Document and Entity Information |
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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 | Feb. 28, 2019 |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Interim Statements of Cash Flows - USD ($) $ in Thousands |
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Feb. 28, 2018 |
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OPERATING ACTIVITIES | ||
Loss for the period | $ (9,455) | $ (26,884) |
Add items not affecting cash: | ||
Depreciation | 134 | 185 |
Effective interest | 4,982 | 9,855 |
Unrealized foreign exchange gain | 52 | 3,092 |
Gain (Loss) on fair value of convertible debt derivatives | 2,428 | (1,929) |
Unrealized gain on marketable securities previously recognized | (862) | |
Stock compensation expense | 16 | 52 |
Net change in non-cash working capital | 99 | (607) |
Net cash flows from (used in) operating activities | (2,606) | (16,236) |
FINANCING ACTIVITIES | ||
Share issuance - warrant exercise | 39 | |
Proceeds from issuance of equity | 4,155 | |
Equity issuance costs | (107) | |
Interest paid | (1,314) | |
Cash proceeds from debt | 10,000 | |
Debt principal repayments | (8,023) | (5,000) |
Cash received from Waterberg partners | 1,940 | |
Costs associated with the debt | (3) | (892) |
Net cash flows from (used in) financing activities | (1,999) | 2,794 |
INVESTING ACTIVITIES | ||
Proceeds from partial sale of interest in Waterberg | 17,200 | |
Restricted cash (Waterberg) | (5,000) | |
Cash received from sale of marketable securities | 7,951 | |
Expenditures from restricted cash (Waterberg) | 126 | 2,264 |
Fees paid on asset held for sale | (1,026) | |
Proceeds from the sale of concentrate | 2,016 | |
Waterberg exploration expenditures | (3,257) | (4,415) |
Performance bonds | (1,119) | |
Net cash flows from (used in) investing activities | 4,820 | 9,919 |
Net decrease in cash and cash equivalents | 215 | (3,523) |
Effect of foreign exchange on cash and cash equivalents | (100) | 1,132 |
Cash and cash equivalents, beginning of period | 3,017 | 3,414 |
Cash and cash equivalents, end of period | $ 3,132 | $ 1,023 |
NATURE OF OPERATIONS AND GOING CONCERN |
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Notes to Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NATURE OF OPERATIONS AND GOING CONCERN [Text Block] |
1 The Company controls and consolidates Mnombo Wethu Consultants (Pty) Limited (“Mnombo”) and Waterberg JV Resources (Pty) Ltd. for accounting purposes.
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES |
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Text Block] |
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 Measurement Impairment of financial assets at amortized cost Derecognition of Financial assets The original measurement categories under IAS 39 and the new measurement categories under IFRS 9 are summarized in the following table:
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:
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:
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 would not have a significant impact on the financial statements of the Company based on its current leasing activity. |
MARKETABLE SECURITIES |
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MARKETABLE SECURITIES [Text Block] |
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EXPLORATION AND EVALUATION ASSETS |
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EXPLORATION AND EVALUATION ASSETS [Text Block] |
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., 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 Implats:
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LOANS PAYABLE |
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LOANS PAYABLE [Text Block] |
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CONVERTIBLE NOTES |
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CONVERTIBLE NOTES [Text Block] |
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 biannual 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. The components of the Convertible Notes are as follows:
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 $515 at February 28, 2019 resulting in a loss of $454 for the period. Combined with the loss on the warrant derivative (Note 8) of $1,913, this results in a loss of $2,428. The assumptions used in the valuation model used at February 28, 2019 and August 31, 2018 include:
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SHARE CAPITAL |
