EASTERN PLATINUM LIMITED ANNOUNCES AN AGREEMENT TO COMPLETE A FEASIBILITY STUDY AND SOURCE FUNDING FOR THE RECOVERY OF PGMs THROUGH A JOINT VENTURE FROM THE REDEPOSITED TAILINGS

EASTERN PLATINUM LIMITED ANNOUNCES CLOSING OF THE SETTLEMENT WITH ALPHAGLOBAL AND ISSUANCE OF COMMON SHARES AND WARRANTS

June 29, 2020
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTERN PLATINUM LIMITED ANNOUNCES CLOSING OF THE SETTLEMENT WITH
ALPHAGLOBAL AND ISSUANCE OF COMMON SHARES AND WARRANTS

June 29, 2020, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) is pleased to announce the closing of the Company’s previously announced settlement transaction with AlphaGlobal Capital Inc. (“AlphaGlobal”) (Press Release of June 26, 2020) pursuant to which AlphaGlobal has discontinued all claims by AlphaGlobal against the Company and its subsidiaries and released the Company from any and all claims that AlphaGlobal may have against the Company or its subsidiaries, in exchange for which the Company has: (a) issued 8,000,000 common shares of the Company (the “Common Shares”) at a deemed subscription price of $0.235 CDN (CDN$1,880,000), and 6,000,000 common share purchase warrants to a nominee of AlphaGlobal (the “Warrants”), with each such Warrant entitling the holder to acquire one Common Share of the Company (each a “Warrant Share”) for a period of two years upon payment of the exercise price of $0.24 CDN; (b) made a payment of 5,000,000 South African Rand (“ZAR”); and (c) has issued a promissory note in favour of AlphaGlobal for the payment of ZAR4,000,000 in four equal installments, each payable on September 30, 2020, December 31, 2020, March 31, 2021 and June 30, 2021.

The Common Shares, the Warrants and the Warrant Shares issuable upon exercise of the Warrants will be subject to a hold period until October 27, 2020 in accordance with applicable securities laws.

About Eastern Platinum Limited

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

Operations at the Crocodile River mine currently include re-mining and processing its tailings resource, with an offtake of the chrome concentrate from the Barplats Zandfontein UG2 tailings facility (“Retreatment Project”).

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 ANNOUNCES SETTLEMENT WITH ALPHAGLOBAL

June 26, 2020
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTERN PLATINUM LIMITED ANNOUNCES SETTLEMENT WITH ALPHAGLOBAL

June 26, 2020, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) today announced that the Company has reached a settlement agreement with AlphaGlobal Capital Inc. (“AlphaGlobal”) to dismiss all claims against the Company and its subsidiaries and to release the Company
from any and all claims that AlphaGlobal may have against the Company or its subsidiaries (the “Claims”), in exchange for the issuance of 8,000,000 common shares of the Company (each a “Common Share”) at a deemed subscription price of $0.235 CDN (CDN$1,880,000), 6,000,000 common share purchase warrants exercisable at $0.24 CDN each entitling the holder to acquire one Common Share of the Company for a period of two years (the “Warrants”), and the payment of South African Rand (“ZAR”) 9,000,000 (ZAR5,000,000 on closing and ZAR1,000,000 each quarter-end starting on September 30, 2020)
(CDN$720,000) (the “Settlement Transaction”).

The Settlement Transaction received conditional approval by the Toronto Stock Exchange (the “TSX”). The Common Shares, the Warrants and the Common Shares issuable upon exercise of the Warrants will be subject to a hold period of four months and a day as of the date of issuance in accordance with applicable
securities laws.

The Claims against the Company were first initiated by commencement of litigation in 2017 in South Africa and continued by litigation in 2018 in the British Virgin Islands in relation to the payment of amounts alleged to be owing under a 2007 promissory note entered into by the Company and AlphaGlobal.
AlphaGlobal sought payment of the amount of ZAR 30,797,464 (CDN$2,463,797) plus an amount that AlphaGlobal claimed was owing for default interest from 2007, for an estimated total claim in excess of ZAR 170,000,000 (CDN$13,600,000). The Settlement Transaction will settle all matters related to the Claims and any litigation outstanding between the parties.

