EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA2768555096
Share Code JSE: EPS ISIN: CA2768555096
(“Eastplats” or the “Company”)

March 20, 2023
Trading Symbol: ELR (TSX); EPS (JSE)

                                             NEWS RELEASE

EASTPLATS ANNOUNCES RESTATEMENT OF THIRD QUARTER OF                                      2022    FINANCIAL
STATEMENTS AND MANAGEMENT DISCUSSION AND ANALYSIS (“MD&A”)

March 20, 2023, Vancouver, British Columbia – Eastplats announced that it has amended and restated its
condensed interim consolidated financial statements (the “Amended and Restated Financial
Statements”) for the three and nine months ended September 30, 2022 and the corresponding MD&A
(“Amended and Restated MD&A”).

The restatement is due to a change in Eastplats’ accounting policies and determination from management
of when revenue should be recognized in accordance with International Financial Reporting Standards from
its contract with Union Goal Offshore Solutions Limited (“Union Goal”) and its sales of chrome concentrate
previously recognized in the third quarter of 2022. The transactions in question involved the monthly
production of chrome concentrate at the Company’s Crocodile River Mine. Chrome concentrate revenue is
recognized when control is transferred to the offtake party, Union Goal, in accordance with the executed
updated Retreatment Project Agreements (the “2021 Updated Retreatment Project Agreements”), which
were signed on March 10, 2021 and include the following:

    (i)     The 2021 Revised and Restated Framework Agreement;
    (ii)    The 2021 Revised and Restated Offtake Agreement;
    (iii)   The 2021 Revised and Restated Eastplats Loan Agreement; and
    (iv)    The 2021 Revised and Restated Barplats Equipment and Chrome Plant Agreement.

Previously, and until approximately June 30, 2022, revenue recognition occurred when the chrome
concentrate was produced by the chrome processing circuits and related technology equipment, based on
the assumption that all chrome concentrate was continually shipped upon production, and that payment
from Union Goal was considered probable. However, after re-assessing the probability of future payment
by Union Goal, in the third quarter of 2022, Eastplats suspended shipments to Union Goal as a result of
continuing non-payment by Union Goal and failure of Union Goal to reduce its significantly long outstanding
account. Eastplats began to contract free market sales. As such, these contracts provided transfer of control
and revenue recognition as defined by IFRS 15 – Revenue from Contracts with Customers, upon
completion of the Company’s performance obligations which included delivery of the chrome concentrate
off site. Management has concluded that the restatement of its financial results, financial position, and cash
flows for the third quarter of 2022 will appropriately address the timing of revenue recognition, along with
the related accounts receivable and inventory balances, for these transactions prospectively.

The restatement will reflect the changes in the accounting treatment of these transactions and will result in
the reduction of revenues recognized in the third quarter of 2022 and an increase in inventory as at
September 30, 2022. Stockpiles at the Crocodile River Mine are surveyed monthly by an independent
contractor. Revenue deemed not to have met the re-assessed revenue recognition criteria also results in
an adjustment to accounts receivable.

The following table presents the effects of the restatement on the individual line items within the Company’s
unaudited Condensed Interim Consolidated Statement of Income (Loss), Condensed Interim Statement of
Comprehensive Income (Loss) and Condensed Interim Consolidated Statement of Financial Position,
expressed in thousands of U.S. dollars, except for per share amounts.

                               Three Months Ended September 30,            Nine Months Ended September 30,
                                             2022                                       2022
                                   As                                             As
                               previously                     As          previously                     As
                                reported  Adjustment    restated            reported Adjustment    restated
        Revenue                   $17,215  $(13,623)      $3,592            $55,110   $(13,623)     $41,487
        Production costs         (11,064)      9,357      (1,707)           (37,745)      9,357    (28,388)
        Production costs -
        depreciation              (1,728)      1,728                -        (5,385)        1,728       (3,657)
        Mine operating
        income                      4,423     (2,538)           1,885        11,980        (2,538)       9,442
        Operating income
        (loss)                      1,597     (2,538)           (941)         2,633        (2,538)          95
        Net income (loss)
        for the period            (4,065)     (2,538)         (6,603)           299        (2,538)      (2,239)
        Net income (loss)
        attributable to
        equity shareholders
        of the Company            (4,064)     (2,538)         (6,602)           154        (2,538)      (2,384)
        Earnings (loss) per
        share, basic and
        diluted                     (0.03)     (0.02)          (0.05)           0.00        (0.02)       (0.02)
        Comprehensive
        income (loss) for
        the period                (1,467)     (2,407)         (3,874)         1,163        (2,407)      (1,245)


                                                                      As at September 30, 2022
                                                        As previously
                                                          reported          Adjustment         As restated
        Trade and other receivables                             $30,848         $(7,964)               $22,884
        Inventories (current) (Note 15)                           1,512           10,509                 12,021

        Deferred revenue (current)                                4,648          (1,366)                 3,282
        Deferred revenue (non-current)                            4,525            6,325                10,850


The Company has been in discussions with its advisors about its plan to file the Amended and Restated
Financial Statements. Eastplats expects it will file its annual financial statements and MD&A for the year
ended December 31, 2022 by the filing deadline of March 31, 2023.

The Company has a primary listing on the Toronto Stock Exchange and a secondary listing on the JSE
Limited.

The Company has filed the following documents, under the Company’s profile on SEDAR at
www.sedar.com:

    •      Amended and Restated condensed interim consolidated financial statements for the three and nine
           months ended September 30, 2022; and
    •      Amended and Restated MD&A for the three and nine months ended September 30, 2022.

The Amended and Restated Financial Statements and the Amended and Restated MD&A are available for
download at https://www.eastplats.com/investors/quarterly-reports/F2022/ and are also available on the
JSE’s website at: https://senspdf.jse.co.za/documents/2023/JSE/ISSE/EPS/Q322.pdf.
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 of the Crocodile River Mine and eastern
limb of Kennedy’s Vale, Spitzkop and Mareesburg projects within 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 re-mining and processing its tailings resource to
produce PGM and chrome concentrates from the Barplats Zandfontein tailings dam.

www.eastplats.com

For further information, please contact:
 EASTERN PLATINUM LIMITED
 Wylie Hui, Chief Financial Officer and Corporate Secretary
 whui@eastplats.com (email)
 (604) 800-8200 (phone)

Cautionary Statement Regarding Forward-Looking Information
This press 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.sedar.com.

In particular, this press release contains, without limitation, forward-looking statements pertaining to filing its financial
statements and MD&A for the year ended December 31, 2022 before the filing deadline of March 31, 2023. 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 our
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 press 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.sedar.com. The forward-
looking statements in this press 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.

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