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

EASTERN PLATINUM LIMITED REPORTS SUCCESSFUL PGM PRODUCTION FROM SCAVENGER CIRCUIT AND OPERATIONAL UPDATE

February 18, 2020
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTERN PLATINUM LIMITED REPORTS SUCCESSFUL PGM PRODUCTION FROM SCAVENGER
CIRCUIT AND OPERATIONAL UPDATE

February 18, 2020, Vancouver, British Columbia – Eastern Platinum Limited (collectively called “Eastplats” or the “Company”) is pleased to report that it has refurbished the small-scale platinum group metals (“PGM”) Circuit D (previously the scavenger plant circuit) (“PGM Scavenger Circuit”) and has successfully produced PGM concentrate. The Company is utilizing the feed, following the recovery of Chrome concentrate, directly from the Retreatment Project located at the Company’s Crocodile River Mine in South Africa (“CRM”).

The PGM Scavenger Circuit is able to process 40,000 tons of feed per month and the construction costs were less than US$150,000, as the Company utilized significant existing infrastructure that was maintained on care and maintenance at CRM.

Diana Hu, President and CEO of the Company said: “The team is very pleased with this successful start. This is the first step in the Company’s full-scale assessment of the PGM recoverability of the tailings resource and provides further revenue opportunities for Eastplats. The Company will continue to move forward with its assessment of the larger PGM recoverability opportunities in relation to the tailings resource.”

Operational Update 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 CRM.

During 2019, Eastplats has produced 598,034 tons of Chrome concentrate from the Retreatment Project, with an average grade of Cr2O3 at 38.6%. The production in Q4 2019 was 214,828 tons, making it the Company’s best production quarter to date.

During January 2020, Eastplats produced an additional 101,606 tons of Chrome concentrate from the Retreatment Project, which is the Company’s largest monthly production to date.

With the goal to further optimize and increase the Chrome recovery of the Retreatment Project, Eastplats has determined that it will invest approximately US$6 million in additional equipment, including installation, to enhance Chrome concentrate recovery. 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. The Company will provide an update as soon as such amendments to the Framework Agreement and the related agreements are entered into.

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 he 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 processing capacity and forecast of operations of the PGM Circuit; the ability of the Company to obtain future revenue from the PGM Circuit; future recoverability opportunities; forecast of operational activity of the Retreatment Project; the ability of the Company to obtain further financing from Union Goal or otherwise, or achieve further optimization of the Retreatment Project. 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 REPORTS Q3 2019 RESULTS

November 8, 2019
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTERN PLATINUM LIMITED REPORTS Q3 2019 RESULTS

November 8, 2019, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) is pleased to report that it has filed its Q3 2019 condensed interim consolidated financial statements and management’s discussion and analysis for the three and nine months ended September 30, 2019. Below is a summary of the Company’s financial results for Q3 2019 (all amounts in USD, except as indicated in South African Rand (“ZAR”)):

  • Revenue from the Retreatment Project (defined below) for three and nine months ended September 30, 2019
    was $11.3 million and $27.1 million respectively;
  • Operating loss (three-month period) decreased to $0.8 million in Q3 2019 compared to $2.4 million in Q3
    2018;
  • Positive working capital (excluding non-cash deferred revenue) of $8.4 million as at September 30, 2019;
    and
  • Net loss to shareholders decreased to $4.3 million (loss of $0.03 per share) for the nine months ended September 30, 2019 versus a loss of $8.4 million (loss of $0.07 per share) for the nine months ended September 30, 2018. The improvement is primarily attributable to the revenue generated by the Retreatment Project.

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”).

Operations began in December 2018 and the Retreatment Project has achieved over 89% of capacity during Q3 2019.

A summary of production during the initial operation to the end of July 2019:

  • Average grade Cr concentrate
  • 38.54%
  • Tons of Cr concentrate
  • 375,222

 

The Company began in April 2019 the evaluation and testing of a PGM recovery circuit in relation to the tailings resource and this testing continues in an effort to generate additional revenue. The Company has multiple alternatives and is seeking the best possible path forward regarding the recovery of PGM’s. Samples and testing from the new operating chrome plant will allow for the most accurate assessment. The Company targets a decision in this regard during Q4 2019.

Sale Maroelabult resource property

On October 24, 2019 the Company and its subsidiary Barplats entered into a sales agreement (the “Sale Agreement”) with Eland Platinum (Pty) Limited (“Eland”) (See News release of October 29, 2019). The Sales Agreement provides for sale of the mining rights, immovable property, infrastructure and equipment for consideration to be received of $1,367 (ZAR 20,000), the assumption of the rehabilitation obligation and immediate assumption of the care and maintenance costs.

