202614 releases
Eastern Platinum Limited reports results for the second quarter of 2026
Revenue for Q2 2026 fell 25.8% to $7.9 million from $10.7 million, with a net loss attributable to shareholders of $6.1 million ($0.03 per share) versus $1.8 million ($0.01) a year earlier; YTD 2026 revenue was $21.7 million and net loss $10.2 million. PGM production at the Crocodile River Mine in South Africa was 4,356 ounces (6E) in Q2 2026 from 51,160 tons of ROM feed. Working capital deficit was $67.9 million at June 30, 2026, with $362,000 in cash.
CorporateEastern Platinum Limited announces CEO transition
Changyu Liu, currently Chairman of the Board, will be appointed Interim President and Chief Executive Officer of Eastern Platinum Limited effective August 13, 2026, succeeding Wanjin Yang. The Company said operations continue in the ordinary course and that the transition is not related to its operations or financial reporting. A search for a new President and Chief Executive Officer is underway, with a further update to follow. Eastplats holds PGM and chrome assets in South Africa's Bushveld Complex.
ManagementEastern Platinum Limited secures additional credit facility
A new credit facility of up to C$2,000,000 has been secured with Ka An Development Co. Limited, bringing total available credit across three facilities to up to C$4,000,000. Advances bear annual interest of 10.25% and mature six months from issuance, with 15.375% on overdue amounts; proceeds will fund working capital for the underground production ramp-up at the Crocodile River Mine in South Africa, targeting 70,000 tonnes of run-of-mine ore per month at Zandfontein by the end of 2026. The lender is an insider, making this a related party transaction under MI 61-101.
FinancingEastplats announces appointment of CFO and Corporate Secretary
David Li, CPA, CPA (IL), has been appointed Chief Financial Officer and Corporate Secretary of Eastern Platinum Limited (TSX: ELR; JSE: EPS), with responsibility for the company's global financial strategy, capital allocation and corporate development. Li has over 20 years of executive experience in mining and manufacturing in Canada, Asia and the United States, including CFO or vice president roles at Sumitomo Metal Mining Canada, Alderon Iron Ore, Minco Gold, Minco Silver and Selwyn Chihong Mining.
ManagementEastplats announces resignation of CFO
Wylie Hui has resigned as Chief Financial Officer and Corporate Secretary of Eastern Platinum Limited (TSX: ELR)(JSE: EPS), effective July 10, 2026, to pursue other interests. The Company is searching for a new CFO, and Hui has agreed to assist during the transition period. A further update will be provided in due course.
ManagementEastplats announces voting results of its annual general meeting of shareholders
All resolutions put to Eastern Platinum's 2026 Annual General Meeting, held June 17, 2026, were approved, with 121,540,659 common shares voted, representing 59.031% of votes attached to all outstanding common shares. Shareholders set the number of directors at 4 and elected Xin (Alex) Guan, Changyu (Charlie) Liu, Lisa Ng and Eason Cong Chen, each with at least 99.907% support. Davidson & Company LLP was re-appointed as auditor with 99.880% of votes for.
CorporateEastern Platinum Limited announces dismissal of cases
The Supreme Court of British Columbia has struck out all three of 2538520 Ontario Limited's claims against Eastern Platinum Limited and its affiliates, in proceedings with docket numbers S201427, S244818 and S252308. The company and its advisors will review the decision and consider next steps. Eastplats holds PGM and chrome assets in South Africa's Bushveld Complex, including the Crocodile River Mine, Kennedy's Vale, Spitzkop and Mareesburg.
CorporateEastern Platinum Limited reports results for the first quarter of 2026
Revenue for the first quarter of 2026 fell 6.8% to $13.8 million from $14.8 million a year earlier, while mine operating income improved by $5.4 million to $0.7 million and net loss attributable to shareholders narrowed to $4.1 million ($0.02 per share) from $6.9 million ($0.03). At March 31, 2026 Eastern Platinum had a working capital deficit of $58.4 million and cash of $73,000. Crocodile River Mine produced 4,751 PGM ounces (6E) and 16,757 tons of chrome concentrate.
CorporateAnnual General Meeting of Shareholders 2026
Annual General Meeting of Shareholders 2026 May 8, 2026 Notice of Meeting and Information Circular Form of Proxy – Canadian Beneficial Notice Virtual Meeting Guide
CorporateEastern Platinum Limited reports annual results for 2025 and provides its targets for 2026
FY2025 revenue was $61.6 million, down 1.4% from $62.5 million in FY2024, with mine operating income of $1.7 million and a net loss attributable to shareholders of $18.4 million ($0.09 per share) versus $12.8 million ($0.06) in FY2024, largely due to an impairment on the Mareesburg project. Q4 2025 revenue rose 31.2% to $22.3 million. Working capital deficit was $56.9 million and short-term cash $0.2 million at December 31, 2025. FY2025 PGM output was 24,365 6E ounces. Targets for 2026 include ramping up Zandfontein underground to 40,000 tonnes per month in the first half of 2026.
