Latest news with #Eastplats
Globe and Mail
6 days ago
- Business
- Globe and Mail
EASTERN PLATINUM LIMITED REPORTS RESULTS FOR THE SECOND QUARTER OF 2025 AND INCREASE OF CREDIT FACILITY WITH INVESTEC
VANCOUVER, BC , Aug. 13, 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 and six months ended June 30, 2025 and the corresponding management's discussion and analysis (" MD&A"). Below is a summary of the Company's financial results for the second quarter of 2025 (" Q2 2025") and for the six months ended June 30, 2024 (" YTD 2025") in comparison to the same respective period in in 2024 (" Q2 2024" and " YTD 2024") (all amounts in USD unless specified): Revenue for Q2 2025 decreased to $10.7 million (Q2 2024 - $18.8 million ), representing a $8.1 million or 43.1% decrease. Revenue for YTD 2025 decreased to $25.5 million (YTD 2024 - $34.5 million ), representing a $9.0 million or 26.1% decrease. Mine operating income decreased by $4.0 million (or -90.9%) to $0.4 million in Q2 2025 (Q2 2024 - $4.4 million ) as gross margin declined to 3.4% in Q2 2025 from 23.6% in Q2 2024. Mine operating income in YTD 2025 decreased by $14.0 million (or -144.3%) to mine operating loss of $4.3 million (YTD 2024 - $9.7 million ), resulting from a reduced gross margin of -16.9% in YTD 2025 from 28.2% in YTD 2024. Operating loss was $3.0 million in Q2 2025 compared to an operating income of $1.6 million in Q2 2024. Operating loss was $11.1 million in YTD 2025 compared to an operating income of $1.6 million in YTD 2024. Net loss attributable to equity shareholders was $1.8 million ( $0.01 loss per share) in Q2 2025 versus net income attributable to equity shareholders of $3.5 million ( $0.02 earnings per share) in Q2 2024. The decrease in Q2 2025 net income was largely attributable to the significantly decreased revenue derived in the period. Net loss attributable to equity shareholders was $8.7 million ( $0.04 loss per share) in YTD 2025 compared to net income attributable to equity shareholders of $2.6 million ( $0.01 earnings per share) in YTD 2024. The decrease of YTD 2025 net income was mainly attributable to the same reasons as described above for the quarter. The Company had a working capital deficit (current assets less current liabilities) of $51.1 million as at June 30, 2025 ( December 31, 2024 – working capital deficit of $38.7 million ) and short-term cash resources of $2.4 million (consisting of cash, cash equivalents and short-term investments) ( December 31, 2024 – $3.1 million ). Investec Commodity Finance Facility Amendment The Company is pleased to announce an amendment to the previously announced finance facility agreement with Investec Bank Limited (" Investec") on November 10, 2022 , between Investec and Barplats Mine (Pty) Ltd., a wholly-owned subsidiary of Eastplats. The renewable 12-month revolving commodity finance facility (the " Facility") is secured by PGM production delivered from the Zandfontein underground section to Impala Platinum Limited. The Facility will be used for working capital purposes and support the full restart of the Zandfontein underground section of its flagship Crocodile River Mine (" CRM"), located near Brits, South Africa . The maximum size of the credit facility was increased to R240 million ( $13.5 million ) from R110 million ( $6.2 million ). There were no other changes to the Facility. Wanjin Yang , Chief Executive Officer and President of Eastplats commented, "We thank Investec for its continued support and commitment to Eastplats. The increased credit limit will enable us to ramp up our underground production tonnages at the Crocodile River Mine. We are all working hard to improve PGM and chrome production." Operations The Company derived revenue from the processing of PGM and chrome concentrates at the CRM. Eastplats' majority of revenue (approximately 28% and 53% for Q2 2025 and YTD 2025, respectively) is from chrome concentrate sales to third parties. As the Company ramps up production at the CRM, the Company expects to derive the majority of its revenue from PGM processing. Summary of chrome production from underground operations for the three and six months ended June 30, 2025 and 2024: Q2 2025 YTD 2025 Total Run-of-Mine UG2 Feed (Tons) 75,340 120,287 Average grade Cr concentrate 40.7 % 40.7 % Tons of Cr concentrate (wet) 19,768 29,529 Summary of chrome production from the retreatment project at the CRM for the three and six months ended June 30, 2025 and 2024: Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total Tailings Feed (Tons) - 281,867 109,919 667,166 Average grade Cr concentrate - 38.4 % 36.5 % 38.5 % Tons of Cr concentrate (wet) - 72,305 14,690 152,187 Summary of PGM production for the three and six months ended June 30, 2025 and 2024: Q2 2025 Q2 2024 YTD 2025 YTD 2024 Average 6E grade (grams per ton)* 151 41 150 45 Tons of PGM concentrate 1,401 808 2,072 1,753 PGM ounces produced (6E)* 6,781 1,066 9,961 2,554 *PGM 6E 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 Condensed interim consolidated financial statements for the three and six months ended June 30, 2025 ; and Management's discussion and analysis for the three and six months ended June 30, 2025 . The condensed interim consolidated financial statements for the three and six months ended June 30, 2025 are available for download at and are also available on the JSE's website at: 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 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 and the majority of the Company's revenues being derived from PGM processing. 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 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.
Cision Canada
6 days ago
- Business
- Cision Canada
EASTERN PLATINUM LIMITED REPORTS RESULTS FOR THE SECOND QUARTER OF 2025 AND INCREASE OF CREDIT FACILITY WITH INVESTEC
VANCOUVER, BC, Aug. 13, 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 and six months ended June 30, 2025 and the corresponding management's discussion and analysis (" MD&A"). Below is a summary of the Company's financial results for the second quarter of 2025 (" Q2 2025") and for the six months ended June 30, 2024 (" YTD 2025") in comparison to the same respective period in in 2024 (" Q2 2024" and " YTD 2024") (all amounts in USD unless specified): Revenue for Q2 2025 decreased to $10.7 million (Q2 2024 - $18.8 million), representing a $8.1 million or 43.1% decrease. Revenue for YTD 2025 decreased to $25.5 million (YTD 2024 - $34.5 million), representing a $9.0 million or 26.1% decrease. Mine operating income decreased by $4.0 million (or -90.9%) to $0.4 million in Q2 2025 (Q2 2024 - $4.4 million) as gross margin declined to 3.4% in Q2 2025 from 23.6% in Q2 2024. Mine operating income in YTD 2025 decreased by $14.0 million (or -144.3%) to mine operating loss of $4.3 million (YTD 2024 - $9.7 million), resulting from a reduced gross margin of -16.9% in YTD 2025 from 28.2% in YTD 2024. Operating loss was $3.0 million in Q2 2025 compared to an operating income of $1.6 million in Q2 2024. Operating loss was $11.1 million in YTD 2025 compared to an operating income of $1.6 million in YTD 2024. Net loss attributable to equity shareholders was $1.8 million ($0.01 loss per share) in Q2 2025 versus net income attributable to equity shareholders of $3.5 million ($0.02 earnings per share) in Q2 2024. The decrease in Q2 2025 net income was largely attributable to the significantly decreased revenue derived in the period. Net loss attributable to equity shareholders was $8.7 million ($0.04 loss per share) in YTD 2025 compared to net income attributable to equity shareholders of $2.6 million ($0.01 earnings per share) in YTD 2024. The decrease of YTD 2025 net income was mainly attributable to the same reasons as described above for the quarter. The Company had a working capital deficit (current assets less current liabilities) of $51.1 million as at June 30, 2025 (December 31, 2024 – working capital deficit of $38.7 million) and short-term cash resources of $2.4 million (consisting of cash, cash equivalents and short-term investments) (December 31, 2024 – $3.1 million). Investec Commodity Finance Facility Amendment The Company is pleased to announce an amendment to the previously announced finance facility agreement with Investec Bank Limited (" Investec") on November 10, 2022, between Investec and Barplats Mine (Pty) Ltd., a wholly-owned subsidiary of Eastplats. The renewable 12-month revolving commodity finance facility (the " Facility") is secured by PGM production delivered from the Zandfontein underground section to Impala Platinum Limited. The Facility will be used for working capital purposes and support the full restart of the Zandfontein underground section of its flagship Crocodile River Mine (" CRM"), located near Brits, South Africa. The maximum size of the credit facility was increased to R240 million ($13.5 million) from R110 million ($6.2 million). There were no other changes to the Facility. Wanjin Yang, Chief Executive Officer and President of Eastplats commented, "We thank Investec for its continued support and commitment to Eastplats. The increased credit limit will enable us to ramp up our underground production tonnages at the Crocodile River Mine. We are all working hard to improve PGM and chrome production." Operations The Company derived revenue from the processing of PGM and chrome concentrates at the CRM. Eastplats' majority of revenue (approximately 28% and 53% for Q2 2025 and YTD 2025, respectively) is from chrome concentrate sales to third parties. As the Company ramps up production at the CRM, the Company expects to derive the majority of its revenue from PGM processing. Summary of chrome production from underground operations for the three and six months ended June 30, 2025 and 2024: Summary of chrome production from the retreatment project at the CRM for the three and six months ended June 30, 2025 and 2024: Summary of PGM production for the three and six months ended June 30, 2025 and 2024: *PGM 6E 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 Condensed interim consolidated financial statements for the three and six months ended June 30, 2025; and Management's discussion and analysis for the three and six months ended June 30, 2025. The condensed interim consolidated financial statements for the three and six months ended June 30, 2025 are available for download at and are also available on the JSE's website at: 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 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 and the majority of the Company's revenues being derived from PGM processing. 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 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.
Cision Canada
18-06-2025
- Business
- Cision Canada
EASTPLATS ANNOUNCES VOTING RESULTS OF ITS ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS
VANCOUVER, BC, June 18, 2025 /CNW/ - Eastern Platinum Limited (TSX: ELR) (JSE: EPS) (" Eastplats" or the " Company") announces the voting results of the Company's 2025 Annual General and Special Meeting of Shareholders held on June 17, 2025 (the " Meeting"). A total of 122,533,921 common shares were voted at the Meeting, representing 60.51% of the votes attached to all the outstanding common shares of the Company. Detailed results of the vote held at the Meeting are set out below: Business Outcome of Vote Votes For Votes Against Votes Withheld 1. To set the number of Directors at 5 Approved 122,379,825 (99.87 %) 154,096 (0.13 %) 2. Resolution electing: (a) Dr. Bielin Shi; Approved 10,654,809 (8.82%) 110,153,359 (91.18%) (b) Xin (Alex) Guan; Approved 120,579,533 (99.81%) 228,635 (0.19%) (c) Changyu (Charlie) Liu; Approved 120,573,767 (99.81%) 234,401 (0.19%) (d) Lisa Ng; and Approved 120,584,083 (99.82%) 224,085 (0.18%) (e) Eason Cong Chen Approved 120,573,667 (99.81%) 234,501 (0.19%) as directors of the Company. 3. Resolution appointing Davidson & Company LLP, as auditors of the Company for the ensuing year and authorizing the directors of the Company to fix their remuneration. Approved 122,360,473 (99.86%) 173,447 (0.14%) 4. Resolution approving the unallocated options, rights and other entitlements issuable under the Company's Stock Option Plan for a further three years. Approved 120,155,919 (99.46%) 652,249 (0.54%) Based on the voting results, all of the nominees proposed as directors and listed in the management information circular dated May 6, 2025 (the " Circular") were elected as directors of Eastplats at the Meeting in accordance with applicable corporate law. However, one director, Dr. Bielin Shi, had more votes withheld than were voted in their favour of their appointments to the Board. As a result, in accordance with the Company's Majority Voting Policy (the " Policy"), Dr. Shi has tendered his resignation from the Board of Directors of the Company (the " Board"), effective upon acceptance by the Board. The Board will refer such resignations to the Corporate Governance and Compensation Committee (the " Committee") for consideration on whether or not to accept the resignations submitted by Dr. Shi. In accordance with the Policy, the Board shall accept such resignation unless the Committee determines that there are exceptional circumstances relating to the composition of the Board or the voting results that should delay the acceptance of such resignation or justify rejecting such resignation. The Board will issue a news release with its decision. At the Meeting, the unallocated options, rights or other entitlements issuable under Eastplats' Stock Option Plan have been authorized for three further years and Davidson & Company LLP was also re-appointed as auditors of Eastplats. SOURCE Eastern Platinum Ltd.
Yahoo
18-06-2025
- Business
- Yahoo
EASTPLATS ANNOUNCES VOTING RESULTS OF ITS ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS
VANCOUVER, BC, June 18, 2025 /CNW/ - Eastern Platinum Limited (TSX: ELR) (JSE: EPS) ("Eastplats" or the "Company") announces the voting results of the Company's 2025 Annual General and Special Meeting of Shareholders held on June 17, 2025 (the "Meeting"). A total of 122,533,921 common shares were voted at the Meeting, representing 60.51% of the votes attached to all the outstanding common shares of the Company. Detailed results of the vote held at the Meeting are set out below:BusinessOutcome ofVoteVotes ForVotes Against VotesWithheld 1. To set the number of Directorsat 5Approved122,379,825 (99.87 %)154,096 (0.13 %) 2. Resolution electing: (a) Dr. Bielin Shi;Approved10,654,809 (8.82%) 110,153,359 (91.18%)(b) Xin (Alex) Guan;Approved120,579,533 (99.81%) 228,635 (0.19%)(c) Changyu (Charlie) Liu;Approved120,573,767 (99.81%) 234,401 (0.19%)(d) Lisa Ng; andApproved120,584,083 (99.82%) 224,085 (0.18%)(e) Eason Cong ChenApproved120,573,667 (99.81%) 234,501 (0.19%)as directors of the Company. 3. Resolution appointingDavidson & Company LLP, asauditors of the Company forthe ensuing year andauthorizing the directors of theCompany to fix (99.86%) 173,447 (0.14%)4. Resolution approving theunallocated options, rights andother entitlements issuableunder the Company's StockOption Plan for a further (99.46%)652,249 (0.54%)Based on the voting results, all of the nominees proposed as directors and listed in the management information circular dated May 6, 2025 (the "Circular") were elected as directors of Eastplats at the Meeting in accordance with applicable corporate law. However, one director, Dr. Bielin Shi, had more votes withheld than were voted in their favour of their appointments to the Board. As a result, in accordance with the Company's Majority Voting Policy (the "Policy"), Dr. Shi has tendered his resignation from the Board of Directors of the Company (the "Board"), effective upon acceptance by the Board. The Board will refer such resignations to the Corporate Governance and Compensation Committee (the "Committee") for consideration on whether or not to accept the resignations submitted by Dr. Shi. In accordance with the Policy, the Board shall accept such resignation unless the Committee determines that there are exceptional circumstances relating to the composition of the Board or the voting results that should delay the acceptance of such resignation or justify rejecting such resignation. The Board will issue a news release with its decision. At the Meeting, the unallocated options, rights or other entitlements issuable under Eastplats' Stock Option Plan have been authorized for three further years and Davidson & Company LLP was also re-appointed as auditors of Eastplats. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. SOURCE Eastern Platinum Ltd. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Malaysian Reserve
16-06-2025
- Business
- Malaysian Reserve
EASTERN PLATINUM LIMITED ANNOUNCES CYBERSECURITY INCIDENT
VANCOUVER, BC, June 16, 2025 /CNW/ – On May 27, 2025, Eastern Platinum Limited (TSX: ELR) (JSE: EPS) ('Eastplats') detected a cybersecurity incident affecting its internal IT systems. Upon detection, Eastplats took immediate containment measures to protect its network and data. Eastplats has since been working with cybersecurity experts to thoroughly investigate the incident's scope and undertake necessary remedial action. Importantly, Eastplats' business operations have continued without disruption. Certain files related to its internal affairs were disclosed without authorization by third parties on a restricted part of the internet. Eastplats is actively reviewing these files to ensure ongoing compliance with its legal obligations and to safeguard its commercial interests. Eastplats' priorities include the protection and continuous enhancement of its data security and systems. This incident has been reported to the appropriate authorities and Eastplats is committed to maintaining the trust and confidence of its stakeholders. 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 In particular, this press release contains, without limitation, forward-looking statements pertaining tom amongst other things, our assessment of the scope and impact of the cybersecurity incident and related remedial action and enhancement of the Company's security systems. 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 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