Outlook

  • Complete optimization work of the Retreatment Project;
  • Retreatment Project ramp-up to full production;
  • Assessment and decision regarding the PGM recoverability opportunities in relation to the tailings resource;
  • Assessment and decision regarding Mareesburg project; and
  • Assessment and discussions regarding the CRM Zandfontein underground operations.

The Company is actively looking at opportunities for its other assets and exploring options to utilize or monetize these assets.

The Company has filed the following documents, under the Company’s profile on SEDAR at www.sedar.com:

  • Condensed interim consolidated financial statements for the three and six months ended September 30, 2019; and
  • Management’s discussion and analysis for the three and six months ended September 30, 2019

For further information, please contact:

EASTERN PLATINUM LIMITED
Rowland Wallenius, Chief Financial Officer and Corporate Secretary
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 forwardlooking 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 Annual Information Form and Management’s Discussion and Analysis which are available under the Company’s profile on www.sedar.com.

In particular, this press release contains forward-looking statements pertaining to the vesting and expiry of stock options issued by the Company. 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, commodity prices, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

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 to publicly update or revise any forwardlooking 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 ANNOUNCES THE SALE OF THE MAROELABULT RESOURCE PROPERTY AND RELATED EQUIPMENT TO ELAND PLATINUM (PTY) LIMITED

October 29, 2019
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTPLATS ANNOUNCES THE SALE OF THE MAROELABULT RESOURCE PROPERTY AND RELATED EQUIPMENT TO ELAND PLATINUM (PTY) LIMITED

October 29, 2019, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) and its subsidiary Barplats Mines (Pty) Limited (“Barplats”) are pleased to announce
Barplats has entered into a sales agreement (the “Agreement”) with Eland Platinum (Pty) Limited (“Eland”). The Agreement provides for sale of the mining rights, immovable property, infrastructure and equipment of the Maroelabult resource property (the “Assets”) located near Brits in South Africa. The consideration to be received is R20 million (US$1.4 million), the assumption of the rehabilitation obligation and immediate assumption of the care and maintenance costs (the “Purchase Price”) subject to representations and warranties by both parties. The Purchase Price is payable and enforceable on closing the transaction following the transfer of legal title and the completion of the various legal and regulatory obligations required in South Africa which may take up to or over 1 year.

Barplats obtains immediately benefits by reducing its ongoing costs. Eland, without cost to Barplats, will be appointed to render the required care and maintenance services for the Assets until closing the transaction.

Diana Hu, CEO of the Company commented “Eastplats is pleased to close this transaction with Eland and to monetize Maroelabult. The Company obtains an immediate cash savings while Eland can exploit the resources for which it is better located and positioned.”

For further information, please contact:

EASTERN PLATINUM LIMITED
Rowland Wallenius, Chief Financial Officer and Corporate Secretary
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 forwardlooking 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 Annual Information Form and Management’s Discussion and Analysis which are available under the Company’s profile on www.sedar.com.

In particular, this press release contains forward-looking statements pertaining to the vesting and expiry of stock options issued by the Company. 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, commodity prices, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

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 to publicly update or revise any forwardlooking 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 ANNOUNCES THE RESIGNATION OF DIRECTOR NIGEL K. DENTOOM

October 3, 2019
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTPLATS ANNOUNCES THE RESIGNATION OF DIRECTOR NIGEL K. DENTOOM

October 3, 2019, Vancouver, British Columbia – Eastern Platinum Limited (the “Company”) announces the resignation of Nigel K. Dentoom from the board of directors of the Company on October 1, 2019 due to his increasing outside business responsibilities. George Dorin, Chairman of the Company, stated “The Company and I thank Nigel for his contribution to the board of directors and we all wish him success in his various ventures.”

For further information, please contact:

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

Cautionary Statement Regarding Forward-Looking Information

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 RECEIVES A NOTICE OF APPEAL REGARDING COURT DISMISSED PETITION

September 20, 2019
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTPLATS RECEIVES A NOTICE OF APPEAL REGARDING COURT DISMISSED PETITION

September 20, 2019, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) has been advised that a notice of appeal from the petitioner (as referenced in a press release of August 29, 2019) was filed on September 17, 2019 related to the attempt to begin a derivative action. The Company intends to oppose the appeal and seek to uphold the Court’s earlier decision of a dismissal.

For further information, please contact:

EASTERN PLATINUM LIMITED
Rowland Wallenius, Chief Financial Officer and Corporate Secretary
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 forwardlooking 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 Annual Information Form and Management’s Discussion and Analysis which are available under the Company’s profile on www.sedar.com.