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WARRANT DERIVATIVE |
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RELATED PARTY TRANSACTIONS |
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CONTINGENCIES AND COMMITMENTS |
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CONTINGENCIES AND COMMITMENTS [Text Block] |
1The convertible note and related interest can be settled at the Company’s discretion in cash or shares 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. |
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SEGMENTED REPORTING |
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SUBSEQUENT EVENTS |
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Summary of Significant Accounting Policies (Policies) |
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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 Measurement Impairment of financial assets at amortized cost Derecognition of
Financial assets The original measurement categories under IAS 39 and the new measurement categories under IFRS 9 are summarized in the following table:
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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. |
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Foreign Exchange Rates Used [Policy Text Block] | Foreign Exchange Rates Used The following exchange rates were used when preparing these consolidated financial statements:
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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:
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 would not have a significant impact on the financial statements of the Company based on its current leasing activity. |
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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LOANS PAYABLE (Tables) |
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CONVERTIBLE NOTES (Tables) |
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CONTINGENCIES AND COMMITMENTS (Tables) |
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SEGMENTED REPORTING (Tables) |
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NATURE OF OPERATIONS AND GOING CONCERN (Narrative) (Details) - USD ($) $ in Thousands |
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Loss for the year | $ 3,815 | $ 14,440 | $ 9,455 | $ 14,140 | $ 26,884 | ||
Negative equity | 25,943 | $ 23,736 | 25,943 | $ 19,530 | $ 23,736 | $ 23,266 | |
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Loss for the year | 9,100 | ||||||
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Borrowings | $ 42,100 | $ 42,100 | $ 40,000 |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands |
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Statements [Line Items] | ||||||
Shareholders' deficit | $ (25,943) | $ (19,530) | $ (23,736) | $ (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 | $ (25,900) | |||||
Approximations [Member] | Increase (decrease) due to changes in accounting policy [member] | ||||||
Statements [Line Items] | ||||||
Shareholders' deficit | $ (5,800) | |||||
|
MARKETABLE SECURITIES (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Dec. 14, 2018 |
Feb. 28, 2019 |
Feb. 28, 2019 |
Aug. 31, 2018 |
|
Statements [Line Items] | ||||
Gain on fair value of marketable securities | $ (253) | $ 609 | ||
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 |
EXPLORATION AND EVALUATION ASSETS (Narrative) (Details) $ in Thousands, R in Millions |
1 Months Ended | 6 Months Ended | 12 Months Ended | 113 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|
Nov. 06, 2017
USD ($)
|
Nov. 07, 2011
ZAR (R)
|
Sep. 21, 2017 |
Apr. 30, 2012
USD ($)
|
Feb. 28, 2019
USD ($)
|
Feb. 28, 2018
USD ($)
|
Aug. 31, 2018
USD ($)
|
Mar. 31, 2018
USD ($)
|
Mar. 31, 2016
USD ($)
|
Feb. 28, 2019
USD ($)
|
|
Statements [Line Items] | ||||||||||
Restricted Cash - Waterberg | $ 126 | |||||||||
Non-controlling interest | $ 13,394 | 11,152 | $ 13,394 | |||||||
Capital commitments | 72,430 | 72,430 | ||||||||
Payments for exploration and evaluation expenses | 3,257 | $ 4,415 | ||||||||
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 | 66,800 | |||||||||
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 | $ 6,300 | $ 5,800 | 6,300 | |||||||
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 | $ 3,700 | $ 3,700 | ||||||||
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% | |||||||||
