EASTERN PLATINUM LIMITED REPORTS ANNUAL RESULTS FOR 2019 AND PROVIDES A CORPORATE UPDATE

March 27, 2020
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTERN PLATINUM LIMITED REPORTS ANNUAL RESULTS FOR 2019 AND PROVIDES A CORPORATE UPDATE

March 27, 2020, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) is pleased to report that it has filed its Audited Consolidated Financial Statements for the years ending December 31, 2019 and 2018 and the corresponding Management’s Discussion and Analysis and Annual Information Form. Below is a summary of the Company’s financial results and highlights for the year ended December 31, 2019 (all amounts in USD):

• Revenue for the year ended December 31, 2019 was $39.2 million compared to $0.4 million in the prior year due to a full year of operating results from the Retreatment Project (as defined below); • Net income to equity shareholders of $0.1 million (earnings of $0.00 per share) for the year ended December 31, 2019 versus a loss of $21.8 million (loss of $0.24 per share) the prior year; and • Positive working capital (excluding non-cash deferred revenue) of $9.7 million as at December 31, 2019.

Operations of the Retreatment Project

As previously disclosed, on March 1, 2018, the Company entered into an agreement (the “Framework Agreement”) with Union Goal Offshore Solution Limited (“Union Goal”) relating to the construction, re-mining and processing of the tailing resource and offtake of chrome concentrate from Barplats Mines (Pty) Limited tailings facility (the “Retreatment Project”) located at the Company’s Crocodile River Mine in South Africa (“CRM”).

The Retreatment Project produces revenue based on tons of material made available for processing by re-mining the tailings, recovery of certain operational costs and allocation of the upfront cash payment from Union Goal for the offtake of chrome concentrate.

The Company and Union Goal are currently negotiating and working to finalize and update the Framework Agreement in several areas after one year of operations. Once concluded the Company will provide a detailed update.

A summary of production to the end of December 2019:

Average grade Cr concentrate – 38.6
Tons of Cr concentrate –  598.034

In February 2020, with the goal to further optimize and increase the chrome recovery of the Retreatment Project, Eastplats began the Optimization Project which will invest approximately ZAR90 million (US$6 million) in additional equipment, including installation, to enhance the efficiency of the plant and its processing which is designed to provide increased chrome recovery and grade. The financing of these costs has been agreed to in principal with Union Goal on similar loan terms to those contained in the Framework Agreement. As mentioned, the Company and Union Goal
are working on updating and finalizing this as soon as reasonably possible.

The Company had also mobilized a portion of the required construction team at CRM and has begun the construction work at site including infrastructure and civil works in relation to the chrome plant optimization as announced previously.

Platinum Group Metals (“PGM”)

During Q4 2019, Eastplats made the decision to refurbish the small-scale PGM circuit D (previously the scavenger plant circuit) (“PGM Scavenger Circuit”) and in 2020 has successfully produced PGM concentrate. The Company had forecasted a ramping up of production in Q2 2020, but it will need to re-assess at the end of the temporary lockdown in South Africa, discussed below.

Outlook

The year ended December 31, 2019 was a full year operation and revenue generation at the Retreatment Project. In 2020, the Company approved an optimization project designed to enhance Chrome production for the Retreatment Project and also commissioned a PGM scavenger plant utilizing as it input feed, a portion of the disposition material from the Chrome operation. The Company will update its forecast for the year following the temporary lockdown inSouth Africa and the completion of the Optimization Project.

The Company’s targets for 2020, subject to capital availability include:
• Completion of the optimization project for the Retreatment Project;
• Maximize operating results of the Retreatment Project;
• Establishment of the appropriate Tailings storage facility phase II capital works program;
• Commissioning and operation of the PGM scavenger plant;
• Assessment and decision regarding the larger scale PGM production for the tailings resource;
• Assessment of the CRM Zandfontein underground operations;
• Ensure appropriate care and maintenance on all resource properties; and
• Assessment and decision regarding Mareesburg project.

Care and maintenance with respect to the underground portion of the CRM will continue while the Company assesses the underground resource. Care and maintenance will also continue for the Company’s Eastern Limb Projects for 2020. The Company is actively looking at opportunities for its other assets including continuing to explore options to utilize or monetize these assets.

Diana Hu, CEO of Eastern Platinum commented, “Eastplats is excited to have created a new operating and cash-flow positive venture in the Retreatment Project and seeks to target additional shareholder value in achieving the Company’s 2020 objectives.”

