PLATINUM GROUP METALS LTD, 6-K filed on 7/15/2020
Report of Foreign Issuer
v3.20.2
Document and Entity Information
9 Months Ended
May 31, 2020
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
Amendment Flag false
Document Period End Date May 31, 2020
v3.20.2
Consolidated Statements of Financial Position - USD ($)
$ in Thousands
May 31, 2020
Aug. 31, 2019
Current    
Cash $ 1,330 $ 5,550
Amounts receivable 123 507
Prepaid expenses and other 188 298
Total current assets 1,641 6,355
Performance bonds and other assets 111 65
Exploration and evaluation assets 34,061 36,792
Right to use asset (leased corporate offices) 182  
Property, plant and equipment 295 451
Total assets 36,290 43,663
Current    
Accounts payable and other liabilities 659 4,022
Brokerage fees payable 2,824 2,775
Total current liabilities 3,483 6,797
Loans payable 19,202 18,785
Convertible Notes 17,320 16,075
Share based liabilities 339 112
Lease liability 201  
Warrant derivative   3,051
Total liabilities 40,545 44,820
SHAREHOLDERS' EQUITY    
Share capital 859,728 855,270
Contributed surplus 27,920 26,777
Accumulated other comprehensive loss (163,671) (159,637)
Deficit (745,130) (739,018)
Total shareholders' deficit attributable to shareholders of Platinum Group Metals Ltd. (21,153) (16,608)
Non-controlling interest 16,898 15,451
Total shareholders' equity / (deficit) (4,255) (1,157)
Total liabilities and shareholders' equity / (deficit) $ 36,290 $ 43,663
v3.20.2
Consolidated Statements of Loss and Comprehensive Loss (Income) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
May 31, 2020
May 31, 2019
May 31, 2020
May 31, 2019
Expenses        
General and administrative $ 803 $ 884 $ 2,712 $ 3,793
Interest 1,376 2,349 4,084 7,331
Foreign exchange loss (gain) 842 1,551 1,204 2,109
Stock compensation expense 408 505 1,144 521
Closure, care and maintenance       (509)
Operating expenses, total 3,429 5,289 9,144 13,245
Other Income        
(Gain) Loss on fair value derivatives and warrants (49) (1,589) (3,112) 839
Gain on fair value of marketable securities       (609)
Net finance income (28) (18) (134) (338)
Net loss for the period 3,352 3,682 5,898 13,137
Items that may be subsequently reclassified to net (income) loss:        
Currency translation adjustment 3,140 (1,153) 4,034 (2,361)
Comprehensive loss for the period 6,492 2,529 9,932 10,776
Loss attributable to:        
Shareholders of Platinum Group Metals Ltd. 3,352 3,682 5,898 13,137
Non-controlling interests 0 0 0 0
Loss 3,352 3,682 5,898 13,137
Comprehensive loss attributable to:        
Shareholders of Platinum Group Metals Ltd. 6,492 2,529 9,932 10,776
Non-controlling interests 0 0 0 0
Comprehensive loss for the year $ 6,492 $ 2,529 $ 9,932 $ 10,776
Basic and diluted loss per common share (in dollars per share) $ 0.05 $ 0.11 $ 0.10 $ 0.42
Weighted average number of common shares outstanding: Basic and diluted (in shares) 62,347,102 33,480,901 60,815,363 30,980,173
v3.20.2
Consolidated 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, 2018 $ 818,454 $ 25,950 $ (159,742) $ (721,125) $ (36,463) $ 11,152 $ (25,311)
Beginning Balance (Shares) at Aug. 31, 2018             29,103,411
Statements [Line Items]              
Stock 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
Transactions with non-controlling interest       (825) (825) 3,177 $ 2,352
Foreign currency translation adjustment     2,361   2,361   2,361
Net loss for the year       (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
Statements [Line Items]              
Stock based compensation   256     256   $ 256
Share issuance - financing 30,869       30,869   $ 30,869
Share issuance - financing (Shares)             23,953,826
Share issuance costs (1,723)       (1,723)   $ (1,723)
Warrants exercised 144       144   $ 144
Warrants exercised (shares)             80,000
Shares issued for loan facility 1,000       1,000   $ 1,000
Shares issued for loan facility (Shares)             800,000
Contributions of Waterberg JV Co       (292) (292) 1,122 $ 830
Foreign currency translation adjustment     (2,256)   (2,256)   (2,256)
Net loss for the year       (3,639) (3,639)   (3,639)
Ending Balance at Aug. 31, 2019 855,270 26,777 (159,637) (739,018) (16,608) 15,451 $ (1,157)
Ending Balance (Shares) at Aug. 31, 2019             58,575,787
Statements [Line Items]              
Stock based compensation   1,143     1,143   $ 1,143
Shares issued for interest on convertible note 687       687   $ 687
Shares issued for interest on convertible note (Shares)             517,468
Share issuance - financing 4,000       4,000   $ 4,000
Share issuance - financing (Shares)             3,225,807
Share issuance costs (284)       (284)   $ (284)
Warrants exercised 55       55   $ 55
Warrants exercised (shares)             28,040
Contributions of Waterberg JV Co       (214) (214) 1,447 $ 1,233
Foreign currency translation adjustment     (4,034)   4,034   (4,034)
Net loss for the year       (5,898) (5,898)   (5,898)
Ending Balance at May. 31, 2020 $ 859,728 $ 27,920 $ (163,671) $ (745,130) $ (21,153) $ 16,898 $ (4,255)
Ending Balance (Shares) at May. 31, 2020             62,347,102
v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
May 31, 2020
May 31, 2019
OPERATING ACTIVITIES    
Income (Loss) for the period $ (5,898) $ (13,137)
Add items not affecting cash:    
Depreciation 146 187
Interest expense 4,091 7,331
Unrealized foreign exchange loss 419 99
(Gain) Loss on fair value of convertible debt derivatives and warrants (3,112) 839
(Gain) on marketable securities   (609)
Stock compensation expense 1,144 521
Directors fees paid in deferred share units 97  
Net change in non-cash working capital (256) 747
Net cash flows from (used in) operating activities (3,369) (4,022)
FINANCING ACTIVITIES    
Share issuance - warrant exercise 48 1,646
Proceeds from the issuance of equity 4,000 4,155
Equity issuance costs (284) (156)
Debt principal repayments   (8,023)
Sprott interest paid (1,680)  
Lease payments (62)  
Cash received from Waterberg partners 945 2,367
Net cash flows from (used in) financing activities 2,967 (11)
INVESTING ACTIVITIES    
Expenditures from restricted cash (Waterberg)   126
Cash received from sale of marketable securities   7,951
Performance bonds (52)  
Waterberg exploration expenditures (4,492) (6,139)
Net cash flows from (used in) investing activities (4,544) 1,938
Net decrease in cash (4,946) (2,095)
Effect of foreign exchange on cash 726 330
Cash, beginning of period 5,550 3,017
Cash, end of period $ 1,330 $ 1,252
v3.20.2
NATURE OF OPERATIONS AND GOING CONCERN
9 Months Ended
May 31, 2020
Nature Of Operations And Going Concern [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 consolidate the accounts of the Company and its subsidiaries. The Company's subsidiaries, associates and joint ventures (collectively with the Company, the "Group") as at May 31, 2020 are as follows:

 

 

Place of
incorporation
and operation

Percentage ownership and
voting power held

Name of subsidiary

Principal activity

May 31,
2020

August 31,
2019

 

 

 

 

 

Platinum Group Metals (RSA) (Pty) Ltd.1

Exploration

South Africa

100.0%

100.0%

Mnombo Wethu Consultants (Pty) Limited.1

Exploration

South Africa

49.9%

49.9%

Waterberg JV Resources (Pty) Ltd.1, 2

Development

South Africa

37.05%

37.05%

Lion Battery Technologies Inc.3

Research

Canada

57.69%

57.69%

 

1The Company controls and consolidates Platinum Group Metals (RSA) (Pty) Ltd. ("PTM RSA"), Mnombo Wethu Consultants (Pty) Limited ("Mnombo") and Waterberg JV Resources (Pty) Ltd. ("Waterberg JV Co.") for accounting purposes.

