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”)



                                        NEWS RELEASE

 EASTERN PLATINUM LIMITED REPORTS RESULTS FOR THE FIRST QUARTER OF
                               2025

Vancouver, British Columbia, May 14, 2025 – 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:

                                     Q1 2025              Q1 2024
 Total Tailings Feed (tons)          109,919              385,299
 Average grade Cr
                                       36.54%             38.57%
 concentrate
 Tons of Cr concentrate                14,690             79,882

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:

                                     Q1 2025
 Total ROM Feed (tons)               44,947
 Average grade Cr
                                     40.63%
 concentrate
 Tons of Cr concentrate                9,761

Summary of PGM production for the three months ended March 31, 2025 and 2024:

                              Q1 2025           Q1 2024
 Average 6E grade
                               147                49
 (grams per ton)*
 Tons of PGM
                               671               945
 concentrate
 PGM ounces
                               3,175             1,488
 produced (6E)*
*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.

For further information, please contact:
 EASTERN PLATINUM LIMITED
 Wylie Hui, Chief Financial Officer and Corporate Secretary
 whui@eastplats.com (email)
 (604) 568-8200 (phone)


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.

No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
14 May 2025

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