Diana Hu the CEO of Eastplats stated:“This settlement closes a long-standing chapter and eliminates a significant contingency for the Company, created years ago by the previous management of the Company.” Ms. Hu further added “current management continues to focus on operations of the Retreatment Project (as
defined below) and other potential projects and opportunities to create value for all stakeholders.”

About Eastern Platinum Limited

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

Operations at the Crocodile River mine currently include re-mining and processing its tailings resource, with an offtake of the chrome concentrate from the Barplats Zandfontein UG2 tailings facility (“Retreatment Project”).

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 TEMPORARILY CEASES CHROME CONCENTRATE PRODUCTION IN SOUTH AFRICA DUE TO CORONAVIRUS AND ADDITIONAL TESTING AND CLEANING

June 16, 2020

NEWS RELEASE

EASTERN PLATINUM LIMITED TEMPORARILY CEASES CHROME CONCENTRATE
PRODUCTION IN SOUTH AFRICA DUE TO CORONAVIRUS AND ADDITIONAL TESTING AND
CLEANING

June 16, 2020, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) reports that the chrome concentrate operation at Crocodile River Mine (“CRM”) located in South Africa was temporarily halted on the weekend as a result of a confirmed case of COVID-19 and some precautionary steps the Company is taking, including personnel self-isolation and full scale deep cleaning of CRM. To ensure the safety and health of the
staff, the Company is instituting a full baseline testing of staff and contractors for COVID-19. The Company has prepared and is undertaking additional training and education, and targets chrome concentrate production to restart not later than Saturday June 20, 2020.

The effects of the COVID-19 are changing rapidly and the consequences of the temporary shutdown of CRM are expected to be minimal, however if it is extended the effects cannot be reasonably estimated at this time but could have material adverse effects on the Company’s business and cashflows.

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 REPORTS Q1 2020 RESULTS

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

NEWS RELEASE

EASTERN PLATINUM LIMITED REPORTS Q1 2020 RESULTS

June 4, 2020, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) is pleased to report that it has filed its Q1 2020 condensed interim consolidated financial statements and management’s discussion and analysis for the three month period ended March 31, 2020. Below is a summary of the Company’s financial results for Q1 2020 (all amounts in USD):

  • Revenue increased to $14.2 million for Q1 2020 (Q1 2019 – $5.4 million) – 163% increase;
  • Operating loss decreased to $1.2 million for Q1 2020 (Q1 2019 – $1.8 million);
  • Net loss to equity shareholders of $8.2 million (loss of $0.09 per share) during Q1 2020 compared with $0.8 million (loss of $0.01 per share) in Q1 2019 – the increase resulting from a $8.7 million change in foreign exchange losses due to a significant devaluation in the South African Rand to the US$ as a result of COVID-19;
  • Strong financial position with cash of $8.3 million and net working capital (excluding non-cash deferred revenue) of $8.1 million as at March 31, 2020; and
  • Net operating cash flows generated during Q1 2020 were $7.6 million compared with $3.7 million used during Q1 2019.

Operations Update

Barplats Mines (Pty) Ltd. (“Barplats”), a subsidiary of Eastplats, now continues operation of its tailings retreatment project located at the Crocodile River Mine (the “Retreatment Project”) following the South Africa COVID-19 lockdown. Barplats operations were not producing for 18 days. Further, as a result of the change in lockdown levels effective June 1, 2020, Barplats will recall construction contractors in a phased return. Based on the appropriate mobilization, construction activities are expected to begin in relation to the tailings storage facility wall building and the Retreatment Project optimization.

