PLATINUM GROUP METALS LTD, 6-K filed on 7/16/2019
Report of Foreign Issuer
v3.19.2
Document and Entity Information
9 Months Ended
May 31, 2019
Document and Entity Information [Abstract]  
Entity Registrant Name PLATINUM GROUP METALS LTD
Entity Central Index Key 0001095052
Current Fiscal Year End Date --08-31
Document Type 6-K
Document Period End Date May 31, 2019
Amendment Flag false
Document Fiscal Year Focus 2019
Document Fiscal Period Focus Q3
v3.19.2
Condensed Consolidated Interim Statements of Financial Position - USD ($)
$ in Thousands
May 31, 2019
Aug. 31, 2018
Current    
Cash $ 1,252 $ 3,017
Restricted Cash - Waterberg   126
Marketable Securities   7,084
Amounts receivable 435 863
Prepaid expenses 137 226
Total current assets 1,824 11,316
Performance bonds 71 70
Exploration and evaluation assets 35,904 29,406
Property, plant and equipment 522 1,057
Total assets 38,321 41,849
Current    
Accounts payable and other liabilities 2,191 3,572
Loan payable 45,429  
Total current liabilities 47,620 3,572
Loans payable 0 42,291
Convertible notes 16,110 14,853
Warrant derivative 1,229 663
Total liabilities 64,959 61,379
SHAREHOLDERS' EQUITY    
Share capital 824,980 818,454
Contributed surplus 26,521 25,950
Accumulated other comprehensive loss (157,381) (159,742)
Deficit (735,087) (715,344)
Total shareholders' deficit attributable to shareholders of Platinum Group Metals Ltd. (40,967) (30,682)
Non-controlling interest 14,329 11,152
Total shareholders' deficit (26,638) (19,530)
Total liabilities and shareholders' deficit $ 38,321 $ 41,849
v3.19.2
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Income) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
May 31, 2019
May 31, 2018
May 31, 2019
May 31, 2018
Expenses        
General and administrative $ 884 $ 1,513 $ 3,793 $ 4,644
Interest 2,349 5,083 7,331 14,938
Foreign exchange loss 1,551 726 2,109 3,925
Stock compensation expense 505 10 521 62
Closure, care and maintenance costs   1,303 (509) 14,231
Operating expenses, total 5,289 8,635 13,245 37,800
Other Income        
Loss (Gain) on fair value derivatives and warrants (1,589) (758) 839 (2,687)
Loss on Asset Held for Sale   2,305   2,305
Loss (Gain) on fair value of marketable securities   692 (609) 692
Net finance income (18) (153) (338) (505)
Loss for the period 3,682 10,721 13,137 37,605
Items that may be subsequently reclassified to net loss:        
Currency translation adjustment (1,153) (1,195) (2,361) (8,277)
Comprehensive loss for the period 2,529 9,526 10,776 29,328
Loss attributable to:        
Shareholders of Platinum Group Metals Ltd. 3,682 10,572 13,137 35,240
Non-controlling interests 0 149 0 2,365
Total Loss 3,682 10,721 13,137 37,605
Comprehensive loss attributable to:        
Shareholders of Platinum Group Metals Ltd. 2,529 13,973 10,776 26,963
Non-controlling interests   (4,447)   2,365
Comprehensive loss for the period $ 2,529 $ 9,526 $ 10,776 $ 29,328
Basic and diluted loss per common share (in dollars per share) $ 0.11 $ 0.61 $ 0.42 $ 2.24
Weighted average number of common shares outstanding: Basic and diluted (in shares) 33,480,901 17,396,129 30,980,173 15,758,752
v3.19.2
Condensed Consolidated Interim Statements of Changes in Equity - USD ($)
$ in Thousands
Share Capital [Member]
Contributed Surplus [Member]
Accumulated Other Comprehensive Income (loss) [Member]
Deficit [Member]
Attributable to Shareholders of the Parent Company [Member]
Non-Controlling Interest [Member]
Total
Beginning Balance at Aug. 31, 2017 $ 800,894 $ 25,870 $ (170,505) $ (667,617) $ (11,358) $ (11,908) $ (23,266)
Beginning Balance (Shares) at Aug. 31, 2017             14,846,938
Share based compensation   69     69   $ 55
Shares issued for interest on convertible note 691       691   $ 691
Shares issued for interest on convertible note (Shares)             244,063
Units issued - financing 18,557       18,557   $ 18,557
Units issued - financing (Shares)             13,254,486
Unit issuance costs (1,979)       (1,979)   $ (1,979)
Non-controlling interest impact of the sale of Maseve     (11,521) (7,306) (18,827) 18,827  
Equity impact from partial sale of Waterberg       15,239 15,239 1,962 17,201
Contributions of Waterberg JV Co           3,259 3,259
Foreign currency translation adjustment     8,277   8,277   8,277
Net loss for the period       (35,240) (35,240) (2,365) (37,605)
Ending Balance at May. 31, 2018 818,163 25,939 (173,749) (694,924) (24,571) 9,775 $ (14,976)
Ending Balance (Shares) at May. 31, 2018             28,345,487
Share based compensation   11     11   $ 11
Shares issued for interest on convertible note 725       725   $ 725
Shares issued for interest on convertible note (Shares)             757,924
Share issuance costs (434)       (434)   $ (434)
Non-controlling interest impact of the sale of Maseve     407 (384) 23 (23)  
Equity impact from partial sale of Waterberg       (1,067) (1,067)   (1,067)
Contributions of Waterberg JV Co           1,377 1,377
Foreign currency translation adjustment     (1,927)   (1,927)   (1,927)
Tax impact from Waterberg and other equity transactions     15,527 (15,527)      
Net loss for the period       (3,442) (3,442) 23 (3,419)
Ending Balance (Increase (decrease) due to changes in accounting policy [member]) at Aug. 31, 2018 [1]       (5,781) (5,781)   (5,781)
Ending Balance (Restated [Member]) at Aug. 31, 2018 818,454 25,950 (159,742) (721,125) (36,463) 11,152 (25,311)
Ending Balance at Aug. 31, 2018 818,454 25,950 (159,742) (715,344) (30,682) 11,152 $ (19,530)
Ending Balance (Shares) (Restated [Member]) at Aug. 31, 2018             29,103,411
Ending Balance (Shares) at Aug. 31, 2018             29,103,411
Share based compensation   571     571   $ 571
Shares issued for interest on convertible note 687       687   $ 687
Shares issued for interest on convertible note (Shares)             545,721
Share issuance - financing 4,155       4,155   $ 4,155
Share issuance - financing (Shares)             3,124,059
Share issuance costs (153)       (153)   $ (153)
Warrants exercised 1,837       1,837   $ 1,837
Warrants exercised (Shares)             968,770
Contributions of Waterberg JV Co       (825) (825) 3,177 $ 2,352
Foreign currency translation adjustment     2,361   2,361   2,361
Net loss for the period       (13,137) (13,137)   (13,137)
Ending Balance at May. 31, 2019 $ 824,980 $ 26,521 $ (157,381) $ (735,087) $ (40,967) $ 14,329 $ (26,638)
Ending Balance (Shares) at May. 31, 2019             33,741,961
[1] 1 See Note 2 and Note 5 below for details.
v3.19.2
Condensed Consolidated Interim Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
May 31, 2019
May 31, 2018
OPERATING ACTIVITIES    
Loss for the period $ (13,137) $ (37,605)
Add items not affecting cash:    
Depreciation 187 251
Interest expense 7,331 14,938
Unrealized foreign exchange gain (loss) 99 (116)
Loss on assets held for sale   2,305
Gain (Loss) on fair value of convertible debt derivatives 839 (2,687)
(Gain) Loss on marketable securities (609) 692
Stock compensation expense 521 62
Net change in non-cash working capital 747 117
Net cash flows from (used in) operating activities (4,022) (22,043)
FINANCING ACTIVITIES    
Share issuance - warrant exercise 1,646 0
Proceeds from issuance of equity 4,155 19,882
Equity issuance costs (153) (2,120)
Cash received from sale of Maseve   62,000
Interest paid   (1,014)
Cash proceeds from debt   10,000
Debt principal repayments (8,023) (75,251)
Cash received from Waterberg partners 2,367  
Costs associated with the debt (3) (899)
Net cash flows from (used in) financing activities (11) 12,598
INVESTING ACTIVITIES    
Proceeds from partial sale of interest in Waterberg   17,190
Restricted cash (Waterberg)   (5,000)
Cash received from sale of marketable securities 7,951  
Expenditures from restricted cash (Waterberg) 126 4,002
Fees paid on asset held for sale   (1,000)
Proceeds from the sale of concentrate   2,016
Waterberg exploration expenditures (6,139) (5,759)
Net cash flows from (used in) investing activities 1,938 11,449
Net decrease in cash and cash equivalents (2,095) (7,510)
Effect of foreign exchange on cash and cash equivalents 330 (189)
Cash and cash equivalents, beginning of period 3,017 3,414
Cash and cash equivalents, end of period $ 1,252 $ 5,229
v3.19.2
NATURE OF OPERATIONS AND GOING CONCERN
9 Months Ended
May 31, 2019
Notes to Financial Statements [Abstract]  
NATURE OF OPERATIONS AND GOING CONCERN [Text Block]
1.

      NATURE OF OPERATIONS AND GOING CONCERN

Platinum Group Metals Ltd. (the “Company”) is a British Columbia, Canada, company formed by amalgamation on February 18, 2002. The Company’s shares are publicly listed on the Toronto Stock Exchange (“TSX”) in Canada and the NYSE American LLC (“NYSE American”) in the United States (formerly the NYSE MKT LLC). The Company’s address is Suite 838-1100 Melville Street, Vancouver, British Columbia, V6E 4A6.

