheproposeddirectorceasedtobeadirector,chiefexecutiveofficerorchieffinancialofficeroftherelevantcompanyandwhichresultedfromaneventthatoccurredwhiletheproposeddirectorwasactinginthecapacityasdirector,chiefexecutiveofficerorchieffinancialofficer;

(b) is,orduringthetenyearsprecedingthedateofthisInformationCircularhasbeen,adirectororexecutiveofficer,ofanycompany,includingtheCompany,thatwhiletheproposeddirectorwasactinginthatcapacity,orwithinayearoftheproposeddirectorceasingtoactinthatcapacity,becamebankrupt,madeaproposal under any legislationrelatingto bankruptcyor insolvencyor wassubject to or institutedanyproceedings, arrangement, or compromisewithcreditors,orhadareceiver,receiver-manager,ortrusteeappointedtoholditsassets;or

(c) has,withinthetenyearsprecedingthedateofthisInformationCircular,becomebankrupt,madeaproposalunderanylegislationrelatingtobankruptcyor

insolvency,orbecomesubjecttoorinstitutedanyproceedings,arrangementorcompromisewithcreditors,orhadareceiver,receiver-managerortrusteeappointedtoholdtheassetsofthatindividual.

Forthepurposesof(a)(i)and(a)(ii)above,an“order”means:(i)aceasetradeorder;(ii)anordersimilartoaceasetradeorder;or(iii)anorderthatdeniedtherelevantcompanyaccesstoanyexemptionundersecuritieslegislationthatwasineffectforaperiodofmorethan30consecutivedays.

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Noneoftheproposeddirectors(oranyoftheirpersonalholdingcompanies)hasbeensubjectto:

(a) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlementagreementwithasecuritiesregulatoryauthority;or

(b) anyotherpenaltiesorsanctionsimposedbyacourtorregulatorybodywhichwouldlikelybeconsideredimportanttoareasonablesecurityholderofthe

Companyindecidingwhethertovoteforaproposeddirector.

Messrs.JonesandHallamaredirectorsofNextractionEnergyCorp(“Nextraction ”)thatiscurrentlythesubjectofaCeaseTradeOrderoftheBritishColumbiaSecuritiesCommissionissuedonMay8,2015forfailuretofileacomparativefinancialstatementforitsfinancialyearendedDecember31,2014andaForm51-102F1Management’sDiscussionandAnalysisfortheperiodendedDecember31,2014(the“2014 Financial Statements ”).Nextractionhasnowfiledthe2014FinancialStatementsandisintheprocessofcompletingandfilingalloutstandingrequiredinterimandannualfinancialreportsandManagement’sDiscussionandAnalysis.Nextractionisalsoworkingonfinancingandareorganizationwiththeobjectiveofbecomingfinanciallyabletocontinueasagoingconcern,completeitsrequiredfilingsonanongoingbasisandre-listitscommonsharesfortrading.

INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS

Noinformed person or proposed director of the Company and no associate or affiliate of the foregoing persons has or has had any material interest, direct orindirect,inanytransactionsincethecommencementoftheCompany’smostrecentlycompletedfinancialyearorinanyproposedtransactionwhichineithersuchcasehasmateriallyaffectedorwouldmateriallyaffecttheCompany.

MANAGEMENT CONTRACTS

No management functions of the Company and its subsidiaries are, to any substantial degree, performed other than by their respective directors or executiveofficers.

INTEREST OF CERTAIN PERSONS OR COMPANIES IN MATTERS TO BE ACTED UPON

OtherthanassetforthinthisInformationCircular,nopersonwhohasbeenadirectororexecutiveofficeroftheCompanyatanytimesincethebeginningofthelastfiscalyear,noranyproposednomineeforelectionasadirectoroftheCompany,noranyassociateoraffiliateofanyoftheforegoing,hasanymaterialinterest,directlyorindirectly,bywayofbeneficialownershipofsecuritiesorotherwise,inanymatterstobeacteduponattheMeetingexclusiveoftheelectionofdirectorsortheappointmentofauditors.

AUDIT COMMITTEE

UnderNationalInstrument52-110–AuditCommittees,companiesarerequiredtoprovidecertaindisclosurewithrespecttotheirauditcommittee,includingthetext of the audit committee’s charter, the compositionof the audit committee and the fees paid to the external auditor. Please refer to the Company’s AnnualInformationFormdatedNovember29,2017withrespecttothefiscalyearendedAugust31,2017(the“2017 AIF ”)undertheheadings“DirectorsandOfficers–CommitteesoftheBoardofDirectors–AuditCommittee”andSchedule“A”attachedthereto.Acopyofthe2017AIFhasbeenfiledontheCompany’sprofileontheSEDARwebsite(www.sedar.com)andtheCompanywill,uponrequestfromashareholder,provideacopyofthe2017AIFfreeofcharge.

OTHER MATTERS

ManagementoftheCompanyknowsofnomatterstocomebeforethemeetingotherthanthosereferredtointheNoticeofMeetingaccompanyingthisInformationCircular.However,ifanyothermattersproperlycomebeforethemeeting,itistheintentionofthepersonsdesignatedbymanagementasproxyholdersintheformofProxyaccompanyingthisInformationCirculartovotethesameinaccordancewiththeirbestjudgmentofsuchmatters.

