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

EASTPLATS GRANTS STOCK OPTIONS

June 18, 2019
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTPLATS GRANTS STOCK OPTIONS

June 18, 2019, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”)
announces that it has granted 1,800,000 stock options to directors and officers of the Company that vest in 90 days.
The options were granted for a term of five years, and expire on June 13, 2024. Each option allows the holder to
purchase one common share of Eastplats at an exercise price of CDN$0.21.

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 Q1 2019 RESULTS

May 15, 2019
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTERN PLATINUM LIMITED REPORTS Q1 2019 RESULTS

May 15, 2019, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) is pleased to report that it has filed its Q1 2019 condensed interim consolidated financial statements and management’s discussion and analysis for the three month period ended March 31, 2019. Below is a summary of the Company’s financial results and highlights for Q1 2019 (all amounts in USD, except as indicated in South African Rand (“ZAR”)):

  • Revenue from the Retreatment Project $5.4 million;
  • Operating loss $1.8 million in Q1 2019 compared to $2.6 million in Q1 2018;
  • Net financing cash flow of $2.2 million (ZAR31.3 million) during Q1 2019 – Retreatment Project construction loan from Union Goal (as defined below) in accordance to the Framework Agreement (as defined below);
  • Cash and short-term investments of $3.8 million and net working capital (excluding non-cash deferred
    revenue) of $5.7 million as at March 31, 2019;
  • Net operating cash flows used during Q1 2019 was $3.7 million compared with $1.7 million in Q1 2018; and
  • Net loss to equity shareholders of $0.8 million (loss of $0.01 per share) during Q1 2019 compared with $0.7 million (loss of $0.01 per share) in Q1 2018 – the increase resulting from a $0.4 million change in foreign exchange losses.

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 Company is operating the Retreatment Project and during Q1 2019, reached 45% of processing capacity. Based
on the Company’s targets, the Retreatment Project is forecast to reach full capacity by July 2019. During April 2019, material from re-mining the tailings reached over 70% of processing capacity. The Company remains focused on ramping-up throughput of tailings material.

Production during the initial operation in late December 2018 to the end of April 2019:

  • Average grade Cr concentrate
  • 38.6%
  • Tons of Cr concentrate
  • 144,419

 

The Company began in April 2019 the consideration and testing of a PGM recovery circuit in relation to the tailings resource in an effort to generate additional revenue. The Company has numerous alternatives and is seeking the best possible path forward. 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 Q3 2019.

Outlook
The Company seeks to ensure the Retreatment Project is brought into full operations, which is estimated to occur in July 2019. Once the Retreatment Project has reached full commercial production, the Company will announce its production targets for the remainder of 2019. Based on early results the Company believes that it will make a definitive decision with respect to PGM’s by the end of Q3 2019.

The Company’s targets for 2019 remain:

  • Retreatment Project ramp-up to full production in July 2019;
  • Assessment and decision regarding the PGM recoverability opportunities in relation to the tailings resource;
  • Finalize the Retreatment Project Chrome Circuit purchase in accordance with the option under the Framework Agreement;
  • 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 properties and exploring options to utilize or
monetize these assets.

AGM and Special Meeting
On May 14, 2019 the Company mailed its annual circular to Shareholders. The Annual General and Special Meeting
is to be held June 13, 2019 at 10:00am local time in South Africa. The material is filed on SEDAR and available on
the Company’s website, www.eastplats.com.

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 months ended March 31, 2019;
  • Management’s discussion and analysis for the three months ended March 31, 2019; and
  • 2019 Company Circular for voting at the Annual General and Special Meeting.

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 ANNUAL RESULTS FOR 2018

March 27, 2019
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTERN PLATINUM LIMITED REPORTS ANNUAL RESULTS FOR 2018

March 27, 2019, 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, 2018 and 2017 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, 2018 (all amounts in USD):

  • Capitalized $64.0 million in respect to the Retreatment Project (as defined below) during 2018;
  • The Retreatment Project began producing revenue in late December 2018 – which is the first reported revenue of the Company since 2013;
  • Cash and short-term investments of $5.6 million and net working capital (excluding non-cash deferred revenue) of $5.0 million as at December 31, 2018 available for 2019;
  • Cash inflow of $7.1 million during 2018 – upfront payment and construction loan from Union Goal (as defined below) in accordance to the Framework Agreement (as defined below);
  • Cash flows used during the year were $2.8 million compared with $7.8 million in 2017, a continued improvement since 2016;
  • Net loss to equity shareholders of $21.8 million (loss of $0.24 per share) compared with $7.4 million (loss of $0.08 per share) in 2017 – the increase resulting from impairment (discussed below) and increased foreign exchange loss; and
  • Impairment of the CRM (as defined below) underground property of $15.5 million based on the net present value of the updated financial model using updated costs, recoveries and long-term consensus metal prices at December 31, 2018.

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”).

Commissioning occurred in December 2018 and shortly thereafter operational ramp-up began with the Company delivering feed from the re-mining of the tailings to the chrome plant to produce chrome concentrate.

A summary of production during the initial operation in late December 2018 to the end of February 2019:

Average grade Cr concentrateTons of Cr concentrate
38.6%46,786

The Company is focused on ramping-up throughput of tailings material. The Company has estimated its ramp-up to near full capacity during Q2 2019. The Retreatment Project at full capacity is forecasted to generate mine operating cashflows from the offtake of chrome concentrate of approximately $1 million per month for approximately 5 years.

During Q2 2019 Eastplats’ will begin to test and assess the platinum group metals (“PGM”) recovery opportunity available as part of the Retreatment Project.

Outlook

In 2018, the Company focused on the construction of the Retreatment Project which is now generating revenue for the Company. As discussed above further developing this revenue generating operation is key for the Company.

The Company’s other new opportunities were placed on hold in 2018 as Eastplats resources were allocated to achieve revenue-producing operations at the Retreatment Project. The Company’s targets for 2019 include:

  • Retreatment Project ramp-up to full production in Q2 2019;
  • Assessment and decision regarding the PGM recoverability opportunities in relation to the tailings resource;
  • Finalize the Retreatment Project Chrome Circuit purchase in accordance with the option under the
  • Framework Agreement;
  • 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 properties and exploring options to utilize or monetize these assets.

Diana Hu, CEO of Eastern Platinum commented, “Eastplats has made tremendous strides during 2018 to start the Retreatment Project operations, generate revenue and overall to revitalize the Company. Eastplats is targeting the creation of shareholder value and our 2019 goals will further this objective. The Eastplats team is driven to achieve further successes in 2019.”

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, 2018 and 2017;
  • Management’s discussion and analysis for the year ended December 31, 2018 and 2017; and
  • Annual Information Form at December 31, 2018.

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