The Company is an exploration and development company conducting work on mineral properties it has staked or acquired by way of option agreements in the Republic of South Africa.

These financial statements include the accounts of the Company and its subsidiaries. The Company’s subsidiaries (collectively with the Company, the “Group”) as at May 31, 2019 are as follows:

    Place of      Proportion of ownership
    incorporation interest and voting power held
    and May 31, August 31,
Name of subsidiary Principal activity operation 2019 2018
         
Platinum Group Metals (RSA) (Pty) Ltd. Exploration South Africa 100% 100%
Mnombo Wethu Consultants (Pty) Limited.1 Exploration South Africa 49.9% 49.9%
Waterberg JV Resources (Pty) Ltd. Exploration South Africa 37.05% 37.05%

The Company controls and consolidates Mnombo Wethu Consultants (Pty) Limited (“Mnombo”) and Waterberg JV Resources (Pty) Ltd. for accounting purposes.

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) applicable to a going concern which contemplates that the Company will be able to realize its assets and settle its liabilities in the normal course as they come due for the foreseeable future. The Company had a loss of $13.3 million during the nine-month period, negative working capital and has negative equity amounting to $26.6 million as at May 31, 2019. At May 31, 2019, the Company was indebted $43.0 million pursuant to the LMM Facility (as defined below). This debt is due October 31, 2019. Additional payments/interest are also due on the convertible debt (which can be paid with shares of the Company). The Company currently has limited financial resources and has no sources of operating income at present.

The Company’s ability to continue operations in the normal course of business will therefore depend upon its ability to secure additional funding by methods that could include debt refinancing, equity financing, the exercise of warrants, sale of assets and strategic partnerships. Management believes the Company will be able to secure further funding as required. Nonetheless, there exist material uncertainties resulting in substantial doubt as to the ability of the Company to continue to meet its obligations as they come due and hence, the ultimate appropriateness of the use of accounting principals applicable to a going concern.

These condensed consolidated financial statements do not include adjustments or disclosures that may result should the Company not be able to continue as a going concern. If the going concern assumption were not appropriate for these consolidated financial statements, then adjustments would be required to the carrying value of assets and liabilities, the expenses, the reported comprehensive loss and balance sheet classifications used that would be necessary if the Company were unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. These adjustments could be material.

v3.19.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
May 31, 2019
Statements [Line Items]  
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Text Block]
2.

      BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

These condensed consolidated interim financial statements have been prepared in accordance with the International Accounting Standard 34, Interim Financial Reporting (“IAS 34”) using accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”).

The Company’s significant accounting policies and critical accounting estimates applied in these interim financial statements are the same as those applied in Note 2 of the Company’s annual consolidated financial statements as at and for the year ended August 31, 2018, except for the adoption of IFRS 9, Financial Instruments, (“IFRS 9”) effective for fiscal periods beginning on or after January 1, 2018.

Change in Accounting Policy – IFRS 9

The Company adopted all of the requirements of IFRS 9 as of September 1, 2018. IFRS 9 replaces IAS 39 Financial Instruments: Recognition and Measurement (“IAS 39”). IFRS 9 utilizes a revised model for recognition and measurement of financial instruments and a single, forward-looking “expected loss” impairment model.

As the Company is not restating prior periods, management has recognized the effects of modified retrospective application at the beginning of the fiscal 2019 reporting period, which included the date of initial application. Therefore, on September 1, 2018 the adoption of IFRS 9 resulted in a decrease in deficit of $5.8 million with a corresponding increase in the carrying value of the Liberty loan for the same amount. See Note 5 for further details.

The following is the Company’s new accounting policy for financial instruments since adoption of IFRS 9 on September 1, 2018:

Classification

The Company classifies its financial instruments in the following categories: at fair value through profit and loss at fair value through other comprehensive income (loss), or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and the debt’s contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL.

Measurement

Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the consolidated statements of comprehensive loss in the period in which they arise.

Impairment of financial assets at amortized cost

The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve-month expected credit losses. The Company shall recognize in the consolidated statements of comprehensive loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized.

Derecognition of Financial assets

The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the consolidated statements of comprehensive loss.

The original measurement categories under IAS 39 and the new measurement categories under IFRS 9 are summarized in the following table:

  Original (IAS 39) New (IFRS 9)
Financial Assets:    
Cash Loans and receivables Amortized cost
Marketable securities Available for sale (designated to profit and loss) Fair value through profit or loss
Accounts receivable Loans and receivables Amortized cost
     
Financial Liabilities:    
Accounts payable Other liabilities Amortized cost
Loan payable Amortized cost Amortized cost
Convertible debenture Other financial liabilities Other financial liabilities
Convertible debenture derivative Fair value through profit or loss Fair value through profit or loss
Warrants Fair value through profit or loss Fair value through profit or loss

Presentation Currency

The Company’s presentation currency is the United States Dollar (“USD”). All amounts in these financial statements are presented in thousands of USD unless otherwise noted.

Foreign Exchange Rates Used

The following exchange rates were used when preparing these consolidated financial statements:

  Rand/USD  
                     Period-end rate: R14.6127 (August 31, 2018 R14.6883)
                     9-month period average rate: R14.2436 (May 31, 2018 R12.7354)
     
  CAD/USD  
                     Period-end rate: CAD$1.3527 (August 31, 2018 CAD$1.3055)
                     9-month period average rate: CAD$1.3267 (May 31, 2018 CAD$1.2665)

Recently Issued Accounting Pronouncements

The following new accounting standards, amendments and interpretations, that have not been early adopted in these consolidated financial statements, will or may have an effect on the Company’s future results and financial position:

  (i)

IFRS 16, Leases

     
 

In January 2016, the IASB issued IFRS 16. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, which is the customer (“lessee”) and the supplier (“lessor”). IFRS 16 replaces IAS 17, Leases and related interpretations. Save for limited exceptions, all leases result in the lessee obtaining the right to use an asset at the start of the lease and, if lease payments are made over time, also obtaining financing. Accordingly, IFRS 16 eliminates the classification of leases as either operating leases or finance leases as is required by IAS 17 and, instead, introduces a single lessee accounting model. Applying that model, a lessee is required to recognize:

 
  i)

Assets and liabilities for all leases with a term of more than 12 months, unless the underlying assets is of low value; and

     
  ii)

Depreciation of lease assets separately from interest on lease liabilities in the statement of income.

The new standard is effective for annual periods beginning on or after January 1, 2019. As the Company’s year end is August, the first effective year will be fiscal 2020. The adoption of this standard will result in the recording of a lease asset and a corresponding lease liability on the statements of financial position.

Based on the Company’s current leasing activity, the adjustment will not be significant.

v3.19.2
MARKETABLE SECURITIES
9 Months Ended
May 31, 2019
Statements [Line Items]  
MARKETABLE SECURITIES [Text Block]
3.

      MARKETABLE SECURITIES

As part of the consideration of the sale of the Maseve Mine, the Company was granted 4,524,279 common shares of Johannesburg Stock Exchange listed Royal Bafokeng Platinum Ltd. (“RBPlats”). While these marketable securities were owned by the Company they were designated as fair value through profit and loss (“FVTPL”) with changes in fair value recorded through profit or loss. On December 14, 2018, the Company sold these shares for $7.8 million and realized a gain of $609 in the current nine month period.

v3.19.2
EXPLORATION AND EVALUATION ASSETS
9 Months Ended
May 31, 2019
Statements [Line Items]  
EXPLORATION AND EVALUATION ASSETS [Text Block]
4.

      EXPLORATION AND EVALUATION ASSETS

Since mid-2015, the Company’s only active exploration project has been the Waterberg Project located on the North Limb of the Western Bushveld Complex. Total capitalized exploration and evaluation expenditures for all exploration properties held by the Company are as follows:

Balance, August 31, 2017 $  22,900  
Additions   9,096  
Foreign exchange movement   (2,590 )
Balance, August 31, 2018 $  29,406  
Additions   6,377  
Foreign exchange movement   121  
Balance, May 31, 2019 $  35,904  

Waterberg

The Waterberg Project consists of adjacent, granted and applied-for prospecting rights and applied for mining rights with a combined active project area of approximately 99,244.79 ha, located on the Northern Limb of the Bushveld Complex, approximately 85 km north of the town of Mokopane (formerly Potgietersrus). The Waterberg Project is comprised of the former Waterberg JV Property and the Waterberg Extension Property.

On August 8, 2017, PTM RSA transferred legal title of all Waterberg Project prospecting rights into Waterberg JV Co. upon receiving Section 11 approval of the 2nd Amendment (defined below). On September 21, 2017, Waterberg JV Co. issued shares to all existing Waterberg partners pro rata to their joint venture interests, resulting in the Company holding a 45.65% direct interest in Waterberg JV Co., the Japan Oil, Gas and Metals National Corporation ("JOGMEC") holding a 28.35% interest and Mnombo, as the Company’s Black Economic Empowerment (“BEE”) partner, holding 26%.

