South Africa-focused Platinum Group Metals (PTM) incurred a net loss of $7.26 million during the nine months ended May 31, 2022, compared to $8.84 million, a year earlier.

It said general and administrative expenses were $3.26 million during the period under consideration compared to the previous year’s $2.91 million.

The increase in expenses was primarily due to legal fees for the Africa Wide trial, which took place between October 2021 and March 2022.

It said loss per share for the period amounted to $0.08 compared to a loss of $0.12 per share for the nine months ended May 31, 2021.

PTM is focused on advancing the Waterberg project located on the Northern Limb of the Bushveld Complex in South Africa.

The Waterberg project, it said, is planned as a fully mechanised, shallow, decline access palladium, platinum, gold and rhodium mine and is projected to be one of the largest and lowest cost underground platinum group metals mines globally.

The company is also advancing research and development through Lion Battery Technologies using platinum and palladium in lithium battery technologies in collaboration with Anglo American Platinum and Florida International University.