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ADDITIONAL INFORMATION

AdditionalinformationregardingtheCompanyanditsbusinessactivitiesisavailableontheSEDARwebsitelocatedatwww.sedar.comunder“CompanyProfiles– PlatinumGroupMetals Ltd.” The Company’s financial information is provided in the Company’s comparative financial statements and related managementdiscussionandanalysisforitsmostrecentlycompletedfiscalyearandmaybeviewedontheSEDARwebsite.ShareholdersoftheCompanymayrequestcopiesoftheCompany’sconsolidatedfinancial statements andrelatedmanagement discussionandanalysisbycontactingPlatinumGroupMetals Ltd., at Suite788, 550BurrardStreet,Vancouver,BritishColumbia,Canada,V6C2B5,attentionR.MichaelJones,President;orbytelephone:604-899-5450.

SCHEDULE “A”

CORPORATE GOVERNANCE PRACTICES

ThefollowingtableaddressesthedisclosurerequirementssetoutinForm58-101F1CorporateGovernanceDisclosure:

Corporate Governance Disclosure Requirement The Company’s Approach

1. Board of Directors

(a) Discloseidentityofdirectorswhoareindependent. (a) ThefollowingdirectorshavebeendeterminedbytheBoardtobeindependent,asdefinedinNationalInstrument58-101,astheyarenotmembersofmanagementandarefreefromanyinterestandanybusinessorotherrelationshipwhichcould,orcouldreasonablybeperceivedto,materiallyinterferewiththedirector’sabilitytoactwiththebestinterestsoftheCompany,otherthaninterestsandrelationshipsarisingfromshareholding:EricCarlson,BarrySmee,IainD.C.McLean,DianaJ.Walters,TimothyD.Marlow.DirectorsCarlsonandSmeewillnotstandforre-electionattheMeetingandwillceasetobedirectorsoftheCompanyasofthecloseoftheMeeting.

(b) Discloseidentityofdirectorswhoarenotindependentanddescribethebasisforthatdetermination.

(b) TheCompany’stwonon-independentdirectorsareR.MichaelJonesandFrankR.Hallam,theCompany’sPresident/CEOandCFO,respectively.Thesetwodirectorsarenon-independentinsofarastheyhaveamaterialrelationshipwiththeCompanybyvirtueoftheirseniorexecutivepositionswiththeCompany.

(c) Disclosewhetherornotamajorityofdirectorsareindependent.Ifamajorityofdirectorsarenotindependent,describewhattheBoarddoestofacilitateitsexerciseofindependentjudgmentincarryingoutitsresponsibilities.

(c) AmajorityoftheBoardisindependent.

(d) Ifadirectorispresentlyadirectorofanyotherissuerthatisareportingissuer(ortheequivalent)inajurisdictionoraforeignjurisdiction,identifyboththedirectorandtheotherissuer.

(d) Thefollowingdirectorsarecurrentlyalsodirectorsofotherissuersaslisted:

Director Nominee

Company

R.MichaelJones

WestKirklandMiningInc.(TSXVentureExchange(“TSXV ”))NextractionEnergyCorp.(TSXV)

FrankR.Hallam

WestKirklandMiningInc.(TSXV)NextractionEnergyCorp.(TSXV)

DianaJ.Walters

ElectrumSpecialAcquisitionCorp.(NASDAQCapitalMarket)TrilogyMetalsInc.(TSX,NYSEAmerican)

(e) Disclosewhetherornottheindependentdirectorsholdregularlyscheduledmeetingsatwhichnon-independentdirectorsandmembersofmanagementarenotinattendance.Iftheindependentdirectorsholdsuchmeetings,disclosethenumberofmeetingsheldsincethebeginningoftheissuer’smostrecentlycompletedfinancialyear.Iftheindependentdirectorsdonotholdsuchmeetings,describewhattheBoarddoestofacilitateopenandcandiddiscussionamongitsindependentdirectors.

(e) TheCompanyholdsregularquarterlymeetingsandothermeetingsasrequired,atwhichtimetheindependentdirectorsmeetin-camerawithoutthenon-independentdirectorsandmembersofmanagement.Theindependentdirectorsalsomeetin-cameraonanadhocbasis.TheopinionoftheindependentdirectorsissoughtanddulyacteduponforallmaterialmattersrelatedtotheCompany.

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Corporate Governance Disclosure Requirement The Company’s Approach

(f) DisclosewhetherornotthechairoftheBoardisanindependentdirector.IftheBoardhasachairorleaddirectorwhoisanindependentdirector,disclosetheidentityoftheindependentchairorleaddirector,anddescribehisorherroleandresponsibilities.IftheBoardhasneitherachairthatisindependentnoraleaddirectorthatisindependent,describewhattheBoarddoestoprovideleadershipforitsindependentdirectors.