2Effective ownership of Waterberg JV Resources (Pty) Ltd. Is 63.05% when Mnombo's ownership portion is combined with Platinum Group Metals (RSA) (Pty) Ltd ownership portion.

3Lion Battery Technologies Inc. ("Lion") is accounted for using the equity method as the Company jointly controls the investee despite having the majority of the shares.

These condensed consolidated interim financial statements have been prepared in accordance with the 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. In the current nine-month period, the Company generated a net loss of $5.9 million (May 31, 2019 $13.1 million) and used cash in operating activities of $3.4 million (May 31, 2019 $4.0 million). The Company had a working capital deficit of $1.8 million at May 31, 2020. At May 31, 2020, the Company was also indebted $20 million pursuant to the Sprott Loan Facility (as defined below). This debt is due August 14, 2021 with the Company holding the option to extend the maturity date by one year in exchange for a payment in common shares or cash of three percent of the outstanding principal amount. 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.

In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company's business or ability to raise funds.

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 sale of assets and strategic partnerships. Management believes the Company will be able to secure further funding as required although there can be no assurance that these efforts will be successful. 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 appropriateness of the use of accounting standards applicable to a going concern.

These condensed consolidated interim 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.

v3.20.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
May 31, 2020
Basis Of Presentation And Significant Accounting Policies [Abstract]  
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' 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, 2019, except for the adoption of IFRS 16 Leases, ("IFRS 16") which was effective September 1, 2019.

Change in Accounting Policy - IFRS 16 Leases

On September 1, 2019, the Company adopted 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. 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 will eliminate 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. The right of use assets and related lease liabilities for any lease with a term of more than 12 months, unless the underlying assets are of low value; and

ii. Depreciation of the right of use assets separately from the interest related to the lease liabilities in the consolidated statement of income.

The Company adopted IFRS 16 using the simplified transition approach and consequently did not restate comparative figures for fiscal 2019.

On adoption of IFRS 16, the Company recognized lease liabilities in relation to leases which had previously been classified as 'operating leases' under the principles of IAS 17.  All leases lasting longer than one year were measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate as of September 1, 2019. The weighted average lessee's incremental borrowing rate applied to the lease liabilities on September 1, 2019 was 11%.  The lease liability and corresponding right to use asset as at September 1, 2019 was measured at $314. 

Leases

As a result of the adoption of IFRS 16, the accounting policy for leases applied starting from September 1, 2019 as follows:

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

i. the contract involves the use of an identified asset

ii. the Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and

iii. the Company has the right to direct the use of the asset.

The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate.

Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.

Presentation Currency

The Company's presentation currency is the United States Dollar ("USD")

Foreign Exchange Rates Used

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

Rand/USD at May 31, 2020

Period-end rate: R17.5631 (August 31, 2019 - R14.3314)

9-month period average rate: R15.7345 (May 31, 2019 - R14.2436)

CAD/USD at May 31, 2020

Period-end rate: C$1.3787 (August 31, 2019 - C$1.3295)

9-month period average rate: C$1.3468 (May 31, 2019 - C$1.3267)

v3.20.2
EXPLORATION AND EVALUATION ASSETS
9 Months Ended
May 31, 2020
Exploration And Evaluation Assets [Abstract]  
EXPLORATION AND EVALUATION ASSETS [Text Block]

3. 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, 2018$29,406 
Additions 8,362 
Foreign exchange movement (976)
Balance, August 31, 2019$36,792 
Additions 2,116 
Foreign exchange movement (4,847)
Balance, May 31, 2020$34,061 
 

Waterberg Project

The Waterberg Project consists of adjacent, granted and applied-for prospecting rights and applied for mining rights with a combined active project area of 81,329.60 ha, located on the Northern Limb of the Bushveld Complex, approximately 85 km north of the town of Mokopane (formerly Potgietersrus). The Waterberg Project comprises the former Waterberg JV Property and the Waterberg Extension Property.

On August 21, 2017, PTM RSA completed the cession of legal title for all Waterberg Project prospecting rights into Waterberg JV Co. after earlier receiving Section 11 approval of the 2nd Amendment (defined below). On September 21, 2017, Waterberg JV Co. also 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 (the "Implats 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 Definitive Feasibility Study ("DFS") costs, which was held as restricted cash until it was fully spent in October 2018. Implats contributed its 15.0% pro rata share of DFS costs incurred subsequent to the Initial Purchase. 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 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 ("Offtake ROFR").  JOGMEC will retain a right to receive, at market prices, platinum, palladium, rhodium, gold, ruthenium, iridium, copper and nickel in refined mineral products at the volumes produced from the Waterberg Project.

 

c) Acquired an option (the "Purchase and Development Option") whereby Implats would have had the right within 90 business days to exercise an option to increase its interest to up to 50.01% in Waterberg JV Co by committing 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. As per the February 27, 2020 amendment (see below) this deadline was to occur 90 days following the receipt of the executed Mining Right on the Waterberg Project.

 

d) On February 27, 2020 the Company announced that shareholders of Waterberg JV Co had agreed to amend the Purchase and Development Option effective at February 1, 2020.  The end date of the Impala option was amended to expire 90 calendar days following the receipt of an executed Mining Right on the Waterberg Project.  In exchange for this extension Impala agreed to fund 100% of a new implementation budget and work program, effective February 1, 2020, aimed at increasing confidence in specific areas of the DFS.  This work program is estimated to cost approximately R55 million ($3.1 million).

 

Subsequent to period end, on June 15, 2020, Implats provided notice to the shareholders of Waterberg JV Co. that they do not intend to exercise the Purchase and Development Option, (see Subsequent Events for further details).  Implats will retain a 15.0% participating project interest and the Offtake ROFR and the Company will retain a controlling 50.02% direct and indirect interest in the project.  The Purchase and Development Option may still legally be exercised by Implats until a 90-day notice period expires on September 13, 2020.  Implats will continue to be responsible for the costs of the ongoing implementation budget and work program until September 13, 2020.  The Company continues to be the Manager of the Waterberg Project, as directed by the technical committee of the Waterberg JV Co.

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 a cash payment of 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 subsequent expenditures on the non-JV property are still owed to the Company ($4.1 million at May 31, 2020). The portion of Mnombo not owned by the Company is accounted for as a non-controlling interest, calculated at $7.1 million at May 31, 2020 ($6.9 million - August 31, 2019).

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 3, 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 ceded into Waterberg JV Co. on September 21, 2017.

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

To May 31, 2020 an aggregate total of $74.7 million has been funded by all parties on exploration and engineering on the Waterberg Project. Up until the Waterberg property was transferred to Waterberg JV Company, all costs incurred by other parties were treated as cost recoveries by the Company.

v3.20.2
LION BATTERY
9 Months Ended
May 31, 2020
Disclosure of detailed information about investment property [abstract]  
LION BATTERY [Text Block]

         4. LION BATTERY

On July 15, 2019 the Company announced that Anglo American Platinum Limited ("Amplats") and itself had launched a new company named Lion Battery Technologies Inc. ("Lion").  Lion was incorporated on June 17, 2019 to research new lithium battery technology utilizing platinum and palladium.  The Company invested $4 as the original founder of Lion in exchange for 400,000 common shares of Lion at a price of $0.01 per share.  On July 12, 2019 the Company and Amplats each invested $550 as a first tranche of funding into Lion in exchange for 1,100,000 Lion preferred shares each at a price of $0.50 per share.  On July 12, 2019 Lion entered into a sponsored research agreement with Florida International University ("FIU") to fund a $3.0 million research program over approximately three years.  Both the Company and Amplats have agreed to equally invest up to an aggregate of $4.0 million into Lion, of which approximately $1.0 million would be for general and administrative expenses and the commercialization of the technology developed, subject to certain conditions.  All funding into Lion by the Company or Amplats is to be in exchange for preferred shares of Lion at a price of $0.50 per share over an approximate three to four year period.  The Company accounts for Lion using equity accounting as Lion is jointly controlled with Amplats.  Lion pays a fee of $3 per month to the Company for general and administrative services.