CorporateEastern Platinum Limited secures credit facility
A credit facility of up to C$1,000,000 has been secured from Ka An Development Co. Limited, in addition to a facility announced November 18, 2025, bringing total available credit to up to C$2,000,000. Advances bear interest at 10.25% annually and mature six months from issuance unless renewed at the lender's discretion. Proceeds will serve as working capital for the ramp-up of underground production at the Crocodile River Mine in South Africa, targeting 70,000 tonnes of run-of-mine ore per month by end-2026. The lender is an insider, and the facility requires TSX acceptance.
Financing
202513 releases
Eastern Platinum Limited secures credit facility
A credit facility of up to C$1,000,000 has been secured with Ka An Development Co. Limited, with proceeds to be used as working capital for the ramp-up of underground production tonnages at the Crocodile River Mine in South Africa. Advances bear annual interest of 10.5% and mature six months from issuance unless renewed or extended at the Lender's discretion. The facility is subject to Toronto Stock Exchange acceptance and, as the Lender is an insider, constitutes a related party transaction under MI 61-101, with exemptions relied upon.
FinancingEastern Platinum Limited reports results for the third quarter of 2025
Q3 2025 revenue rose 24.5% to $13.7 million from $11.0 million, with a net loss attributable to shareholders of $2.2 million ($0.01 per share) versus $3.4 million a year earlier; YTD 2025 revenue fell 13.6% to $39.3 million and the net loss widened to $10.9 million ($0.05 per share). PGM production at the Crocodile River Mine in South Africa was 6,183 6E ounces in Q3 2025 (Q3 2024 – 1,488). Working capital deficit was $55.1 million at September 30, 2025, with $0.1 million in short-term cash resources and R94.7 million ($5.5 million) drawn on the Investec facility.
CorporateEastern Platinum Limited reports results for the second quarter of 2025 and increase of credit facility with Investec
Q2 2025 revenue fell 43.1% to $10.7 million from $18.8 million, with a net loss attributable to equity shareholders of $1.8 million ($0.01 per share) versus net income of $3.5 million a year earlier; the working capital deficit was $51.1 million at June 30, 2025. Eastern Platinum also amended its Investec revolving commodity finance facility, increasing the maximum size to R240 million ($13.5 million) from R110 million ($6.2 million) to support the restart of the Zandfontein underground section at Crocodile River Mine, South Africa.
CorporateEastern Platinum Limited announces acceptance of Director resignation
Dr. Bielin Shi has resigned as a director of Eastern Platinum Limited effective June 18, 2025, with the Board accepting the resignation under the Company's Majority Voting Policy. Dr. Shi joined the Board in 2016 and served as Chair of the Safety, Health, Environment, and Risk Committee. Eastplats holds PGM and chrome assets in South Africa, including Crocodile River Mine, Kennedy's Vale, Spitzkop and Mareesburg.
ManagementEastplats announces voting results of its Annual General and Special meeting of shareholders
Shareholders voted at Eastern Platinum's 2025 Annual General and Special Meeting held June 17, 2025, with 122,533,921 common shares voted, representing 60.51% of outstanding shares. All resolutions passed, including setting the board at five directors, electing all five nominees, re-appointing Davidson & Company LLP as auditors, and approving unallocated options under the Stock Option Plan for three further years. Director Dr. Bielin Shi received 91.18% of votes withheld and has tendered his resignation under the Company's Majority Voting Policy, pending board acceptance.
CorporateEastern Platinum Limited announces cybersecurity incident
A cybersecurity incident affecting internal IT systems was detected on May 27, 2025, prompting immediate containment measures and an investigation with cybersecurity experts. Certain files related to internal affairs were disclosed without authorization by third parties on a restricted part of the internet, and Eastplats is reviewing them. Business operations have continued without disruption, and the incident has been reported to the appropriate authorities.
NewsEastern Platinum Limited reports results for the first quarter of 2025
First quarter 2025 revenue fell 5.7% to $14.8 million from $15.7 million, with a mine operating loss of $4.7 million versus operating income of $5.3 million a year earlier, and a net loss attributable to shareholders of $6.9 million ($0.03 per share) driven by the restart of underground operations at the Crocodile River Mine in South Africa. Working capital deficit was $47.4 million at March 31, 2025, with cash of $4.7 million. PGM output was 3,175 ounces (6E) and the Retreatment Project was completed in the quarter.