(f) IainD.C.McLeanistheChairmanoftheBoardandisanindependentdirector.Mr.McLeanhasextensivebusinessexperienceasseniorexecutiveinseveralpubliccompaniesmanagingoperations,listings,capitalraising,etc.Mr.McLeanalsohasexperienceinundergroundminingoperationsintheUnitedKingdomandSouthAfrica.TheChair’sroleistofacilitateandchairdiscussionsamongtheCompany’sindependentdirectors,andtofacilitatecommunicationbetweentheindependentdirectorsandmanagement.TheChairisalsochargedwiththeresponsibilityofleadingtheBoardandorganizingittofunctioninpartnershipwith,butindependentlyof,managementoftheCompanyinordertofacilitatetheachievementofthegoalsoftheCompany.TheChairreviewsanycommentsorrequestsmadebyanindependentdirectorandoverseestheprocessbywhichunfetteredinformationtoindependentdirectorsismadeavailableregardingtheCompany’sactivities.

(g) DisclosetheattendancerecordofeachdirectorforallBoardmeetingsheldsincethebeginningoftheissuer’smostrecentlycompletedfinancialyear.

(g) DirectorattendanceatBoardmeetingsheldduringthefinancialyearendedAugust31,2017isasfollows:R.MichaelJones(8/8),FrankR.Hallam(8/8),IainD.C.McLean(8/8),EricH.Carlson(8/8),BarryW.Smee(6/8),DianaJ.Walters(8/8)andTimothyD.Marlow(8/8).

2. Board Mandate

DisclosethetextoftheBoard’swrittenmandate.IftheBoarddoesnothaveawrittenmandate,describehowtheBoarddelineatesitsroleandresponsibilities.

ThemandateoftheBoardistosupervisethemanagementoftheCompanyandtoactinthebestinterestsoftheCompany.TheBoardactsinaccordancewiththeBritishColumbiaBusinessCorporationsAct;theCompany’sArticlesofIncorporation;theCompany’sCodeofBusinessConductandEthics;theMandateoftheBoardandthechartersoftheBoard’scommitteesandotherapplicablelawsandpolicies.AmajorityofthemembersoftheBoardshallbeindependentwithinthemeaningofallapplicableCanadianandU.S.securitieslawsandtherulesoftheTorontoStockExchangeandtheNYSEAmerican,unlessexemptedthereunder.NoNYSEAmericanemployeeorfloormembermayserveontheBoard.TheBoardapprovessignificantdecisionsthataffecttheCompanybeforetheyareimplemented.AsapartofitsoverallresponsibilityforthestewardshipoftheCompany,theBoardassumesresponsibilityforthefollowing:a.StewardshipTheBoardsetsandsupervisesstandardsofcorporategovernancethatcreateacultureofintegritythroughouttheCompany,andguidestheoperationsoftheCompanyandmanagementincompliancewiththeCompany'sconstatingdocumentsandBritishColumbiacorporatelaw,securitieslegislationineachjurisdictioninwhichtheCompanyisareportingissuer,andotherapplicablelaws.

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Corporate Governance Disclosure Requirement The Company’s Approach b.StrategicPlanning TheBoardisactivelyinvolvedintheCompany’sstrategicplanningprocess.

ManagementdiscussesandreviewsmaterialsrelatingtothestrategicplanwiththeBoard.TheBoardisresponsibleforreviewingandapprovingthestrategicplan,whichtakesintoaccounttheopportunitiesandrisksofthebusiness.

Followingthecompletionofeachyear,theBoardundertakesareviewofthestrategicplantoassessthestrengths,weaknessesandoverallresultsoftheplan.TheBoardalsoreceivesreportsfrommanagementthroughouttheyearonthecurrentandproposedoperationsoftheCompanyandreviewsopportunitiesandassessesriskssothattheplancanbeadjusted.

c.DealingwithRisks TheBoard,initsannualassessmentofthestrategicplan,reviewsprincipalrisks

andconsidersmanagement’splanstomonitorandmanagerisk.TheprincipalriskstotheCompanyhavebeenidentifiedasrisksrelatingtotheenvironment,safety,securitiesmarkets,commodityprices,currencyfluctuations,legislativeandtitleissuesarisingfromoperationsandthefactthatmineralexplorationanddevelopmentactivitiesareinherentlyrisky.TheBoardhasinstructedmanagementtoassisttheBoardinidentifyingrisksandtopromptlyalerttheBoardwhenariskhasmaterializedormateriallychanged.TheBoardmayfromtimetotime,appointmanagement,boardmembersoradvisorstoassistinassessingdifferentrisks.

d.SuccessionPlanning TheBoard,throughtheCompensationCommittee,annuallyidentifieskey

individualsoftheCompanyand,inconsultationwithmanagement,determineshowtoreplacesuchindividualsshouldtheneedarise.ManagementisassignedtheresponsibilityoftrainingandadvisingnewpersonsoftheCompany'spoliciesandpractices.TheCEOhasprimaryresponsibilityforsupervisingandreviewingtheperformanceofotherseniormanagement.

e.DisclosurePolicy TheTimelyDisclosure,ConfidentialityandInsiderTradingPolicygoverns

communicationwithshareholdersandothersandreflectstheCompany'scommitmenttotimely,effectiveandaccuratecorporatedisclosureinaccordancewithallapplicablelawsandwithaviewtoenhancingtheCompany'srelationshipwithitsshareholders.

f.InternalControlandManagementInformationSystems TheeffectivenessandintegrityoftheCompany'sinternalcontroland

managementinformationsystemscontributetotheeffectivenessoftheBoardandtheCompany.TomaintaintheeffectivenessandintegrityoftheCompany'sfinancialcontrols,theBoard,throughtheauditcommitteewhichconsistssolelyofindependentdirectors,providesoversightandmonitorsinternalcontrolandmanagementinformationsystems.