COVID-19 (“Coronavirus”)

As reported in our news release on March 25, 2020, the President of South Africa, Mr. Cyril Ramaphosa, has imposed a nation-wide twenty-one (21) day lockdown to fight the Coronavirus outbreak. The lockdown began at midnight on March 26 in South Africa and is scheduled to end at midnight on April 16, 2020. As a result, the Company has temporarily closed all operations in South Africa including re-mining operations at CRM, except for some critical underground care and maintenance activities where the Company obtained an exception.

The effects of the Coronavirus are changing rapidly and with the temporary shutdown of the CRM, the Company cannot reasonably estimate at this time the outcome of this lockdown but it could have material adverse effects on the Company’s business, liquidity, cashflows, and the Company’s 2020 outlook and its ability to attain targets.

Annual filings

The Company has filed the following documents, under the Company’s profile on SEDAR at www.sedar.com:
• Audited consolidated financial statements for the year ended December 31, 2019 and 2018;
• Management’s discussion and analysis for the year ended December 31, 2019 and 2018; and
• Annual Information Form at December 31, 2019.

For further information, please contact:

EASTERN PLATINUM LIMITED
Rowland Wallenius, Chief Financial Officer
rwallenius@eastplats.com (email)
(604) 800-8200 (phone)

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “will”, “plan”, “intends”, “may”, “will”, “could”, “expects”, “anticipates” and similar expressions. Further disclosure of the risks and uncertainties facing the
Company and other forward-looking statements are discussed in the Company’s most recent Management Discussion and Analysis and Annual Information Form available under the Company’s profile on www.sedar.com.

In particular, this press release contains forward-looking statements pertaining to the potential outcome of litigation matters. These forward-looking statements are based on assumptions made by and information currently available to the Company. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be
incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, unanticipated problems that may arise in our production processes, commodity prices, lower than expected grades and quantities of resources, need for additional funding and availability of such additional funding on acceptable terms, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

All forward-looking statements in this press release are expressly qualified in their entirety by this cautionary statement, the “Cautionary Statement on Forward-Looking Information” section contained in the Company’s most recent Management’s Discussion and Analysis available under the Company’s profile on www.sedar.com. The forward-looking statements in this press
release are made as of the date they are given and, except as required by applicable securities laws, the Company disclaims any intention or obligation, and does not undertake, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

EASTERN PLATINUM LIMITED’S OPERATIONS IN SOUTH AFRICA TO TEMPORARILY CLOSE EFFECTIVE MARCH 27, 2020 TO COMPLY WITH THE SOUTH AFRICAN 21 DAY LOCKDOWN DUE TO CORONAVIRUS

March 25, 2020
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTERN PLATINUM LIMITED’S OPERATIONS IN SOUTH AFRICA TO TEMPORARILY CLOSE EFFECTIVE MARCH 27, 2020 TO COMPLY WITH THE SOUTH AFRICAN 21 DAY LOCKDOWN DUE TO CORONAVIRUS

March 25, 2020, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) reports that the President of South Africa, Mr. Cyril Ramaphosa, has imposed a nation-wide twenty-one (21) day lockdown to fight the Coronavirus outbreak. The lockdown will begin at midnight on March 26 in South Africa and end at midnight on April 16. Individuals will not be allowed to leave their homes except under strictly controlled circumstances, such as to seek medical care and buy food and medicine.

As a result, the Company will temporarily close all operations in South Africa including the current re-mining operations at Crocodile River Mine (“CRM”), except for some critical underground care and maintenance activities where the Company will seek an exception. Management and staff are working to safeguard our employees and equipment at this time.

During this Coronavirus outbreak, Eastplats has produced risk assessments and adopted appropriate new and updated procedures to ensure as best as possible it maintained a safe place for its employees and the communities in which it operates. During this time and when operations restart Eastplats will maintain its safety standards.

The effects of the Coronavirus are changing rapidly and the consequences of the temporary shutdown of the CRM cannot be reasonably estimated at this time but could have material adverse effects on the Company’s business and cashflows.

The Company supports the South African government’s efforts to fight the Coronavirus.

