Eastern Platinum Limited Reports Q3 2018 Results
1080 - 1188 West Georgia St.
Vancouver, BC Canada V6E 4A2
November 14, 2018
Trading Symbol: ELR (TSX); EPS (JSE)
NEWS RELEASE
EASTERN PLATINUM LIMITED REPORTS Q3 2018 RESULTS
November 14, 2018, Vancouver, British Columbia – Ea stern Platinum Limited (“ Eastplats ” or the “ Company ”) is
pleased to report that it has filed its Q3-2018 condensed interim consolidated financial statements and management’s
discussion and analysis for the three and nine mont h periods ended September 30, 2018. Below is a summ ary of the
Company’s financial results and highlights for Q3 2 018 (all amounts in USD, except as indicated in Sou th African
Rand (“ ZAR ”)):
• cash inflow during the quarter of $0.5 million (ZAR 6.5 million) as a construction loan from Union Goa l
Offshore Solution Limited (“ Union Goal ”) in accordance with the UG Agreement (as defined herein);
• cash and short-term investments of $7.5 million and working capital of $9.0 million as at September 30, 2018
available for completion of the Retreatment Project (as defined herein) and other 2018 operations;
• capitalized and expended $15.7 million on the Chrom e Circuit (as defined herein) and related construct ion
activities to further the Retreatment Project (as defined herein) during Q3 2018;
• net loss of $3.0 million (loss of $0.03 per share) compared with $2.1 million (loss of $0.0 2 per share) in the
same period of 2017; however, the loss included a foreign exchange loss of $1.2 million in Q3 2018 compared
to $0.6 million in the same period of 2017; and
• net operating cash flows used during the quarter wa s $4.7 million compared with $2.4 million used duri ng
the same period of 2017.
Construction of the Retreatment Project
As previously disclosed, on March 1, 2018, the Company and its subsidiary Barplats Mines (Pty) Limited (“ Barplats ”)
entered into a framework agreement (the “ UG Agreement ”) with Union Goal relating to construction, remini ng and
processing of the tailings resource and offtake of chrome concentrate from Barplats’ tailings facility (the
“ Retreatment Project ”) located at the Company’s Crocodile River Mine in South Africa (“ CRM ”). During the
quarter the Company continued to focus its resources and efforts to complete the construction phase of the Retreatment
Project. The Company is now preparing for commissio ning, production and active operations. Commissioni ng is
estimated to begin shortly on the Retreatment Proje ct. The Chrome plant water commissioning is schedul ed to begin
during November 2018 followed by the introduction o f slurry into the Chrome plant. Ore production will ramp up
during the start-up period in December 2018. The ta ilings infrastructure has been completed and is rea dy to deliver
slurry to the Chrome plant and separately to accept tailings disposition as needed from the operations . As with all
commissioning and start-ups, many uncertain and unk nown issues can arise and the timing is uncertain. Eastplats
anticipates the Retreatment Project will result in revenue producing operations through offtake of the chrome
concentrates to Union Goal during Q4 2018.
The Company has spent $14,678 to September 30, 2018 with an estimated $3,853 remaining to complete the
Retreatment Project and bring it into revenue generating operations.
Operating Highlights and Outlook
During 2018 the Company has focused on the construction of the Retreatment Project and is now about to commission
the project. The Company and UG are focused to ensu re the Retreatment Project is brought into full ope rations as
quickly as is reasonable. Other projects have been placed on hold and all appropriate resources have b een authorized
and allocated to achieve revenue-producing operations as targeted in Q4 2018.
The Company has filed the following documents, all of which are available under the Company’s profile on SEDAR
at www.sedar.com :
• Transactional Agreements signed as part of the comp letion of the condition’s precedent under the UG
Agreement;
• Condensed interim consolidated financial statements for the three and nine months ended September 30,
2018; and
• Management’s discussion and analysis for the three and nine months ended September 30, 2018.
For further information, please contact:
EASTERN PLATINUM LIMITED
Rowland Wallenius, Chief Financial Officer and Corporate Secretary
[email protected] (email)
(604) 800 -8200 (phone)
Cautionary Statement Regarding Forward-Looking Info rmation
This press release contains “forward-looking statem ents” or “forward-looking information” (collectivel y referred to
herein as “ forward-looking statements ”) within the meaning of applicable securities legi slation. Such forward-
looking statements include, without limitation, for ecasts, estimates, expectations and objectives for future operations
that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the con trol of the
Company. Forward-looking statements are statements that are not historical facts and are generally, b ut not always,
identified by the words “will”, “plan”, “intends”, “may”, “will”, “could”, “expects”, “anticipates” an d similar
expressions. Further disclosure of the risks and un certainties facing the Company and other forward-lo oking
statements are discussed in the Company’s Annual In formation Form and Management’s Discussion and Anal ysis
which are available under the Company’s profile on www.sedar.com.
In particular, this press release contains forward- looking statements pertaining to: estimated timing of construction
and commissioning of the Retreatment Project, estim ated timing of operations and revenue generation of the
Retreatment Project, estimated capital requirements for the Retreatment Project and the timing and completion of the
Retreatment Project. These forward-looking statemen ts 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 inc orrect. By their very nature, forward-looking stat ements 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 statem ents. These factors include, but are not limited t o, 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 forward-
looking statements, whether as a result of new information, future events or otherwise.
No stock exchange, securities commission or other r egulatory authority has approved or disapproved the
information contained herein.
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