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Corporate Governance Disclosure Requirement The Company’s Approach

g.ApproachtoCorporateGovernance

TheBoardhasoverallresponsibilityfordevelopingtheCompany’sapproachtocorporategovernanceincludingkeepinginformedoflegalrequirementsandtrendsregardingcorporategovernance,monitoringandassessingthefunctioningoftheBoardandcommitteesoftheBoard,andfordeveloping,implementingandmonitoringgoodcorporategovernancepracticesintheformoftheCompany’sGuidetoCorporateGovernance.TheBoardisalsoresponsibleforidentifyingindividualsqualifiedtobecomenewboardmembersandrecommendingthenewdirectornomineesforthenextannualmeetingofshareholders.

IndividualdirectorsmayengageanoutsideadviserattheexpenseoftheCompanyinappropriatecircumstances,subjecttotheapprovaloftheBoard.

h.Feedback

TheCompany’swebsitefacilitatesfeedbackfromshareholdersbypermittingrequestsforinformationandsendingmessagesdirectlytotheCompany.

i.ExpectationsandResponsibilitiesofDirectors

TheBoardisresponsiblefordeterminingthecommitteesoftheBoardthatarerequiredtoeffectivelymanagecertainaspectsoftheBoard'sduties,andforensuringthatthecommitteeshavetherequisiteindependence,competencyandskill.TheBoardapprovesandannuallyreviewsthechartersofthecommittees,andconductsannualreviewsoftheperformanceofthecommittees.

DirectorsareresponsibleforattendingBoardmeetingsaswellasmeetingsofcommitteesofwhichthedirectorisamember.Directorsareresponsibleforreviewingmeetingmaterialsinadvanceofthemeeting.

DirectorsareresponsibleforfulfillingtheBoard’sexpectationsofDirectors,assetoutinthePositionDescription-Directors,inrespectof:BoardActivity;PreparationandAttendance;Communication;CommitteeWork;andBusiness,CommunityandIndustryKnowledge.

j.Meetings

TheBoardshallmeetonatleastaquarterlybasis.Inaddition,theindependentdirectorsshallmeetonaregularbasisasoftenasnecessarytofulfilltheirresponsibilities,includingatleastannuallyinexecutivesessionwithoutthepresenceofnon-independentdirectorsandmanagement.

3. Position Descriptions

(a) DisclosewhetherornottheBoardhasdevelopedwrittenpositiondescriptionsforthechairandthechairofeachBoardcommittee.IftheBoardhasnotdevelopedwrittenpositiondescriptionsforthechairand/orthechairofeachBoardcommittee,brieflydescribehowtheBoarddelineatestheroleandresponsibilitiesofeachsuchposition.

(a) ThechairofeachoftheAuditCommittee,CompensationCommitteeandGovernanceandNominationCommitteehasaclearwrittencharterfromtheBoardtocarryouthisresponsibilities.Pleaserefertothe2017AIF,whichisfiledonSEDAR(www.sedar.com),foradescriptionoftheAuditCommitteeresponsibilities;(2)section9“Assessments”belowforadescriptionoftheGovernanceandNominationCommitteeresponsibilities;and(3)seesection7“Compensation”belowforadescriptionoftheCompensationCommitteeresponsibilities.

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Corporate Governance Disclosure Requirement The Company’s Approach

(b) DisclosewhetherornottheBoardandCEOhavedevelopedawrittenpositiondescriptionfortheCEO.IftheBoardandCEOhavenotdevelopedsuchapositiondescription,brieflydescribehowtheBoarddelineatestheroleandresponsibilitiesoftheCEO.

(b) TheBoardhasdevelopedawrittenpositiondescriptionfortheCEO.TheChiefExecutiveOfficerprovidesoverallleadershipandvisionindevelopingthestrategicdirectionoftheCompany,inconsultationwiththeBoard.TheChiefExecutiveOfficeralsomanagestheoverallbusinessoftheCompanytoensurethestrategicplaniseffectivelyimplementedandtheresultsaremonitoredandreportedtotheBoard.TheChiefExecutiveOfficerreportstotheBoardandmaintainsacloseworkingrelationshipwiththeChairoftheBoard.

4. Orientation and Continuing Education

(a) BrieflydescribewhatmeasurestheBoardtakestoorientnewdirectorsregarding

i.TheroleoftheBoard,itscommitteesanditsdirectors,andii.Thenatureandoperationoftheissuer’sbusiness.