CorporateAnnual General Meeting of Shareholders 2025
Annual General Meeting of Shareholders 2025 May 13, 2025 Notice of Meeting and Information Circular Form of Proxy – Canadian Form of Proxy – SA Beneficial Notice Virtual Meeting Guide
CorporateNotice of Annual General and Special meeting and the salient dates and times for shareholding on the South African register
Eastern Platinum's Annual General and Special Meeting will be held virtually via live audio webcast on Tuesday, 17 June 2025 at 10:00 am Pacific time / 7:00 pm South African time, with the Company using the Notice & Access provisions under National Instrument 54-101 and National Instrument 51-102. The record date to receive the notice and information circular and to vote was Friday, 2 May 2025, with the circular mailed on Monday, 12 May 2025. South African proxy forms are due by 7:00 pm South African time on Thursday, 12 June 2025.
CorporateEastern Platinum Limited announces new Director
Eason Cong Chen has joined the board of directors of Eastern Platinum Limited effective May 1, 2025. Chen is a Canadian Chartered Professional Accountant with over 20 years of experience in accounting, finance, operations, mergers and acquisitions, and management reporting focused on the mining industry, and previously served on the board and audit committee of a Canadian copper producer for over 10 years, including more than a year as Chief Financial Officer. He is currently a partner at a U.S. CPA firm.
ManagementEastern Platinum Limited announces appointment of new Chair
Non-Independent Director Changyu (Charlie) Liu has been appointed Non-Executive Chair of Eastern Platinum Limited, effective April 22, 2025. He succeeds Board Chair George Graham Dorin, who passed away in March. Liu is Chairman of Ka An Development Co. Limited, a long-term shareholder of Eastplats, with over two decades of experience in business investment and financing enterprises in China, Hong Kong and North America.
ManagementEastern Platinum Limited reports Annual Results for 2024 and provides its targets for 2025
FY2024 revenue fell 41.5% to $62.5 million from $106.9 million in FY2023, with a net loss attributable to shareholders of $12.8 million ($0.06 per share) versus net income of $13.8 million ($0.08 per share); Q4 2024 revenue was $17.0 million and the net loss was $11.9 million. At December 31, 2024 Eastern Platinum had a working capital deficit of $38.7 million and short-term cash resources of $3.1 million. The Retreatment Project at the Crocodile River Mine in South Africa ended in Q1 2025, and 2025 targets include processing up to 631,000 tons of Zandfontein underground ROM.
CorporateEastern Platinum Limited announces the passing of George Dorin
Board Chair George Graham Dorin has died, Eastern Platinum Limited said. Dorin joined the Board on July 5, 2016 and served as Board Chair and Chair of the Corporate Governance and Compensation Committee, bringing over 40 years of financial experience including roles with Ernst & Whinney (now KPMG), Price Waterhouse and the Royal Bank of Canada.
News
202419 releases
Eastern Platinum Limited reports results for the third quarter of 2024
Q3 2024 revenue fell 49.5% to $11.0 million from $21.8 million, with a mine operating loss of $1.0 million versus income of $7.0 million, and a net loss attributable to shareholders of $3.4 million ($0.02 per share). YTD 2024 revenue was $45.5 million and the net loss was $0.8 million; working capital deficit was $26.6 million and short-term cash resources $8.5 million at September 30, 2024. At Crocodile River Mine in South Africa, Q3 chrome concentrate totalled 45,988 tons from tailings plus 4,354 tons underground, with 1,211 PGM ounces (6E) from Zandfontein underground; the Retreatment Project is expected to finish by early 2025.
CorporateEastern Platinum Limited announces change of auditors
Eastern Platinum has changed auditors from PricewaterhouseCoopers LLP to Davidson & Company LLP, Chartered Professional Accountants, effective October 22, 2024, with PwC resigning effective October 21, 2024 and Davidson appointed until the next Annual General Meeting. The company states there were no modified opinions or reportable events in the predecessor auditor's reports for the two most recently completed fiscal years or subsequent periods. The Notice of Change of Auditor and required letters have been filed on SEDAR+.
CorporateEastern Platinum announces commissioning of PGM processing facility at Crocodile River Mine, South Africa
Commissioning of the Circuit B PGM processing plant at the Crocodile River Mine in South Africa's Bushveld Complex is ongoing, with the plant now processing run-of-mine UG2 ore from the Zandfontein underground operations. A total of 75,000 tons of ROM ore was blasted to October 1, 2024, and about 22,000 tons processed in September, yielding concentrate containing roughly 1,300 ounces of PGM 6E metals delivered to Impala Platinum under an existing offtake agreement. October processing is expected at 30,000 tons, producing 2,000 to 2,500 ounces.
CorporateEastern Platinum Limited reports results for the second quarter of 2024
Q2 2024 revenue fell 48.6% to $18.8 million from $36.6 million, with mine operating income down 66.9% to $4.4 million and net income attributable to shareholders of $3.5 million ($0.02 per share) versus $7.7 million ($0.04). Chrome concentrate output was 72,305 tons at an average grade of 38.4%, and PGM production was 1,060 6E ounces; the Company had a $17.0 million working capital deficit at June 30, 2024. Commissioning of the Crocodile River Mine processing plant for Zandfontein underground ore is expected by late August or early September 2024, targeting 40,000 tons of ROM ore monthly by end-2024.