Amount committed towards pro rata share of remaining DFS costs | $ 1,500 | |||||||||
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% |
LOANS PAYABLE (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jan. 11, 2019 |
Feb. 28, 2019 |
Aug. 31, 2018 |
Feb. 28, 2018 |
Aug. 31, 2017 |
Nov. 20, 2015 |
|||
Statements [Line Items] | ||||||||
Shareholders' deficit | $ (25,943) | $ (19,530) | $ (23,736) | $ (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 | (25,900) | |||||||
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 | $ 42,100 | $ 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 | 18.50% | |||||||
|
CONVERTIBLE NOTES (Narrative) (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2019 |
Jul. 03, 2018 |
Jan. 02, 2018 |
Jun. 30, 2017 |
Feb. 28, 2019 |
Feb. 28, 2018 |
Feb. 28, 2019 |
Aug. 31, 2018 |
Feb. 28, 2018 |
Aug. 31, 2018 |
Jul. 01, 2018 |
Mar. 31, 2018 |
|
Statements [Line Items] | ||||||||||||
Transaction costs | $ 3,000 | $ 892,000 | ||||||||||
Shares issued for interest on convertible note (Shares) | 545,721 | 757,924 | 244,063 | |||||||||
Shares issued for interest on convertible note | $ 687,000 | $ 725,000 | $ 691,000 | |||||||||
Loss on warrant derivative | 1,913,000 | |||||||||||
Gain (Loss) on fair value embedded derivatives and warrants | $ 155,000 | $ 123,000 | $ 2,428,000 | $ (1,929,000) | ||||||||
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 | $ 515,000 | $ 515,000 | 61,000 | $ 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 | $ 687,160 | $ 724,780 | $ 691,110 | |||||||||
Gain (Loss) on fair value embedded derivatives and warrants | $ (454,000) |
SHARE CAPITAL (Narrative) (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 04, 2019 |
Jan. 04, 2019 |
Jan. 02, 2019 |
Jul. 03, 2018 |
May 15, 2018 |
May 11, 2018 |
Jan. 02, 2018 |
Nov. 20, 2018 |
Sep. 24, 2018 |
Feb. 28, 2018 |
Feb. 28, 2019 |
Aug. 31, 2018 |
Feb. 28, 2018 |
Aug. 31, 2017 |
Jun. 30, 2017 |
|
Statements [Line Items] | |||||||||||||||
Consolidation of common shares | one new share for ten old shares (1:10) | ||||||||||||||
Number of shares outstanding | 15,091,001 | 32,795,891 | 29,103,411 | 15,091,001 | 14,846,938 | ||||||||||
Increase (decrease) in number of share outstanding | 3,124,059 | ||||||||||||||
Equity issuance, Price per Share | $ 1.33 | ||||||||||||||
Proceeds from issuance of equity | $ 4,160,000 | $ 4,155,000 | |||||||||||||
Finders fee | 6.00% | ||||||||||||||
Payments for private placement | $ 72,000 | ||||||||||||||
Equity issuance costs | $ 107,000 | $ 107,000 | |||||||||||||
Number of warrant exercised | 200 | 22,500 | 22,700 | ||||||||||||
Units issued - financing (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 | $ 2,413,000 | |||||||||||||
Shares issued for interest on convertible note (Shares) | 545,721 | 757,924 | 244,063 | ||||||||||||
Shares issued for interest on convertible note | $ 687,000 | $ 725,000 | $ 691,000 | ||||||||||||
Stock compensation expense | $ 19,000 | $ 16,000 | $ 52,000 | ||||||||||||
Convertible Notes [Member] | |||||||||||||||
Statements [Line Items] | |||||||||||||||
Shares issued for interest on convertible note (Shares) | 545,721 | 757,924 | 244,063 | ||||||||||||
Shares issued for interest on convertible note | $ 687,160 | $ 724,780 | $ 691,110 | ||||||||||||
Borrowings | $ 19,990,000 | $ 19,990,000 | $ 19,990,000 | $ 20,000,000 |
WARRANT DERIVATIVE (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
May 15, 2018 |
Feb. 28, 2019 |
Feb. 28, 2018 |
Feb. 28, 2019 |
Feb. 28, 2018 |
Aug. 31, 2018 |
|
Statements [Line Items] | ||||||
Warrants granted, value | $ 1,171 | |||||
Unit issuance costs attributed to warrants | $ 157 | |||||
Warrants, market price | $ 0.02 | $ 0.02 | $ 0.005 | |||
Warrants outstanding, value | $ 2,646 | |||||
Loss on warrant derivative | 1,913 | |||||
Loss (Gain) on fair value embedded derivatives and warrants | $ 155 | $ 123 | $ 2,428 | $ (1,929) |
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
May 15, 2018 |
May 11, 2018 |
Feb. 28, 2019 |
Aug. 31, 2018 |
Feb. 28, 2018 |
|
Statements [Line Items] | |||||
Director remuneration expense | $ 63 | $ 122 | |||
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 | $ 27 | $ 28 | |||
Hosken Consolidated Investments Limited [Member] | |||||
Statements [Line Items] | |||||
Units issued - financing (Shares) | 1,509,100 | ||||
Description of nature of related party relationship | As of February 28, 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 |