Research work commenced at FIU during September 2019.  FIU has completed milestone one research requirements, triggering a second tranche funding from Lion in the amount of US $667, which was sent to FIU by Lion subsequent to period end.  Lion was funded in the amount of $700 equally by Amplats and the Company by way of subscription for shares on terms as described above.

Under the agreement with FIU, Lion will have exclusive rights to all intellectual property developed and will lead all commercialization efforts.  Lion is also currently reviewing several additional and complementary opportunities focused on developing next-generation battery technology using platinum and palladium.

v3.20.2
SPROTT LOAN
9 Months Ended
May 31, 2020
Sprott Loans Abstract  
SPROTT LOAN [Text Block]

5. SPROTT LOAN

On August 15, 2019 the Company announced it had entered into a credit agreement with Sprott Private Resource Lending II (Collector), LP ("Sprott") and other lenders party thereto (the "Sprott Lenders") pursuant to which the Sprott Lenders advanced $20.0 million principal senior secured credit facility ("Sprott Facility").  The loan was drawn August 21, 2019 and is due August 14, 2021 with the Company holding the option to extend the maturity date by one year in exchange for a payment in common shares or cash of three percent of the outstanding principal amount.  All amounts outstanding will be charged interest of 11% per annum compounded monthly.  Interest payments will be made monthly with interest of $1,674 having been paid to Sprott during the nine-month period (May 31, 2019 - $Nil).

The Company is required to maintain certain minimum working capital and cash balances under the Sprott loan and are in compliance with these covenants at period end. 

All fees directly attributable to the Sprott Facility are recorded against the loan balance and amortized using the effective interest method over the life of the loan. In connection with the advance the Company issued Sprott 800,000 common shares worth $1,000. Effective interest of $2,096 was recognized during the nine-month period (May 31, 2019 - $Nil).

v3.20.2
CONVERTIBLE NOTES
9 Months Ended
May 31, 2020
Disclosure of detailed information about borrowings [abstract]  
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. Interest may be paid in cash or at the election of the Company, in common shares of the Company or a combination of cash and common shares, to a maximum of 2,954,278 common shares, and will mature on July 1, 2022, unless earlier repurchased, redeemed or converted.

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 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 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 of bi-annual interest payable on $19.99 million of outstanding Convertible Notes.

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

On January 2, 2020 the Company issued 517,468 common shares in settlement of $687 of bi-annual interest payable on $19.99 million of outstanding Convertible Notes.

 

On July 2, 2020 the Company issued 526,471 common shares in settlement of $687 of bi-annual interest payable on $19.99 million of outstanding Convertible Notes.

The components of the Convertible Notes are as follows:

    
Convertible Note balance August 31, 2018$14,853 
Transactions costs incurred (79)
Interest payments (1,374)
Accretion and interest incurred during the year 2,487 
Loss on embedded derivatives during the year ended August 31, 2019 (see below) 188 
Convertible Note balance August 31, 2019$16,075 
Interest payments (687)
Accretion and interest incurred during the period 1,995 
Gain on embedded derivatives during the period ended May 31, 2020 (see below) (63)
Convertible Note balance May 31, 2020$17,320 

 

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 $125 at May 31, 2020 resulting in a gain of $63 for the nine-month period (May 31, 2019 - $101 loss)Combined with the gain on the warrant derivative (Note 8) of $3,048, this results in a loss of $3,112.

The assumptions used in the valuation model used at May 31, 2020 and August 31, 2019 include:

Valuation Date

May 31, 2020

August 31, 2019

Share Price (USD)

$1.50

$1.99

Volatility

80.90%

80.90%

Risk free rate

1.55%

1.55%

Credit spread

15.11%

15.11%

All-in rate

16.66%

16.66%

 

The Convertible Note derivative is valued using level 2 inputs.

v3.20.2
SHARE CAPITAL
9 Months Ended
May 31, 2020
Disclosure of classes of share capital [abstract]  
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 completed a consolidation of its common shares on the basis of one new share for ten old shares (1:10).  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, 2020, the Company had 62,347,102 shares outstanding.

Fiscal 2020

On December 19, 2019 the Company closed a non-brokered private placement (the "Private Placement") where it issued 3,225,807 common shares at a price of US$1.24 each for gross proceeds of $4.0 million.  A 6% finders fee in the amount of $54 was paid on a portion of the Private Placement.

During fiscal 2020 the Company issued 28,040 shares upon the exercise of 28,040 warrants.

On January 2, 2020, the Company issued 517,468 shares in settlement of $687.16 of bi-annual interest payable on $19.99 million outstanding on the Convertible Notes.

Fiscal 2019

On August 21, 2019, the Company closed a bought deal financing of 8,326,957 common shares at a price of US$1.25 per share for gross proceeds of $10.4 million.  Also, on August 21, 2019 the Company completed the sale of 7,575,758 common shares to existing shareholder Liberty Metals & Mining Holdings, LLC ("LMM"), a subsidiary of Liberty Mutual Insurance, and 6,940,000 common shares to Deepkloof Limited ("Deepkloof"), a subsidiary of existing shareholder Hosken Consolidated Investments Limited ("HCI"), both at price of US$1.32 per share for gross proceeds of $10.0 million and $9.1 million respectively.  Total fees of $1,769 were paid on the August 21, 2019 transactions including a 6% finders fee of $624.

On June 28, 2019 the Company closed a non-brokered private placement with Deepkloof for gross proceeds of $1.3 million.  The Company issued an aggregate of 1,111,111 common shares to Deepkloof 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 in the Company (through subsidiary Deepkloof) was increased from 20.05% to 22.60% of the Company's then issued and outstanding common shares. The Company did not pay any finder's fees in connection with the private placement.

On February 4, 2019, the Company completed 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 fiscal 2019, the Company issued 1,048,770 shares upon the exercise of 1,048,770 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. 

(c) Incentive stock options

The Company has entered into Incentive Stock Option Agreements under the terms of its share compensation 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.  Stock options of the Company are subject to vesting provisions.  All exercise prices are denominated in Canadian Dollars.

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

   Number of Shares  Average Exercise
Price CAD$
 
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 August 31, 2019 1,554,000  2.61 
      Granted 1,628,500  1.81 
Options outstanding at May 31, 2020 3,182,500  2.20 

 

During the nine-month period ended May 31, 2020 the Company granted 1,628,500 stock options exercisable at a price of CAD$1.81 per share.  These stock options will vest in three equal annual tranches, with the first tranche of one third vesting on December 3, 2020, being the day after the first anniversary of the grant.  The Company recorded $383 ($350 expensed and $33 capitalized to mineral properties) of compensation expense related to these options during the period ended May 31, 2020.

During the year ended August 31, 2019 the Company granted 1,554,000 stock options exercisable at a price of CAD$2.61 per share.  These stock options will vest in three equal annual tranches, with the first tranche of one third vesting on April 10, 2020, being the day after the first anniversary of the grant.  The Company recorded $495 ($431 expensed and $64 capitalized to mineral properties) of compensation expense during the period ended May 31, 2020 (May 31, 2019 -$Nil).

Stock options
outstanding at
May 31, 2020

Stock options
exercisable at
May 31, 2020

Average
Exercise Price
CAD$

Average Remaining
Contractual Life
(Years)

3,182,500

Nil

2.20

4.19

(d) Deferred Share Units

The Company has a DSU plan for non-executive directors.  Each DSU has the same value as one of the Company's common share.  DSUs must be retained until the director leaves the Board of Directors, at which time the DSUs are to be paid.

The DSU liability at May 31, 2020 is $339.  During the nine-month period ended May 31, 2020 an expense of $323 was recorded in relation to the outstanding DSUs (May 31, 2019 - $17), with $137 recorded as share-based compensation and $186 recorded as director fees. 

On January 27, 2020, 240,000 DSUs were granted to directors.  These DSUs vest in three equal tranches on the first, second and third anniversaries of the original grant date.

During the nine-month period, 33,928 unvested DSUs were cancelled and the related expenses were reversed.

As of May 31, 2020, 454,244 DSUs have been issued with 136,323 fully vested.

(e) Restricted Share Units

The Company has an 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, 2020 was $265.  During the nine-month period ended May 31, 2020 an expense of $266 was recorded ($226 expensed and $40 capitalized) in relation to the outstanding RSUs, (May 31, 2019 $36, $30 expensed, $6 capitalized).  At May 31, 2020, 468,370 RSU's had been awarded and 74,481 RSUs had vested but had not yet been settled by way of share issuances.

v3.20.2
WARRANT DERIVATIVE
9 Months Ended
May 31, 2020
Warrant Derivative [Abstract]  
WARRANT DERIVATIVE [Text Block]

8. WARRANT DERIVATIVE

The exercise price of the Company's outstanding warrants was denominated in US Dollars; however, the functional currency of PTM Canada (the warrant issuer) is the Canadian Dollar.  The warrants were required to be recognized and measured at fair value at each reporting period.  Any changes in fair value from period to period were 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 were publicly traded on the TSX, the value of the warrants at each period was estimated by using the warrant TSX closing price on the last day of trading in the applicable period. The warrants expired November 22, 2019 with a $Nil value.  The $3,048 value attributed to the remaining warrants, which expired, was recognized as a gain in the nine-month period, (May 31, 2019 - $738 loss).  When combined with the gain on the embedded derivatives in the Convertible Notes (see Note 6) this results in a gain of $3,112 on derivatives.

v3.20.2
RELATED PARTY TRANSACTIONS
9 Months Ended
May 31, 2020
Related party transactions [abstract]  
RELATED PARTY TRANSACTIONS [Text Block]
9.          RELATED PARTY TRANSACTIONS 

 

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 nine-month period ended May 31, 2020 $353 ($155 - May 31, 2019) was paid or accrued to independent directors for directors' fees and services.

 

(b) During the nine-month period ended May 31, 2020, the Company accrued payments of $40 ($41 - May 31, 2019) from West Vault Mining Inc. (formerly West Kirkland Mining Inc.), a company with two directors in common, for accounting and administrative services.

(c) In fiscal 2018, the Company closed a private placement with Deepkloof whereby 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.  HCI exercised its right to nominate one person to the board of directors.  On February 4, 2019 Deepkloof subscribed in a private placement for 2,141,942 common shares and on August 21, 2019 Deepkloof subscribed in a private placement for a further 6,940,000 common shares as component of concurrent transactions completed by the Company.  In the Company's December 2019 private placement financing Deepkloof purchased 612,931 shares.  In the private placement financing completed on June 17, 2020, subsequent to the end of the period, Deepkloof purchased a further 500,000 shares in the Company, bringing their total ownership interest to approximately 31.59%

v3.20.2
CONTINGENCIES AND COMMITMENTS
9 Months Ended
May 31, 2020
Disclosure of contingent liabilities [abstract]  
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 $310 to March 2022.

From year 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$80 $167 $63 $ $310 
Convertible Note 1,374  22,051       23,425  
Sprott Facility (Note 5) 2,231   20,495       22,726 
Totals$3,685 $42,713 $63 $ $46,461 

 

Africa Wide Legal Action

In April 2018 the Company completed a transaction whereby Maseve Investments 11 (Pty) Ltd. ("Maseve") was acquired (the "Maseve Sale Transaction") by Royal Bafokeng Platinum Ltd. ("RBPlats").  Maseve owned and operated the Maseve Mine.  In September 2018 the Company reported receipt of a summons issued by Africa Wide Mineral Prospecting and Exploration Proprietary Limited ("Africa Wide") whereby Africa Wide instituted legal proceedings in South Africa against PTM RSA, RBPlats and Maseve in relation to the Maseve Sale Transaction.  Africa Wide held 17.1% of the shares in Maseve prior to completion of the Maseve Sale Transaction.  Africa Wide is seeking, at this late date, to set aside or be paid increased value for, the closed 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

For the 2014, 2015 and 2016 fiscal years, PTM RSA claimed unrealized foreign exchange losses 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.  Under applicable South African tax legislation, exchange losses can be claimed if the shareholder loan is a current liability as determined by IFRS.  

For the years in question, the intercompany debt was classified as current in PTM RSA's stand alone audited financial statements.  

During 2018, the South African Revenue Service ("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 proposing that the exchange losses be disallowed on the basis that the shareholder loan was not a current liability. 

 The Company and its advisors responded to SARS during 2019 and refuted the issues raised.

On June 30, 2020 the Company received a letter from SARS reporting the finalization of the above income tax audit with no reassessment or adjustment to the Company's tax returns for the three years audited.

Brokerage Fees Payable

There were certain deferred brokerage fees related to the Maseve Sale Transaction and the Implats Transaction that became payable as soon as practicable after the Company repaid a $40 million secured loan facility due to LMM (the "LMM Facility").  The outstanding fee amount payable of $2,824 has been reclassified to current liabilities subsequent to the repayment of the LMM Facility on August 21, 2019.

v3.20.2
SUPPLEMENTARY CASH FLOW INFORMATION
9 Months Ended
May 31, 2020
Supplementary Cash Flow Information [Abstract]  
SUPPLEMENTARY CASH FLOW INFORMATION [Text Block]

11. SUPPLEMENTARY CASH FLOW INFORMATION

Net change in non-cash working capital:

Period ended May 31, 2020  May 31, 2019 
       
Amounts receivable, prepaid expenses and other assets$617 $500  
Accounts payable and other liabilities (873) 247 
 $(256)$747 
v3.20.2
SEGMENTED REPORTING
9 Months Ended
May 31, 2020
Disclosure of operating segments [abstract]  
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, 2020 Assets Liabilities 
       
Canada$1,783 $40,218 
South Africa 34,507  327 
 $36,290 $40,545 
 
At August 31, 2019 Assets Liabilities 
       
Canada$4,983 $39,278 
South Africa 38,680  5,542 
 $43,663 $44,820 
 
Comprehensive Loss for the period ended May 31, 2020 May 31, 2019 
       
Canada$9,932 $10,197 
South Africa 679  579 
 $9,932 $10,776 
v3.20.2
SUBSEQUENT EVENTS
9 Months Ended
May 31, 2020
Disclosure Of Nonadjusting Events After Reporting Period Abstract  
SUBSEQUENT EVENTS [Text Block]

13. SUBSEQUENT EVENTS

  • On June 15, 2020 Implats delivered a formal notice that they do not intend to exercise their Purchase and Development Option to acquire and earn into a 50.01% interest in the Waterberg Project due to increased economic uncertainty and reduced risk appetite in the short, medium and long-term as a result of the COVID-19 pandemic. Implats will retain a 15.0% participating project interest and their Offtake ROFR and the Company will retain a controlling 50.02% direct and indirect interest in the project. The Purchase and Development Option may still legally be exercised by Implats until a 90-day notice period expires on September 13, 2020. Impala will continue to be responsible for the costs of an ongoing implementation budget and work program until September 13, 2020. The Company remains the Manager of the Waterberg Project, as directed by the technical committee of the Waterberg JV Co.
  • On June 17, 2020 the Company closed a previously announced private placement for 1,221,500 common shares, resulting in gross proceeds of $1,710. Finders fees of $38 were paid on a portion of the private placement, which was otherwise arranged by the Company's management.
  • On June 30, 2020 the Company received a letter from SARS reporting the finalization of an income tax audit of the Company's South African 100% subsidiary PTM RSA for tax years 2014, 2015 and 2016 with no reassessment or adjustment to the Company's tax returns for the years audited.
v3.20.2
Summary of Significant Accounting Policies (Policies)
9 Months Ended
May 31, 2020
Basis Of Presentation And Significant Accounting Policies [Abstract]  
Change in Accounting Policy - IFRS 16 Leases [Policy Text Block]

Change in Accounting Policy - IFRS 16 Leases

On September 1, 2019, the Company adopted 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. 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 will eliminate 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. The right of use assets and related lease liabilities for any lease with a term of more than 12 months, unless the underlying assets are of low value; and

ii. Depreciation of the right of use assets separately from the interest related to the lease liabilities in the consolidated statement of income.