(a) TheCompanydoesnothaveaformalorientationandeducationprogramfornewdirectors.However,newdirectorsareprovidedwithrelevantmaterialswithrespecttotheCompanyaswellasbeingorientedonrelevantcorporateissuesbytheCEO.TheGovernanceandNominationCommitteereviews,approvesandreportstotheBoardontheorientationprocessfornewdirectors.

(b) Brieflydescribewhatmeasures,ifany,theBoardtakestoprovidecontinuingeducationforitsdirectors.IftheBoarddoesnotprovidecontinuingeducation,describehowtheBoardensuresthatitsdirectorsmaintaintheskillandknowledgenecessarytomeettheirobligationsasdirectors.

(b) TheBoardcurrentlydoesnotprovidecontinuingeducationforitsdirectors.ByusingaBoardcomposedofexperiencedprofessionalswithawiderangeoffinancial,legal,explorationandminingexpertise,theCompanyensuresthattheBoardoperateseffectivelyandefficiently.TheGovernanceandNominationCommitteereviews,approvesandreportstotheBoardonplansfortheongoingdevelopmentofexistingBoardmembersincludingtheprovisionofcontinuingeducationopportunitiesforalldirectors,sothatindividualsmaymaintainorenhancetheirskillsandabilitiesasdirectors,aswellastoensuretheirknowledgeandunderstandingoftheCompany’sbusinessremainscurrent.

5. Ethical Business Conduct

(a) DisclosewhetherornottheBoardhasadoptedawrittencodeforthedirectors,officersandemployees.IftheBoardhasadoptedawrittencode:

i.Disclosehowapersonorcompanymayobtainacopyofthecode;ii.DescribehowtheBoardmonitorscompliancewithitscode,oriftheBoarddoesnotmonitorcompliance,explainwhetherandhowtheBoardsatisfiesitselfregardingcompliancewithitscode;and

(a) TheBoardhasadoptedawrittenCodeofBusinessConductandEthics(the“Code ”)forthedirectors,officersandemployeesoftheCompany.TheCodeisfiledonSEDAR(www.sedar.com).TheCodeisprovidedtoeachdirector,officer,employeeandconsultantonanannualbasis.Inaddition,iftheCodeisamendedorrevised,thenanewcopyisdistributed.TheGovernanceandNominationCommitteemonitorscompliancewiththeCode.FrankHallam,CFO,hasbeenappointedastheCompany’sEthicsOfficertoensureadherencetotheCodeandtoreporttotheGovernanceandNominationCommittee.Additionally,inordertoensurecompliancewiththeCode,theBoardhasestablishedananonymouscomplaintprocedureforfinancialconcerns,andenvironmentandsafetyconcerns.Todate,theCompanyhasnotbeenrequiredtofileamaterialchangereportrelatingtoadeparturefromtheCode.

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Corporate Governance Disclosure Requirement The Company’s Approach

iii.Provideacross-referencetoanymaterialchangereportfiledsincethebeginningoftheissuer’smostrecentlycompletedfinancialyearthatpertainstoanyconductofadirectororexecutiveofficerthatconstitutesadeparturefromthecode.

(b) DescribeanystepstheBoardtakestoensuredirectorsexerciseindependentjudgmentinconsideringtransactionsandagrementsinrespectofwhichadirectororexecutiveofficerhasamaterialinterest.

(b) Directorswithaninterestinamaterialtransactionarerequiredtodeclaretheirinterestandnotparticipatein,andnotvoteasadirectoron,anydecisionorresolutiontouchingonsuchtransactions.Inaddition,theCoderequiresalldirectorstoobtainthespecificpermissionoftheCompany’sAuditCommitteeorGovernanceandNominationCommittee(ortheBoardasawhole,ifthepotentialconflictinvolvesamemberoftheAuditCommitteeortheGovernanceandNominationCommittee)priortobecominginvolvedincertainactivitiesthatcreateorgivestheappearanceofaconflictofinterest.AthoroughdiscussionofthedocumentationrelatedtomaterialtransactionisrequiredforreviewbytheBoard,particularlyindependentdirectors.

(c) DescribeanyotherstepsthatBoardtakestoencourageandpromoteacultureofethicalbusinessconduct.

(c) TheBoardseeksdirectorswhohavesolidtrackrecordsinspheresrangingfromlegalandfinancialtoexplorationandmininginordertoensureacultureofethicalbusinessconduct.TheBoardhasalsoadoptedtheCodewhichsummarizesthelegal,ethicalandregulatorystandardsthattheCompanymustfollowtopromoteintegrityanddeterwrongdoing.Itisaremindertoalldirectors,officersandemployeesoftheseriousnessoftheCompany’scommitmentandcompliancewiththeCodeanditismandatoryforeverydirector,officerandemployeeoftheCompanyoranyofitssubsidiariestoreadtheCode.

