EASTERN PLATINUM FILES INDEPENDENT COMPETENT PERSON’S REPORT ON THE CROCODILE RIVER MINE

June 30, 2022, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) is pleased to announce that it has uploaded “An Independent Competent Person’s Report on the Crocodile River Mine (“CRM”), North West Province, South Africa” (the “Report”) dated January 1, 2022 on its website. The CRM is a platinum group metal (“PGM”) mine located 70 km north-northwest of Johannesburg in the North West Province and 7 km south of the town of Brits and situated on the western limb of the Bushveld Igneous Complex in an area of known structural complexity, the Brits Graben. The current mine lease area includes one operating mining section (the “Zandfontein Section”) and two development sections (the “Crocette Section” and the “Kareespruit Section”, respectively).

The Report has been updated, in preparation of the re-start of underground mining at the Zandfontein Section of CRM which was placed under care and maintenance in 2013. The resources and reserves updates of the Report apply to each of the Zandfontein Section, the Crocette Section and the Kareespruit Section. There are no material changes reflected in the Report as compared to the “NI 43-101 Technical Report on the CRM, North West Province, South Africa” dated January 1, 2022, which was filed on May 20, 2022 on SEDAR.

The Report has been filed on Eastplats’ website today. The Report was commissioned in order to comply with regulations of the Johannesburg Stock Exchange (“JSE”) for listed companies. The purpose of the valuation is to comply with the JSE Section 12 disclosure requirements for Mineral Companies. The Report has been prepared under the supervision of the following individuals, each of whom is independent of the Company and is a Competent Person as defined within the meaning of the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2016 Edition) (“SAMREC”) and in terms of the specifications embodied in the Standards of the South African Code for the Reporting on Mineral Asset Valuation (2016 Edition) (“SAMVAL”):

  • Daniel (Daan) van Heerden, BEng (Min.), MCom (Bus. Admin.), MMC Pr. Eng., FSAIMM, AMMSA, Director of Minxcon (Pty) Ltd.
  • Uwe Engelmann, BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat., MGSSA, Director of Minxcon (Pty) Ltd.
  • Johan Odendaal, BSc (Geol.), BSc Hons (Min. Econ.), MSc (Min. Eng.), Pr.Sci.Nat., FSAIMM, MGSSA, Director of Minxcon (Pty) Ltd.

All requirements of the JSE Section 12.10 Listing Requirements and the SAMREC Code and SAMVAL Code have been complied with. The technical information in this news release was reviewed and approved by Daan van Heerden, Uwe Engelmann and Johan Odendaal who are Competent Persons as defined by SAMREC.

About Eastern Platinum Limited

Eastplats owns directly and indirectly a number of PGM and chrome assets in the Republic of South Africa. All of the Company’s properties are situated on the western and eastern limbs of the Bushveld Complex, the geological environment that hosts approximately 80% of the world’s PGM-bearing ore.

Operations at the Crocodile River Mine currently include re-mining and processing of its tailings resource to produce PGM and chrome concentrates from the Zandfontein tailings dam.

For further information, please contact:

EASTERN PLATINUM LIMITED
Wylie Hui, Chief Financial Officer and Corporate Secretary
whui@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”, “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 Annual Information Form available under the Company’s profile on www.sedar.com.

In particular, this press release contains, without limitation, forward-looking statements pertaining to highlights of the Report. 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 the Company’s 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.

This press release may include certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, which is incorporated in the CPA Canada Handbook. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance. Any such data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

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

EASTPLATS ANNOUNCES APPOINTMENT OF NEW CHIEF EXECUTIVE OFFICER

June 29, 2022, Vancouver, British Columbia – Eastern Platinum Limited’s (“Eastplats” or the “Company”) Board of Directors of the Company (the “Board”) is pleased to announce that it has appointed Mr. Wanjin Yang as the Company’s Chief Executive Officer, effective immediately. Mr. Yang is a senior exploration geologist with over 30 years’ of experience in major mineral exploration projects, corporate management, and corporate development. He previously was the Project Geologist at Whitehorse Gold Corp. working on its mineral exploration projects, new project acquisitions, and other corporate development work. Mr. Yang replaces Ms. Diana Hu, who has left the Company to pursue other endeavours.

Mr. George Dorin, Eastplats’ Chairman stated, “We are pleased to appoint Mr. Yang to lead the team as management executes the plan to re-start underground operations at the Zandfontein section of the Crocodile River Mine in South Africa. We look forward to working with Mr. Yang and hearing about his vision for the Company.”

Mr. Dorin further commented, “We thank Diana for her significant contributions as Chief Executive Officer over the past 6 years and wish her the very best in her new ventures.”
The Company also announces that Mr. Andrea Zhang has transitioned to a Vice-President role after serving as Chief Operating Officer.

For further information, please contact:

EASTERN PLATINUM LIMITED
Wylie Hui, Chief Financial Officer and Corporate Secretary
whui@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”, “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 Annual Information Form available under the Company’s profile on www.sedar.com.

In particular, this press release contains, without limitation, forward-looking statements pertaining to: the ability of the Company to restart Zandfontein underground mining, to do so in 2022 and the potential contributions of Mr. Yang as Chief Executive Officer. 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 the Company’s 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.