The Company adopted IFRS 16 using the simplified transition approach and consequently did not restate comparative figures for fiscal 2019.

On adoption of IFRS 16, the Company recognized lease liabilities in relation to leases which had previously been classified as 'operating leases' under the principles of IAS 17.  All leases lasting longer than one year were measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate as of September 1, 2019. The weighted average lessee's incremental borrowing rate applied to the lease liabilities on September 1, 2019 was 11%.  The lease liability and corresponding right to use asset as at September 1, 2019 was measured at $314. 

Leases [Policy Text Block]

Leases

As a result of the adoption of IFRS 16, the accounting policy for leases applied starting from September 1, 2019 as follows:

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

i. the contract involves the use of an identified asset

ii. the Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and

iii. the Company has the right to direct the use of the asset.

The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate.

Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.

Presentation Currency [Policy Text Block]

Presentation Currency

The Company's presentation currency is the United States Dollar ("USD")

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 at May 31, 2020

Period-end rate: R17.5631 (August 31, 2019 - R14.3314)

9-month period average rate: R15.7345 (May 31, 2019 - R14.2436)

CAD/USD at May 31, 2020

Period-end rate: C$1.3787 (August 31, 2019 - C$1.3295)

9-month period average rate: C$1.3468 (May 31, 2019 - C$1.3267)

v3.20.2
NATURE OF OPERATIONS AND GOING CONCERN (Tables)
9 Months Ended
May 31, 2020
Nature Of Operations And Going Concern [Abstract]  
Disclosure of subsidiaries [Table Text Block]

 

 

Place of
incorporation
and operation

Percentage ownership and
voting power held

Name of subsidiary

Principal activity

May 31,
2020

August 31,
2019

 

 

 

 

 

Platinum Group Metals (RSA) (Pty) Ltd.1

Exploration

South Africa

100.0%

100.0%

Mnombo Wethu Consultants (Pty) Limited.1

Exploration

South Africa

49.9%

49.9%

Waterberg JV Resources (Pty) Ltd.1, 2

Development

South Africa

37.05%

37.05%

Lion Battery Technologies Inc.3

Research

Canada

57.69%

57.69%

v3.20.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
May 31, 2020
Basis Of Presentation And Significant Accounting Policies [Abstract]  
Disclosure of detailed information about foreign exchange rates used [Table Text Block]

Rand/USD at May 31, 2020

Period-end rate: R17.5631 (August 31, 2019 - R14.3314)

9-month period average rate: R15.7345 (May 31, 2019 - R14.2436)

CAD/USD at May 31, 2020

Period-end rate: C$1.3787 (August 31, 2019 - C$1.3295)

9-month period average rate: C$1.3468 (May 31, 2019 - C$1.3267)

v3.20.2
EXPLORATION AND EVALUATION ASSETS (Tables)
9 Months Ended
May 31, 2020
Exploration And Evaluation Assets [Abstract]  
Disclosure of detailed information about exploration and evaluation assets [Table Text Block]
    
Balance, August 31, 2018$29,406 
Additions 8,362 
Foreign exchange movement (976)
Balance, August 31, 2019$36,792 
Additions 2,116 
Foreign exchange movement (4,847)
Balance, May 31, 2020$34,061 
 
v3.20.2
CONVERTIBLE NOTES (Tables)
9 Months Ended
May 31, 2020
Disclosure of detailed information about borrowings [abstract]  
Disclosure of detailed information about borrowings [Table Text Block]
    
Convertible Note balance August 31, 2018$14,853 
Transactions costs incurred (79)
Interest payments (1,374)
Accretion and interest incurred during the year 2,487 
Loss on embedded derivatives during the year ended August 31, 2019 (see below) 188 
Convertible Note balance August 31, 2019$16,075 
Interest payments (687)
Accretion and interest incurred during the period 1,995 
Gain on embedded derivatives during the period ended May 31, 2020 (see below) (63)
Convertible Note balance May 31, 2020$17,320 

 

Disclosure of detailed information about valuation assumptions for embedded derivatives [Table Text Block]

Valuation Date

May 31, 2020

August 31, 2019

Share Price (USD)

$1.50

$1.99

Volatility

80.90%

80.90%

Risk free rate

1.55%

1.55%

Credit spread

15.11%

15.11%

All-in rate

16.66%

16.66%

v3.20.2
SHARE CAPITAL (Tables)
9 Months Ended
May 31, 2020
Disclosure of classes of share capital [abstract]  
Disclosure of number and weighted average exercise prices of share options [Table Text Block]
   Number of Shares  Average Exercise
Price CAD$
 
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 August 31, 2019 1,554,000  2.61 
      Granted 1,628,500  1.81 
Options outstanding at May 31, 2020 3,182,500  2.20 
Disclosure of number and weighted average remaining contractual life of outstanding share options [Table Text Block]

Stock options
outstanding at
May 31, 2020

Stock options
exercisable at
May 31, 2020

Average
Exercise Price
CAD$

Average Remaining
Contractual Life
(Years)

3,182,500

Nil

2.20

4.19

v3.20.2
CONTINGENCIES AND COMMITMENTS (Tables)
9 Months Ended
May 31, 2020
Disclosure of contingent liabilities [abstract]  
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$80 $167 $63 $ $310 
Convertible Note 1,374  22,051       23,425  
Sprott Facility (Note 5) 2,231   20,495       22,726 
Totals$3,685 $42,713 $63 $ $46,461 

 

v3.20.2
SUPPLEMENTARY CASH FLOW INFORMATION (Tables)
9 Months Ended
May 31, 2020
Supplementary Cash Flow Information [Abstract]  
Disclosure of detailed information about non-cash working capital [Table Text Block]
Period ended May 31, 2020  May 31, 2019 
       
Amounts receivable, prepaid expenses and other assets$617 $500  
Accounts payable and other liabilities (873) 247 
 $(256)$747 
v3.20.2
SEGMENTED REPORTING (Tables)
9 Months Ended
May 31, 2020
Disclosure of operating segments [abstract]  
Disclosure of operating segments [Table Text Block]
At May 31, 2020 Assets Liabilities 
       