6. Nomination of Directors

(a) DescribetheprocessbywhichtheBoardidentifiesnewcandidatesforBoardnomination

(a) AlloftheCompany’sdirectorsareinvolvedinthesearchfornewdirectors.Anewdirectorshouldhavedirectexperienceintheminingbusinessandsignificantpubliccompanyexperience.Thenomineemustnothaveasignificantconflictingpubliccompanyassociation.Experiencedminingdirectorsarecurrentlydifficulttosourceasaresultofthehighlevelofactivityintheminingsector.TheGovernanceandNominationCommitteeisresponsibleformakingrecommendationsonthelong-termplanforthecompositionoftheBoardthattakesintoconsiderationthecurrentstrengths,skillsandexperienceontheBoardandthestrategicdirectionoftheCompany.Theplanincludes:(i)thedesiredqualifications,demographics,skillsandexperienceforpotentialdirectors;(ii)aninterviewprocessforpotentialcandidatesforBoardmembership;and(iii)alistoffuturecandidatesforBoardmembershipaftertakingintoaccountthecompetenciesandskillsthattheBoardasawholeshouldpossess,thecompetenciesandskillsthattheexistingdirectorspossess,thecompetenciesandskillsoftheproposednomineeandtheamountoftimeandresourcestheproposednomineecandevoteasamemberoftheBoard.Inaddition,theGovernanceandNominationCommitteeisalsoresponsibleformakingrecommendationsannuallyregardingpotentialnomineesforelectionasmembersoftheBoard.

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Corporate Governance Disclosure Requirement The Company’s Approach

(b) DisclosewhetherornottheBoardhasanominatingcommitteecomposedentirelyofindependentdirectors.IftheBoarddoesnothaveanominatingcommitteecomposedentirelyofindependentdirectors,describewhatstepstheBoardtakestoencourageanobjectivenominationprocess.

(b) TheBoardhasaGovernanceandNominationCommitteecomposedentirelyofindependentdirectors.

(c) IftheBoardhasanominatingcommittee,describetheresponsibilities,powersandoperationofthenominatingcommittee.

(c) Inadditiontotheresponsibilitieslistedabove,theGovernanceandNominationCommitteeisresponsibleforprovidingtheBoardwithrecommendationsrelatingtocorporategovernanceingeneral,including,withoutlimitation:(i)allmattersrelatingtothestewardshiproleoftheBoardinrespectofthemanagementoftheCompany,(ii)Boardsizeandcomposition,includingthecandidateselectionprocessandtheorientationofnewmember,and(iii)suchproceduresasmaybenecessarytoallowtheBoardtofunctionindependentlyofmanagement.TheGovernanceandNominationCommitteemeetsatleastonceperyearandhasusedanoutsidesearchfirmforqualifiedcandidates.

7. Compensation

(a) DescribetheprocessbywhichtheBoarddeterminesthecompensationfortheissuer’sdirectorsandofficers

(a) TheBoardreviewstheadequacyandformofcompensationandcomparesittoothercompaniesofsimilarsizeandstageofdevelopment.Thereisnominimumshareownershiprequirementofdirectors.Directors’compensationisintheformofstockoptionsandannualfees.TheCompany’sCompensationCommitteereviewsandrecommendstotheBoardforapprovalthegeneralcompensationphilosophyandguidelinesforalldirectorsandexecutiveofficers,includingtheCEO.Thisincludesincentiveplandesignandotherremuneration.

(b) DisclosewhetherornottheBoardhasacompensationcommitteecomposedentirelyofindependentdirectors.

(b) TheBoardhasaCompensationCommitteecomposedentirelyofindependentdirectors.TheCompensationCommitteeiscomposedofBarryW.Smee(Chair),DianaJ.WaltersandIanD.C.McLean.

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Corporate Governance Disclosure Requirement The Companyﾒﾒs Approach

(c) IftheBoardhasacompensationcommittee,describetheresponsibilities,powersandoperationofthecompensationcommittee.

(c) TheCompensationCommitteeﾒsprimaryresponsibilityistoapproveorprovidetheBoardwithrecommendationsrelatingtocompensationofexecutiveofficers,successionplansforexecutiveofficers,humanresourcespoliciesforexecutiveofficers,andadministrationoftheCompanyﾒscompensationandbenefitsplans.TheCompensationCommitteemeetsannuallytoreviewandsettheremunerationfortheupcomingyear.

8. Other Board Committees

IftheBoardhasstandingcommitteesotherthantheauditandcompensationcommittees,identifythecommitteesanddescribetheirfunction.

TheCompanyhasaGovernanceandNominationCommittee.Inaddition,theCompanyhasaDisclosureCommitteewhichwasestablishedbytheCEOandtheCFO(together,theﾓCertifyingOfficers ﾔ)toassistinthefulfillmentoftheirresponsibilitytooverseetheaccuracyandtimelinessofdisclosuresmadebytheCompany.TheDisclosureCommitteeiscomposedoftheCertifyingOfficers,anddirectorTimothyD.Marlow.

9. Assessments

DisclosewhetherornottheBoard,itscommitteesandindividualdirectorsareregularlyassessedwithrespecttotheireffectivenessandcontribution.Ifassessmentsareregularlyconducted,describetheprocessusedfortheassessments.Ifassessmentsarenotregularlyconducted,describehowtheBoardsatisfiesitselfthattheBoard,itscommitteesanditsindividualdirectorsareperformingeffectively.