CONTINGENCIES AND COMMITMENTS (Narrative) (Details) $ in Thousands |
6 Months Ended |
---|---|
Feb. 28, 2019
USD ($)
| |
Statements [Line Items] | |
Minimum operating lease payments recognised as expense | $ 1,106 |
Maseve Investments 11 (Pty) Ltd. [Member] | |
Statements [Line Items] | |
Proportion of ownership and voting rights held by non-controlling interests | 17.10% |
SUBSEQUENT EVENTS (Narrative) (Details) - USD ($) |
1 Months Ended | 6 Months Ended | |
---|---|---|---|
Jan. 04, 2019 |
Sep. 24, 2018 |
Feb. 28, 2019 |
|
Statements [Line Items] | |||
Warrants exercised (Shares) | 200 | 22,500 | 22,700 |
Event after reporting period | |||
Statements [Line Items] | |||
Warrants exercised (Shares) | 945,970 | ||
Exercise price of warrants exercised | $ 1.70 | ||
Proceeds from warrants exercised | $ 1,608,149 |
Disclosure of subsidiaries (Details) |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Nov. 06, 2017 |
Nov. 07, 2011 |
Feb. 28, 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 Co. [Member] | ||||
Statements [Line Items] | ||||
Proportion of ownership interest | 37.05% | 37.05% |
Disclosure of detailed information about foreign exchange rates used (Details) |
1 Months Ended | ||
---|---|---|---|
Feb. 28, 2019
Rand_USD
CAD_USD
|
Feb. 28, 2018
Rand_USD
CAD_USD
|
Aug. 31, 2018
Rand_USD
CAD_USD
|
|
Rand / USD [Member] | |||
Statements [Line Items] | |||
Period-end rate | Rand_USD | 14.0454 | 14.6883 | |
Period average rate | Rand_USD | 14.2006 | 13.7564 | |
CAD/USD [Member] | |||
Statements [Line Items] | |||
Period-end rate | CAD_USD | 1.3169 | 1.3055 | |
Period average rate | CAD_USD | 1.3195 | 1.2571 |
Disclosure of detailed information about exploration and evaluation assets explanatory (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Feb. 28, 2019 |
Aug. 31, 2018 |
|
Statements [Line Items] | ||
Exploration and evaluation assets, beginning of period | $ 29,406 | $ 22,900 |
Additions | 5,126 | 9,096 |
Foreign exchange movement | 1,313 | (2,590) |
Exploration and evaluation assets, end of period | $ 35,845 | $ 29,406 |
Disclosure of detailed information about brokerage fees explanatory (Details) $ in Thousands |
Feb. 28, 2019
USD ($)
|
---|---|
Statements [Line Items] | |
Loan payable | $ 43,780 |
Brokerage Fees [Member] | |
Statements [Line Items] | |
Loan payable | 2,802 |
LMM Facility [Member] | |
Statements [Line Items] | |
Loan payable | $ 40,978 |
Disclosure of detailed information about borrowings (Details) - USD ($) $ in Thousands |
1 Months Ended | 6 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Jun. 30, 2017 |
Feb. 28, 2019 |
Feb. 28, 2018 |
Aug. 31, 2018 |
|
Statements [Line Items] | ||||
Convertible Notes, beginning balance | $ 14,853 | |||
Transactions costs incurred | (3) | $ (892) | ||
Convertible Notes, ending balance | 15,835 | $ 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 | (687) | (1,416) | ||
Accretion and interest incurred during the period | 1,193 | 2,378 | ||
Debt portion of the Convertible Notes | 13,570 | 14,792 | ||
Embedded Derivatives balance | $ 5,381 | 515 | 61 | |
Convertible Notes, ending balance | $ 15,835 | $ 14,853 |
Disclosure of detailed information about valuation assumptions for embedded derivatives (Details) - $ / shares |
Feb. 28, 2019 |
Aug. 31, 2018 |
---|---|---|
Statements [Line Items] | ||
Share Price | $ 1.70 | $ 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 | 0.00% | 0.00% |
Disclosure of number and weighted average exercise prices of share options (Details) |
6 Months Ended | 12 Months Ended |
---|---|---|
Feb. 28, 2019
CAD ($)
Share
|
Aug. 31, 2018
CAD ($)
Share
|
|
Statements [Line Items] | ||
Number of share options outstanding in share-based payment arrangement at beginning of period | Share | 308,550 | 438,228 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ | $ 45.2 | $ 46.5 |
Number of share options forfeited in share-based payment arrangement | Share | (46,300) | (129,678) |
Weighted average exercise price of share options forfeited in share-based payment arrangement | $ | $ 130.0 | $ 41.5 |
Number of share options outstanding in share-based payment arrangement at end of period | Share | 262,250 | 308,550 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ | $ 30.3 | $ 45.2 |
Disclosure of number and weighted average remaining contractual life of outstanding share options (Details) |
Feb. 28, 2019
CAD ($)
Share
Year
|
Aug. 31, 2018
Share
|
Aug. 31, 2017
Share
|
---|---|---|---|