Canada$1,783 $40,218 
South Africa 34,507  327 
 $36,290 $40,545 
 
At August 31, 2019 Assets Liabilities 
       
Canada$4,983 $39,278 
South Africa 38,680  5,542 
 $43,663 $44,820 
 
Comprehensive Loss for the period ended May 31, 2020 May 31, 2019 
       
Canada$9,932 $10,197 
South Africa 679  579 
 $9,932 $10,776 
v3.20.2
NATURE OF OPERATIONS AND GOING CONCERN (Narrative) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
May 31, 2020
Aug. 31, 2019
May 31, 2019
May 31, 2020
May 31, 2019
Disclosure Of Nature Of Operations And Going Concern [Line Items]          
Income (Loss) for the period $ (3,352) $ (3,639) $ (3,682) $ (5,898) $ (13,137)
Cash used in operating activities       (3,369) $ (4,022)
Working capital deficit 1,800     $ 1,800  
Waterberg JV Co. [Member]          
Disclosure Of Nature Of Operations And Going Concern [Line Items]          
Effective ownership proportion after combined ownership of Mnombo's ownership portion with Platinum Group Metals (RSA) (Pty) Ltd       63.05%  
Sprott Loan Facility [Member]          
Disclosure Of Nature Of Operations And Going Concern [Line Items]          
Borrowings $ 20,000     $ 20,000  
v3.20.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)
$ in Thousands
Sep. 01, 2019
USD ($)
Basis Of Presentation And Significant Accounting Policies [Abstract]  
Weighted average lessee's incremental borrowing rate 11.00%
Lease liability $ 314
v3.20.2
EXPLORATION AND EVALUATION ASSETS (Narrative) (Details)
$ in Thousands, R in Millions
1 Months Ended 9 Months Ended 12 Months Ended 128 Months Ended
Nov. 06, 2017
USD ($)
Nov. 07, 2011
ZAR (R)
Jun. 15, 2020
Mar. 31, 2018
USD ($)
Sep. 21, 2017
Mar. 31, 2016
USD ($)
Apr. 30, 2012
USD ($)
May 31, 2020
USD ($)
May 31, 2019
USD ($)
Aug. 31, 2019
USD ($)
May 31, 2020
USD ($)
Feb. 01, 2020
USD ($)
Feb. 01, 2020
ZAR (R)
Disclosure Of Exploration And Evaluation Asset [Line Items]                          
Non-controlling interest               $ 16,898   $ 15,451 $ 16,898    
Capital commitments               46,461     46,461    
Payments for exploration and evaluation expenses               $ 4,492 $ 6,139        
Waterberg Project [Member]                          
Disclosure Of Exploration And Evaluation Asset [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                        
Payments for exploration and evaluation expenses                     74,700    
JOGMEC [Member] | Waterberg Project [Member]                          
Disclosure Of Exploration And Evaluation Asset [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                  
Proceeds from funds advanced for exploration and evaluation expenses       $ 6,000   $ 8,000              
JOGMEC [Member] | Purchase and Development Option [Member] | Waterberg Project [Member]                          
Disclosure Of Exploration And Evaluation Asset [Line Items]                          
Decrease in proportion of ownership, interest sold 12.195%                        
Mnombo Wethu Consultants (Pty) Limited [Member]                          
Disclosure Of Exploration And Evaluation Asset [Line Items]                          
Proportion of ownership interest 49.90% 49.90%           49.90%   49.90%      
Purchase agreement amount | R   R 1.2                      
Non-controlling interest               $ 7,100   $ 6,900 7,100    
Subsequent expenditures on non-JV property receivable               $ 4,100     $ 4,100    
Mnombo Wethu Consultants (Pty) Limited [Member] | Waterberg Project [Member]                          
Disclosure Of Exploration And Evaluation Asset [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            
Implats [Member] | Waterberg Project [Member]                          
Disclosure Of Exploration And Evaluation Asset [Line Items]                          
Proportion of ownership, purchase agreement amount 15.00%   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]                          
Disclosure Of Exploration And Evaluation Asset [Line Items]                          
Proportion of ownership, purchase agreement amount 50.01%   50.01%                    
Purchase agreement amount $ 34,800                        
Amount committed towards pro rata share of remaining DFS costs $ 130,200                        
Waterberg JV Co. [Member]                          
Disclosure Of Exploration And Evaluation Asset [Line Items]                          
Proportion of ownership interest             37.00% 37.05%   37.05%      
Proportion of ownership and voting rights held by non-controlling interests             26.00%            
Effective proportion of ownership interest in subsidiary 50.02%   50.02%                    
Waterberg JV Co. [Member] | Purchase and Development Option [Member]                          
Disclosure Of Exploration And Evaluation Asset [Line Items]                          
Work program estimated cost                       $ 3,100 R 55.0
v3.20.2
LION BATTERY (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
1 Months Ended
Jul. 15, 2019
Jul. 12, 2019
Sep. 30, 2019
Lion Battery Technologies Inc [Member]      
Disclosure of detailed information about investment property [line items]      
Additional amount of common stock issued for investment $ 4    
Additional number of common stock issued for investment 400,000    
Additional common stock price per share $ 0.01    
Preferred stock received for investment, value   $ 550 $ 700
Preferred stock received for investment   1,100,000  
Preferred stock price per share $ 0.50 $ 0.50  
Maximum investment in new venture $ 4,000    
Amount of investment allocated to general and administrative expenses 1,000    
Payment of fees per month $ 3    
Florida International University [Member]      
Disclosure of detailed information about investment property [line items]      
Amount funded to research program   $ 3,000 $ 667
v3.20.2
SPROTT LOAN (Narrative) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Aug. 15, 2019
Aug. 31, 2019
May 31, 2020
May 31, 2019
Disclosure Of Sprott Loan [Line Items]        
Shares issued for loan facility   $ 1,000    
Shares issued for loan facility (Shares)   800,000    
Sprott Facility [Member]        
Disclosure Of Sprott Loan [Line Items]        
Advanced amount of principal senior secured credit facility $ 20,000      
Description of loan secured credit facility The loan was drawn August 21, 2019 and is due August 14, 2021 with the Company holding the option to extend the maturity date by one year in exchange for a payment in common shares or cash of three percent of the outstanding principal amount.      
Loan facility interest rate 11%      
Payment for monthly interest charge     $ 1,674
Interest expense on borrowings     $ 2,096
v3.20.2
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
Jul. 02, 2020
Jan. 02, 2020
Jun. 30, 2017
May 31, 2020
May 31, 2019
May 31, 2020
May 31, 2019
Aug. 31, 2019
Disclosure of detailed information about borrowings [line items]                        
Shares issued for interest on convertible note (Shares)                   517,468 545,721  
Shares issued for interest on convertible note                   $ 687,000 $ 687,000  
Gain (Loss) on warrant derivative                   3,048,000 (738,000)  
Gain (loss) of fair value of financial instruments               $ 49,000 $ 1,589,000 $ 3,112,000 (839,000)  
Convertible Notes [Member]                        
Disclosure of detailed information about borrowings [line items]                        
Borrowings   $ 19,990,000 $ 19,990,000 $ 19,990,000 $ 19,990,000 $ 19,990,000 $ 20,000,000          
Borrowings, interest rate             6 7/8%          
Maximum number of common shares             2,954,278          
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 $ 125,000   $ 125,000    
Transaction costs             1,049,000         $ 79,000
Value attributed to debt portion of convertible notes             $ 13,570,000          
Shares issued for interest on convertible note (Shares)   545,721 757,924 244,063 526,471 517,468            
Shares issued for interest on convertible note $ 687,000 $ 687,160 $ 724,000 $ 691,000 $ 687,000 $ 687,160            
Gain (loss) of fair value of financial instruments                   $ 63,000 $ (101,000)  
v3.20.2
SHARE CAPITAL (Narrative) (Details)
1 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
Jan. 02, 2018
USD ($)
shares
Jul. 02, 2020
USD ($)
shares
Jun. 17, 2020
USD ($)
shares
Jan. 02, 2020
USD ($)
shares
Dec. 31, 2019
shares
Dec. 19, 2019
USD ($)
$ / shares
shares
Aug. 21, 2019
USD ($)
$ / shares
shares
Jun. 28, 2019
USD ($)
$ / shares
shares
Nov. 20, 2018
May 31, 2020
USD ($)
$ / shares
shares
May 31, 2020
USD ($)
Share
shares
May 31, 2019
USD ($)
shares
Aug. 31, 2019
$ / shares
shares
Aug. 31, 2019
USD ($)
Share
shares
Jan. 27, 2020
shares
Aug. 31, 2018
shares
Jun. 30, 2017
USD ($)
Disclosure of classes of share capital [line items]                                          
Consolidation of common shares                         one new share for ten old shares (1:10)                
Number of shares outstanding | shares                           62,347,102 62,347,102 33,741,961 58,575,787 58,575,787   29,103,411  
Increase (decrease) in number of shares outstanding | shares   3,124,059         1,221,500     3,225,807 8,326,957                    
Equity Issuance, Price per Share | $ / shares   $ 1.33               $ 1.24 $ 1.25                    
Gross proceeds from issuing shares                   $ 4,000,000 $ 10,400,000                    
Payments for share issue costs   $ 107,000                 1,769,000       $ 284,000 $ 156,000          
Finders fee   $ 72,000         $ 38     $ 54,000 $ 624,000                    
Percentage of finders fee   6.00%               6.00% 6.00%                    
Proceeds from issuance of equity   $ 4,160,000         $ 1,710,000               $ 4,000,000 $ 4,155,000          
Number of shares issued for exercise of warrants | shares                             28,040     1,048,770      
Exercise of warrants for shares issued | shares                             28,040     1,048,770      
Shares issued for interest on convertible note (Shares) | shares                             517,468 545,721          
Shares issued for interest on convertible note                             $ 687,000 $ 687,000          
Number of share options granted in share-based payment arrangement | Share                             1,628,500     1,554,000      
Stock options compensation expense                             $ 383,000   $ 495,000      
Weighted average exercise price of share options granted in share-based payment arrangement (CAD per share) | $ / shares                           $ 1.81     $ 2.61        
Deferred share unit liability                           $ 339,000 339,000            
Deferred share unit expense                             323,000 17,000          
Deferred share units share based compensation                               137,000          
Deferred share units director fees                             $ 186,000            
Deferred share units cancelled | shares                             33,928            
Deferred share units issued | shares                           454,244 454,244            
Deferred share units fully vested | shares                           136,323 136,323            
Restricted share units liability                           $ 265,000 $ 265,000            
Aggregate restricted share units expense                             266,000 36,000          
Restricted share units expense                             226,000 30,000          
Restricted share units expense capitalized                             $ 40,000 $ 6,000          
Restricted share units issued | shares                           468,370 468,370            
Restricted share unit vested | shares                           74,481 74,481            
Liberty Metals And Mining Holdings Llc [Member]                                          
Disclosure of classes of share capital [line items]                                          
Increase (decrease) in number of shares outstanding | shares                     7,575,758                    
Equity Issuance, Price per Share | $ / shares                     $ 1.32                    
Gross proceeds from issuing shares                     $ 10,000,000.0                    
Deepkloof Limited [Member]                                          
Disclosure of classes of share capital [line items]                                          
Increase (decrease) in number of shares outstanding | shares   2,141,942             612,931   6,940,000 1,111,111                  
Equity Issuance, Price per Share | $ / shares                     $ 1.32 $ 1.17                  
Gross proceeds from issuing shares                     $ 9,100,000                    
Proceeds from issuance of equity                       $ 1,300,000                  
Deepkloof Limited [Member] | Minimum [Member]                                          
Disclosure of classes of share capital [line items]                                          
Proportion of ownership and voting rights held by non-controlling interests                       20.05%                  
Deepkloof Limited [Member] | Maximum [Member]                                          
Disclosure of classes of share capital [line items]                                          
Proportion of ownership and voting rights held by non-controlling interests                       22.60%                  
Directors [Member]                                          
Disclosure of classes of share capital [line items]                                          
Deferred share units issued | shares                                     240,000    
Convertible Notes [Member]                                          
Disclosure of classes of share capital [line items]                                          
Shares issued for interest on convertible note (Shares) | shares     545,721 757,924 244,063 526,471   517,468                          
Shares issued for interest on convertible note $ 687,000   $ 687,160 $ 724,000 $ 691,000 $ 687,000   $ 687,160                          
Borrowings     $ 19,990,000 $ 19,990,000 $ 19,990,000 $ 19,990,000   $ 19,990,000                         $ 20,000,000
Expensed [Member]                                          
Disclosure of classes of share capital [line items]                                          
Stock options compensation expense                             $ 350,000     431,000      
Capitalized to mineral properties [Member]                                          
Disclosure of classes of share capital [line items]                                          
Stock options compensation expense                             $ 33,000     $ 64,000      
v3.20.2
WARRANT DERIVATIVE (Narrative) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
May 15, 2018
May 31, 2020
May 31, 2019
May 31, 2020
May 31, 2019
Warrant Derivative [Abstract]          
Warrants granted, value $ 1,171        
Unit issuance costs attributed to warrants $ 157        
Gain (Loss) on warrant derivative       $ 3,048 $ (738)
Gain (Loss) on fair value derivatives and warrants   $ 49 $ 1,589 $ 3,112 $ (839)
v3.20.2
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($)
$ in Thousands
1 Months Ended 9 Months Ended
Feb. 04, 2019
Jun. 17, 2020
Dec. 31, 2019
Dec. 19, 2019
Aug. 21, 2019
Jun. 28, 2019
May 31, 2020
May 31, 2019
Disclosure of transactions between related parties [line items]                
Amount of paid or accrued independent directors fees and services             $ 353 $ 155
Increase (decrease) in number of shares outstanding 3,124,059 1,221,500   3,225,807 8,326,957      
West Kirkland Mining Inc [Member]                
Disclosure of transactions between related parties [line items]                
Revenue from rendering of services, related party transactions             $ 40 $ 41
Deepkloof Limited [Member]                
Disclosure of transactions between related parties [line items]                
Increase (decrease) in number of shares outstanding 2,141,942   612,931   6,940,000 1,111,111    
Deepkloof Limited [Member] | Subsequent Events [Member]                
Disclosure of transactions between related parties [line items]                
Increase (decrease) in number of shares outstanding   500,000            
Proportion of ownership interest   31.59%            
v3.20.2
CONTINGENCIES AND COMMITMENTS (Narrative) (Details)
$ in Thousands, R in Billions
1 Months Ended 9 Months Ended 36 Months Ended
Apr. 30, 2018
May 31, 2020
USD ($)
Aug. 31, 2016
ZAR (R)
Aug. 31, 2019
USD ($)
Disclosure of contingent liabilities [line items]        
Minimum operating lease payments recognised as expense   $ 310    
Brokerage fees payable   2,824   $ 2,775
Maseve Investments 11 (Pty) Ltd. [Member]        
Disclosure of contingent liabilities [line items]        
Proportion of ownership and voting rights held by non-controlling interests 17.10%      
Tax Audit South Africa [Member]        
Disclosure of contingent liabilities [line items]        
Unrealized foreign exchange differences as income tax deductions | R     R 1.4  
Brokerage Fees Payable [Member]        
Disclosure of contingent liabilities [line items]        
Secured loan facility   40,000    
Brokerage fees payable   $ 2,824    
v3.20.2
SUBSEQUENT EVENTS (Narrative) (Details) - USD ($)
1 Months Ended 9 Months Ended 12 Months Ended
Feb. 04, 2019
Nov. 06, 2017
Jun. 30, 2020
Jun. 17, 2020
Jun. 15, 2020
Dec. 19, 2019
Aug. 21, 2019
Sep. 21, 2017
Apr. 30, 2012
May 31, 2020
May 31, 2019
Aug. 31, 2019
Disclosure of non-adjusting events after reporting period [line items]                        
Increase (decrease) in number of shares outstanding 3,124,059     1,221,500   3,225,807 8,326,957          
Proceeds from the issuance of equity $ 4,160,000     $ 1,710,000           $ 4,000,000 $ 4,155,000  
Finders fee $ 72,000     $ 38   $ 54,000 $ 624,000          
Waterberg Project [Member]                        
Disclosure of non-adjusting events after reporting period [line items]                        
Proportion of ownership interest   37.05%           45.65% 37.00%      
Implats [Member] | Waterberg Project [Member]                        
Disclosure of non-adjusting events after reporting period [line items]                        
Proportion of ownership, purchase agreement amount   15.00%     15.00%              
Implats [Member] | Purchase and Development Option [Member] | Waterberg Project [Member]                        
Disclosure of non-adjusting events after reporting period [line items]                        
Proportion of ownership, purchase agreement amount   50.01%     50.01%              
Waterberg JV Co. [Member]                        
Disclosure of non-adjusting events after reporting period [line items]                        
Effective proportion of ownership interest in subsidiary   50.02%     50.02%              
Proportion of ownership interest                 37.00% 37.05%   37.05%
Platinum Group Metals (RSA) (Pty) Ltd. [Member]                        
Disclosure of non-adjusting events after reporting period [line items]                        
Proportion of ownership interest     100.00%             100.00%   100.00%
v3.20.2
NATURE OF OPERATIONS AND GOING CONCERN - Disclosure of subsidiaries (Details)
1 Months Ended 9 Months Ended 12 Months Ended
Nov. 06, 2017
Nov. 07, 2011
Jun. 30, 2020
Apr. 30, 2012
May 31, 2020
Aug. 31, 2019
Platinum Group Metals (RSA) (Pty) Ltd. [Member]            
Disclosure Of Nature Of Operations And Going Concern [Line Items]            
Proportion of ownership interest     100.00%   100.00% 100.00%
Mnombo Wethu Consultants (Pty) Limited [Member]            
Disclosure Of Nature Of Operations And Going Concern [Line Items]            
Proportion of ownership interest 49.90% 49.90%     49.90% 49.90%
Waterberg JV Co. [Member]            
Disclosure Of Nature Of Operations And Going Concern [Line Items]            
Proportion of ownership interest       37.00% 37.05% 37.05%
Lion Battery Technologies Inc [Member]            
Disclosure Of Nature Of Operations And Going Concern [Line Items]            
Proportion of ownership interest         57.69% 57.69%
v3.20.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Disclosure of detailed information about foreign exchange rates used (Details)
9 Months Ended
May 31, 2020
CAD_USD
Rand_USD
May 31, 2019
CAD_USD
Rand_USD
Aug. 31, 2019
CAD_USD
Rand_USD
Rand / USD [Member]      
Disclosure Of Basis Of Presentation And Significant Accounting Policies [Line Items]      
Year-end rate | Rand_USD 17.5631   14.3314
Year average rate | Rand_USD 15.7345 14.2436  
CAD / USD [Member]      
Disclosure Of Basis Of Presentation And Significant Accounting Policies [Line Items]      
Year-end rate | CAD_USD 1.3787   1.3295
Year average rate | CAD_USD 1.3468 1.3267  
v3.20.2
EXPLORATION AND EVALUATION ASSETS - Disclosure of detailed information about exploration and evaluation assets explanatory (Details) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
May 31, 2020
Aug. 31, 2019
Exploration And Evaluation Assets [Abstract]    
Exploration and evaluation assets, beginning of period $ 36,792 $ 29,406
Additions 2,116 8,362
Foreign exchange movement (4,847) (976)
Exploration and evaluation assets, end of period $ 34,061 $ 36,792
v3.20.2
CONVERTIBLE NOTES - Disclosure of detailed information about borrowings (Details) - USD ($)
$ in Thousands
1 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2017
May 31, 2020
Aug. 31, 2019
Disclosure of detailed information about borrowings [line items]      
Convertible Notes, beginning balance   $ 16,075  
Convertible Notes, ending balance   17,320 $ 16,075
Convertible Notes [Member]      
Disclosure of detailed information about borrowings [line items]      
Convertible Notes, beginning balance   16,075 14,853
Transactions costs incurred $ (1,049)   (79)
Interest payments   (687) (1,374)
Accretion and interest incurred during the year   1,995 2,487
Gains (losses) on change in fair value of derivatives   (63) 188
Convertible Notes, ending balance   $ 17,320 $ 16,075
v3.20.2
CONVERTIBLE NOTES - Disclosure of detailed information about valuation assumptions for embedded derivatives (Details) - Convertible Notes [Member] - $ / shares
May 31, 2020
Aug. 31, 2019
Disclosure of detailed information about borrowings [line items]    
Share Price (USD) $ 1.50 $ 1.99
Volatility 80.90% 80.90%
Risk free rate 1.55% 1.55%
Credit spread 15.11% 15.11%
All-in rate 16.66% 16.66%
v3.20.2
SHARE CAPITAL - Disclosure of number and weighted average exercise prices of share options (Details)
9 Months Ended 12 Months Ended
May 31, 2020
$ / shares
Share
Aug. 31, 2019
Share
$ / shares
Disclosure of classes of share capital [abstract]    
Number of share options outstanding in share-based payment arrangement at beginning of period | Share 1,554,000 308,550
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period (CAD per share) $ 2.61 $ 45.20
Number of share options forfeited in share-based payment arrangement | Share   (308,550)
Weighted average exercise price of share options forfeited in share-based payment arrangement (CAD per share)   $ 45.20
Number of share options granted in share-based payment arrangement | Share 1,628,500 1,554,000
Weighted average exercise price of share options granted in share-based payment arrangement (CAD per share) $ 1.81 $ 2.61
Number of share options outstanding in share-based payment arrangement at end of period 3,182,500 1,554,000
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period (CAD per share)   $ 2.61
v3.20.2
SHARE CAPITAL - Disclosure of number and weighted average remaining contractual life of outstanding share options (Details)
9 Months Ended
May 31, 2020
Share
shares
$ / shares
Aug. 31, 2019
Share
Aug. 31, 2018
Share
Disclosure of classes of share capital [abstract]      
Number of share options outstanding in share-based payment arrangement 3,182,500 1,554,000 308,550
Number of share options exercisable in share-based payment arrangement | shares    
Exercise price of outstanding share options (CAD per share) | $ / shares $ 2.20    
Weighted average remaining contractual life of outstanding share options 4 years 2 months 8 days    
v3.20.2
CONTINGENCIES AND COMMITMENTS - Disclosure of detailed information about commitments (Details)
$ in Thousands
May 31, 2020
USD ($)
Disclosure of contingent liabilities [line items]  
Capital commitments $ 46,461
Less than 1 Year [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 3,685
1 to 3 Years [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 42,713
4 to 5 Years [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 63
More than 5 Years [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 0
Lease obligations [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 310
Lease obligations [Member] | Less than 1 Year [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 80
Lease obligations [Member] | 1 to 3 Years [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 167
Lease obligations [Member] | 4 to 5 Years [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 63
Lease obligations [Member] | More than 5 Years [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 0
Convertible Note [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 23,425
Convertible Note [Member] | Less than 1 Year [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 1,374
Convertible Note [Member] | 1 to 3 Years [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 22,051
Convertible Note [Member] | 4 to 5 Years [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 0
Convertible Note [Member] | More than 5 Years [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 0
Sprott Facility [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 22,726
Sprott Facility [Member] | Less than 1 Year [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 2,231
Sprott Facility [Member] | 1 to 3 Years [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 20,495
Sprott Facility [Member] | 4 to 5 Years [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments 0
Sprott Facility [Member] | More than 5 Years [Member]  
Disclosure of contingent liabilities [line items]  
Capital commitments $ 0
v3.20.2
SUPPLEMENTARY CASH FLOW INFORMATION - Disclosure of detailed information about non-cash working capital (Details) - USD ($)
$ in Thousands
9 Months Ended
May 31, 2020
May 31, 2019
Supplementary Cash Flow Information [Abstract]    
Amounts receivable, prepaid expenses and other assets $ 617 $ 500
Accounts payable and other liabilities (873) 247
Net change in non-cash working capital $ (256) $ 747
v3.20.2
SEGMENTED REPORTING - Disclosure of operating segments (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
May 31, 2020
May 31, 2019
May 31, 2020
May 31, 2019
Aug. 31, 2019
Disclosure of operating segments [line items]          
Assets $ 36,290   $ 36,290   $ 43,663
Liabilities 40,545   40,545   44,820
Comprehensive Loss for the period ended 6,492 $ 2,529 9,932 $ 10,776  
Canada [Member]          
Disclosure of operating segments [line items]          
Assets 1,783   1,783   4,983
Liabilities 40,218   40,218   39,278
Comprehensive Loss for the period ended     9,932 10,197  
South Africa [Member]          
Disclosure of operating segments [line items]          
Assets 34,507   34,507   38,680
Liabilities $ 327   327   $ 5,542
Comprehensive Loss for the period ended     $ 679 $ 579