A summary of production during Q1 2020:


The Company remains committed to the Government of South Africa’s direction to prevent the risk of spread of COVID-19. Eastplats continues to update and monitor its risk assessments and has adopted appropriate procedures, consistent with government directives, to maintain a safe workplace for its employees and the communities in which it operates.

The effects of COVID-19 are changing and evolving and the Company cannot reasonably estimate at this time all the impacts of COVID-19 or if new or unexpected changes to the lockdown levels will be imposed by the Government of South Africa. All these issues could have material adverse effects on the Company’s business, liquidity and cashflows.

Outlook

The Company is pleased to have its workforce returned and the Retreatment Project in full operations. The Company will update its forecasts for the year including the timelines of the completion of the Retreatment Project optimization project when there is less uncertainty. The effects of COVID-19 are changing rapidly and could have material effects on the Company’s 2020 outlook and its ability to attain targets.

The Company’s targets for 2020 subject to capital availability include:

  • Completion of the optimization program for the Retreatment Project;
  • Maximize operating results of the Retreatment Project;
  • Establishment and execution of the appropriate TSF 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 re-opening the CRM Zandfontein underground operations;
  • Ensure appropriate care and maintenance on all resource properties; and
  • Assessment and decision regarding Mareesburg project.

The Company is actively looking at opportunities for its other assets and properties 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 months ended March 31, 2020; and
  • Management’s discussion and analysis for the three months ended March 31, 2020.

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 TO RESTART OPERATIONS UNDER ESSENTIAL SERVICES ORDER ISSUED BY THE GOVERNMENT OF SOUTH AFRICA

April 8, 2020
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTERN PLATINUM LIMITED TO RESTART OPERATIONS UNDER ESSENTIAL SERVICES ORDER ISSUED BY THE GOVERNMENT OF SOUTH AFRICA

April 8, 2020, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) is pleased to report that the Director General Mineral Resources of South Africa issued an essential services order (the “Order”) pursuant to which it has authorized Eastplats’ subsidiary, Barplats Mines (Pty) Ltd. (“Barplats”), to operate its tailings retreatment project located at the Crocodile River Mine (the “Retreatment Project”) at a reduced capacity and to transport and export the Chrome concentrate produced by the Retreatment Project.

Barplats has reviewed and updated its start up plans to be consistent with the Order, based on a significantly reduced work force, and will immediately implement a phased restart.

The Company remains committed to the Government of South Africa’s direction to prevent the risk of spread of COVID-19. Eastplats has produced risk assessments and adopted appropriate procedures to maintain a safe workplace for its employees and the communities in which it operates.

The effects of COVID-19 are changing rapidly and the Company cannot reasonably estimate at this time the impact of COVID-19 or the lockdown imposed by the Government of South Africa, currently scheduled to end at midnight April 16, 2020, both of which could have material adverse effects on the Company’s business, liquidity and cashflows.

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 TO RESTART OPERATIONS UNDER ESSENTIAL SERVICES ORDER ISSUED BY THE GOVERNMENT OF SOUTH AFRICA

April 8, 2020
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTERN PLATINUM LIMITED TO RESTART OPERATIONS UNDER ESSENTIAL SERVICES ORDER ISSUED BY THE GOVERNMENT OF SOUTH AFRICA

April 8, 2020, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) is pleased to report that the Director General Mineral Resources of South Africa issued an essential services order (the “Order”) pursuant to which it has authorized Eastplats’ subsidiary, Barplats Mines (Pty) Ltd. (“Barplats”), to operate its tailings retreatment project located at the Crocodile River Mine (the “Retreatment Project”) at a reduced capacity and to transport and export the Chrome concentrate produced by the Retreatment Project.

Barplats has reviewed and updated its start up plans to be consistent with the Order, based on a significantly reduced work force, and will immediately implement a phased restart.

The Company remains committed to the Government of South Africa’s direction to prevent the risk of spread of COVID-19. Eastplats has produced risk assessments and adopted appropriate procedures to maintain a safe workplace for its employees and the communities in which it operates.

