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Eastern Platinum Limited reports annual results for 2024 and provides its targets for 2025
EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA2768555096
Share Code JSE: EPS ISIN: CA2768555096
("Eastplats" or the "Company")
NEWS RELEASE
EASTERN PLATINUM LIMITED REPORTS ANNUAL RESULTS FOR 2024 AND
PROVIDES ITS TARGETS FOR 2025
Vancouver, British Columbia, March 28, 2025 – Eastern Platinum Limited (TSX: ELR)(JSE:
EPS)("Eastplats" or the "Company") is pleased to report that it has filed its Audited Consolidated
Financial Statements for the fiscal year ended December 31, 2024 and the corresponding
Management's Discussion and Analysis and Annual Information Form. Below is a summary of the
Company's financial results for the fourth quarter of 2024 ("Q4 2024") and for the fiscal year
ended December 31, 2024 ("FY2024") (all amounts in USD unless specified) in comparison to
the same periods in 2023 ("Q4 2023" and "FY2023", respectively):
• Revenue for Q4 2024 decreased to $17.0 million (Q4 2023 - $30.5 million), representing
a -44.3% decrease. Revenue for FY2024 decreased to $62.5 million (FY2023 - $106.9
million), representing a -41.5% decrease.
• Mine operating income decreased by $15.7 million to a loss of -$7.9 million in Q4 2024
(Q4 2023 mine operating income - $7.8 million), resulting in a gross margin of -46.2% in
Q4 2024 as compared to 25.5% in Q4 2023. Mine operating income in FY2024 decreased
by $30.8 million to $0.8 million (FY2023 - $31.6 million), resulting in a gross margin of 1.3%
in FY2024 as compared to 29.5% in FY2023.
• Operating loss was -$8.6 million in Q4 2024 as compared to an operating income of $2.8
million in Q4 2023. Operating income decreased by $31.2 million to a loss of -$12.7 million
in FY2024 from an operating income of $18.5 million in FY2023, a -168.6% decrease in
operating income.
• Net loss attributable to shareholders was -$11.9 million ($0.05 loss per share) in Q4 2024
versus $3.3 million ($0.02 earnings per share) in Q4 2023. The decrease in net income
was largely attributable to the significant decrease in third-party chrome concentrate sales
in the period.
• Net loss attributable to shareholders decreased to -$12.8 million ($0.06 loss per share) in
FY2024 compared to a net income attributable to shareholders of $13.8 million ($0.08
earnings per share) in FY2023. The decrease in income during FY2024 is mainly
attributable to the decreased revenue and gross margins generated by remining and
processing the Company's underground and tailings resources at the Crocodile River
Mine ("CRM") to produce chrome concentrate and platinum group metals ("PGM")
concentrate, respectively.
• The Company had a working capital deficit (current assets less current liabilities) of $38.7
million as at December 31, 2024 (December 31, 2023 – working capital deficit of $15.5
million) and short-term cash resources of $3.1 million (consisting of cash, cash
equivalents, and short-term investments)(December 31, 2023 - $21.3 million). The
Company used its profits earned in FY2023 towards the ramp up of operations at the
Zandfontein underground section of the CRM.
Wanjin Yang, Chief Executive Officer and President of Eastplats commented, "We faced
challenges as we restarted underground operations at the Crocodile River Mine during fiscal
2024. As the Retreatment Project ended in the first quarter of 2025, it is critical that we focus on
improving production results while being mindful of costs and capital expenditures, however, we
are confident that PGM and chrome prices will rebound in 2025, which will help us achieve profits
again."
Operations
The Company generated revenue from processing PGM and chrome concentrates during Q4
2024 and FY2024. Eastplats' majority of revenue (approximately 74% and 87% for Q4 2024 and
FY2024, respectively) is from chrome concentrate sales.
Since July 1, 2022, chrome revenue has been recognized only through third-party sales of chrome
concentrate. The Company also derives PGM revenue under the PGM offtake agreement with
Impala Platinum Limited ("Impala"). The Retreatment Project ended during the first quarter of
2025 when the original CRM tailings from the tailings storage facility ("TSF") were fully processed.
The Company started to process underground Run-of-Mine ("ROM") ore in October of 2024.
Summary of chrome production from the TSF for the three months and year ended December
31, 2024 and 2023:
Q4 2024 Q4 2023 FY2024 FY2023
Total Tailings
263,141 480,777 1,224,553 2,247,705
Feed (Tons)
Average grade
38.2% 38.7% 38.4% 38.7%
Cr concentrate
Tons of Cr
57,474 109,056 255,649 486,166
concentrate
In Q4 2024, the Company processed 63,181 tons of ROM UG2 ore from the Zandfontein
underground section at the CRM.
Summary of chrome production from underground operations for the three months and year
ended December 31, 2024:
Q4 2024 FY2024
Tons of chrome
14,508 18,118
concentrate
Summary of PGM production for the three months and year ended December 31, 2024 and 2023:
Q4 2024 Q4 2023 FY2024 FY2023
Tons of PGM
1,015 900 3,234 3,869
concentrate(dry)
PGM ounces
4,015 1,366 8,109 6,660
produced (6E)*
*PGM 6E ounces are estimates until final exchanges and umpire results have been concluded, which can
take up to three to five months, depending of the elements being exchanged.
