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”)

May 19, 2022
Trading Symbol: ELR (TSX); EPS (JSE)

                                        NEWS RELEASE

    EASTERN PLATINUM LIMITED ANNOUNCES EXTENSION OF EXPIRY DATE FOR
                               WARRANTS

May 19, 2022, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the
“Company”) announces that it has received conditional acceptance from the Toronto Stock
Exchange to extend the expiry date of 5,960,000 of its outstanding unlisted common share
purchase warrants (the “Warrants”) originally issued on June 26, 2020, in conjunction with the
previously disclosed settlement agreement with AlphaGlobal Capital Inc. For further information
concerning the original issuance of the Warrants, please refer to the press release of the
Company dated June 26, 2020.

Each Warrant currently entitles the holder to purchase one common share at a price of CDN$0.24
per common share at any time up to 5:00 p.m. local time in Vancouver, British Columbia on June
26, 2022 (the “Expiry Date”). Effective on June 3, 2022, the Company will extend Expiry Date to
June 26, 2023. All of the other warrant terms remain unchanged.

About Eastern Platinum Limited

Eastplats owns directly and indirectly a number of platinum group metal (“PGM”) and chrome
assets in the Republic of South Africa. All of the Company’s properties are situated on the western
and eastern limbs 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 re-mining and processing its tailings
resource to produce PGM and chrome concentrates from the Barplats Zandfontein tailings dam.

For further information, please contact:
EASTERN PLATINUM LIMITED
Wylie Hui, Chief Financial Officer & 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
Annual Information Form and Management’s Discussion and Analysis which are available under the Company’s profile
on www.sedar.com.

In particular, this press release contains forward-looking statements pertaining to: the extension of the expiry date of
the Warrants. 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, commodity prices, lower
than expected grades and quantities of resources, need for additional funding, availability of such additional funding
and that funding will be on acceptable terms, economic conditions, currency fluctuations, competition and regulations,
legal proceedings and risks related to operations in foreign countries.

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 to publicly 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.

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

JSE Sponsor
PSG Capital