Eastplats stabilizes production and increases PGM capacity

VANCOUVER, British Columbia, Canada – Eastern Platinum Limited (Eastplats) has reported that its subsidiary, Barplats Mines in South Africa, has confirmed the provisional payment terms of the first delivered shipment of pressed filter cake platinum group metals concentrate under the existing offtake agreement between Barplats and Impala Refining Services Limited, now Impala Platinum Limited. These terms confirm the restart of PGM revenue by the Company.

CAPITAL PROJECTS

As a result of some initial confirmations of rights exercise, the Company has begun the detailed planning regarding the intended reconfiguring and procurement initiatives on both the small-scale PGM circuit (previously the scavenger plant circuit) and the existing main PGM facility (PGM Circuit 1).

The optimization of the PGM Circuit D and the refurbishment of the PGM Circuit 1 are intended to stabilize existing production and increase the capacity of the PGM recovery and sales.

Diana Hu, the President and CEO of Eastplats, stated that “the initial confirmation of exercises of the rights offering has allowed the Company to allocate time and begin the planning work on the PGM Circuit D and PGM Circuit 1. These projects expand Eastplats PGM processing capacity and potential revenue sources. The Company looks forward to the completion and closing of the rights offering and to then continue the development of opportunities in South Africa for its shareholders.”

2020 OPERATIONS

The Company has confirmed that Barplats produced 987,003 tons of chrome concentrate during 2020 and was able to deliver 960,776 tons under the offtake agreement with Union Goal Offshore Solutions Inc.

The Company is very pleased to have successfully operated the Chrome Retreatment Project for 309 days in 2020. Non-operating days include planned shutdowns, adverse weather, and South African lockdowns and closures related to COVID-19.

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