Outlook
The Company's targets for 2025 are as follows:
• Ramp-up the Zandfontein underground operations – process up to 631,000 tons of
underground ROM in total for the year (ongoing);
• Confirm capital plans to support the full re-opening of Zandfontein underground operations
at the CRM from external or internal sources (ongoing);
• Complete the second phase of the TSF capital works program and confirm the TSF dam
space for new ROM tailings (ongoing);
• Resolve the matters pertaining to the Retreatment Project with Union Goal (ongoing);
• Optimize Main Plant Circuit B for underground operations (ongoing);
• Renovate Circuit D to high energy flotation cells for better ROM processing recovery rate
to 82% or higher (ongoing);
• Advance the Mareesburg and Spitzkop project environmental work to complete the
Environmental Impact Assessment ("EIA") and other environmental studies and
amendments (ongoing); and
• Continue prospecting and assessment work in relation to Zandfontein, Crocette and
Kareespruit sections of the CRM and Kennedy's Vale and Spitzkop mines at the eastern
limb of the Bushveld Complex (ongoing).
During 2025, the Company is focusing on ramping up operations at the Zandfontein underground,
subject to capital availability and profitability of its chrome operations. If successful, PGM and
chrome production is expected to increase in 2025. There are no other expected changes to the
business in 2025.
Care and maintenance will continue for the Company's previously developed eastern limb
projects for 2025. The Company is actively looking at opportunities for its other assets including
continuing to explore options to utilize or monetize these assets.
The Company has a primary listing on the Toronto Stock Exchange and a secondary listing on the
JSE Limited.
The Company has filed the following documents, under the Company's profile on SEDAR+ at
www.sedarplus.ca:
• Audited Consolidated Financial Statements for the fiscal year ended December 31, 2024;
• Management's Discussion and Analysis for the fiscal year ended December 31, 2024; and
• Annual Information Form at December 31, 2024.
The audited consolidated financial statements for the fiscal year ended December 31, 2024 is
available for download at https://www.eastplats.com/investors/quarterly-reports/F2024/ and is
also available on the JSE's website at:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/EPS/FY24.pdf.
About Eastern Platinum Limited
Eastplats owns directly and indirectly a number of PGM and chrome assets in the Republic of
South Africa. All of the Company's properties are situated on the western limb (Crocodile River
Mine) and eastern limb (Kennedy's Vale, Spitzkop, Mareesburg) of the Bushveld Complex, the
geological environment that hosts approximately 80% of the world's PGM-bearing ore.
Operations at the Crocodile River Mine currently include mining and processing ore from the
Zandfontein underground section to produce PGM and chrome concentrates, respectively.
For further information, please contact:
EASTERN PLATINUM LIMITED
Wylie Hui, Chief Financial Officer and Corporate Secretary
whui@eastplats.com
(604) 568-8200
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking statements" or "forward-looking information" (collectively
referred to herein as "forward-looking statements") within the meaning of applicable securities legislation.
Such forward-looking statements include, without limitation, forecasts, estimates, expectations and
objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of the Company. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by the words "will", "plan", "intends", "may",
"could", "expects", "anticipates" and similar expressions. Further disclosure of the risks and uncertainties
facing the Company and other forward-looking statements are discussed in the Company's most recent
Annual Information Form available under the Company's profile on www.sedarplus.ca.
In particular, this press release contains, without limitation, forward-looking statements pertaining to: the
Company's targets for 2025 including ramping-up the Zandfontein underground operations; confirming
capital plans to support the full re-opening of Zandfontein underground operations at the CRM; completing
the second phase of the TSF capital works program and confirming the TSF dam space for new ROM
tailings; resolving matters pertaining to the Retreatment Project with Union Goal; optimizing Main Plant
Circuit B for underground operations; renovating Circuit D to high energy flotation cells for better ROM
processing recovery rate to 82% or higher; advancing the Mareesburg project environmental work to
complete the EIA and other environmental studies and amendments; continuing prospecting and
assessment work in relation to Zandfontein, Crocette and Spitzkop ore bodies of the CRM and Kennedy's
Vale and Spitzkop mines at the eastern limb of the Bushveld Complex; the rebounding of PGM and chrome
prices in 2025; increasing PGM and chrome production in 2025; and other changes to the business during
2025. These forward-looking statements are based on assumptions made by and information currently
available to the Company. Although management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. By their very nature, forward-looking
statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance
on these statements as a number of factors could cause actual results to differ materially from the beliefs,
plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements.
These factors include, but are not limited to, unanticipated problems that may arise in the Company's
production processes, commodity prices, lower than expected grades and quantities of resources, need for
additional funding and availability of such additional funding on acceptable terms, economic conditions,
currency fluctuations, competition and regulations, legal proceedings and risks related to operations in
foreign countries.
All forward-looking statements in this press release are expressly qualified in their entirety by this cautionary
statement, the "Cautionary Statement on Forward-Looking Information" section contained in the
Company's most recent Management's Discussion and Analysis available under the Company's profile on
www.sedarplus.ca. 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.
28 March 2025
JSE Sponsor
PSG Capital
Date: 31-03-2025 07:05:00
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