Eastern Platinum loses $2.2-million (U.S.) in Q3

Executive Summary

• Eastern Platinum Ltd. reported its condensed interim consolidated financial statements for the three and nine months ended September 30, 2025.
• Third Quarter 2025 revenue increased by 24.5% to $13.7 million, driven by increased platinum group metal (PGM) sales, while year-to-date revenue decreased by 13.6% to $39.3 million due to the cessation of chrome concentrate retreatment operations.
• The company reported a net loss of $2.2 million ($0.01 per share) for Q3 2025, an improvement from the $3.4 million loss in Q3 2024, primarily due to higher PGM revenue. However, the year-to-date net loss widened significantly to $10.9 million ($0.05 per share) from $800,000 in the prior year period.

Key Details

• Q3 2025 Revenue: $13.7 million, an increase of $2.7 million (24.5%) from $11.0 million in Q3 2024.
• YTD 2025 Revenue: $39.3 million, a decrease of $6.2 million (13.6%) from $45.5 million in YTD 2024.
• Q3 2025 Mine Operating Loss: $200,000, a decrease of $800,000 (80.0%) from $1.0 million in Q3 2024. Gross margin improved to -1.8% from -9.4%.
• YTD 2025 Mine Operating Loss: $4.6 million, a decrease in income of $13.3 million (152.9%) compared to an income of $8.7 million in YTD 2024. Gross margin was -11.6% compared to 19.1% in YTD 2024.
• Q3 2025 Operating Loss: $3.4 million, compared to $5.7 million in Q3 2024.
• YTD 2025 Operating Loss: $14.5 million, compared to $4.1 million in YTD 2024.
• Q3 2025 Net Loss: $2.2 million ($0.01 loss per share), compared to $3.4 million ($0.02 loss per share) in Q3 2024.
• YTD 2025 Net Loss: $10.9 million ($0.05 loss per share), compared to $800,000 (nil loss per share) in YTD 2024.
• Working Capital Deficit: $55.1 million as of Sept. 30, 2025, compared to $38.7 million as of Dec. 31, 2024.
• Short-Term Cash Resources: $100,000 (cash, cash equivalents, and short-term investments) as of Sept. 30, 2025, down from $3.1 million as of Dec. 31, 2024.
• Credit Facility Update: The maximum size of the credit facility from Investec Bank Ltd. was increased to 240 million South African rand ($13.8 million) from 110 million rand ($6.4 million). At Sept. 30, 2025, $5.5 million (94.7 million rand) was utilized, compared to $2.5 million (47.2 million rand) at Dec. 31, 2024.
• Operational Focus: Approximately 74% of Q3 2025 revenue and 56% of YTD 2025 revenue came from PGM concentrate sales to Impala Platinum Ltd. The company ceased retreatment project operations in Q1 2025 to focus on underground operations at the Crocodile River mine (CRM).

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.