CorporateEastern Platinum Limited grants stock options
4,190,000 stock options have been granted to directors, officers and employees of Eastern Platinum Limited, vesting in 90 days. The options carry a five-year term, expire on July 2, 2029, and each entitles the holder to purchase one common share at an exercise price of CDN$0.20.
CorporateEastplats announces voting results of its annual general meeting of shareholders
Shareholders approved all resolutions at Eastern Platinum's 2024 Annual General Meeting held June 18, 2024, with 123,874,488 common shares voted, representing 61.35% of outstanding shares. The number of directors was set at 5 with 99.40% support, and Lisa Ng, Changyu (Charlie) Liu, George Dorin, Xin (Alex) Guan and Dr. Bielin Shi were each elected with 99.87% or more votes for. PricewaterhouseCoopers LLP was appointed auditors with 92.56% support.
CorporateAnnual General Meeting of Shareholders 2024
Annual General Meeting of Shareholders 2024 May 17, 2024 Notice of Meeting and Information Circular Form of Proxy – Canadian Form of Proxy – SA Beneficial Notice Virtual Meeting Guide
CorporateEastern Platinum Limited reports results and announces restatement of comparatives for the first quarter of 2024
Q1 2024 revenue fell 12.9% to $15.7 million from a restated $18.0 million, while mine operating income rose 49.5% to $5.3 million and gross margin improved to 33.7%; net loss attributable to shareholders was $0.9 million ($0.00 per share). Working capital deficit was $16.7 million with $20.7 million in short-term cash resources. Comparative 2023 figures were restated after a $4.0 million chrome concentrate revenue recognition error, and prior interim filings before May 13, 2024 should no longer be relied upon. Chrome concentrate production was 79,882 tons and PGM output 1,475 ounces (6E).
CorporateBCSC Revokes Temporary Management Cease Trade Order
The temporary management cease trade order announced on April 4, 2024 has been revoked by the British Columbia Securities Commission and is no longer in effect for Eastern Platinum Limited. As reported on May 3, 2024, the Company has completed and filed all late filings. Eastplats has adopted policies and procedures intended to ensure timely filing in the future.
CorporateEastern Platinum Limited Reports Record Annual Full Year Revenue for 2023, Announces Restatement of Comparatives, and Provides Its Targets for 2024
FY2023 revenue rose 98.3% to a record $106.9 million from a restated $53.9 million, with mine operating income of $31.6 million and net income attributable to shareholders of $13.8 million ($0.08 per share) versus a restated loss of $0.9 million. Q4 2023 revenue was $30.5 million. The company restated 2022 comparatives after a chrome concentrate sale understated 2022 revenue by $4.0 million; prior filings should no longer be relied upon. 2024 targets include ramping up Zandfontein underground at Crocodile River Mine, South Africa, with ROM ore processing expected in May or June 2024.
CorporateEastplats provides bi-weekly default status report
A bi-weekly default status report was issued under National Policy 12-203 following the company's failure to file its annual audited financial statements, MD&A and annual information form for the fiscal year ended December 31, 2023 by the April 1, 2024 deadline. The British Columbia Securities Commission granted a temporary management cease trade order on April 3, 2024. No changes have occurred since the April 17, 2024 news release, and the filings will be made as soon as practicable.
CorporateEastplats provides bi-weekly default status report
A bi-weekly default status report was issued under National Policy 12-203 following Eastern Platinum's inability to file its annual audited financial statements, MD&A and annual information form for the fiscal year ended December 31, 2023 by the April 1, 2024 deadline. The British Columbia Securities Commission granted a temporary management cease trade order on April 3, 2024. The company reports no changes since its April 4, 2024 release and intends to complete the filings as soon as practicable.
CorporateEastplats announces late filing of annual financial statements, annual information form and management cease trade order
Eastern Platinum did not file its annual audited financial statements, MD&A and annual information form for the fiscal year ended December 31, 2023 by the April 1, 2024 deadline, and has received a Management Cease Trade Order from provincial securities commissions under NP 12-203. The MCTO restricts trading by the CEO, CFO and certain other directors and officers, while the general public can continue to trade the common shares. The company will issue bi-weekly default status reports until the filings are made.
CorporateEastern Platinum Limited announces anticipated late filing of annual financial statements
Eastern Platinum expects to file its annual financial statements, MD&A, certifications and annual information form for the year ended December 31, 2023 after the April 2, 2024 prescribed deadline, targeting filing by no later than April 30, 2024. The delay followed a special committee investigation into April 2023 whistleblower allegations of undisclosed related party transactions involving chrome concentrate sales at discounted prices; the committee, which completed work around December 11, 2023, found them unsubstantiated. The Company has applied for a management cease trade order.