For further information, please contact:

EASTERN PLATINUM LIMITED
Rowland Wallenius, Chief Financial Officer
rwallenius@eastplats.com (email)
(604) 800-8200 (phone)

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “will”, “plan”, “intends”, “may”, “will”, “could”, “expects”, “anticipates” and similar expressions. Further disclosure of the risks and uncertainties facing the
Company and other forward-looking statements are discussed in the Company’s most recent Management Discussion and Analysis and Annual Information Form available under the Company’s profile on www.sedar.com.

In particular, this press release contains forward-looking statements pertaining to the potential outcome of litigation matters. These forward-looking statements are based on assumptions made by and information currently available to the Company. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be
incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, unanticipated problems that may arise in our production processes, commodity prices, lower than expected grades and quantities of resources, need for additional funding and availability of such additional funding on acceptable terms, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

All forward-looking statements in this press release are expressly qualified in their entirety by this cautionary statement, the “Cautionary Statement on Forward-Looking Information” section contained in the Company’s most recent Management’s Discussion and Analysis available under the Company’s profile on www.sedar.com. The forward-looking statements in this press
release are made as of the date they are given and, except as required by applicable securities laws, the Company disclaims any intention or obligation, and does not undertake, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

EASTPLATS PROVIDES A RESPONSE TO SHAREHOLDER PRESS RELEASE

March 4, 2020
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTPLATS PROVIDES A RESPONSE TO SHAREHOLDER PRESS RELEASE

MARCH 4, 2020, Vancouver, British Columbia – Eastern Platinum Limited (the “Company”) is aware that a shareholder, 2538520 Ontario Limited (“2538520”), has issued a press release on March 2, 2020 containing incorrect, unproven, and speculative information concerning the Company, its directors and others.

Derivative action

On August 28, 2019, Justice Smith of the Supreme Court of British Columbia dismissed an application by 2538520 on the basis that “2538520 has failed to satisfy the good faith requirement in s. 233(1)(c) of the BCA.”

Appeal

As previously disclosed, 2538520 has filed an appeal from Justice Smith’s dismissal of their application for leave to commence a derivative action, which is scheduled for hearing in the Court of Appeal in April 2020. The Company seeks dismissal of the appeal.

Further litigation

The Company has also recently become aware of a further claim filed by 2538520 and its CEO, Rong Kai Hong, (“Plaintiffs”) regarding various allegations, including that the Company was acting to oppress the Plaintiffs’ rights among other claims. Several of these claims are similar to the derivative action that was dismissed by the Court and appear to primarily relate to 2538520’s unsuccessful attempt to acquire control of the Company. The Plaintiffs seek orders requiring a change to the Company ownership, election of new Directors, several changes to senior management
and damages of US$50 million (or such greater amount as may be proven at trial) from the Company, certain present and former Directors and Officers, and separately seven other listed defendants. This new lawsuit has not been served on the Company.

The Company intends to vigorously defend the lawsuit and to refute the information and many of the allegations made in the claim. If and when the Company and others have been formally served with the claim they will respond in due course.

For further information, please contact:

EASTERN PLATINUM LIMITED
Rowland Wallenius, Chief Financial Officer
rwallenius@eastplats.com (email)
(604) 800-8200 (office phone)

 

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as
forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include,
without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are
statements that are not historical facts and are generally, but not always, identified by the words “will”, “plan”, “intends”, “may”,
“will”, “could”, “expects”, “anticipates” and similar expressions. Further disclosure of the risks and uncertainties facing the
Company and other forward-looking statements are discussed in the Company’s most recent Management Discussion and Analysis
and Annual Information Form available under the Company’s profile on www.sedar.com.

In particular, this press release contains forward-looking statements pertaining to the potential outcome of litigation matters. These
forward-looking statements are based on assumptions made by and information currently available to the Company. Although
management considers these assumptions to be reasonable based on information currently available to it, they may prove to be
incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not
to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the beliefs,
plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but
are not limited to, unanticipated problems that may arise in our production processes, commodity prices, lower than expected grades
and quantities of resources, need for additional funding and availability of such additional funding on acceptable terms, economic
conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

All forward-looking statements in this press release are expressly qualified in their entirety by this cautionary statement, the
“Cautionary Statement on Forward-Looking Information” section contained in the Company’s most recent Management’s
Discussion and Analysis available under the Company’s profile on www.sedar.com. The forward-looking statements in this press
release are made as of the date they are given and, except as required by applicable securities laws, the Company disclaims any
intention or obligation, and does not undertake, to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the
information contained herein.

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES