EASTERN PLATINUM LIMITED - Eastern Platinum announces initial phase of Zandfontein underground is fully operational

Eastern Platinum announces initial phase of Zandfontein underground is fully operational

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")

Trading Symbol: ELR (TSX); EPS (JSE)

                                  NEWS RELEASE

   EASTERN PLATINUM ANNOUNCES INITIAL PHASE OF ZANDFONTEIN UNDERGROUND IS FULLY
                                   OPERATIONAL

VANCOUVER, British Columbia, March 6, 2024 - Eastern Platinum Limited (TSX: ELR)(JSE: EPS)
("Eastplats" or the "Company") is pleased to announce that the initial phase ("soft start") of the Zandfontein
underground operations at the Company's flagship Crocodile River Mine ("CRM") is now fully operational. CRM
is located within the Bushveld Complex, host to approximately 80% of the world's PGM-bearing ore, in
northeastern South Africa.

"It is my pleasure to announce that the soft restart of the Zandfontein underground operations is complete and is
fully operational," commented Wanjin Yang, CEO of Eastern Platinum. "We can now begin to ramp up
underground mining efforts and bring run-of-mine ("ROM") material to the surface, where we will begin the first
batch of ROM processing in Q2 2024. I would like to thank all employees for achieving this milestone and our
shareholders for their continued support."

The Company plans to achieve a mining run rate of 40,000 tons per month by the end of 2024, with the aim of
processing up to 235,000 tons of ore from underground production this year.

About Eastern Platinum Limited
Eastplats owns directly and indirectly a number of platinum group metal ("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 re-mining and processing its tailings resource to produce
PGM and chrome concentrates from the Barplats Zandfontein tailings dam.

For further information, please contact:
EASTERN PLATINUM LIMITED
Wylie Hui, Chief Financial Officer and Corporate Secretary
E: whui@eastplats.com
T: (604) 568-8200

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.sedarplus.ca.

In particular, this press release contains forward-looking statements pertaining to: the timing and actions of the
Company. 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, commodity prices, 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.sedarplus.ca. 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.

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

6 March 2024

JSE Sponsor
PSG Capital

Date: 06-03-2024 03:45:00
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