CorporateEastern Platinum announces initial phase of Zandfontein underground is fully operational
The initial "soft start" phase of the Zandfontein underground operations at the Crocodile River Mine in the Bushveld Complex, South Africa, is now fully operational. Run-of-mine material will be brought to surface, with the first batch of ROM processing to begin in Q2 2024. Eastplats plans to reach a mining run rate of 40,000 tons per month by the end of 2024 and to process up to 235,000 tons of underground ore this year.
CorporateEastern Platinum Limited announces correction to CEO letter to shareholders dated January 23, 2024
A correction was issued to the January 23, 2024 CEO letter to shareholders: the planned 2024 ramp-up of the Zandfontein underground operations is to process up to 235,000 tons of underground run-of-mine production in total for the year, not per month as originally stated. Eastern Platinum's Crocodile River Mine operations in South Africa's Bushveld Complex currently include re-mining and processing tailings to produce PGM and chrome concentrates.
CorporateEastern Platinum Limited publishes CEO letter to shareholders
A CEO letter from Wanjin Yang reviews 2023 and outlines 2024 plans for the Crocodile River Mine in South Africa, stating the tailings storage facility retreatment project is expected to deliver record 2023 annual revenues of US$100 million and will operate into late 2024. The Zandfontein underground soft restart began in Q4 2023, targeting 40,000 tons of PGM ore monthly by end-2024, 70,000 tons by end-2025 and 70,000–80,000 tons in 2026, with PGMs expected to account for roughly 80% of 2024 revenue. A special committee found whistleblower allegations regarding chrome concentrate sales unsubstantiated.
CorporateEastern Platinum Limited announces participation at upcoming conferences
Eastern Platinum will attend two upcoming conferences: 121 Mining Investment Cape Town on February 5-6, 2024 in Cape Town, South Africa, and PDAC 2024 on March 3-6, 2024 at the Metro Toronto Convention Centre, where the company will occupy booth No. 2345. Senior management will attend both events.
Corporate
202328 releases
Eastern Platinum Limited announces completion of Special Committee investigation
A special committee of two independent directors has completed its investigation into whistleblower allegations, including claims of undisclosed related party transactions relating to the sale of chrome concentrate at discounted prices, and found the allegations unsubstantiated. The committee, assisted by independent counsel and a third-party e-discovery specialist, found no evidence of any related party transaction and concluded the chrome concentrate sale contract prices were within a reasonable range of market price.
CorporateEastern Platinum Limited reports results for the third quarter of 2023
Q3 2023 revenue rose 505.6% to $21.8 million from $3.6 million, with mine operating income of $7.0 million and net income attributable to shareholders of $3.1 million ($0.02 per share), versus a $6.6 million loss a year earlier; all Q3 revenue came from third-party chrome concentrate sales. Chrome concentrate output was 102,898 tons at 38.6% Cr, and PGM production was 1,171 6E ounces. Blasting has begun at the Zandfontein underground section of the Crocodile River Mine in South Africa, with underground ore processing expected in Q1 2024. The whistleblower special committee expects to report findings to the Board before year-end.
CorporateEastern Platinum Limited receives approval from South Africa Competition Commission regarding rights offering transaction
The South Africa Competition Commission has approved Ka An Development Co. Limited's acquisition of Eastern Platinum common shares under the rights offering announced May 8, 2023. Approval is conditional on establishing an employee share ownership program holding at least 5% of Barplats Mines (Pty) Limited, to be set up within 6 months of Barplats attaining a steady state of certain run of mine tonnages for six consecutive months.
FinancingEastern Platinum to host investor webinar
An investor webinar will be held on Wednesday, November 22, 2023 at 1:00 p.m. PT / 4:00 p.m. ET, hosted by CEO Wanjin Yang and CFO Wylie Hui. The presentation will cover a corporate and operational update, including development plans for the Zandfontein underground section at the Crocodile River Mine in South Africa, followed by a Q&A session. A recording will be posted on the Eastplats website on November 29, 2023.
CorporateEastern Platinum Limited reports results for the second quarter of 2023
Q2 2023 revenue rose 78.5% to $36.6 million from $20.5 million, with mine operating income up 216.7% to $13.3 million and net income attributable to shareholders of $7.7 million ($0.04 per share), driven by increased third-party chrome sales at the Crocodile River Mine in South Africa. Year-to-date revenue was $58.7 million and net income $9.0 million ($0.06 per share). The Company had a working capital deficit of $16.1 million and $11.9 million in short-term cash resources as at June 30, 2023.
