EASTERN PLATINUM LIMITED - Eastern Platinum Limited reports results for the third quarter of 2025

Eastern Platinum Limited reports results for the third quarter of 2025

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 THIRD QUARTER OF 2025

Vancouver, British Columbia, November 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 and nine months ended September 30, 2025 and the corresponding
management's discussion and analysis ("MD&A"). Below is a summary of the Company's financial results
for the third quarter of 2025 ("Q3 2025") and for the nine months ended September 30, 2025 ("YTD
2025") in comparison to the same respective period in in 2024 ("Q3 2024" and "YTD 2024") (all amounts
in USD unless specified):

    •   Revenue for Q3 2025 increased to $13.7 million (Q3 2024 - $11.0 million), representing a $2.7
        million or 24.5% increase. Revenue for YTD 2025 decreased to $39.3 million (YTD 2024 - $45.5
        million), representing a $6.2 million or 13.6% decrease.

    •   Mine operating loss decreased by $0.8 million (or -80.0%) to $0.2 million in Q3 2025 (Q3 2024 –
        mine operating loss of $1.0 million) as gross margin improved to -1.8% in Q3 2025 from -9.4% in
        Q3 2024. Mine operating income in YTD 2025 decreased by $13.3 million (or -152.9%) to mine
        operating loss of $4.6 million (YTD 2024 – mine operating income of $8.7 million), resulting from
        a reduced gross margin of -11.6% in YTD 2025 from 19.1% in YTD 2024.

    •   Operating loss was $3.4 million in Q3 2025 compared to an operating loss of $5.7 million in Q3
        2024. Operating loss was $14.5 million in YTD 2025 compared to an operating loss of $4.1 million
        in YTD 2024.

    •   Net loss attributable to equity shareholders was $2.2 million ($0.01 loss per share) in Q3 2025
        versus net loss attributable to equity shareholders of $3.4 million ($0.02 loss per share) in Q3
        2024. The decrease in Q3 2025 net loss was largely attributable to the significantly increased
        revenue derived from platinum group metal ("PGM") sales during the period.

    •   Net loss attributable to equity shareholders was $10.9 million ($0.05 loss per share) in YTD 2025
        compared to net loss attributable to equity shareholders of $0.8 million ($0.00 loss per share) in
        YTD 2024. The increase of YTD 2025 net loss was mainly attributable to the significant decrease
        in in revenue derived from chrome concentrate sales as the Company ceased the retreatment
        project operations during the first quarter of 2025 and focussed on underground operations at the
        Crocodile River Mine ("CRM").

The Company had a working capital deficit (current assets less current liabilities) of $55.1 million as at
September 30, 2025 (December 31, 2024 – working capital deficit of $38.7 million) and short-term cash
resources of $0.1 million (consisting of cash, cash equivalents and short-term investments) (December
31, 2024 – $3.1 million).

As announced previously on August 13, 2025, the maximum size of the credit facility provided by Investec
Bank Limited was increased to R240 million ($13.8 million) from R110 million ($6.4 million). The Company
uses the proceeds of the credit facility for working capital purposes. At September 30, 2025, the
Company utilized R94.7 million ($5.5 million) of the credit facility (December 31, 2024 – R47.2 million
($2.5 million).

Operations

The Company derived revenue from the processing of PGM and chrome concentrates at the CRM.
Eastplats' majority of revenue (approximately 74% and 56% for Q3 2025 and YTD 2025, respectively) is
from PGM concentrate sales to Impala Platinum Limited. As the Company continues to ramp 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 nine months ended
September 30, 2025 and 2024:

                                  Q3 2025          Q3 2024           YTD 2025         YTD 2024

 Total Run-of-Mine UG2 Feed
                                  80,195           27,403            200,482          27,403
 (Tons)

 Average grade Cr concentrate     40.7%            23.2%             40.7%            23.2%

 Tons of Cr concentrate (wet)     23,290           3,610             52,819           3,610

Summary of chrome production from the retreatment project at the CRM for the three and nine months
ended September 30, 2025 and 2024:

                                  Q3 2025          Q3 2024           YTD 2025         YTD 2024

 Total Tailings Feed (Tons)       -                294,246           109,919          961,412

 Average grade Cr concentrate     -                38.1%             36.5%            38.4%

 Tons of Cr concentrate (wet)     -                45,988            14,690           198,175

Summary of PGM production for the three and nine months ended September 30, 2025 and 2024:



                                  Q3 2025           Q3 2024          YTD 2025         YTD 2024

 Average 6E grade (grams per
                                  133               100              144              56
 ton)1

 Tons of PGM concentrate          1,444             465              3,517            2,218

 PGM ounces produced (6E)1        6,183             1,488            16,252           4,042

1PGM  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
www.sedarplus.ca:

   •   Condensed interim consolidated financial statements for the three and nine months ended
       September 30, 2025; and

   •   Management's discussion and analysis for the three and nine months ended September 30,
       2025.
The condensed interim consolidated financial statements for the three and nine months ended September
30, 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/Q325.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 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 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 November 2025

JSE Sponsor
PSG Capital

Date: 14-11-2025 02:45:00
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