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Eastern Platinum reports results for the second quarter of 2025 and increase of credit facility with Investec
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 RESULTS FOR THE SECOND QUARTER
OF 2025 AND INCREASE OF CREDIT FACILITY WITH INVESTEC
Vancouver, British Columbia, August 13, 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 six months ended June 30, 2025 and the
corresponding management's discussion and analysis ("MD&A"). Below is a summary of the
Company's financial results for the second quarter of 2025 ("Q2 2025") and for the six months
ended June 30, 2024 ("YTD 2025") in comparison to the same respective period in in 2024 ("Q2
2024" and "YTD 2024") (all amounts in USD unless specified):
• Revenue for Q2 2025 decreased to $10.7 million (Q2 2024 - $18.8 million), representing
a $8.1 million or 43.1% decrease. Revenue for YTD 2025 decreased to $25.5 million (YTD
2024 - $34.5 million), representing a $9.0 million or 26.1% decrease.
• Mine operating income decreased by $4.0 million (or -90.9%) to $0.4 million in Q2 2025
(Q2 2024 - $4.4 million) as gross margin declined to 3.4% in Q2 2025 from 23.6% in Q2
2024. Mine operating income in YTD 2025 decreased by $14.0 million (or -144.3%) to
mine operating loss of $4.3 million (YTD 2024 - $9.7 million), resulting from a reduced
gross margin of -16.9% in YTD 2025 from 28.2% in YTD 2024.
• Operating loss was $3.0 million in Q2 2025 compared to an operating income of $1.6
million in Q2 2024. Operating loss was $11.1 million in YTD 2025 compared to an
operating income of $1.6 million in YTD 2024.
• Net loss attributable to equity shareholders was $1.8 million ($0.01 loss per share) in Q2
2025 versus net income attributable to equity shareholders of $3.5 million ($0.02 earnings
per share) in Q2 2024. The decrease in Q2 2025 net income was largely attributable to
the significantly decreased revenue derived in the period.
• Net loss attributable to equity shareholders was $8.7 million ($0.04 loss per share) in YTD
2025 compared to net income attributable to equity shareholders of $2.6 million ($0.01
earnings per share) in YTD 2024. The decrease of YTD 2025 net income was mainly
attributable to the same reasons as described above for the quarter.
• The Company had a working capital deficit (current assets less current liabilities) of $51.1
million as at June 30, 2025 (December 31, 2024 – working capital deficit of $38.7 million)
and short-term cash resources of $2.4 million (consisting of cash, cash equivalents and
short-term investments) (December 31, 2024 – $3.1 million).
Investec Commodity Finance Facility Amendment
The Company is pleased to announce an amendment to the previously announced finance facility
agreement with Investec Bank Limited ("Investec") on November 10, 2022, between Investec
and Barplats Mine (Pty) Ltd., a wholly-owned subsidiary of Eastplats. The renewable 12-month
revolving commodity finance facility (the "Facility") is secured by PGM production delivered from
the Zandfontein underground section to Impala Platinum Limited. The Facility will be used for
working capital purposes and support the full restart of the Zandfontein underground section of
its flagship Crocodile River Mine ("CRM"), located near Brits, South Africa. The maximum size of
the credit facility was increased to R240 million ($13.5 million) from R110 million ($6.2 million).
There were no other changes to the Facility.
Wanjin Yang, Chief Executive Officer and President of Eastplats commented, "We thank Investec
for its continued support and commitment to Eastplats. The increased credit limit will enable us to
ramp up our underground production tonnages at the Crocodile River Mine. We are all working
hard to improve PGM and chrome production."
Operations
The Company derived revenue from the processing of PGM and chrome concentrates at the CRM.
Eastplats' majority of revenue (approximately 28% and 53% for Q2 2025 and YTD 2025,
respectively) is from chrome concentrate sales to third parties. As the Company ramps 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 six months ended
June 30, 2025 and 2024:
Q2 2025 YTD 2025
Total Run-of-Mine UG2 Feed
75,340 120,287
(Tons)
Average grade Cr
40.7% 40.7%
concentrate
Tons of Cr concentrate (wet) 19,768 29,529
Summary of chrome production from the retreatment project at the CRM for the three and six
months ended June 30, 2025 and 2024:
Q2 2025 Q2 2024 YTD 2025 YTD 2024
Total Tailings Feed (Tons) - 281,867 109,919 667,166
Average grade Cr
- 38.4% 36.5% 38.5%
concentrate
Tons of Cr concentrate (wet) - 72,305 14,690 152,187
Summary of PGM production for the three and six months ended June 30, 2025 and 2024:
Q2 2025 Q2 2024 YTD 2025 YTD 2024
Average 6E grade (grams
151 41 150 45
per ton)*
Tons of PGM concentrate 1,401 808 2,072 1,753
PGM ounces produced (6E)* 6,781 1,066 9,961 2,554
*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 six months ended
June 30, 2025; and
• Management's discussion and analysis for the three and six months ended June 30, 2025.
The condensed interim consolidated financial statements for the three and six months ended June
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/Q225.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
whui@eastplats.com (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 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 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.
13 August 2025
JSE Sponsor
PSG Capital
Date: 13-08-2025 02:45:00
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