TheGovernanceandNominationCommitteeisresponsibleforestablishingappropriateprocessesfortheregularevaluationoftheeffectivenessoftheBoard,itsmembers,itscommitteesandtheircharters.Itisalsoresponsibleforreviewing:(i)theperformanceofindividualdirectorsandcommitteesoftheBoard;(ii)theperformanceevaluationofthechairofeachBoardcommittee;and(iii)regularly,theperformanceevaluationoftheCEO,includingperformanceagainstcorporateobjectives.TheGovernanceandNominationCommitteeisintheprocessofestablishinganappropriateprocessfortheregularevaluationoftheBoard,andwillconductregularassessmentsinaccordancewithitsmandate.Managementanddirectorscommunicatewithshareholdersonanongoingbasis,andshareholdersareregularlyconsultedontheeffectivenessofBoardmembersandseniorstaff.

10. Director Term Limits and Other Mechanisms of Board Renewal

Disclosewhetherornottheissuerhasadoptedtermlimitsforthedirectorsonitsboardorothermechanismsofboardrenewaland,ifso,includeadescriptionofthosedirectortermlimitsorothermechanismsofboardrenewal.Iftheissuerhasnotadopteddirectortermlimitsorothermechanismsofboardrenewal,disclosewhyithasnotdoneso.

TheCompanyhasnotadoptedtermlimitsforitsdirectorsastheCompanyisoftheviewthatdirectortermlimitsreducecontinuityandexperienceontheBoardandthattermlimitsforcevaluable,experiencedandknowledgeabledirectorstoleave.Assuch,theCompanyviewstermlimitsasnotintheCompanyﾒsbestinterests.Toensureadequateboardrenewal,theGovernanceandNominationCommitteeisresponsibleforconductingregulardirector,Boardandcommitteeassessments.TheseassessmentswillevaluatethetenureandperformanceofindividualdirectorsandreviewthecompositionandeffectivenessoftheBoardanditscommittees.TheresultsoftheseassessmentswillbereportedtotheBoardandtheChair,togetherwithrecommendations,ifany,fromtheGovernanceandNominationCommitteecomprisingthecompositionoftheBoard.

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Corporate Governance Disclosure Requirement The Company’s Approach

8. Policies Regarding the Representation of Women on the Board

(a) Disclosewhethertheissuerhasadoptedawrittenpolicyrelatingtotheidentificationandnominationofwomendirectors.Iftheissuerhasnotadoptedsuchapolicy,disclosewhyithasnotdoneso.

TheBoardcurrentlyhasonefemaledirectorrepresenting20%ofthedirectorsstandingforre-election.InidentifyingsuitablecandidatesfornominationtotheBoard,theGovernanceandNominationCommitteeandtheBoarddonotconsiderthelevelofrepresentationofwomenontheBoardinidentifyingandnominatingcandidatesforelectionorre-electiontotheBoard,butrathermakestheirnominationandappointmentdecisionsbasedonmerit,regardlessofgender,byassessingwhetheraperson’sskillsandexperienceareappropriateforaBoardposition.TheCompanyhasdeterminedthat,duetoitscurrentstageofdevelopmentandthefactthatthecurrentnominationandappointmentprocedureshaveyieldedappropriatecandidatesfornominationtotheBoard,itisunnecessaryatthistimetoadoptawrittenpolicyregardingtheidentificationandnominationoffemaledirectors.TheBoardalsoconsiderstheCanadianCharterofRightsandFreedomsinconnectionwithitsnominationandappointmentprocedures.

(b) Ifanissuerhasadoptedapolicyreferredtoin N/A

(a),disclosethefollowinginrespectofthepolicy:

(i)ashortsummaryofitsobjectivesandkey

provisions,

(ii)themeasurestakentoensurethatthe

policyhasbeeneffectivelyimplemented,

(iii)annualandcumulativeprogressbythe

issuerinachievingtheobjectivesofthe

policy,and

(iv)whetherand,ifso,howtheboardorits

nominatingcommitteemeasuresthe

effectivenessofthepolicy.

12. Consideration of the Representation of Women in the Director Identification and Selection Process

Disclosewhetherand,ifso,howtheboardornominatingcommitteeconsidersthelevelofrepresentationofwomenontheboardinidentifyingandnominatingcandidatesforelectionorre-electiontotheboard.Iftheissuerdoesnotconsiderthelevelofrepresentationofwomenontheboardinidentifyingandnominatingcandidatesforelectionorre-electiontotheboard,disclosetheissuer’sreasonsfornotdoingso.Seeitem11above.

Seeitem11above.

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Corporate Governance Disclosure Requirement The Company’s Approach

13. Consideration Given to the Representation of Women in ExecutiveOfficer Appointments

Disclosewhetherand,ifso,howtheissuerconsidersthelevelofrepresentationofwomeninexecutiveofficerpositionswhenmakingexecutiveofficerappointments.Iftheissuerdoesnotconsiderthelevelofrepresentationofwomeninexecutiveofficerpositionswhenmakingexecutiveofficerappointments,disclosetheissuer’sreasonsfornotdoingso.

Seeitem11above.

14. Issuer’s Targets Regarding the Representation of Women on theBoard and in Executive Officer Positions

(a) ForpurposesofthisItem,a“target”meansanumberorpercentage,orarangeofnumbersorpercentages,adoptedbytheissuerofwomenontheissuer’sboardorinexecutiveofficerpositionsoftheissuerbyaspecificdate.

