EASTERN PLATINUM LIMITED REPORTS RESULTS FOR THE FIRST QUARTER OF 2026

• Eastern Platinum Limited reported Q1 2026 financial results showing a significant operational improvement compared to Q1 2025.
• Revenue decreased slightly by 6.8% year-over-year to $13.8 million, primarily due to lower chrome concentrate sales volumes despite higher grades.
• Mine operating income turned positive at $0.7 million, reversing a $4.7 million loss in the prior year period.
• Net loss narrowed to $4.1 million ($0.02 per share) from $6.9 million ($0.03 per share) in Q1 2025.
• Production metrics showed substantial growth: Chrome concentrate tonnage increased by 71% (16,757 tons vs 9,761 tons), and PGM ounces produced rose by 49% (4,751 oz vs 3,175 oz).
• The retreatment project at the Crocodile River Mine ceased operations as of March 17, 2025, following full processing of original tailings.
• Liquidity remains critical with short-term cash resources dropping to $73,000 and a working capital deficit widening to $58.4 million.

• The operational improvement in mine operating income is positive but aligns with the strategic targets set in March 2026 for H1 2026 ramp-up.
• While revenue declined, the reduction in net loss and shift to positive mine operating income validates the underground production strategy at Zandfontein.
• The cash position of $73,000 is a critical risk factor that overshadows operational gains; this level of liquidity suggests an imminent need for capital raising or debt restructuring.
• The news confirms the company is executing its plan to return to break-even net income but does not resolve the solvency concerns inherent in the widening working capital deficit.
• Given the March 2026 guidance explicitly mentioned ramping up production to improve results, this outcome is largely expected by the market rather than a surprise catalyst.

• Company: Eastern Platinum Limited is a South African mining company focused on PGMs (Platinum Group Metals) and Chrome.
• Flagship Project: Crocodile River Mine, which includes the Zandfontein underground section and the Main Plant Circuit.
• Operations: The company processes UG2 reef for chrome concentrate and PGM concentrates.
• Strategic Shift: Transitioning from a retreatment project (which ceased in March 2025) to full underground production at Zandfontein to drive higher grades and volumes.
• Customer Concentration: Heavy reliance on Impala Platinum Limited, which accounted for 81% of Q1 2026 revenue under related-party agreements.