EASTPLATS ANNOUNCES CHANGES TO THE BOARD OF DIRECTORS

June 23, 2022, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) announces the Board of Directors of the Company (the “Board”) has accepted the respective resignations submitted by Diana Hu and Michael Cosic, effective June 22, 2022, in accordance with the Company’s Majority Voting Policy (the "Policy").

George Dorin, Chairman of the Company, stated “On behalf of Eastplats, I would like to thank Ms. Hu and Mr. Cosic for their many insights and contributions to the Board over the last six years and we wish them the very best. Ms. Hu will remain the CEO & President of Eastplats and we will continue to focus on guiding the Company to restart Zandfontein underground mining in 2022.”

The Company is pleased to announce the appointments of Mr. Changyu (Charlie) Liu and Ms. Lisa Ng to the Board, to fill the vacancies left by Ms. Hu and Mr. Cosic.

Mr. Liu is the Chairman of Ka An Development Co. Limited (“Ka An”), a long-term shareholder of Eastplats. Mr. Liu’s career has been focused on business investments and international trade in China, Hong Kong, and North America. After completing his studies in accounting at Tianjin University of Finance and Economics in 1994, Mr. Liu started his career in the automobile sales and distribution sector. He was an early partner and investor in renowned technology companies. A decade ago, Mr. Liu began following the global mining industry. His current investments span across mining, automobile sales, banking, and shipping industries. Mr. Liu brings over two decades of expertise in business investment and financing enterprises. Ka An continues to be fully committed to ensuring the successful management and operation of the Company.

Ms. Ng is an accomplished CPA (Chartered Professional Accountant) with an extensive financial management background, including with several publicly traded mining companies. She has over 25 years of experience in mining, information technology, biotech, insurance, in a wide range of business sectors including the financial operations of multi-million dollar companies.

“On behalf of management, we are excited and welcome Mr. Liu and Ms. Ng to the Board,” commented Ms. Hu. “This will result in the Board being completely independent from management and will provide the Board with the insights, experiences and perspectives of a significant, long-term shareholder of the Company. We are confident that we can work together to increase the value of Eastplats.”
For further information, please contact:

EASTERN PLATINUM LIMITED
Wylie Hui, Chief Financial Officer and Corporate Secretary
whui@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”, “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 Annual Information Form available under the Company’s profile on www.sedar.com.

In particular, this press release contains, without limitation, forward-looking statements pertaining to: the ability of the Company to restart Zandfontein underground mining, to do so in 2022, potential contributions of Mr. Liu and Ms. Ng to the Board and any potential value of Eastplats. 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 the Company’s 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.

EASTPLATS ANNOUNCES VOTING RESULTS OF ITS ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS

June 22, 2022, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) announces the voting results of the Company’s 2022 Annual General and Special Meeting of Shareholders held on June 21, 2022 (the “Meeting”). A total of 81,269,162 common shares were voted at the Meeting, representing 58.97% of the votes attached to all the outstanding common shares of the Company. 

Detailed results of the vote held at the Meeting are set out below:

  Business Outcome of Vote Votes For Votes
Against
Votes
Withheld
           
1. To set the number of Directors  
Approved
79,626,484
(99.90%)
83,688
(0.10%)
 
2. Resolution electing:        
    (a) Diana Hu; Approved 25,443,954
(31.92%)
  54,266,218
(68.08%)
    (b) Michael Cosic; Approved 25,439,554
(31.92%)
  54,270,618
(68.08%)
    (c) George Dorin; Approved 70,441,773
(88.37%)
  9,268,399
(11.63%)
    (d) Bielin Shi; and Approved 79,652,568
(99.93%)
  57,604
(0.07%)
    (e) Xin (Alex) Guan Approved 70,437,873
(88.37%)
  9,272,299
(11.63%)

 

as directors of the Company.        
3. Resolution appointing PricewaterhouseCoopers LLP, as auditors of the Company for the ensuing year and authorizing the directors of the Company to fix their remuneration. Approved 81,109,491
(99.80%)
  159,671
(0.20%)
4. Resolution approving the continuation of the Company’s Stock Option Plan for a further three years. Approved 73,098,311
(91.71%)
  6,611,861
(8.29%)

Based on the voting results, all of the nominees proposed as directors and listed in the management information circular dated May 6, 2022 (the “Circular”) were elected as directors of Eastplats at the Meeting in accordance with applicable corporate law.

However, two directors (Diana Hu and Michael Cosic) had more votes withheld than were voted in their favour of their appointments to the Board. As a result, in accordance with the Company’s Majority Voting Policy (the "Policy"), these two directors have tendered their resignations from the Board of Directors of the Company (the “Board”), effective upon acceptance by the Board. The Board will refer such resignations to the Corporate Governance and Compensation Committee (the "Committee") for consideration on whether or not to accept the resignations submitted by these directors. In accordance with the Policy, the Board shall accept such resignations unless the Committee determines that there are exceptional circumstances relating to the composition of the Board or the voting results that should delay the acceptance of such resignations or justify rejecting such resignations. The Board will issue a news release with its decision.

At the Meeting, Eastplats’ Stock Option Plan has been authorized for three further years, and the PricewaterhouseCoopers LLP were also re-appointed as auditors of Eastplats.

For further information, please contact:

EASTERN PLATINUM LIMITED
Wylie Hui, Chief Financial Officer and Corporate Secretary
whui@eastplats.com (email)
(604) 800-8200 (phone)

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