Implats Transaction

On November 6, 2017, the Company closed a transaction, originally announced on October 16, 2017, whereby Impala Platinum Holdings Ltd. ("Implats"):

 

a)  

Purchased an aggregate 15.0% equity interest in Waterberg JV Co (the “Initial Purchase”) for $30 million. The Company sold an 8.6% interest for $17.2 million and JOGMEC sold a 6.4% interest for $12.8 million. From its $17.2 million in proceeds, the Company committed $5.0 million towards its pro rata share of remaining DFS costs, which was held as restricted cash with no balance remaining as at May 31, 2019 ($0.1 million remaining at August 31, 2018). Implats has contributed its 15.0% pro rata share of Definitive Feasibility Study (“DFS”) costs to date. Following the Initial Purchase, the Company held a direct 37.05% equity interest, JOGMEC held a 21.95% equity interest and Black Economic Empowerment partner Mnombo maintained a 26.0% equity interest. The Company holds a 49.9% interest in Mnombo, bringing its overall direct and indirect ownership in Waterberg JV Co. to 50.02%.

 

 

 

b) 

Acquired an option (the “Purchase and Development Option”) whereby upon completion and approval by Waterberg JV Co. or Implats of the DFS, Implats will have a right within 90 days to exercise an option to increase its interest to up to 50.01% in Waterberg JV Co. If Implats exercises the Purchase and Development Option, Implats would commit to purchase an additional 12.195% equity interest in Waterberg JV Co. from JOGMEC for $34.8 million and commit to an expenditure of $130.2 million in development work.

Following an election to go to a 50.01% project interest as described above, Implats will have another 90 days to confirm the salient terms of a development and mining financing for the Waterberg Project, including a signed financing term sheet, subject only to final credit approval and documentation. After exercising the Purchase and Development Option, Implats will control Waterberg JV Co.

Should Implats complete the increase of its interest in Waterberg JV Co. to 50.01% pursuant to the Purchase and Development Option, the Company would retain a 31.96% direct and indirect interest in Waterberg JV Co. and following completion of Implats’ earn-in spending all of the project partners would be required to participate pro-rata. The transaction agreements also provide for the transfer of equity and the issuance of additional equity to one or more broad based black empowerment partners, at fair value.

If Implats does not elect to complete the Purchase and Development Option and the Development and Mining Financing, Implats will retain a 15.0% project interest and the Company will retain a 50.02% direct and indirect interest in the project.

c) Acquired a right of first refusal to enter into an offtake agreement, on commercial arms-length terms, for the smelting and refining of mineral products from the Waterberg Project. JOGMEC will retain a right to receive platinum, palladium, rhodium, gold, ruthenium, iridium, copper and nickel in refined mineral products at the volume produced from the Waterberg Project.

Acquisition and Development of the Property

In October 2009, PTM RSA, JOGMEC and Mnombo entered into a joint venture agreement with regard to the Waterberg Project (the “JOGMEC Agreement”). Under the terms of the JOGMEC Agreement, in April 2012, JOGMEC completed a $3.2 million work requirement to earn a 37% interest in the Waterberg JV property, leaving the Company with a 37% interest and Mnombo with a 26% interest. Following JOGMEC’s earn-in, the Company funded Mnombo’s 26% share of costs, totalling $1.12 million, until the earn-in phase of the joint venture ended in May 2012.

On November 7, 2011, the Company entered an agreement with Mnombo to acquire 49.9% of the issued and outstanding shares of Mnombo in exchange for cash payments totalling R1.2 million and the Company’s agreement to pay for Mnombo’s 26% share of costs on the Waterberg JV property until the completion of a feasibility study. Mnombo’s share of expenditures prior to this agreement were covered by the Company and are still owed to the Company ($3.4 million).  The portion of Mnombo not owned by the Company, calculated at $6.6 million at May 31, 2019 ($5.8 million – August 31, 2018), is accounted for as a non-controlling interest.

On May 26, 2015, the Company announced a second amendment (the “2nd Amendment”) to the existing JOGMEC Agreement. Under the terms of the 2nd Amendment the Waterberg JV and Waterberg Extension properties are to be combined and contributed into the newly created operating company Waterberg JV Co. On August 4, 2017, the Company received Section 11 transfer approval from the South African Department of Mineral Resources (“DMR”) and title to all of the Waterberg prospecting rights held by the Company were transferred into Waterberg JV Co

Under the 2nd Amendment, JOGMEC committed to fund $20 million in expenditures over a three-year period ending March 31, 2018. This funding requirement was completed as an amount of $8 million was funded by JOGMEC to March 31, 2016, which was followed by two $6 million tranches spent in each of the following two 12-month periods ending March 31, 2018.

To May 31, 2019 an aggregate total of $67.9 million has been funded by all parties on exploration and engineering on the Waterberg Project. Up until the Waterberg property was held in the Waterberg JV Company, all costs incurred by other parties were treated as recoveries.

v3.19.2
LOANS PAYABLE
9 Months Ended
May 31, 2019
Statements [Line Items]  
LOANS PAYABLE [Text Block]
5.

      LOAN PAYABLE

On November 20, 2015, the Company drew down a $40 million loan facility (the “LMM Facility”) pursuant to a credit agreement (the “LMM Credit Agreement”) entered into on November 2, 2015 with a significant shareholder, Liberty Metals & Mining Holdings, LLC (“LMM”), a subsidiary of Liberty Mutual Insurance. The LMM Facility bears interest at LIBOR plus 9.5% . LMM held the first lien position on (i) the shares of PTM (RSA) held by the Company and (ii) all current and future assets of the Company. Pursuant to the LMM Credit Agreement the Company also entered into a life of mine Production Payment Agreement (“PPA”) with LMM.

During fiscal 2018 the Company made payments to Liberty totalling $23.1 million. These payments first settled the production payment termination accrual of $15 million. The remaining $8.1 million was then applied against the loan and accrued interest owing. On January 11, 2019 the Company repaid a further $8.0 million to Liberty from the proceeds for the sale of the RBPlats shares, (see Note 3 for further details). The Company owed Liberty approximately $43.0 million if the loan had been repaid at May 31, 2019.

The Loan agreement has had multiple amendments. Under IAS 39, when an entity makes an amendment it must decide whether the modification was significant enough to constitute an extinguishment. If the modification was considered an extinguishment of the initial debt, the new modified debt is recorded at fair value and a gain/loss recognized in income for the difference between the carrying amount of the ‘old’ debt and the ‘new’ debt. This extinguishment accounting remains the same under IFRS 9.

However, accounting under the newly adopted IFRS 9 differs where the change was not significant enough to be an extinguishment. Under IAS 39, modifications would not lead to an immediate income change because the entity would typically discount the cash flows of the modified debt at a revised effective interest rate. However, under IFRS 9, the cash flows under the modified debt should be rediscounted at the original effective interest rate. This leads to an immediate income charge on the date of the modification.

Effective September 1, 2018 the Company adopted IFRS 9 which was applied to the Liberty loan retrospectively. The implementation of IFRS 9 resulted in an increase in the carrying value of $5.8 million with a corresponding decrease in deficit also being recognized. At May 31, 2019 the effective interest rate is 17.8% while the actual interest rate has remained at LIBOR plus 9.5% .

The Liberty loan is due October 31, 2019 with no payments owed until October 31, 2019. The Company was not in default of any covenants on the LMM Facility at May 31, 2019.

Brokerage Fees

There are certain brokerage fees that will become due when the Company’s secured debt is repaid in full. As these fees are contingent on the repayment of secured debt, they are grouped with the debt as follows:

LMM Facility $  42,701  
Brokerage Fees   2,728  
Loan Payable $  45,429  
v3.19.2
CONVERTIBLE NOTES
9 Months Ended
May 31, 2019
Statements [Line Items]  
CONVERTIBLE NOTES [Text Block]
6.

      CONVERTIBLE NOTES

On June 30, 2017, the Company closed a private placement of $20 million aggregate principal amount of convertible senior subordinated notes (“Convertible Notes”) due 2022. The Convertible Notes bear interest at a rate of 6 7/8% per annum, payable semi-annually on January 1 and July 1 of each year, beginning on January 1, 2018, in cash or at the election of the Company, in common shares of the Company or a combination of cash and Common Shares, and will mature on July 1, 2022, unless earlier repurchased, redeemed or converted. An additional interest charge of 0.25% for the period January 1, 2018 to March 31, 2018, plus a further 0.25% for the period April 1, 2018 to July 1, 2018, was added to the coupon rate of the Convertible Notes at the Company’s election to not file a prospectus and a registration statement for the Convertible Notes with Canadian securities regulatory authorities and with the U.S. Securities and Exchange Commission. After July 1, 2018, at which time the Convertible Notes became freely tradable by holders other than affiliates, the Convertible Notes once again bear interest at the coupon rate of 6 7/8% per annum.

Upon maturity the Convertible Notes are to be settled by the Company in cash. The Convertible Notes are convertible at any time prior to maturity at the option of the holder, and conversion may be settled, at the Company’s election, in cash, Common Shares, or a combination of cash and Common Shares. If any Convertible Notes are converted on or prior to the three and one half year anniversary of the issuance date, the holder of the Convertible Notes will also be entitled to receive an amount equal to the remaining interest payments on the converted notes to the three and one half year anniversary of the issuance date, discounted by 2%, payable in Common Shares. The initial conversion rate of the Convertible Notes will be 1,001.1112 Common Shares per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $0.9989 per Common Share, representing a conversion premium of approximately 15% above the NYSE American closing sale price for the Company’s Common Shares of $0.8686 per share on June 27, 2017. After giving effect to the December 13, 2018 share consolidation, the conversion rate is 100.1111 per US$1,000 which is equivalent to a conversion price of approximately $9.989 per common share.

The Convertible Notes contain multiple embedded derivatives (the “Convertible Note Derivatives”) relating to the conversion and redemption options. The Convertible Note Derivatives were valued upon initial recognition at fair value using partial differential equation methods at $5,381 (see below). At inception, the debt portion of the Convertible Notes were reduced by the estimated fair value of the Convertible Note Derivatives of $5,381 and transaction costs relating to the Convertible Notes of $1,049 resulting in an opening balance of $13,570. The Convertible Notes are measured at amortized cost and will be accreted to maturity over the term using the effective interest method.

On January 2, 2018, the Company issued 244,063 common shares in settlement of $691.11 of bi-annual interest payable on $19.99 million of outstanding Convertible Notes.

On July 3, 2018, the Company issued 757,924 common shares in settlement of $724.78 of bi-annual interest payable on $19.99 million of outstanding Convertible Notes.

On January 2, 2019 the Company issued 545,721 common shares in settlement of $687.16 of bi-annual interest payable on $19.99 million of outstanding Convertible Notes.

On July 1, 2019 the Company paid $687 of bi-annual interest payable on outstanding Convertible Notes.

The components of the Convertible Notes are as follows:

Convertible Note balance August 31, 2017 $  13,925  
Transaction costs incurred during the year   (95 )
Interest payments   (1,416 )
Accretion and interest incurred during the year   2,378  
Debt portion of the Convertible Notes August 31, 2018   14,792  
Embedded Derivatives balance August 31, 2018 (see below)   61  
Convertible Note balance August 31, 2018 $  14,853  
Transactions costs incurred   (39 )
Interest payments paid in cash   (687 )
Accretion and interest incurred during the period   1,821  
Embedded Derivatives balance May 31, 2019 (see below)   162  
Convertible Note balance May 31, 2019 $  16,110  

Embedded Derivatives

The Convertible Note Derivatives were valued upon initial recognition at a fair value of $5,381 using partial differential equation methods and is subsequently re-measured at fair value at each period-end through the consolidated statement of net loss and comprehensive loss. The fair value of the Convertible Note Derivatives was measured at $61 at August 31, 2018, then $162 at May 31, 2019 resulting in a loss of $101 for the period. Combined with the loss on the warrant derivative (Note 8) of $738, this results in a loss of $839.

The assumptions used in the valuation model used at May 31, 2019 and August 31, 2018 include:

Valuation Date   May 31, 2019     August 31, 2018  
Share Price (USD) $ 1.30   $ 1.00  
Volatility   72.43%     72.43%  
Risk free rate   2.17%     2.71%  
Credit spread   11.58%     11.58%  
All-in rate   13.75%     14.30%  
Implied discount on share price   - %     -%  

The Convertible Note derivative is classified as a level 2 financial instrument in the fair value hierarchy.

v3.19.2
SHARE CAPITAL
9 Months Ended
May 31, 2019
Statements [Line Items]  
SHARE CAPITAL [Text Block]
7.

      SHARE CAPITAL

 
(a)

Authorized

Unlimited common shares without par value.

(b)

Issued and outstanding

On November 20, 2018 the Company announced a consolidation of its common shares on the basis of one new share for ten old shares (1:10), effective at 9:00 a.m. (New York time) on December 13, 2018. The Company’s consolidated common shares began trading on the Toronto Stock Exchange and NYSE American when the markets opened on December 17, 2018. The purpose of the consolidation was to increase the Company’s common share price to be in compliance with the NYSE American’s low selling price requirement. All share numbers in these financial statements are presented on a post consolidation basis.

At May 31, 2019, the Company had 33,741,961 shares outstanding.

Fiscal 2019

On February 4, 2019, the Company announced it had closed a non-brokered private placement of 3,124,059 shares at a price of US$1.33 per share for gross proceeds of $4.16 million. A 6% finders fee of $72 was paid on a portion of the private placement, with total issuance costs (including the finders fee) totalling $107.

During the nine-month period ended May 31, 2019, the Company issued 968,770 shares upon the exercise of 968,770 warrants.

On January 2, 2019 the Company issued 545,721 shares in settlement of $687.16 of bi-annual interest payable on $19.99 million of outstanding Convertible Notes.

Fiscal 2018

On May 11, 2018 the Company announced a private placement offering of 1,509,100 units at a price of US$1.50 per unit for gross proceeds of $2.3 million. Each unit consisted of one common share and one common share purchase warrant, with each common share purchase warrant allowing the holder to purchase a further common share at a price of US$1.70. The private placement was contingent on the closure of the public offering that closed May 15, 2018 outlined below. See note 8 for valuation of the warrants.

On May 15, 2018 the Company announced it had closed a public offering of 11,745,386 units at a price of US$1.50 per unit for gross proceeds for $17.6 million. Each unit consisted of one common share and one common share purchase warrant, with each common share purchase warrant allowing the holder to purchase a further common share at a price of US$1.70. See note 8 for valuation of the warrants. Total unit issuance costs of $2.5 million were incurred for the private placement and public offering

On January 2, 2018 and July 3, 2018, the Company issued 244,063 and 757,924 respectively in settlement of $691.11 and $724,78 of bi-annual interest payable on $19.99 million of outstanding Convertible Notes. See Note 6 for further details.

(c)

Incentive stock options

The Company has entered into Incentive Stock Option Agreements (“Agreements”) under the terms of its stock option plan with directors, officers, consultants and employees. Under the terms of the Agreements, the exercise price of each option is set, at a minimum, at the fair value of the common shares at the date of grant. Certain stock options of the Company are subject to vesting provisions, while others vest immediately. All exercise prices are denominated in Canadian Dollars.

The following tables summarize the Company’s outstanding stock options:

          Average Exercise  
    Number of Shares     Price CAD$  
Options outstanding at August 31, 2017   438,228     46.50  
         Forfeited   (129,678 )   41.50  
Options outstanding at August 31, 2018   308,550     45.20  
         Forfeited/Cancelled   (308,550 )   45.20  
         Granted   1,554,000     2.61  
Options outstanding at May 31, 2019   1,554,000     2.61  

During the nine months ended May 31, 2019 the Company granted 1,554,000 stock options. The stock options granted in the current period vest in four equal annual stages commencing on the date of the grant on April 9, 2019. The Company recorded $519 ($452 expensed and $67 capitalized to mineral properties) of compensation expense for the period ended May 31, 2019.

During the nine months ended May 31, 2019, 46,300 share options expired while the Company cancelled a further 262,250 share options by mutual agreement.

Stock options Stock options   Average Remaining
outstanding at May exercisable at May Exercise Price Contractual Life
31, 2019 31, 2019 CAD$ (Years)
1,554,000 388,500 2.61 4.86

During the year ended August 31, 2018 the Company did not grant any options.

(d)

Deferred Share Units

The Company has established a deferred share unit (“DSU”) plan for non-executive directors. Each DSU has the same value as one Company common share. DSU’s must be retained until the director leaves the Board of Directors, at which time the DSU’s are paid.

The DSU liability at May 31, 2019 is $17. During the nine month period ended May 31, 2019 an expense of $17 was recorded in relation to the outstanding DSU’s (May 31, 2018 - $Nil).  At May 31, 2019, 150,809 DSU's have been issued with 11,478 fully vested.

(e)

Restricted Share Units

The Company has established a restricted share unit (“RSU”) plan for certain employees of the Company. Each RSU has the same value as one Company common share. RSU’s vest over a three year period.

The RSU liability at May 31, 2019 is $36. During the nine-month period ended May 31, 2019 an expense of $36 was recorded ($30 expensed and $6 capitalized) in relation to the outstanding RSU’s, (May 31, 2018 $Nil).  At May 31, 2019, 223,443 RSU's have been issued.  No RSU's had vested at May 31, 2019.

v3.19.2
WARRANT DERIVATIVE
9 Months Ended
May 31, 2019
Statements [Line Items]  
WARRANT DERIVATIVE [Text Block]
8.

      WARRANT DERIVATIVE

The exercise price of the Company’s outstanding warrants is denominated in US Dollars; however, the functional currency of PTM Canada (where the warrants are held) is the Canadian Dollar. Therefore, the warrants are required to be recognized and measured at fair value at each reporting period. Any changes in fair value from period to period are recorded as non-cash gain or loss in the consolidated statement of loss and comprehensive loss.

The warrants were issued May 15, 2018 and were initially valued using the residual value method. An initial valuation of $1,171 was attributed to the warrants which included $157 of unit issuance costs being attributed to the value of the warrants. As the warrants are publicly traded on the TSX the value of the warrants at each period is estimated by using the warrant TSX closing price on the last day of trading in the applicable period. At May 31, 2019 the warrants were trading at US$0.01 (US$0.005 at August 31, 2018) resulting in a value of $2,457 being attributed to the warrants and loss of $738 being recognized in the current nine-month period. When combined with the gain on the embedded derivatives in the Convertible Notes (see Note 6) this results in a net loss of $839 on derivatives.

v3.19.2
RELATED PARTY TRANSACTIONS
9 Months Ended
May 31, 2019
Statements [Line Items]  
RELATED PARTY TRANSACTIONS [Text Block]
9.

      RELATED PARTY TRANSACTIONS

Except for the LMM Facility, all amounts receivable and amounts payable owing to or from related parties are non-interest bearing with no specific terms of repayment. Transactions with related parties are in the normal course of business and are recorded at consideration established and agreed to by the parties. Transactions with related parties are as follows:

(a)

During the period ended May 31, 2019 $155 ($161 – May 31, 2018) was paid or accrued to independent directors for directors’ fees and services.

   
(b)

During the period ended May 31, 2019, the Company accrued payments of $41 ($43 – May 31, 2018) from West Kirkland Mining Inc. (“West Kirkland”), a company with two directors in common, for accounting and administrative services. All amounts due from West Kirkland have been paid subsequent to period end.

   
(c)

On May 15, 2018 the Company closed a private placement for 1,509,100 units with Hosken Consolidated Investments Limited (“HCI”). Also, on May 15, 2018, HCI participated for an additional 2,490,900 units in the Company’s separate public offering (See Note 7 (b) above for more details). By way of the private placement HCI acquired a right to nominate one person to the board of directors of the Company and a right to participate in future equity financings of the Company to maintain its pro-rata interest. As of May 31, 2019, including shares purchased on the open market, HCI owned approximately 19.9% of the Company’s outstanding common shares.

   
(d)

During fiscal 2016 the Company entered into the LMM Facility with its largest shareholder at the time, LMM. The loan was negotiated and entered into at commercial terms. LMM presently remains one of the Company’s largest shareholders. For full details on this transaction please refer to Note 5 above.

v3.19.2
CONTINGENCIES AND COMMITMENTS
9 Months Ended
May 31, 2019
Statements [Line Items]  
CONTINGENCIES AND COMMITMENTS [Text Block]
10.

      CONTINGENCIES AND COMMITMENTS

The Company’s remaining minimum payments under its office and equipment lease agreements in Canada and South Africa total approximately $1,044 to March 2022.

Contractor payments are based on approximate costs to complete services remaining at Waterberg.

From period end the Company’s aggregate commitments are as follows:

  Payments Due By Year    
    < 1 Year     1 – 3 Years     4 – 5 Years     > 5 Years     Total  
Lease Obligations $  410   $  330   $  275   $  - $     1,015  
Contractor payments   1,356     -     -     -     1,356  
Convertible Note1   1,374     2,749     20,677     -     24,800  
LMM Facility (Note 5)   45,717     -     -     -     45,717  
Totals $  48,857   $  3,079   $  20,952   $  - $     72,888  

1The convertible note and related interest can be settled at the Company’s discretion in cash or shares

Africa Wide Legal Action

The Company reports that it is in receipt of a summons issued by Africa Wide whereby Africa Wide has instituted legal proceedings in South Africa against PTM RSA, RBPlats and Maseve in relation to the Maseve Sale Transaction. Africa Wide is seeking, at this very late date, to set aside or be paid increased value for, the closed Maseve Sale Transaction. Africa Wide held a 17.1% interest in Maseve prior to the Maseve Sale Transaction. RBPlats consulted with senior counsel, both during the negotiation of the Maseve Sale Transaction and in regard to the current Africa Wide legal proceedings. The Company has received legal advice to the effect that the Africa Wide action, as issued, is ill-conceived and is factually and legally defective.

Tax Audit South Africa

During the 2014, 2015 and 2016 fiscal years, PTM RSA claimed unrealized foreign exchange differences as income tax deductions in its South African corporate tax returns in the amount of Rand 1.4 billion. The exchange losses emanate from a Canadian dollar denominated shareholder loan advanced to PTM RSA and weakening of the Rand. Under applicable South African tax legislation, exchange losses can be claimed in the event that the shareholder loan is classified as a current liability as determined by IFRS.

For the years in question, the intercompany debt was classified as current in PTM RSA’s audited financial statements. During 2018, the South African Revenue Service, or SARS, conducted an income tax audit of the 2014 to 2016 years of assessment and issued PTM RSA with a letter of audit findings on November 5, 2018. SARS proposed that the exchange losses be disallowed on the basis that SARS is not in agreement with the reclassification of the shareholder loan as a current liability. SARS also invited the Company to provide further information and arguments if we disagreed with the audit findings. On the advice of the Company’s legal and tax advisors, the Company is in strong disagreement with the proposed interpretation by SARS.

The Company responded to the SARS letter on January 31, 2019 and again on April 5, 2019 following a request for additional information received on March 20, 2019. The Company also met with SARS, together with the Company’s advisors, on May 30, 2019 in order to address any remaining concerns that SARS may have. At present this matter is unresolved. Any tax assessment issued by SARS will be legally contested by PTM RSA.

In the event that the exchange losses are disallowed by SARS, the Company estimates that for the years under review that PTM RSA’s exposure would be taxable income of approximately Rand 182 million and an income tax liability of approximately Rand 51 million (approximately $3.49 million at period end based on the daily exchange rates reported by the Bank of Canada on May 31, 2019). For fiscal years 2017 and 2018 the Company estimates that a further Rand 266 million in income could be subject to taxation at a rate of approximately 28% if our exchange losses are disallowed by SARS. SARS may apply interest and penalties to any amounts due, which could be substantial. The Company believe its accounting classification of the shareholder loan is correct and that no tax assessment is warranted; however, we cannot assure that SARS will not issue a reassessment or that we will be successful in legally contesting any such assessment. Any assessment could have a material adverse effect on the Company’s business and financial condition.

v3.19.2
SUPPLEMENTARY CASH FLOW INFORMATION
9 Months Ended
May 31, 2019
Statements [Line Items]  
SUPPLEMENTARY CASH FLOW INFORMATION [Text Block]
11.

      SUPPLEMENTARY CASH FLOW INFORMATION

Net change in non-cash working capital:

Period ended   May 31, 2019     May 31, 2018  
Amounts receivable, prepaid expenses and other assets $  500   $  (275 )
Accounts payable and accrued liabilities   247     392  
  $  747   $  117  
v3.19.2
SEGMENTED REPORTING
9 Months Ended
May 31, 2019
Statements [Line Items]  
SEGMENTED REPORTING [Text Block]
12.

      SEGMENTED REPORTING

Segmented information is provided on the basis of geographical segments as the Company manages its business and exploration activities through geographical regions – Canada and South Africa. The Chief Operating Decision Makers (“CODM”) reviews information from the below segments separately so the below segments are separated. This represents a change from prior years and comparative information has been represented to reflect the way the CODM currently reviews the information

The Company evaluates performance of its operating and reportable segments as noted in the following table:

At May 31, 2019   Assets     Liabilities  
Canada $  1,479   $  63,443  
South Africa   36,842     1,516  
  $  38,321   $  64,959  
 
At August 31, 2018   Assets     Liabilities  
Canada $  3,333   $  58,396  
South Africa   38,516     2,983  
  $  41,849   $  61,379  
 
Comprehensive Loss for the period ended   May 31, 2019     May 31, 2018  
             
Canada $  10,197   $  15,035  
South Africa   579     14,293  
             
  $  10,776   $  29,328  
v3.19.2
SUBSEQUENT EVENTS
9 Months Ended
May 31, 2019
Statements [Line Items]  
SUBSEQUENT EVENTS [Text Block]
13.

      SUBSEQUENT EVENTS

Warrant Exercise by HCI

On June 20, 2019 HCI increased its ownership interest in the Company as a result of the exercise of certain common share purchase warrants to purchase 80,000 common shares at $1.70 per common share. Following the warrant exercise, HCI beneficially held 6,782,389 common shares of the Company, representing 20.05% of the Company’s issued and outstanding common shares.

Private Placement by HCI

On June 28, 2019 the Company closed a non-brokered private placement with HCI for gross proceeds of $1.3 million. In connection with the private placement, the Company issued an aggregate of 1,111,111 common shares to Deepkloof Limited, a subsidiary of HCI, at a price of US$1.17 per common share. On a non-diluted basis and after giving effect to the private placement, HCI’s ownership percentage has increased from 20.05% to 22.60% of the Company’s issued and outstanding common shares. The Company did not pay any finder’s fees in connection with the private placement.

Lion Battery Technologies Inc.

Subsequent to period end, on July 11, 2019, the Company, together with Anglo American Platinum Limited (“AAP”), launched a new venture through a jointly owned company, Lion Battery Technologies Inc. (“Lion”) to accelerate the development of next generation battery technology using platinum and palladium. AAP and the Company have agreed together to invest up to a total of $4.0 million, subject to certain conditions, in exchange for preferred shares of Lion at a price of $0.50 per share over approximately a three to four year period. AAP and the Company have each invested an initial $550,000 into Lion in exchange for 1,100,000 preferred shares each. In addition, the Company invested $4,000 as the original founder’s round into Lion in exchange for 400,000 common shares at a price of $0.01 per common share.

Lion has entered into an agreement with Florida International University (“FIU”) to fund a $3.0 million research program over approximately a three year period utilizing platinum and palladium to unlock the potential of Lithium Air and Lithium Sulphur battery chemistries to increase their discharge capacities and cyclability. Under the agreement with FIU, Lion will have exclusive rights to all intellectual property developed and will lead all commercialisation efforts. Under the terms of the agreement with FIU, Lion will advance funding to FIU in four tranches. The first tranche totalling $1.0 million is to be funded by Lion to in mid July 2019.  Lion is also required to pay FIU a one-time fee of $50,000 in mid July 2019. Three subsequent tranches of $666.667 each will be funded approximately every six months based on the attainment of research milestones by FIU.  Investment into Lion by AAP and the Company in excess of the $3.05 million earmarked for FIU is to be utilized by Lion for general and administrative costs and for future commercialization efforts by Lion.  If the Company should fail to contribute its share of a required subscription to Lion it would be in breach of its agreement with Lion and its interest in Lion may be subject to dilution.

v3.19.2
Summary of Significant Accounting Policies (Policies)
9 Months Ended
May 31, 2019
Statements [Line Items]  
Change in Accounting Policy - IFRS 9 [Policy Text Block]

Change in Accounting Policy – IFRS 9

The Company adopted all of the requirements of IFRS 9 as of September 1, 2018. IFRS 9 replaces IAS 39 Financial Instruments: Recognition and Measurement (“IAS 39”). IFRS 9 utilizes a revised model for recognition and measurement of financial instruments and a single, forward-looking “expected loss” impairment model.

As the Company is not restating prior periods, management has recognized the effects of modified retrospective application at the beginning of the fiscal 2019 reporting period, which included the date of initial application. Therefore, on September 1, 2018 the adoption of IFRS 9 resulted in a decrease in deficit of $5.8 million with a corresponding increase in the carrying value of the Liberty loan for the same amount. See Note 5 for further details.

The following is the Company’s new accounting policy for financial instruments since adoption of IFRS 9 on September 1, 2018:

Classification

The Company classifies its financial instruments in the following categories: at fair value through profit and loss at fair value through other comprehensive income (loss), or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and the debt’s contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL.

Measurement

Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the consolidated statements of comprehensive loss in the period in which they arise.

Impairment of financial assets at amortized cost

The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve-month expected credit losses. The Company shall recognize in the consolidated statements of comprehensive loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized.

Derecognition of Financial assets

The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the consolidated statements of comprehensive loss.

The original measurement categories under IAS 39 and the new measurement categories under IFRS 9 are summarized in the following table: 

  Original (IAS 39) New (IFRS 9)
Financial Assets:    
Cash Loans and receivables Amortized cost
Marketable securities Available for sale (designated to profit and loss) Fair value through profit or loss
Accounts receivable Loans and receivables Amortized cost
     
Financial Liabilities:    
Accounts payable Other liabilities Amortized cost
Loan payable Amortized cost Amortized cost
Convertible debenture Other financial liabilities Other financial liabilities
Convertible debenture derivative Fair value through profit or loss Fair value through profit or loss
Warrants Fair value through profit or loss Fair value through profit or loss
Presentation Currency [Policy Text Block]

Presentation Currency

The Company’s presentation currency is the United States Dollar (“USD”). All amounts in these financial statements are presented in thousands of USD unless otherwise noted.
Foreign Exchange Rates Used [Policy Text Block]

Foreign Exchange Rates Used

The following exchange rates were used when preparing these consolidated financial statements:

  Rand/USD  
                     Period-end rate: R14.6127 (August 31, 2018 R14.6883)
                     9-month period average rate: R14.2436 (May 31, 2018 R12.7354)
     
  CAD/USD  
                     Period-end rate: CAD$1.3527 (August 31, 2018 CAD$1.3055)
                     9-month period average rate: CAD$1.3267 (May 31, 2018 CAD$1.2665)
Recently Issued Accounting Pronouncements [Policy Text Block]

Recently Issued Accounting Pronouncements

The following new accounting standards, amendments and interpretations, that have not been early adopted in these consolidated financial statements, will or may have an effect on the Company’s future results and financial position:

  (i)

IFRS 16, Leases

     
 

In January 2016, the IASB issued IFRS 16. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, which is the customer (“lessee”) and the supplier (“lessor”). IFRS 16 replaces IAS 17, Leases and related interpretations. Save for limited exceptions, all leases result in the lessee obtaining the right to use an asset at the start of the lease and, if lease payments are made over time, also obtaining financing. Accordingly, IFRS 16 eliminates the classification of leases as either operating leases or finance leases as is required by IAS 17 and, instead, introduces a single lessee accounting model. Applying that model, a lessee is required to recognize:

 
  i)

Assets and liabilities for all leases with a term of more than 12 months, unless the underlying assets is of low value; and

     
  ii)

Depreciation of lease assets separately from interest on lease liabilities in the statement of income.

The new standard is effective for annual periods beginning on or after January 1, 2019. As the Company’s year end is August, the first effective year will be fiscal 2020. The adoption of this standard will result in the recording of a lease asset and a corresponding lease liability on the statements of financial position.

Based on the Company’s current leasing activity, the adjustment will not be significant.

v3.19.2
NATURE OF OPERATIONS AND GOING CONCERN (Tables)
9 Months Ended
May 31, 2019
Statements [Line Items]  
Disclosure of subsidiaries [Table Text Block]
    Place of      Proportion of ownership
    incorporation interest and voting power held
    and May 31, August 31,
Name of subsidiary Principal activity operation 2019 2018
         
Platinum Group Metals (RSA) (Pty) Ltd. Exploration South Africa 100% 100%
Mnombo Wethu Consultants (Pty) Limited.1 Exploration South Africa 49.9% 49.9%
Waterberg JV Resources (Pty) Ltd. Exploration South Africa 37.05% 37.05%
The Company controls and consolidates Mnombo Wethu Consultants (Pty) Limited (“Mnombo”) and Waterberg JV Resources (Pty) Ltd. for accounting purposes.
v3.19.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
May 31, 2019
Statements [Line Items]  
Disclosure of detailed information about foreign exchange rates used [Table Text Block]
  Rand/USD  
                     Period-end rate: R14.6127 (August 31, 2018 R14.6883)
                     9-month period average rate: R14.2436 (May 31, 2018 R12.7354)
     
  CAD/USD  
                     Period-end rate: CAD$1.3527 (August 31, 2018 CAD$1.3055)
                     9-month period average rate: CAD$1.3267 (May 31, 2018 CAD$1.2665)
v3.19.2
EXPLORATION AND EVALUATION ASSETS (Tables)
9 Months Ended
May 31, 2019
Statements [Line Items]  
Disclosure Of Detailed Information About Exploration And Evaluation Assets Explanatory [Table Text Block]
Balance, August 31, 2017 $  22,900  
Additions   9,096  
Foreign exchange movement   (2,590 )
Balance, August 31, 2018 29,406  
Additions   6,377  
Foreign exchange movement   121  
Balance, May 31, 2019 $  35,904  
v3.19.2
LOANS PAYABLE (Tables)
9 Months Ended
May 31, 2019
Statements [Line Items]  
Disclosure Of Detailed Information About Brokerage Fees Explanatory [Table Text Block]
LMM Facility $  42,701  
Brokerage Fees   2,728  
Loan Payable $  45,429  
v3.19.2
CONVERTIBLE NOTES (Tables)
9 Months Ended
May 31, 2019
Statements [Line Items]  
Disclosure of components of the convertible notes [Table Text Block]
Convertible Note balance August 31, 2017 $  13,925  
Transaction costs incurred during the year   (95 )
Interest payments   (1,416 )
Accretion and interest incurred during the year   2,378  
Debt portion of the Convertible Notes August 31, 2018   14,792  
Embedded Derivatives balance August 31, 2018 (see below)   61  
Convertible Note balance August 31, 2018 $  14,853  
Transactions costs incurred   (39 )
Interest payments paid in cash   (687 )
Accretion and interest incurred during the period   1,821  
Embedded Derivatives balance May 31, 2019 (see below)   162  
Convertible Note balance May 31, 2019 $  16,110  
Disclosure Of Detailed Information About Valuation Assumptions For Embedded Derivatives [Table Text Block]
Valuation Date   May 31, 2019     August 31, 2018  
Share Price (USD) $ 1.30   $ 1.00  
Volatility   72.43%     72.43%  
Risk free rate   2.17%     2.71%  
Credit spread   11.58%     11.58%  
All-in rate   13.75%     14.30%  
Implied discount on share price   - %     -%  
v3.19.2
SHARE CAPITAL (Tables)
9 Months Ended
May 31, 2019
Statements [Line Items]  
Disclosure of number and weighted average exercise prices of share options [Table Text Block]
          Average Exercise  
    Number of Shares     Price CAD$  
Options outstanding at August 31, 2017   438,228     46.50  
         Forfeited   (129,678 )   41.50  
Options outstanding at August 31, 2018   308,550     45.20  
         Forfeited/Cancelled   (308,550 )   45.20  
         Granted   1,554,000     2.61  
Options outstanding at May 31, 2019   1,554,000     2.61  
Disclosure of number and weighted average remaining contractual life of outstanding share options [Table Text Block]
Stock options Stock options   Average Remaining
outstanding at May exercisable at May Exercise Price Contractual Life
31, 2019 31, 2019 CAD$ (Years)
1,554,000 388,500 2.61 4.86
v3.19.2
CONTINGENCIES AND COMMITMENTS (Tables)
9 Months Ended
May 31, 2019
Statements [Line Items]  
Disclosure of detailed information about commitments [Table Text Block]
  Payments Due By Year    
    < 1 Year     1 – 3 Years     4 – 5 Years     > 5 Years     Total  
Lease Obligations $  410   $  330   $  275   $  - $     1,015  
Contractor payments   1,356     -     -     -     1,356  
Convertible Note1   1,374     2,749     20,677     -     24,800  
LMM Facility (Note 5)   45,717     -     -     -     45,717  
Totals $  48,857   $  3,079   $  20,952   $  - $     72,888  
 
1The convertible note and related interest can be settled at the Company’s discretion in cash or shares
v3.19.2
SUPPLEMENTARY CASH FLOW INFORMATION (Tables)
9 Months Ended
May 31, 2019
Statements [Line Items]  
Disclosure of detailed information about non-cash working capital [Table Text Block]
Period ended   May 31, 2019     May 31, 2018  
Amounts receivable, prepaid expenses and other assets $  500   $  (275 )
Accounts payable and accrued liabilities   247     392  
  $  747   $  117  
v3.19.2
SEGMENTED REPORTING (Tables)
9 Months Ended
May 31, 2019
Statements [Line Items]  
Disclosure of operating segments [Table Text Block]
At May 31, 2019   Assets     Liabilities  
Canada $  1,479   $  63,443  
South Africa   36,842     1,516  
  $  38,321   $  64,959  

At August 31, 2018   Assets     Liabilities  
Canada $  3,333   $  58,396  
South Africa   38,516     2,983  
  $  41,849   $  61,379  

