Eastern Platinum Limited Reports Results FOR the Third Quarter of 2025
1080 - 1188 West Georgia St.
Vancouver, BC Canada V6E 4A2
NEWS RELEASE
EASTERN PLATINUM LIMITED REPORTS RESULTS FOR THE THIRD QUARTER OF
2025
Vancouver, British Columbia , November 14, 2025 – Eastern Platinum Limited (TSX: ELR)(JSE:
EPS) (“Eastplats” or the “Company”) is pleased to report that it has filed its condensed interim
consolidated financial statements for the three and nine months ended September 30, 2025 and
the corresponding management’s discussion and analysis (“MD&A”). Below is a summary of the
Company’s financial results for the third quarter of 202 5 (“Q3 2025”) and for the nine months
ended September 30, 2025 (“YTD 2025”) in comparison to the same respective period in in 2024
(“Q3 2024” and “YTD 2024”) (all amounts in USD unless specified):
• Revenue for Q3 2025 increased to $13.7 million (Q3 2024 - $11.0 million), representing a
$2.7 million or 24.5% increase. Revenue for YTD 202 5 decreased to $ 39.3 million (YTD
2024 - $45.5 million), representing a $6.2 million or 13.6% decrease.
• Mine operating loss decreased by $0.8 million (or -80.0%) to $0.2 million in Q3 2025 (Q3
2024 – mine operating loss of $1.0 million) as gross margin improved to -1.8% in Q3 2025
from -9.4% in Q3 2024. Mine operating income in YTD 202 5 decreased by $13.3 million
(or -152.9%) to mine operating loss of $4.6 million (YTD 2024 – mine operating income of
$8.7 million), resulting from a reduced gross margin of -11.6% in YTD 2025 from 19.1% in
YTD 2024.
• Operating loss was $3.4 million in Q3 2025 compared to an operating loss of $5.7 million
in Q3 2024. Operating loss was $14.5 million in YTD 2025 compared to an operating loss
of $4.1 million in YTD 2024.
• Net loss attributable to equity shareholders was $ 2.2 million ($0.01 loss per share) in Q3
2025 versus net loss attributable to equity shareholders of $ 3.4 million ($0.02 loss per
share) in Q 3 2024. The decrease in Q 3 2025 net loss was largely attributable to the
significantly increased revenue derived from platinum group metal (“ PGM”) sales during
the period.
• Net loss attributable to equity shareholders was $10.9 million ($0.05 loss per share) in YTD
2025 compared to net loss attributable to equity shareholders of $ 0.8 million ($0.00 loss
per share) in YTD 2024. The increase of YTD 2025 net loss was mainly attributable to the
significant decrease in in revenue derived from chrome concentrate sales as the Company
ceased the retreatment project operations during the first quarter of 2025 and focussed
on underground operations at the Crocodile River Mine (“CRM”).
• The Company had a working capital deficit (current assets less current liabilities) of $55.1
million as at September 30, 2025 (December 31, 202 4 – working capital deficit of $ 38.7
million) and short-term cash resources of $0.1 million (consisting of cash, cash equivalents
and short-term investments) (December 31, 2024 – $3.1 million).
As announced previously on August 13, 2025, the maximum size of the credit facility provided by
Investec Bank Limited was increased to R240 million ($13.8 million) from R110 million ($6.4
million). The Company uses the proceed s of the credit facility for working capital purposes. At
September 30, 2025, the Company utilized R94.7 million ($5.5 million) of the credit facility
(December 31, 2024 – R47.2 million ($2.5 million).
Operations
The Company derived revenue from the processing of PGM and chrome concentrates at the CRM.
Eastplats’ majority of revenue (approximately 74% and 56% for Q 3 2025 and YTD 202 5,
respectively) is from PGM concentrate sales to Impala Platinum Limited . As the Company
continues to ramp up production at the CRM, the Company expects to derive the majority of its
revenue from PGM processing.
Summary of chrome production from underground operations for the three and nine months
ended September 30, 2025 and 2024:
Q3 2025 Q3 2024 YTD 2025 YTD 2024
Total Run-of-Mine UG2 Feed
(Tons) 80,195 27,403 200,482 27,403
Average grade Cr
concentrate 40.7% 23.2% 40.7% 23.2%
Tons of Cr concentrate (wet) 23,290 3,610 52,819 3,610
Summary of chrome production from the retreatment project at the CRM for the three and nine
months ended September 30, 2025 and 2024:
Q3 2025 Q3 2024 YTD 2025 YTD 2024
Total Tailings Feed (Tons) - 294,246 109,919 961,412
Average grade Cr
concentrate - 38.1% 36.5% 38.4%
Tons of Cr concentrate (wet) - 45,988 14,690 198,175
Summary of PGM production for the three and nine months ended September 30, 2025 and 2024:
Q3 2025 Q3 2024 YTD 2025 YTD 2024
Average 6E grade (grams
per ton)* 133 100 144 56
Tons of PGM concentrate 1,444 465 3,517 2,218
PGM ounces produced (6E)* 6,183 1,488 16,252 4,042
*PGM 6E ounces are estimates until final exchanges and umpire results have been concluded, which can take up to
three months
The Company has filed the following documents, under the Company’s profile on SEDAR+ at
www.sedarplus.ca:
• Condensed interim consolidated financial statements for the three and nine months ended
September 30, 2025; and
• Management’s discussion and analysis for the three and nine months ended September
30, 2025.
The condensed interim consolidated financial statements for the three and nine months ended
September 30, 2025 are available for download at https://www.eastplats.com/investors/quarterly-
reports/F2025/ and are also available on the JSE’s website at:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/EPS/Q325.pdf.
The Company has a primary listing on the Toronto Stock Exchange and a secondary listing on the
JSE Limited.
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 both produce PGM and chrome concentrates, respectively.
For further information, please contact:
EASTERN PLATINUM LIMITED
Wylie Hui, Chief Financial Officer and Corporate Secretary
[email protected] (email)
(604) 568-8200 (phone)
Cautionary Statement Regarding Forward-Looking Information
This news 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 :
increasing underground production feed to the PGM and chrome circuits and improvement of PGM and
chrome production results and the majority of the Company’s revenues being derived from PGM
processing. 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 o f 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 news 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 news 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.