In particular, this press release contains forward-looking statements pertaining to the vesting and expiry of stock options issued by the Company. 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, commodity prices, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

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 to publicly update or revise any forwardlooking 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

COURT DISMISSES PETITION SEEKING LEAVE TO COMMENCE A DERIVATIVE ACTION AGAINST DIRECTORS OF EASTPLATS

August 29, 2019
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

COURT DISMISSES PETITION SEEKING LEAVE TO COMMENCE A DERIVATIVE ACTION
AGAINST DIRECTORS OF EASTPLATS

August 29, 2019, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) announces that it has received the written reasons for judgment of Mr. Justice Smith of the Supreme Court of British Columbia dismissing, with costs, the petition filed by 2538520 Ontario Limited, a shareholder of the Company, seeking leave to commence a derivative action on behalf of the Company against certain of its current and former directors in relation to the transactions between the Company and Union Goal Offshore Solutions Limited (See News Releases of November 9, 2018 and February 11, 2019).  The petitioner has a limited period within which it may appeal the court’s decision.

“The Company is pleased with the court’s ruling and looks forward to furthering its retreatment operations and other opportunities in South Africa” commented Ms. Diana Hu, the Company’s Chief Executive Officer.

For further information, please contact:

EASTERN PLATINUM LIMITED
Rowland Wallenius, Chief Financial Officer and Corporate Secretary
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 forwardlooking 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 Annual Information Form and Management’s Discussion and Analysis which are available under the Company’s profile on www.sedar.com.

In particular, this press release contains forward-looking statements pertaining to the vesting and expiry of stock options issued by the Company. 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, commodity prices, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

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 to publicly update or revise any forwardlooking 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 REPORTS Q2 2019 RESULTS

August 14, 2019
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTERN PLATINUM LIMITED REPORTS Q2 2019 RESULTS

August 14, 2019, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) is pleased to report that it has filed its Q2 2019 condensed interim consolidated financial statements and management’s discussion and analysis for the three and six months ended June 30, 2019. Below is a summary of the Company’s financial results for Q2 2019 (all amounts in USD, except as indicated in South African Rand (“ZAR”)):

  • Revenue from the Retreatment Project for six months ended June 30, 2019 – $15.8 million;
  • Operating loss (three-month period) decreased to $0.4 million in Q2 2019 compared to $2.3 million in Q2
    2018;
  • Net income (three-month period) of $0.4 million in Q2 2019 compared to net loss of $4.2 million in Q2 2018;
  • Net working capital (excluding non-cash deferred revenue) increased to $8.6 million as at June 30, 2019; and
  • Net loss (six months) to shareholders of $0.2 million (loss of $0.01 per share) during Q2 2019 compared to $4.1 million (loss of $0.04 per share) in Q2 2018 – the change primarily resulting from revenue generating operations from the Retreatment Project (defined below).

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”).

Operations began in December 2018 and the Retreatment Project is continuing production ramp-up and achieved over 87% of capacity during Q2 2019.

A summary of production during the initial operation to the end of July 2019:

  • Average grade Cr concentrate
  • 38.6%
  • Tons of Cr concentrate
  • 263,912

 

In April 2019 the Company commenced the evaluation and testing of a PGM recovery circuit relating to the tailings resource and this testing continues in an effort to generate additional revenue. The Company has numerous alternatives and is seeking the best commercial path regarding the recovery of PGM’s. Samples and testing from the new operating chrome plant will facilitate the most accurate assessment. The Company targets a decision in this regard during Q3
2019.

Outlook
The Company seeks to ensure the Retreatment Project is brought into full operations, which was estimated to occur in July 2019 but now expected to occur in Q3 2019. Once achieved, the Company plans to announce its production targets for the following year. The Company believes that it will make a definitive decision with respect to PGM recovery by the end of Q3 2019.

The Company’s targets for 2019 remain:

  • Retreatment Project ramp-up to full production during Q3 2019;
  • Assessment and decision regarding the PGM recoverability opportunities in relation to the tailings resource;
  • Assessment and decision regarding Mareesburg project; and
  • Assessment and discussions regarding the CRM Zandfontein underground operations.

The Company is actively looking at opportunities for its other assets and exploring options to utilize or monetize these assets.

The Company has filed the following documents, under the Company’s profile on SEDAR at www.sedar.com:

  • Condensed interim consolidated financial statements for the three and six months ended June 30, 2019; and
  • Management’s discussion and analysis for the three and six months ended June 30, 2019

For further information, please contact:

EASTERN PLATINUM LIMITED
Rowland Wallenius, Chief Financial Officer and Corporate Secretary
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 forwardlooking 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 Annual Information Form and Management’s Discussion and Analysis which are available under the Company’s profile on www.sedar.com.

In particular, this press release contains forward-looking statements pertaining to the vesting and expiry of stock options issued by the Company. 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, commodity prices, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

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 to publicly update or revise any forwardlooking 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