Comprehensive Loss for the period ended   May 31, 2019     May 31, 2018  
             
Canada $  10,197   $  15,035  
South Africa   579     14,293  
             
  $  10,776   $  29,328  
v3.19.2
NATURE OF OPERATIONS AND GOING CONCERN (Narrative) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
May 31, 2019
Aug. 31, 2018
May 31, 2018
May 31, 2019
May 31, 2018
Aug. 31, 2017
Nov. 20, 2015
Statements [Line Items]              
Loss for the year $ 3,682 $ 3,419 $ 10,721 $ 13,137 $ 37,605    
Negative equity 26,638 $ 19,530 $ 14,976 26,638 $ 14,976 $ 23,266  
Approximations [Member]              
Statements [Line Items]              
Loss for the year       13,300      
Negative equity 26,600     26,600      
LMM Facility [Member]              
Statements [Line Items]              
Borrowings $ 43,000     $ 43,000     $ 40,000
v3.19.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)
$ in Thousands
May 31, 2019
Aug. 31, 2018
May 31, 2018
Aug. 31, 2017
Statements [Line Items]        
Shareholders deficit $ (26,638) $ (19,530) $ (14,976) $ (23,266)
Increase (decrease) due to changes in accounting policy [member]        
Statements [Line Items]        
Shareholders deficit [1]   (5,781)    
Approximations [Member]        
Statements [Line Items]        
Shareholders deficit $ (26,600)      
Approximations [Member] | Increase (decrease) due to changes in accounting policy [member]        
Statements [Line Items]        
Shareholders deficit   $ (5,800)    
[1] 1 See Note 2 and Note 5 below for details.
v3.19.2
MARKETABLE SECURITIES (Narrative) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Dec. 14, 2018
May 31, 2018
May 31, 2019
May 31, 2018
Aug. 31, 2018
Statements [Line Items]          
Gain on fair value of marketable securities   $ (692) $ 609 $ (692)  
RBPlats [Member]          
Statements [Line Items]          
Number of equity instruments received         4,524,279
Amount received on shares sold $ 7,800        
Gain on fair value of marketable securities     $ 609    
v3.19.2
EXPLORATION AND EVALUATION ASSETS (Narrative) (Details)
$ in Thousands, R in Millions
1 Months Ended 9 Months Ended 12 Months Ended 116 Months Ended
Nov. 06, 2017
USD ($)
Nov. 07, 2011
ZAR (R)
Sep. 21, 2017
Apr. 30, 2012
USD ($)
May 31, 2019
USD ($)
May 31, 2018
USD ($)
Aug. 31, 2018
USD ($)
Mar. 31, 2018
USD ($)
Mar. 31, 2016
USD ($)
May 31, 2019
USD ($)
Statements [Line Items]                    
Restricted Cash - Waterberg             $ 126      
Non-controlling interest         $ 14,329   11,152     $ 14,329
Capital commitments         72,888         72,888
Payments for exploration and evaluation expenses         6,139 $ 5,759        
Waterberg Project [Member]                    
Statements [Line Items]                    
Proportion of ownership interest 37.05%   45.65% 37.00%            
Purchase agreement amount $ 17,200                  
Decrease in proportion of ownership, interest sold 8.60%                  
Amount committed towards pro rata share of remaining DFS costs $ 5,000                  
Restricted Cash - Waterberg $ 5,000           $ 100      
Payments for exploration and evaluation expenses                   67,900
JOGMEC [Member] | Waterberg Project [Member]                    
Statements [Line Items]                    
Proportion of ownership and voting rights held by non-controlling interests 21.95%   28.35%              
Purchase agreement amount $ 12,800                  
Decrease in proportion of ownership, interest sold 6.40%                  
Acquisition of interest, work requirement       $ 3,200            
Acquisition of interest, work requirement, interest       37.00%            
Capital commitments         $ 20,000         20,000
Proceeds from funds advanced for exploration and evaluation expenses               $ 6,000 $ 8,000  
JOGMEC [Member] | Purchase and Development Option [Member] | Waterberg Project [Member]                    
Statements [Line Items]                    
Decrease in proportion of ownership, interest sold 12.195%                  
Mnombo Wethu Consultants (Pty) Limited [Member]                    
Statements [Line Items]                    
Proportion of ownership interest 49.90% 49.90%     49.90%   49.90%      
Purchase agreement amount | R   R 1.2                
Mnombo Wethu Consultants (Pty) Limited [Member] | Approximations [Member]                    
Statements [Line Items]                    
Non-controlling interest         $ 6,600   $ 5,800     6,600
Mnombo Wethu Consultants (Pty) Limited [Member] | Waterberg Project [Member]                    
Statements [Line Items]                    
Proportion of ownership and voting rights held by non-controlling interests 26.00%   26.00% 26.00%            
Expense arising from exploration and evaluation of mineral resources       $ 1,120            
Expenses arising from exploration and evaluation of mineral resources owed to the company         $ 3,400         $ 3,400
Implats [Member] | Waterberg Project [Member]                    
Statements [Line Items]                    
Proportion of ownership, purchase agreement amount 15.00%                  
Purchase agreement amount $ 30,000                  
Decrease in proportion of ownership, interest sold 8.60%                  
Implats [Member] | Purchase and Development Option [Member] | Waterberg Project [Member]                    
Statements [Line Items]                    
Proportion of ownership, purchase agreement amount 50.01%                  
Purchase agreement amount $ 34,800                  
Amount committed towards pro rata share of remaining DFS costs $ 130,200                  
Waterberg JV Co. [Member]                    
Statements [Line Items]                    
Proportion of ownership interest         37.05%   37.05%      
Effective proportion of ownership interest in subsidiary 50.02%                  
Waterberg JV Co. [Member] | Purchase and Development Option [Member]                    
Statements [Line Items]                    
Proportion of ownership interest 31.96%                  
v3.19.2
LOANS PAYABLE (Narrative) (Details) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Jan. 11, 2019
May 31, 2019
Aug. 31, 2018
May 31, 2018
Aug. 31, 2017
Nov. 20, 2015
Statements [Line Items]            
Shareholders deficit   $ (26,638) $ (19,530) $ (14,976) $ (23,266)  
Increase (decrease) due to changes in accounting policy [member]            
Statements [Line Items]            
Shareholders deficit [1]     (5,781)      
Approximations [Member]            
Statements [Line Items]            
Shareholders deficit   (26,600)        
Approximations [Member] | Increase (decrease) due to changes in accounting policy [member]            
Statements [Line Items]            
Shareholders deficit     (5,800)      
LMM Facility [Member]            
Statements [Line Items]            
Borrowings   $ 43,000       $ 40,000
Borrowings, interest rate basis   LMM Facility bears interest at LIBOR plus 9.5%        
Repayments of non-current borrowings and production payment termination accrual     23,100      
Payments of production payment termination accrual     15,000      
Repayments of non-current borrowings $ 8,000   $ 8,100      
Borrowings, interest rate   17.80%        
[1] 1 See Note 2 and Note 5 below for details.
v3.19.2
CONVERTIBLE NOTES (Narrative) (Details) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Jul. 01, 2019
Jan. 02, 2019
Jul. 03, 2018
Jan. 02, 2018
Jun. 30, 2017
May 31, 2019
Aug. 31, 2018
May 31, 2018
May 31, 2019
May 31, 2018
Aug. 31, 2018
Jul. 01, 2018
Mar. 31, 2018
Statements [Line Items]                          
Transaction costs                 $ 3,000 $ 899,000      
Shares issued for interest on convertible note (Shares)             757,924   545,721 244,063      
Shares issued for interest on convertible note             $ 725,000   $ 687,000 $ 691,000      
Loss on warrant derivative                 738,000        
Loss (Gain) on fair value embedded derivatives and warrants           $ (1,589,000)   $ (758,000) $ 839,000 $ (2,687,000)      
Convertible Notes [Member]                          
Statements [Line Items]                          
Borrowings   $ 19,990,000 $ 19,990,000 $ 19,990,000 $ 20,000,000                
Borrowings, interest rate         6.875%                
Borrowings, adjustment to interest rate basis                       0.25% 0.25%
Description of conversion of debt to equity                 The initial conversion rate of the Convertible Notes will be 1,001.1112 Common Shares per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $0.9989 per Common Share, representing a conversion premium of approximately 15% above the NYSE American closing sale price for the Company's Common Shares of $0.8686 per share on June 27, 2017. After giving effect to the December 13, 2018 share consolidation, the conversion rate is 100.1111 per US$1,000 which is equivalent to a conversion price of approximately $9.989 per common share.        
Convertible Note Derivatives         $ 5,381,000 $ 162,000 61,000   $ 162,000   $ 61,000    
Transaction costs         1,049,000       39,000   95,000    
Value attributed to debt portion of convertible notes         $ 13,570,000   $ 14,792,000       $ 14,792,000    
Shares issued for interest on convertible note (Shares)   545,721 757,924 244,063                  
Shares issued for interest on convertible note $ 687,000 $ 687,160 $ 724,780 $ 691,110                  
Loss (Gain) on fair value embedded derivatives and warrants                 $ 101,000        
v3.19.2
SHARE CAPITAL (Narrative) (Details)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Jul. 01, 2019
USD ($)
Feb. 04, 2019
USD ($)
$ / shares
shares
Jan. 02, 2019
USD ($)
shares
Jul. 03, 2018
USD ($)
shares
May 15, 2018
USD ($)
shares
May 11, 2018
USD ($)
shares
Jan. 02, 2018
USD ($)
shares
Nov. 20, 2018
Aug. 31, 2018
USD ($)
shares
May 31, 2019
USD ($)
Share
shares
May 31, 2018
USD ($)
shares
Aug. 31, 2018
USD ($)
shares
Aug. 31, 2017
shares
Jun. 30, 2017
USD ($)