CorporateEastplats’ South African Subsidiary receives a summons
South African subsidiary Barplats Mines Proprietary Limited has received a combined summons from ABT Toda Proprietary Limited, filed with the High Court of South Africa (North West Division, Mahikeng). The matter relates to Barplats' ongoing confidential arbitration with Advanced Beneficiation Technologies (Pty) Ltd over termination of the project framework agreement for the Circuit H Project, a modular PGM plant at the Zandfontein tailings dam at Crocodile River Mine. Eastplats will seek advice and make a recommendation on appropriate action.
CorporateEastern Platinum Limited retains investor relations firm target IR and grants stock options
Toronto-based investor relations firm Target IR & Communications has been retained under a 12-month consulting agreement effective July 1, 2023, with Eastern Platinum paying a base monthly fee. The Company granted Target IR 240,000 stock options vesting in 90 days, with a five-year term expiring June 21, 2028, exercisable at CDN$0.10 per common share. Eastplats holds PGM and chrome assets in South Africa's Bushveld Complex and is pursuing a Zandfontein underground restart plan.
CorporateEastern Platinum Limited announces stock option grants and restatement of first quarter MD&A
3,800,000 stock options were granted to directors, officers and employees, vesting in 90 days, with a five-year term expiring June 21, 2028 and an exercise price of CDN$0.10 per common share. Eastplats also filed an amended MD&A for the three months ended March 31, 2023, correcting Q1 2023 Total Tailings Feed from 432,005 to 631,954 tons after the original figure excluded 199,949 tons processed in March 2023. First quarter financial statements were not impacted.
CorporateEastplats announces voting results of its Annual General Meeting of Shareholders
All resolutions were approved at Eastern Platinum Limited's 2023 Annual General Meeting held June 20, 2023, including setting the number of directors, the election of Lisa Ng, Changyu (Charlie) Liu, George Dorin, Xin (Alex) Guan and Dr. Bielin Shi as directors, and the appointment of PricewaterhouseCoopers LLP as auditors. A total of 65,194,989 common shares were voted, representing 47.30% of the votes attached to all outstanding common shares.
CorporateEastern Platinum Limited announces update on special committee investigations
A special committee of two independent directors, George Graham Dorin and Xin (Alex) Guan, has been formed to investigate unproven whistleblower allegations, including allegations of undisclosed related party transactions relating to the sale of chrome concentrate at discounted prices. Working with independent special counsel, the committee has obtained information and documents from management and interviewed the CEO and CFO. It is engaging an e-discovery specialist to review documents on the Company's servers before assessing next steps.
CorporateEastern Platinum Limited announces extension of expiry date for warrants
The expiry date of 5,960,000 outstanding unlisted common share purchase warrants, originally issued on June 26, 2020 in conjunction with a settlement agreement with AlphaGlobal Capital Inc., will be extended from June 26, 2023 to June 26, 2024, effective June 26, 2023. Each warrant entitles the holder to purchase one common share at CDN$0.24. The Toronto Stock Exchange has granted conditional acceptance, and all other warrant terms remain unchanged.
CorporateAnnual General Meeting of Shareholders to be held on June 20, 2023
The annual general meeting of shareholders will be held on June 20, 2023. Meeting materials made available include the Notice of Meeting and Information Circular, Canadian and South African forms of proxy, a beneficial holder notice, and a virtual meeting guide.
CorporateEastern Platinum Limited reports results for the first quarter of 2023
Revenue for the first quarter of 2023 rose 26.7% to $22.1 million from $17.4 million a year earlier, with mine operating income up 53.8% to $5.2 million and a gross margin of 23.7%, while net income attributable to shareholders fell to $1.3 million ($0.01 per share) from $3.0 million ($0.02), largely on a foreign exchange loss. The working capital deficit was $35.2 million at March 31, 2023, with $3.8 million in short-term cash resources. Chrome concentrate production was 147,090 tons at an average grade of 38.65%, and PGM output was 2,072 ounces (6E).
CorporateEastern Platinum Limited to invest in Zandfontein underground and growth opportunities with completed rights offering
A rights offering has closed, raising gross proceeds of approximately CDN$7,043,721 (TSX–CDN$6,900,317 and JSE–ZAR1,966,862), with 64,080,653 common shares to be issued on May 12, 2023 at CDN$0.11 per share on the TSX and ZAR1.4564 per share on the JSE, subject to final TSX and JSE approval. Insider Ka An Development Co. Limited subscribed for 55,767,000 shares, raising its holdings to 100,767,000 shares, or 49.9% of the 201,901,426 shares outstanding. Net proceeds will fund projects described in the March 24, 2023 rights offering circular.
FinancingEastplats receives reasons for judgment regarding a derivative action
The Supreme Court of British Columbia has denied shareholder Xiaoling Ren leave to commence a derivative action against all but one of Eastern Platinum's former and current directors, granting leave only as against former director and CEO Diana Hu. The petition related to transactions between the Company and Union Goal Offshore Solutions Limited. Either party may appeal within a limited period.
