EASTERN PLATINUM LIMITED - Eastplats Reports On Further Investment In PGM Optimization Initiatives And Increased PGM Production Targets

Eastplats Reports On Further Investment In PGM Optimization Initiatives And Increased PGM Production Targets

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”)

February 2, 2021

                                                NEWS RELEASE

EASTERN PLATINUM LIMITED REPORTS ON FURTHER INVESTMENT IN PGM OPTIMIZATION INITIATIVES AND INCREASED PGM PRODUCTION TARGETS

February 2, 2021, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) is
pleased to provide an update on the platinum group metals (“PGM”) initiatives following the closing of the rights
offering (See news release of January 25, 2021). The Company reports that its subsidiary, Barplats Mines (Pty) Ltd.
(“Barplats”) has committed ZAR9 million (CDN$768,000) to the reconfiguring and optimization of the small-scale
PGM circuit (previously the scavenger plant circuit) (“PGM Circuit D”) which also includes funding for some of the
initial work required to restart the main PGM plant circuit (“PGM Main Circuit”).

Barplats has scheduled the work to be completed by the end of February 2021 with recommissioning and operations
targeted to begin before mid March 2021. The Company is pursuing the upgrades to obtain higher quality concentrate
and to consistently produce a minimum of 200 tons of pressed filter cake PGM concentrate (“PGM Concentrate”)
per month which is projected to further increase the revenue of the Company. The PGM Circuit D will be able to
utilize the initial work on the PGM Main Circuit and it will allow a quicker restart of production. The next phase of
the PGM Main Circuit work is projected to start in May 2021, with commissioning in October 2021. The Company
estimates this will add a further 800 tons of PGM Concentrate per month to Barplats production, thereby continuing
to grow Eastplats’ revenue.

About Eastern Platinum Limited

Eastplats owns directly and indirectly a number of Platinum Group Metals (“PGM”) 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 and the processing and
extraction of PGMs (“Retreatment Project”).

COVID-19

South Africa remains at alert level 3 regarding COVID-19. The Company continues to follow the health guidelines of
the Government of South Africa. The Retreatment Project remains in full operation and continues to produce and
transport chrome and PGM end products. The effects of COVID-19 are evolving and changing and the consequences
of a further increase in the alert level in South Africa, temporary shutdown of any operations or other related issues
cannot be reasonably estimated at this time, but could potentially have material adverse effects on the Company’s
business, operations, liquidity and cashflows.

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”,
“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, without limitation, forward-looking statements pertaining to: estimated operations and
production of PGM Circuit D and PGM Main Circuit; estimated ramp up or upgrades to the PGM Circuit D and PGM Main Circuit;
potential additional revenue from the PGM Circuit D and PGM Main Circuit; potential effects of COVID-19 such as a new
lockdown imposed by the Government of South Africa; and any future measures taken by the Government of South Africa and
their impact on the Company, and its business, operations, liquidity and cashflows. 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

The Company has a primary listing on the Toronto Stock Exchange and a secondary listing on the JSE Limited.

JSE Sponsor
PSG Capital

Date: 02-02-2021 08:45:00
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