Statements [Line Items]                            
Consolidation of common shares               one new share for ten old shares (1:10)            
Number of shares outstanding | shares                 29,103,411 33,741,961 28,345,487 29,103,411 14,846,938  
Increase (decrease) in number of share outstanding | shares   3,124,059                        
Equity issuance, Price per Share | $ / shares   $ 1.33                        
Proceeds from issuance of equity   $ 4,160,000               $ 4,155,000 $ 19,882,000      
Finders fee   6.00%                        
Payments for private placement   $ 72,000                        
Equity issuance costs   $ 107,000               $ 153,000 $ 2,120,000      
Number of warrant exercised | shares                   968,770        
Units issued - financing (Shares) | shares         11,745,386 1,509,100         13,254,486      
Units issued, price per unit         $ 1.50 $ 1.50                
Proceeds from units issued         17,600,000 2,300,000                
Weighted average exercise price of warrants granted in share-based payment arrangement         1.70 $ 1.70                
Unit issuance costs         $ 2,500,000           $ 1,979,000      
Shares issued for interest on convertible note (Shares) | shares                 757,924 545,721 244,063      
Shares issued for interest on convertible note                 $ 725,000 $ 687,000 $ 691,000      
Number of share options granted in share-based payment arrangement | Share                   1,554,000        
Stock options compensation expense                   $ 519,000        
Number of share options expired in share-based payment arrangement | Share                   46,300        
Number of share options cancelled in share-based payment arrangement | shares                   262,250        
Deferred share unit liability                   $ 17,000        
Deferred share unit expense                   $ 17,000      
Deferred share units issued | shares                   150,809        
Deferred share units fully vested | shares                   11,478        
Restricted share units liability                   $ 36,000        
Aggregate restricted share units expense                   36,000      
Restricted share units expense                   30,000        
Restricted share units expense capitalized                   $ 6,000        
Restricted share units issued | shares                   223,443        
Convertible Notes [Member]                            
Statements [Line Items]                            
Shares issued for interest on convertible note (Shares) | shares     545,721 757,924     244,063              
Shares issued for interest on convertible note $ 687,000   $ 687,160 $ 724,780     $ 691,110              
Borrowings     $ 19,990,000 $ 19,990,000     $ 19,990,000             $ 20,000,000
Expensed [Member]                            
Statements [Line Items]                            
Stock options compensation expense                   $ 452,000        
Capitalized to mineral properties [Member]                            
Statements [Line Items]                            
Stock options compensation expense                   $ 67,000        
v3.19.2
WARRANT DERIVATIVE (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
May 15, 2018
May 31, 2019
May 31, 2018
May 31, 2019
May 31, 2018
Aug. 31, 2018
Statements [Line Items]            
Warrants granted, value $ 1,171          
Unit issuance costs attributed to warrants $ 157          
Warrants, market price   $ 0.01   $ 0.01   $ 0.005
Warrants outstanding, value       $ 2,457    
Loss on warrant derivative       738    
Loss (Gain) on fair value derivatives and warrants   $ (1,589) $ (758) $ 839 $ (2,687)  
v3.19.2
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($)
$ in Thousands
9 Months Ended
May 15, 2018
May 11, 2018
May 31, 2019
May 31, 2018
Statements [Line Items]        
Director remuneration expense     $ 155 $ 161
Units issued - financing (Shares) 11,745,386 1,509,100   13,254,486
West Kirkland Mining Inc [Member]        
Statements [Line Items]        
Revenue from rendering of services, related party transactions     $ 41 $ 43
Hosken Consolidated Investments Limited [Member]        
Statements [Line Items]        
Units issued - financing (Shares) 1,509,100      
Description of nature of related party relationship     As of May 31, 2019, including shares purchased on the open market, HCI owned approximately 19.9% of the Company's outstanding common shares.  
Hosken Consolidated Investments Limited - additional transaction [Member]        
Statements [Line Items]        
Units issued - financing (Shares) 2,490,900      
v3.19.2
CONTINGENCIES AND COMMITMENTS (Narrative) (Details)
$ in Thousands, R in Millions
9 Months Ended 24 Months Ended 36 Months Ended
May 31, 2019
USD ($)
May 31, 2019
ZAR (R)
Aug. 31, 2018
ZAR (R)
Aug. 31, 2016
ZAR (R)
May 31, 2019
ZAR (R)
Statements [Line Items]          
Minimum operating lease payments recognized as expense | $ $ 1,044        
Maseve Investments 11 (Pty) Ltd. [Member]          
Statements [Line Items]          
Proportion of ownership and voting rights held by non-controlling interests 17.10% 17.10%      
Tax Audit South Africa [Member]          
Statements [Line Items]          
Unrealized foreign exchange differences as income tax deductions   R 1,400      
Taxable income     R 266 R 182  
Income tax liability $ 3,490       R 51
Income taxation rate     28.00%    
v3.19.2
SUBSEQUENT EVENTS (Narrative) (Details) - USD ($)
1 Months Ended 9 Months Ended
Jul. 11, 2019
Feb. 04, 2019
Jun. 28, 2019
Jun. 20, 2019
May 31, 2019
May 31, 2018
Statements [Line Items]            
Warrants exercised (Shares)         968,770  
Proceeds from issuance of equity   $ 4,160,000     $ 4,155,000 $ 19,882,000
Increase (decrease) in number of share outstanding   3,124,059        
Equity issuance, Price per Share   $ 1.33        
Hosken Consolidated Investments Limited [Member] | Event After Reporting Period [Member]            
Statements [Line Items]            
Warrants exercised (Shares)       80,000    
Exercise price of warrants exercised       $ 1.70    
Shares held by non-controlling interests       6,782,389    
Proportion of ownership percentage     22.60% 20.05%    
Proceeds from issuance of equity     $ 1,300,000      
Increase (decrease) in number of share outstanding     1,111,111      
Equity issuance, Price per Share     $ 1.17      
Lion Battery Technologies Inc [Member] | Event After Reporting Period [Member]            
Statements [Line Items]            
Maximum investment in new venture $ 4,000,000          
Preferred stock price per share $ 0.50          
Preferred stock received for investment, value $ 550,000          
Preferred stock received for investment 1,100,000          
Additional amount of common stock issued for investment $ 4,000          
Additional number of common stock issued for investment 400,000          
Additional common stock price per share $ 0.01          
Florida International University [Member] | Event After Reporting Period [Member]            
Statements [Line Items]            
Amount funded to research program $ 3,000,000          
First tranche amount to be funded 1,000,000          
One time fee 50,000          
Three subsequent tranches amount to be funded 6,666,670          
Amount earmarked for general and administrative costs and for future commercialization $ 3,050,000          
v3.19.2
Disclosure of subsidiaries (Details)
9 Months Ended 12 Months Ended
Nov. 06, 2017
Nov. 07, 2011
May 31, 2019
Aug. 31, 2018
Platinum Group Metals (RSA) (Pty) Ltd. [Member]        
Statements [Line Items]        
Proportion of ownership interest     100.00% 100.00%
Mnombo Wethu Consultants (Pty) Limited [Member]        
Statements [Line Items]        
Proportion of ownership interest 49.90% 49.90% 49.90% 49.90%
Waterberg JV Resources (Pty) Ltd. [Member]        
Statements [Line Items]        
Proportion of ownership interest     37.05% 37.05%
v3.19.2
Disclosure of detailed information about foreign exchange rates used (Details)
9 Months Ended
May 31, 2019
Rand_USD
CAD_USD
May 31, 2018
Rand_USD
CAD_USD
Aug. 31, 2018
Rand_USD
CAD_USD
Rand/USD [Member]      
Statements [Line Items]      
Period-end rate | Rand_USD 14.6127   14.6883
Period average rate | Rand_USD 14.2436 12.7354  
CAD/USD [Member]      
Statements [Line Items]      
Period-end rate | CAD_USD 1.3527   1.3055
Period average rate | CAD_USD 1.3267 1.2665  
v3.19.2
Disclosure of detailed information about exploration and evaluation assets explanatory (Details) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
May 31, 2019
Aug. 31, 2018
Statements [Line Items]    
Exploration and evaluation assets, beginning of period $ 29,406 $ 22,900
Additions 6,377 9,096
Foreign exchange movement 121 (2,590)
Exploration and evaluation assets, end of period $ 35,904 $ 29,406
v3.19.2
Disclosure of detailed information about brokerage fees explanatory (Details)
$ in Thousands
May 31, 2019
USD ($)
Statements [Line Items]  
Loan payable $ 45,429
Brokerage Fees [Member]  
Statements [Line Items]  
Loan payable 2,728
LMM Facility [Member]  
Statements [Line Items]  
Loan payable $ 42,701
v3.19.2
Disclosure of detailed information about borrowings (Details) - USD ($)
$ in Thousands
1 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2017
May 31, 2019
May 31, 2018
Aug. 31, 2018
Statements [Line Items]        
Convertible Notes, beginning balance   $ 14,853    
Transactions costs incurred   (3) $ (899)  
Convertible Notes, ending balance   16,110   $ 14,853
Convertible Notes [Member]        
Statements [Line Items]        
Convertible Notes, beginning balance   14,853 $ 13,925 13,925
Transactions costs incurred $ (1,049) (39)   (95)
Interest payments paid in cash   (687)   (1,416)
Accretion and interest incurred during the period   1,821   2,378
Debt portion of the Convertible Notes 13,570     14,792
Embedded Derivatives balance $ 5,381 162   61
Convertible Notes, ending balance   $ 16,110   $ 14,853