Seeitem11above.

(b) Disclosewhethertheissuerhasadoptedatargetregardingwomenontheissuer’sboard.Iftheissuerhasnotadoptedatarget,disclosewhyithasnotdoneso.

(c) Disclosewhethertheissuerhasadoptedatargetregardingwomeninexecutiveofficerpositionsoftheissuer.Iftheissuerhasnotadoptedatarget,disclosewhyithasnotdoneso.

(d) Iftheissuerhasadoptedatargetreferredtoineither(b)or(c),disclose:

(i)thetarget,and

(ii)theannualandcumulativeprogressoftheissuerinachievingthetarget.

15. Number of Women on the Board and in Executive Officer Positions

(a) Disclosethenumberandproportion(inpercentageterms)ofdirectorsontheissuer’sboardwhoarewomen.

ForadditionaldisclosureinrespectoftheCompany’sdirectorsAndexecutiveofficers,pleaseseesectionstitled“ElectionofDirectors”and“CompensationDiscussionandAnalysis”ofthisInformationCircular.(b) Disclosethenumberandproportion(inpercentageterms)ofexecutive

officersoftheissuer,includingallmajorsubsidiariesoftheissuer,whoarewomen.

Notice of MeetingImportant Notice Regarding the Availability of Proxy

Materials for Platinum Group Metals Ltd., Annual General Meeting to be held at 550 Burrard Street,

Bentall 5, Lobby Level Boardroom, Vancouver, BC on Friday, February 23, 2018, at 11:00 am PST

Your Vote is Important. Please Vote Today.

Youarereceivingthis noticetoadvisethat theproxymaterials for theabovenotedsecurityholders’ meetingare available ontheInternet.ThiscommunicationpresentsonlyanoverviewofthemorecompleteproxymaterialsthatareavailabletoyouontheInternet.Weremindyoutoaccessandreviewalloftheimportantinformationcontainedintheinformationcircularandotherproxymaterialsbeforevoting.Theinformationcircularandotherrelevantmaterialsareavailableat:

http://www.platinumgroupmetals.net/investor-relations/agm_2018/OR

www.sedar.com

Obtaining a Copy of the Proxy Materials

Ifyouwouldliketoreceiveapapercopyofthecurrentmeetingmaterialsbymail,youmustrequestone.Thereisnochargetoyouforrequestingacopy.

CallusTollFreeat1-866-899-5450withinNorthAmericatorequestapapercopyofthematerialsforthecurrentmeeting.

Toensureyoureceivethematerialinadvanceofthevotingdeadlineandmeetingdate,allrequestsmustbereceivedbyusnolaterthan10businessdaysbeforethemeetingtoensuretimelyreceipt.Ifyoudorequestthecurrentmaterials,pleasenotethatanotherVotingInstructionForm/Proxywillnotbesent;pleaseretainyourcurrentoneforvotingpurposes.

ShareholderswithquestionsaboutnoticeandaccesscancontacttheCompanytollfreeat1-866-899-5450 orbyemailatinfo@platinumgroupmetals.net.

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Securityholder Meeting NoticePLEASE NOTE – YOU CANNOT VOTE BY RETURNING THIS NOTICE .TovoteyoursecuritiesyoumustvoteonlineorbymailingtheenclosedVotingInstructionForm/ProxyforreceiptbeforeWednesday,February21,2018at11:00amPSTusingtheenclosedBusinessReplyEnvelope,inorderforyourVotingInstructionForm/ProxytobevalidandacteduponattheMeeting.

TheresolutionstobevotedonatthemeetingarelistedbelowalongwiththepageswithintheInformationCircularwheredisclosureregardingthemattercanbefound.

1. ElectionofDirectors-(Page6)2. AppointmentofAuditors-(Page8)

Your vote is important. The Board of Directors unanimously recommends that shareholders vote in favour of all

the resolutions. Ifyouhavequestionsorrequireassistancewithvotingyourshares,youmaycontactthe

Company:

Platinum Group Metals Ltd. North American Toll-Free Number: 1-866-899-5450

Email: info@platinumgroupmetals.net Website: www.platinumgroupmetals.net

Proxy Materials

Registeredholdersandbeneficialholderswhohaveexistinginstructionsontheiraccounttoreceiveprintedcopiesofthemeetingmaterialsandthoseregisteredandbeneficial holderswhohaveaddressesoutsideCanadaandtheUnitedStateswill receiveprintedcopiesofthemeetingmaterials. Allotherholderswillneedtorequest printedmaterials fromtheCompany’swebsite:http://www.platinumgroupmetals.net/investor-relations/agm_2018/ordownloadtheproxymaterialsfromwww.sedar.comorbycallingtheCompanyat1-866-899-5450.

Annual Financial Statements Delivery

Only Registered and Beneficial holders who opted to receive financial statements and management’s discussion and analysis (“MD&A”) will receiveprintedcopiesoftheannualfinancialstatementsandMD&AforthefiscalyearendedAugust31,2018.

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