CorporateEastern Platinum Limited announces whistleblower allegations and formation of special committee
Eastern Platinum's Board has received unproven whistleblower allegations, including claims of undisclosed related party transactions relating to the sale of chrome concentrate at discounted prices. A special committee of two independent directors, George Graham Dorin and Xin (Alex) Guan, has been formed to investigate, review and analyze the allegations with independent counsel, and if deemed appropriate will provide recommendations to the Board on any necessary steps.
CorporateEastern Platinum reports annual financial results for 2022 and provides its targets for 2023
FY2022 revenue fell 27.0% to $49.8 million from $68.2 million in FY2021, with mine operating income down $3.7 million to $5.9 million and net loss attributable to shareholders widening to -$2.6 million ($0.02 loss per share); Q4 2022 revenue was $8.3 million with a mine operating loss of -$3.5 million. Working capital deficit was $39.5 million at December 31, 2022. FY2022 chrome concentrate output was 602,111 tons and PGM production 8,670 ounces (6E). 2023 targets include raising capital to restart Zandfontein underground operations at Crocodile River Mine, South Africa.
CorporateRights Offering Form of Instructions
FinancingEastern Platinum Limited announces Rights Offering to fund growth opportunities
A rights offering was launched to shareholders of record on Thursday, April 6, 2023, on the basis of one right per common share held, each right exercisable for one common share at Cdn$0.11 or ZAR 1.4564 per share, with an additional subscription privilege. Rights trade on the TSX as ELR.RT and on the JSE as EPSN from April 4, 2023, and the offering expires May 5, 2023. Full exercise would issue 137,820,773 additional shares, with proceeds directed to PGM-focused capital projects.
FinancingNotice to Ineligible Shareholders
CorporateNotice of Rights Offering
FinancingRights Offering Circular
FinancingEastplats announces restatement of third quarter of 2022 financial statements and MD&A
Eastern Platinum has amended and restated its condensed interim consolidated financial statements and MD&A for the three and nine months ended September 30, 2022, following a change in accounting policy on when revenue from its chrome concentrate contract with Union Goal Offshore Solutions is recognized under IFRS 15. Third quarter revenue was reduced by $13,623 thousand to $3,592 thousand, with net loss restated to $6,603 thousand and inventories increased by $10,509 thousand. Annual 2022 statements are expected to be filed by the March 31, 2023 deadline.
CorporateTerms extended for Crocodile River Platinum Group Metals Tailings Concentrate with Impala Platinum Limited
The Terms For Crocodile River Tailings Concentrate agreement between Impala Platinum Limited and Barplats Mine (Pty) Ltd, a wholly owned Eastplats subsidiary, signed September 29, 2020, has been extended with all terms and conditions unchanged up to and including December 21, 2023. The agreement covers delivery of PGM tailings concentrate to Impala. Eastplats is targeting a restart of the Zandfontein underground section to extract high-grade PGMs in 2023, already under an off-take agreement with Impala.
News
202221 releases
Eastern Platinum Limited reports results for the third quarter of 2022
Third quarter 2022 revenue rose 8.1% to $17.2 million and mine operating income increased 133.6% to $4.4 million, with a gross margin of 25.7%; the net loss attributable to shareholders was $4.1 million ($0.03 per share), largely from foreign exchange losses on the weaker Rand. As at September 30, 2022 the working capital deficit was $33.5 million and short-term cash resources $1.2 million. Union Goal owes approximately $16.4 million in receivables plus $2.6 million not yet invoiced. Zandfontein UG2 processing is expected in Q1 2023.
CorporatePipeline finance facility agreement with Investec Bank limited updated and filed
The pipeline finance agreement between Investec Bank Limited and Barplats Mine (Pty) Ltd, a wholly owned Eastplats subsidiary, first announced September 22, 2022, has been updated, reducing the maximum credit facility from R150 million (C$11.3 million) to R110 million (C$8.3 million). The renewable 12-month revolving commodity facility is secured by PGM production from the Crocodile River Mine tailings storage facility in South Africa, priced at 3-month JIBAR plus margin, and will fund working capital and the Zandfontein underground restart. The agreement has been filed on SEDAR.
FinancingEastern platinum limited announces resignation of Chief Operating Officer
Chief Operating Officer Hannelie Hanson has resigned from Eastern Platinum to pursue new career opportunities. CEO and President Wanjin Yang will assume the general management role in South Africa and its responsibilities on an interim basis. Haiying Wang has been appointed Vice President, responsible for new project development, planning, marketing and promotion, investment, and socio-economic strategy, having recently joined the company to focus on its South Africa mining business.
