EASTERN PLATINUM LIMITED REPORTS RESULTS FOR THE FIRST QUARTER OF 2025
VANCOUVER, BC, May 14, 2025 /CNW/ - Eastern Platinum Limited (TSX: ELR) (JSE: EPS) (" Eastplats" or the " Company") is pleased to report that it has filed its condensed interim consolidated financial statements for the three months ended March 31, 2025 and the corresponding management's discussion and analysis (" MD&A"). Below is a summary of the Company's financial results for the first quarter of 2025 (" Q1 2025") in comparison to the same respective period in 2024 (" Q1 2024") (all amounts in USD unless specified):
Revenue for Q1 2025 decreased to $14.8 million (Q1 2024 - $15.7 million), representing a $0.9 million or -5.7% decrease.
Mine operating loss increased by $10.0 million to $4.7 million in Q1 2025 (Q1 2024 – mine operating income of $5.3 million) while gross margin decreased from 33.7% in Q1 2024 to -31.6% in Q1 2025.
Operating loss was $8.1 million in Q1 2025 compared to $0.03 million in Q1 2024.
Net loss attributable to equity shareholders was $6.9 million ($0.03 loss per share) in Q1 2025 versus net loss attributable to equity shareholders of $0.9 million ($0.00 loss per share) in Q1 2024. The increase in Q1 2025 net loss was largely attributable due to the restart of underground operations, resulting in increased production costs and site services costs incurred at the Crocodile River Mine (" CRM") in South Africa.
The Company had a working capital deficit (current assets less current liabilities) of $47.4 million as at March 31, 2025 (December 31, 2024 – working capital deficit of $38.7 million) and short-term cash resources of $4.7 million (consisting of cash and cash equivalents) (December 31, 2024 – $3.1 million)
Wanjin Yang, Chief Executive Officer and President of Eastplats commented, "We had a challenging first quarter as we ramp up underground run-of-mine tonnages at the Crocodile River Mine. Our focus is on increasing underground production feed to the PGM and chrome circuits, which will improve production results in future quarters."
Operations
The Company derived revenue from the processing of platinum-group-metal (" PGM") and chrome concentrates during Q1 2025 and Q1 2024. Eastplats' majority of revenue (72% for Q1 2025; 93% in Q1 2024) is from chrome concentrate sales to third parties.
Summary of chrome production from the Retreatment Project at the CRM for the three months ended March 31, 2025 and 2024:
The Retreatment Project was completed during the first quarter of 2025. The Company continues the tailings storage facility wall building program, utilizing waste rock and paddocking, to raise the wall to facilitate continued depositing of reprocessed tailings.
The Company started processing run-of-mine (" ROM") UG2 ore from the Zandfontein underground section at the CRM during the third quarter of 2024, at higher grades of chrome and PGM recovery, respectively.
Summary of chrome production from underground operations for the three months ended March 31, 2025:
Summary of PGM production for the three months ended March 31, 2025 and 2024:
*PGM 6E grades and ounces are estimates until final exchanges and umpire results have been concluded, which can take up to three months.
The Company has filed the following documents, under the Company's profile on SEDAR+ at www.sedarplus.ca:
Condensed interim consolidated financial statements for the three months ended March 31, 2025; and
Management's discussion and analysis for the three months ended March 31, 2025.
The condensed interim consolidated financial statements for the three months ended March 31, 2025 are available for download at https://www.eastplats.com/investors/quarterly-reports/F2025/ and are also available on the JSE's website at:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/EPS/Q125.pdf.
The Company has a primary listing on the Toronto Stock Exchange and a secondary listing on the JSE Limited.
About Eastern Platinum Limited
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 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 mining and processing ore from the Zandfontein underground section to both produce PGM and chrome concentrates, respectively.
Cautionary Statement Regarding Forward-Looking Information
This news 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," "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, without limitation, forward-looking statements pertaining to: increasing underground production feed to the PGM and chrome circuits and improvement of PGM and chrome production results. 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, unanticipated problems that may arise in the Company's production processes, commodity prices, lower than expected grades and quantities of resources, need for additional funding and availability of such additional funding on acceptable terms, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.
All forward-looking statements in this news 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 news 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.
SOURCE Eastern Platinum Ltd.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
National Post
a day ago
- National Post
Mogo Applies to Extend the Expiry Dates of Certain Warrants
Article content VANCOUVER, British Columbia — Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) ('Mogo' or the 'Company'), a digital wealth and payments business, today announced that it has applied to the Toronto Stock Exchange (the 'TSX') to extend the expiry date of 1,120,371 common share purchase warrants (the 'Warrants'). The Warrants were issued pursuant to the Company's US$27.5 million Registered Direct offering in December 2021 and are currently set to expire on June 13, 2025. The Warrants consist of 101,852 warrants with an exercise price of US$16.875 per common share and 1,018,519 warrants with an exercise price of US$14.10 per common share. Each Warrant entitles the holder thereof to acquire one common share of the Company and all other terms of the Warrants will remain the same. Article content The Company is seeking to extend the expiry date of the Warrants to June 13, 2026. No insiders of the Company hold any of the Warrants, directly or indirectly. Finalization of this extension is subject to the approval of the TSX and the warrantholders. If such approvals are obtained, this extension will be effective on the date that is ten business days from the date of this press release (the 'Effective Date'), and the Warrants cannot be exercised during the period from June 13, 2025 up to the Effective Date. Article content Article content Mogo Inc. Article content (NASDAQ:MOGO; TSX:MOGO) is a financial technology company with three distinct business lines: wealth, lending, and payments. Our mission is to provide consumers with innovative financial solutions that drive long-term financial health and success. We operate with a differentiated approach in each business, leveraging technology, behavioral science, and financial tools to create unique value propositions in our respective markets. Article content Our wealth and lending businesses are focused on the Canadian market, where we are the only subprime consumer lender that also offers a holistic wealth and investing solution. This unique integration is designed to help consumers transition from borrowing and debt to long-term wealth building. Separately, our payments business is operated through Carta Worldwide, a wholly owned subsidiary that provides modern card issuing and processing solutions, primarily in Europe. Article content Forward-Looking Statements Article content This news release may contain 'forward-looking statements' within the meaning of applicable securities legislation, including statements regarding the extension of the expiry date of the Warrants, including receipt of TSX and warrantholder approval. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at the time of preparation, are inherently subject to significant business, economic and competitive uncertainties and contingencies, and may prove to be incorrect. Forward-looking statements are typically identified by words such as 'may', 'will', 'could', 'would', 'anticipate', 'believe', 'expect', 'intend', 'potential', 'estimate', 'budget', 'scheduled', 'plans', 'planned', 'forecasts', 'goals' and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Mogo's growth, its ability to expand into new products and markets and its expectations for its future financial performance are subject to a number of conditions, many of which are outside of Mogo's control. For a description of the risks associated with Mogo's business please refer to the 'Risk Factors' section of Mogo's current annual information form, which is available at and Except as required by law, Mogo disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Article content Article content Article content Article content Article content Article content investors@ Article content Article content Article content
Cision Canada
2 days ago
- Cision Canada
DRI Healthcare Trust Comments on FDA Delay for KalVista Pharmaceuticals' Sebetralstat PDUFA Goal Date Due to FDA Resourcing Constraints
- FDA decision anticipated within four weeks - TORONTO, June 13, 2025 /CNW/ - DRI Healthcare Trust (TSX: (TSX: DHT.U) (the "Trust") today announced KalVista Pharmaceuticals ("KalVista") has disclosed that it has received notice from the U.S. Food and Drug Administration ("FDA") that the FDA will not meet the June 17, 2025 PDUFA goal date for the New Drug Application (NDA) for sebetralstat, due to a heavy workload and agency resourcing issues. KalVista commented that the FDA has not requested additional data or studies and has communicated to KalVista that it anticipates delivering a decision within approximately four weeks. KalVista issued its own press release with the announcement earlier today (link). About DRI Healthcare Trust The Trust is managed by DRI Capital Inc., a pioneer in global pharmaceutical royalty monetization. Since its initial public offering in 2021, the Trust has deployed more than $1.0 billion, acquiring more than 25 royalties on 20-plus drugs, including Eylea, Orserdu, Omidria, Spinraza, Stelara, Vonjo, Zejula and Zytiga. The Trust's units are listed and trade on the Toronto Stock Exchange in Canadian dollars under the symbol " and in U.S. dollars under the symbol "DHT.U". To learn more, visit or follow us on LinkedIn. SOURCE DRI Healthcare Trust
Toronto Star
2 days ago
- Toronto Star
Canadian and U.S. stocks down after Israeli attacks on Iran, price of oil jumps
TORONTO - Canada's main stock index closed down along with U.S. markets Friday as investors turned cautious following Israeli attacks on Iranian nuclear and military targets. The attacks, which prompted Iran to fire missiles at Israel in retaliation, raised fears the conflict could escalate further and led to a spike in the price of oil. 'It's clearly a risk-off situation, and a spot where people that maybe want to take a little bit of risk off the table have the opportunity to do so,' said Dustin Reid, chief fixed income strategist at Mackenzie Investments. ARTICLE CONTINUES BELOW Oil prices leapt, and stocks fell on worries that escalating violence following Israel's attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy. (AP Video / June 13, 2025) The price of oil, already rising this week, spiked over fears of supply and trade disruptions, with the August crude oil contract up US$4.65 at US$71.29 per barrel. Higher oil prices helped soften the effects of the pullback on the S&P/TSX composite index, which closed down 111.40 points at 26,504.35 but was less affected than U.S. markets, noted Reid. 'You see materials and energy, subcomponents here within the TSX doing a little bit better, and keeping the index probably, you know, outperforming versus others.' The TSX energy index was up 2.8 per cent and gold stocks moved higher as the metal also rose, helping offset losses in most other sectors including financials, telecoms and technology. In New York, the Dow Jones industrial average was down 769.83 points, or 1.8 per cent, at 42,197.79. The S&P 500 index was down 68.29 points at 5,976.97, while the Nasdaq composite was down 255.66 points at 19,406.83. A big concern for markets is that higher oil prices will put pressure on inflation, and in turn affect interest rate decisions, said Reid. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'It's not particularly constructive for the idea that central banks can cut rates any time soon.' The higher prices could also dampen consumer spending, while the wider situation also creates higher degrees of uncertainty, he said. 'It's probably not great for global sentiment, consumer sentiment,' said Reid. 'So I am a little bit concerned here that the gains that have been had over the last handful of weeks, could be somewhat at risk.' The Canadian dollar rose, trading for 73.54 cents US compared with 73.46 cents US on Thursday, thanks in part to higher oil prices, but it didn't move as much as it might have because investors fled to the U.S. dollar for safety, said Reid. 'The Canadian dollar is surprisingly flat, kind of net net today, against the U.S. dollar anyway,' he said. 'We are seeing a decent bid for the U.S. dollar on safe haven, which has not been the case particularly since early April.' ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW The Canadian dollar wasn't helped by manufacturing sales data out Friday that showed a fall of 2.8 per cent in April, the largest monthly drop since October 2023, as the tariff dispute with the United States hit the industry. 'The organic Canadian economy is slowing, and will continue to slow, and you can see it across different spots of the economy, manufacturing clearly being one,' said Reid. The July natural gas contract was up nine cents US at US$3.58 per mmBTU. The August gold contract was up US$50.40 at US$3,452.80 an ounce and the July copper contract was down three cents US at US$4.81 a pound. This report by The Canadian Press was first published June 13, 2025. Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