The effects of COVID-19 are changing rapidly and the Company cannot reasonably estimate at this time the impact of COVID-19 or the lockdown imposed by the Government of South Africa, currently scheduled to end at midnight April 16, 2020, both of which could have material adverse effects on the Company’s business, liquidity and cashflows.

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 PROVIDES AN UPDATE ON SOUTH AFRICAN OPERATIONS AND A CORPORATE UPDATE

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

NEWS RELEASE

EASTERN PLATINUM LIMITED PROVIDES AN UPDATE ON SOUTH AFRICAN OPERATIONS AND A CORPORATE UPDATE

May 4, 2020, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) is pleased to report that on May 1, 2020 South Africa moved from the level 5 lock-down restrictions to level 4 in their alert system in response to COVID-19. This change permits Barplats Mines (Pty) Ltd. (“Barplats”), a subsidiary of Eastplats, to begin the process of recalling its remaining workforce located within the province, that were on paid leave during the lockdown, back to the mine in a carefully planned and phased return to work during May 2020.

Operations Update
Barplats continued operating its tailings retreatment project located at the Crocodile River Mine (the “Retreatment Project”) at a reduced capacity and workforce during the South African lock-down, following the issuance of an essential services permit on April 8, 2020. The Company has also been able to continue all required care and maintenance activities in relation to its underground mine and environmental commitments.

The Company remains committed to the Government of South Africa’s direction to prevent the risk of spread of COVID-19. Eastplats continues to update and monitor its risk assessments and has adopted appropriate procedures, consistent with government directives, to maintain a safe workplace for its employees and the communities in which it operates.

Corporate Update
Due to COVID-19, the South African and Canadian emergency measures and lock-down response and the impact this has had on market participants, various regulatory authorities have announced temporary relief from certain regulatory filings. This relief provides issuers with a 45-day extension for periodic filings, including financial statements and management’s discussion and analysis, required to be filed on or before June 1, 2020 to allow issuers the time needed to focus on the many other business and financial reporting implications of COVID-19. Accordingly, the Company will be utilizing the extension period provided for the filing of its interim financial report for the three months ended March 31, 2020 and the related management discussion & analysis (collectively, the “Q1 Disclosure Documents”).

The Q1 Disclosure Documents, which the Company would have otherwise had to file on or before May 15, 2020, are now expected to be filed on SEDAR on or before June 5, 2020. In the interim, management and other insiders of the Company are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207 Failure to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. Management confirms that except disclosures in press releases of March 27, 2020, April 8, 2020 and this press release there have been no other material
business developments since the filing of the December 31, 2019 annual financial statements, management discussion and analysis and annual information form on March 26, 2020.

Further, the Company will rely on BC Instrument 51-516 – Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials to be exempted from its executive compensation disclosure requirements. The Company will extend its deadline to satisfy such requirements and will send its annual general meeting (“AGM”) information circular containing its executive compensation disclosure required under applicable securities laws on or before December 31, 2020 and send upon request, printed copies of its Q1 Disclosure Documents anytime not later than December 31, 2020 this year. The Company is considering an appropriate time and format for its AGM and will provide information on the timing of its AGM, the filing of its executive compensation disclosure and the delivery of the Q1 Disclosure Documents when it has appropriately considered all the issues.

The Company has granted 50,000 stock options to a member of management of the Company that vest in 90 days.  The options were granted for a term of five years, and expire on April 29, 2025. Each option allows the holder to purchase one common share of Eastplats at an exercise price of CDN$0.24.

The effects of COVID-19 are changing and evolving and the Company cannot reasonably estimate at this time all the impacts of COVID-19 or if new or unexpected changes to the lockdown levels imposed by the Government of South Africa will occur both of which could have material adverse effects on the Company’s business, liquidity and cashflows.

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 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