Eastern Platinum appoints new CFO and provides operations update

Vancouver, British Columbia – Eastern Platinum has announced the appointment of Wylie Hui as the new Chief Financial Officer and Corporate Secretary of the Company. Mr. Hui is a CPA, CA and brings over 25 years of finance and operational experience to his role with Eastplats, particularly his experience in mining.

Diana Hu, President and CEO of Eastern Platinum stated “Eastplats is excited to welcome Wylie to the team and looks forward to his contributions as the Company continues its progress on the successful Retreatment Project recovering chrome, obtains the benefits of its investment into PGM processing, and further develops its other projects in South Africa. Wylie brings the right experience to Eastplats at this important juncture as we expand operations and continue growth.”

Mr. Hui succeeds Rowland Wallenius who will be departing the Company to pursue other opportunities.

The Company recently completed the reconfiguring and optimization of the small-scale PGM circuit (previously the scavenger plant circuit) (“PGM Circuit D”) which also included completion of the initial work required to restart the main PGM plant circuit (“PGM Main Circuit”). Following the completion of the work, the Company generated approximately 111 tons of PGM concentrates, and has delivered approximately 64 dry tons under the existing offtake agreement with Impala Refining Services Limited, now Impala Platinum Limited.

The Company completed the upgrades to obtain higher quality concentrate in order to be able to consistently produce a minimum of 200 tons of PGM concentrate per month, having a positive impact on the Company’s revenue.

The PGM Circuit D utilizes the initial work on the PGM Main Circuit. The next phase of the PGM Main Circuit work continues to be scheduled to start in May 2021, with commissioning expected in October 2021.

The Company estimates this will add a further 800 tons of PGM concentrate per month to production, thereby increasing production four-fold and continuing to grow Eastplats’ revenue.

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 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 include re-mining and processing its tailings resource, with an offtake of the chrome concentrate to Union Goal from the Zandfontein UG2 tailings facility and the processing and extraction of platinum group metals.

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