Eastplats continues its tailings operations producing chrome concentrate

VANCOUVER, British Columbia – Eastern Platinum has reported that the Company continues its tailings remaining operations generating chrome concentrate at Barplats Mines tailings facility (the “Retreatment Project”) located at the Company’s Crocodile River Mine in South Africa (“CRM”).

Chrome recovery from production during Q1 2021:

• Tons of chrome concentrates 203,901
• Average grade of the chrome concentrates produced 38.47%

The recent completion of the reconfiguration and optimization of the small-scale platinum group metal (“PGM”) circuit (“PGM Circuit D”) successfully utilized the feed, following the recovery of chrome concentrate, to produce PGM concentrates under the respective offtake agreements in Q1 2021.

OUTLOOK

The Company’s CRM Retreatment Project in South Africa operated without restrictions following the temporary shut-downs of operations during the second quarter of 2020 due to COVID-19. The Company remains vigilant to continue its high standards in regards to maintaining safe operations.

Although the current outlook is positive due to the reduced restrictions, all operations could be affected by new COVID-19 issues or new lockdown directives in South Africa.

The Company’s targets for 2021 were updated following the completed Rights Offering in January 2021, including:

• Continue operating the Retreatment Project efficiently;
• Reconfigure, optimize, and consistently operate the small-scale PGM Circuit D, which also includes funding for some of the initial work required to restart the PGM Main Circuit;
• Completion of the Optimization Project for the Retreatment Project;
• Establishment of the appropriate TSF phase II capital works program;
• Upgrades and repairs to the CRM Zandfontein underground shaft and rock winder to ensure they are available for underground mining operations;
• Completion of the refurbishment of the existing PGM Main Circuit to increase the capacity and recovery opportunity of PGM recovery and sales;
• Mareesburg project environmental work to complete the EIA regarding the haul road and project;
• Prospecting and assessment work in relation to Zandfontein, Crocette and Spitzkop ore bodies;
• EIA and assessment work regarding a vertical furnace and pelletizer of chrome concentrate;
• CRM underground assessment including all chrome recovery activities in relation to the Retreatment Project; and
• Capital requirements for care and maintenance, working capital and general and administrative costs.

The Company is actively progressing several revenue opportunities and exploring options to utilize or monetize other assets.