Statements [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 262,250 | 308,550 | 438,228 |
Number of share options exercisable in share-based payment arrangement | 262,250 | ||
Weighted average remaining contractual life of outstanding share options | Year | 2.19 | ||
Options outstanding 1 [Member] | |||
Statements [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 202,450 | ||
Number of share options exercisable in share-based payment arrangement | 202,450 | ||
Exercise price of outstanding share options | $ | $ 20.00 | ||
Weighted average remaining contractual life of outstanding share options | Year | 2.55 | ||
Options outstanding 2 [Member] | |||
Statements [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 59,800 | ||
Number of share options exercisable in share-based payment arrangement | 59,800 | ||
Exercise price of outstanding share options | $ | $ 65.00 | ||
Weighted average remaining contractual life of outstanding share options | Year | 0.97 |
Disclosure of detailed information about commitments (Details) $ in Thousands |
Feb. 28, 2019
USD ($)
|
---|---|
Statements [Line Items] | |
Capital commitments | $ 72,430 |
Less than 1 Year [Member] | |
Statements [Line Items] | |
Capital commitments | 48,309 |
1 to 3 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 3,138 |
4 to 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 20,983 |
More than 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
Lease obligations [Member] | |
Statements [Line Items] | |
Capital commitments | 1,106 |
Lease obligations [Member] | Less than 1 Year [Member] | |
Statements [Line Items] | |
Capital commitments | 411 |
Lease obligations [Member] | 1 to 3 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 389 |
Lease obligations [Member] | 4 to 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 306 |
Lease obligations [Member] | More than 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
Contractor payments [Member] | |
Statements [Line Items] | |
Capital commitments | 726 |
Contractor payments [Member] | Less than 1 Year [Member] | |
Statements [Line Items] | |
Capital commitments | 726 |
Contractor payments [Member] | 1 to 3 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
Contractor payments [Member] | 4 to 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
Contractor payments [Member] | More than 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
Convertible Note [Member] | |
Statements [Line Items] | |
Capital commitments | 24,800 |
Convertible Note [Member] | Less than 1 Year [Member] | |
Statements [Line Items] | |
Capital commitments | 1,374 |
Convertible Note [Member] | 1 to 3 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 2,749 |
Convertible Note [Member] | 4 to 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 20,677 |
Convertible Note [Member] | More than 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
LMM Facility [Member] | |
Statements [Line Items] | |
Capital commitments | 45,798 |
LMM Facility [Member] | Less than 1 Year [Member] | |
Statements [Line Items] | |
Capital commitments | 45,798 |
LMM Facility [Member] | 1 to 3 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
LMM Facility [Member] | 4 to 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
LMM Facility [Member] | More than 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | $ 0 |
Disclosure of detailed information about non-cash working capital (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
|
Statements [Line Items] | ||
Amounts receivable, prepaid expenses and other assets | $ (625) | $ (578) |
Accounts payable and accrued liabilities | 724 | (29) |
Net change in non-cash working capital | $ 99 | $ (607) |
Disclosure of operating segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
Feb. 28, 2019 |
Feb. 28, 2018 |
Aug. 31, 2018 |
|
Statements [Line Items] | |||||
Assets | $ 40,038 | $ 40,038 | $ 41,849 | ||
Liabilities | 65,981 | 65,981 | 61,379 | ||
Comprehensive Loss (Income) for the year ended | 5,424 | $ 11,711 | 8,247 | $ 19,802 | |
Canada [Member] | |||||
Statements [Line Items] | |||||
Assets | 2,738 | 2,738 | 3,333 | ||
Liabilities | 63,053 | 63,053 | 58,396 | ||
Comprehensive Loss (Income) for the year ended | (1,375) | 12,621 | |||
South Africa [Member] | |||||
Statements [Line Items] | |||||
Assets | 37,300 | 37,300 | 38,516 | ||
Liabilities | $ 2,928 | 2,928 | $ 2,983 | ||
Comprehensive Loss (Income) for the year ended | $ 9,622 | $ 7,181 |