PLATINUM GROUP METALS LTD

PLGdata completeness 63%10 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

PLATINUM GROUP METALS LTD earns about -20% on invested capital, but has diluted owners by 50% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$13.1M¹	−$8.24M¹	−$5.66M²	−$4.61M³	−$4.54M³
Operating cash flow	−$8.05M⁴	−$4.47M⁴	−$3.79M⁵	−$2.54M⁶	−$3.37M⁶
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$6.06M⁷	$12.3M⁸	$6.99M⁹	$3.7M⁹	$417,000⁹
Diluted shares	75.2M	89.6M	100.3M	102.5M	112.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$3.16

your share of equity

Profit it earned you last year

−$0.4

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $3.16 of net worth that earned you −$0.4 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-20% avg · 5y

FY21 —FY22 -32%FY23 -24%FY24 -16%FY25 -10%

It earned an average -20% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+50% shares · 5y

Share count is up 50% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

$0.53

assumptions (1)

grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts

40-F · period ending 2021-08-31 · accession 0001062993-23-021297 (ProfitLossAttributableToOwnersOfParent)
40-F · period ending 2023-08-31 · accession 0001062993-24-019757 (ProfitLossAttributableToOwnersOfParent)
40-F · period ending 2024-08-31 · accession 0001062993-25-017053 (ProfitLossAttributableToOwnersOfParent)
40-F · period ending 2021-08-31 · accession 0001062993-23-021297 (CashFlowsFromUsedInOperatingActivities)
40-F · period ending 2023-08-31 · accession 0001062993-24-019757 (CashFlowsFromUsedInOperatingActivities)
40-F · period ending 2024-08-31 · accession 0001062993-25-017053 (CashFlowsFromUsedInOperatingActivities)
40-F · period ending 2021-08-31 · accession 0001062993-23-021297 (CashAndCashEquivalents)
40-F · period ending 2022-08-31 · accession 0001062993-24-019757 (CashAndCashEquivalents)
40-F · period ending 2023-08-31 · accession 0001062993-25-017053 (CashAndCashEquivalents)