Announces Anticipated Late Filing of Annual Financial Statements

EASTERN PLATINUM LIMITED

ANNOUNCES ANTICIPATED LATE FILING OF ANNUAL FINANCIAL STATEMENTS

MARCH 18, 2024

Eastern Platinum Limited (TSX: ELR)(JSE: EPS) (“Eastplats” or the “Company”) provides this

default announcement indicating Eastplats’ potential delay in filing its annual financial statements

for the year ended December 31, 2023 and related management discussion and analysis and

certifications (collectively, the “Financial Statements ”), the annual information form for the

fiscal year ended December 31, 2023, and the CEO and CFO certificates relating to the Financial

Statements (the “Required Filings”) beyond the prescribed filing deadlines.

The Company’s potential delay in filing its Required Filings on time is due to the following

circumstances:

• On or about April 24, 2023, the Company received unproven whistleblower allegations,

including allegations of undisclosed related party transactions pertaining to the sale of

chrome concentrate at discounted prices (the “Allegations”). The board of directors of the

Company (the “ Board”) determined that it was in the best interests of the Company to

form a special committee (the “ Committee”) consisting of two independent directors,

George Graham Dorin and Xin (Alex) Guan, responsible for conducting an invest igation,

review and analysis of the Allegations. On or about December 11, 2023, the Committee

completed its investigation. With assistance from independent counsel engaged and a third-

party e -discovery specialist to assist with the investigation, the Commi ttee found the

Allegations advanced by the whistleblowers to be unsubstantiated. As a result, the auditors

did not accept an audit continuance engagement by the Company until such investigation

was complete and its conclusions announced. Since December 202 3, the Company’s

management, together with its audit committee, has cooperated with its auditors to

complete the Required Filings as soon as possible.

Considering the foregoing factors, the present circumstances warrant the imposition of a

management cease trade order (“Management CTO”), rather than a cease trade order (“ CTO”),

as contemplated under National Policy 12 -203 – Cease Trade Order Orders for Continuous

Disclosure Defaults (“NP 12-203”). The Company has applied for a Management CTO, however

there is no assurance that it will be granted.

Eastplats’ Required Filings are required to be filed within two months of the prescribed filing

deadline of April 2, 2024. Eastplats’ failure to file such within this two-month period may result

in the securities commissions or regulators imposing an Issuer Cease Trade Order.

The Company proposes to remedy the default by diligently working with its auditor to ensure the

filing of its Required Filings as soon as possible. Eastplats expects to be in a position to issue and

file the Required Filings by no later than April 30, 2024.

Eastplats therefore fully expects to file its Required Filings prior to the end of the additional one

month period as prescribed by NP 12-203. Further, Eastplats has confirmed that it intends to satisfy

the provisions of the alternative information guidelines described in sections 9 and 10 of NP 12 -

203 for so long as it remains in default for failure to file the Required Filings. Should Eastplats

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fail to file the appropriate Default Status Reports as prescribed by NP 12 -203, the securities

commissions or regulators may, as a result of such failure, impose an Issuer Cease Trade Order.

The Company confirms that it is not subject to any insolvency proceeding as of the date hereof.

Eastplats also confirms that there is no other material information concerning the affairs of

Eastplats that have not been generally disclosed as of the date herein.