EASTERN PLATINUM LIMITED - Eastplats Announces An Agreement To Complete A Feasibility Study And Source Funding For The Recovery Of PGMs

Eastplats Announces An Agreement To Complete A Feasibility Study And Source Funding For The Recovery Of PGMs

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

July 22, 2020

NEWS RELEASE
EASTERN PLATINUM LIMITED ANNOUNCES AN AGREEMENT TO COMPLETE A FEASIBILITY STUDY AND SOURCE FUNDING FOR THE RECOVERY OF PGMs
THROUGH A JOINT VENTURE FROM THE REDEPOSITED TAILINGS

July 22, 2020, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”)
announces that its subsidiary, Barplats Mines (Pty) Ltd. (“Barplats”), has entered into a project framework
agreement (the “Project Agreement”) with Advanced Beneficiation Technologies Proprietary Limited of
South Africa (“ABT”), an organization fully compliant as a Black Economic Empowerment Entrepreneur
(“BEE Entrepreneur”) and a member of the Omang Group of companies, to complete an independent
feasibility study (the “Feasibility Study”) for the development and construction of a new modular plant
with a capacity to process the platinum group metals (“PGMs”) of the tailings redeposited at a designated
area of the Zandfontein Tailings Dam (the “Zandfontein Tailings Dam”) situated at the Crocodile River
Mine in South Africa at a rate of between 20,000 and 50,000 tons per month (the final rate is dependent on
the optimal outcome of the Feasibility Study) (the “Project”).

There are several milestones required by Eastplats and the Project Agreement to complete and establish this
Project, including the completion (at ABT’s risk and cost), assessment and acceptance of the Feasibility
Study expected during November 2020, to be followed by the conclusion of various agreements, including
a joint venture agreement between Barplats and ABT and procuring appropriate funding.

Barplats will supply the material and related infrastructure for PGMs processing from the Zandfontein
Tailings Dam, establish an appropriate off-take agreement, and support the Project through both executive
management and administration.

ABT, as the intended operator, is responsible to complete the Feasibility Study (including appropriate
drilling), secure appropriate funding, oversee the construction and commissioning and operate the Project
as governed by the Project Agreement.

Diana Hu, the CEO of Eastplats, stated “We are very pleased to sign this Project Agreement with ABT and
begin this Feasibility Study and the Project. This venture is a new potential revenue source for the Company
without any additional capital funding obligations and an opportunity to recover PGMs from the tailings
redeposited onto the Zandfontein Tailings Dam.”

COVID-19

The effects of COVID-19 are changing rapidly and the Company cannot reasonably estimate at this time
the impact of COVID-19 on this Project, current operations, new lockdowns or policies imposed by the
Government of South Africa all of which could potentially have material adverse effects on the Company’s
business, liquidity and cashflows.
About Eastern Platinum Limited

Eastplats owns directly and indirectly a number of PGMs and chrome assets in the Republic of South Africa.
All of the Company’s properties are situated on the western and eastern limbs 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 re-mining and processing its tailings resource,
with an offtake of the chrome concentrate from the Barplats Zandfontein UG2 tailings facility
(“Retreatment Project”).

 For further information, please contact:
 EASTERN PLATINUM LIMITED
 Rowland Wallenius, Chief Financial Officer
 rwallenius@eastplats.com (email)
 (604) 800-8200 (phone)

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”, “will”, “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.sedar.com.

In particular, this press release contains forward-looking statements pertaining to: completion and
assessment of the Feasibility Study and projected timelines for the commencement of operating the Project.
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 our 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.sedar.com. 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.

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
SERVICES

JSE Sponsor
PSG Capital

Date: 22-07-2020 08:45:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.