ManagementFinance facility agreement with Investec Bank limited completed
A finance facility agreement has been signed with Investec Bank Limited, providing a renewable 12-month revolving commodity finance facility of up to R150 million (C$11.3 million), secured by PGM production from the tailings storage facility at the Crocodile River Mine near Brits, South Africa. The indicative rate is 3-month JIBAR plus 150 basis points, with guaranteed prices via a fixed-price swap hedge on platinum, palladium, rhodium and gold. Proceeds will fund working capital and the restart of the Zandfontein underground section.
FinancingEastern Platinum Limited reports results for the second quarter of 2022
Q2 2022 revenue rose 2.5% to $20.5 million from $20.0 million, with mine operating income up 25.2% to $4.2 million and a gross margin of 20.3%; net income attributable to shareholders was $1.2 million ($0.01 per share) versus $4.1 million a year earlier. Year-to-date revenue was $37.9 million and net income $4.2 million. Working capital was $16.1 million at June 30, 2022. Union Goal owes roughly $17.0 million in receivables plus $6.0 million not yet invoiced, with payments slow.
CorporateEastern Platinum Limited announces appointment of new Chief Operating Officer
Hannelie Hanson has been promoted to Chief Operating Officer of Eastern Platinum Limited from General Manager, South Africa Operations. She has over 24 years of mining experience and joined Eastplats in 2012, previously serving as Senior Manager (Technical Services) at Lonmin. In connection with the appointment and subject to regulatory approval, she was granted an additional 80,000 stock options vesting in 90 days, exercisable at CDN$0.23 for a five-year term expiring August 1, 2027.
ManagementEastplats’ planned restart of underground mine operations to create 1,400 new jobs
Eastplats’ planned restart of underground mine operations to create 1,400 new jobs July 11, 2022 Restarting operations at the Crocodile River Mine will require an upfront investment of about $25m
CorporateEastern Platinum Limited Grants Stock Options
A total of 1,870,000 stock options have been granted to directors, officers and employees of Eastern Platinum Limited, vesting in 90 days. The options carry a five-year term, expire on July 6, 2027, and each allows the purchase of one common share at an exercise price of CDN$0.23.
CorporateEastplats positions new mining method to reopen CRM before year-end
Following completion of a new long-term plan and mine redesign study, Eastplats expects to restart mining operations at its Crocodile River Mine (CRM) PGM and chrome operations in South Africa's North West province in the third or fourth quarter of this year. The JSE- and TSX-listed company is positioning a new mining method for the reopening.
CorporateEastern Platinum files Independent Competent Person’s Report on the Crocodile River Mine
An Independent Competent Person's Report on the Crocodile River Mine in South Africa's North West Province, dated January 1, 2022, has been uploaded to Eastern Platinum's website to comply with Johannesburg Stock Exchange Section 12 disclosure requirements for mineral companies. The report updates resources and reserves for the Zandfontein, Crocette and Kareespruit sections ahead of the restart of underground mining at Zandfontein, which was placed under care and maintenance in 2013. It shows no material changes from the NI 43-101 technical report filed on SEDAR on May 20, 2022.
NewsIndependent Competent Person’s Report on the Crocodile River Mine
Independent Competent Person’s Report on the Crocodile River Mine June 30, 2022 Download report [PDF – 12MB]
NewsEastplats announces appointment of new Chief Executive Officer
Wanjin Yang has been appointed Chief Executive Officer of Eastern Platinum Limited, effective immediately, replacing Diana Hu, who has left the company. Yang is an exploration geologist with over 30 years' experience and was previously Project Geologist at Whitehorse Gold Corp. Andrea Zhang has transitioned to a Vice-President role after serving as Chief Operating Officer. Management is executing a plan to re-start underground operations at the Zandfontein section of the Crocodile River Mine in South Africa.
ManagementEastplats announces changes to the board of directors
Directors Diana Hu and Michael Cosic resigned from Eastern Platinum's board effective June 22, 2022 under the Company's Majority Voting Policy; Hu remains CEO and President. Changyu (Charlie) Liu, Chairman of shareholder Ka An Development Co. Limited, and Lisa Ng, a CPA with over 25 years of experience across mining, information technology, biotech and insurance, were appointed to fill the vacancies. The Company said the board will now be fully independent from management, and it continues to target restarting Zandfontein underground mining in 2022.
ManagementEastplats announces voting results of its Annual General and Special Meeting of Shareholders
All five director nominees were elected at Eastern Platinum's annual general and special meeting held June 21, 2022, where 81,269,162 common shares were voted, representing 58.97% of outstanding shares. Diana Hu (31.92% for) and Michael Cosic (31.92% for) had more votes withheld than in favour and have tendered resignations under the Company's Majority Voting Policy, to be referred to the Corporate Governance and Compensation Committee. Shareholders also re-appointed PricewaterhouseCoopers LLP as auditors and approved continuation of the Stock Option Plan for three further years.
CorporateUpdated technical report on the Crocodile River Mine
Study results