Lion Battery Technologies Advances Platinum and Palladium Based Lithium-Sulfur Battery Technology

Platinum Group Metals Ltd. (PTM) announced that its 52%-owned subsidiary, Lion Battery Technologies Inc., has completed Phase 1 independent testing and scale-up for its platinum- and palladium-based lithium-sulfur battery technology. Independent validation by the Battery Innovation Center in Newberry, Indiana, confirmed that PGM catalysts improved capacity and rate capability compared to non-catalyzed cells, with palladium-rich formulations delivering the strongest performance.

Joint venture partners PTM and Valterra Platinum (48%) have approved funding for the next development stage. This phase will focus on manufacturing and testing pouch-cell prototypes, optimizing catalyst formulations, and evaluating performance for drone applications. Lion Battery holds exclusive IP rights from a Florida International University (FIU) research agreement, with eight US patents granted and additional applications pending. R&D continues under Dr. Bilal El-Zahab, supported by an independent advisory board.

Platinum Group Metals Ltd. (PTM) announced incremental research and development progress made by its minority-owned subsidiary, marking a step in its broader diversification strategy rather than a core operational or financial update. The validation of platinum group metal (PGM) catalysts within lithium-sulfur battery chemistry aligns with previously disclosed collaboration goals but does not immediately alter the economics or timeline of the company’s Waterberg PGM project.

The announcement follows a multi-year research trajectory and is expected by the market. It does not constitute a commercial contract, a new revenue stream, or a capital raise. While the news is viewed as neutral to mildly positive in the short term, it remains speculative and distant from commercialization. The milestone is considered routine for a pre-revenue development-stage company, with no material deviation from prior expectations.

Platinum Group Metals Ltd. (PTM) is advancing its Waterberg Project, a permitted, feasibility-stage PGM deposit situated on the Northern Limb of the Bushveld Complex in South Africa. The project holds 23.41 million ounces of 4E (Pt, Pd, Rh, Au) in proven and probable reserves, supporting a 54-year mine life.

A DFS Update released in September 2024 outlines a total project capital of $946 million. The analysis projects a life-of-mine cash cost of $658/oz, placing it in the lowest quartile globally, alongside a 14.2% post-tax IRR and a $569 million post-tax NPV at base-case metal prices.

The company is evaluating a staged development strategy that begins with the higher-grade T-Zone deposit, which averages 3.84 g/t 4E. This approach aims to defer power, backfill, and milling capital before expanding to the F-Central deposit. Additionally, PTM is pursuing a dual-track evaluation of South African smelters and refiners, as well as a potential Saudi-based base metal refinery, to maximize value capture.