EASTERN PLATINUM LIMITED REPORTS ANNUAL RESULTS FOR 2025 AND PROVIDES ITS TARGETS FOR 2026

Executive Summary

• Eastern Platinum Limited released audited FY 2025 financial statements, showing a net loss of $18.4 M ($0.09 per share), wider than the prior year’s $12.8 M loss, primarily due to an impairment at the Mareesburg project.
• Q4 2025 mine operating income turned positive to $6.3 M (up $14.2 M YoY) driven by higher PGM sales and increased production at Crocodile River Mine.
• The company set 2026 operational targets, including ramp‑up of Zandfontein underground production to 40,000 t/month in H1 2026 to return to break‑even net income.

Key Details

• Revenue: Q4 2025 $22.3 M (+31.2% YoY); FY 2025 $61.6 M (−1.4% YoY).
• Mine Operating Income: Q4 2025 $6.3 M (up $14.2 M, +179.7%); FY 2025 $1.7 M (up $0.9 M, +112.5%). Gross margin improved to 28.2% in Q4 2025 vs. –46.2% in Q4 2024; FY 2025 gross margin 2.8% vs. 1.3% FY 2024.
• Operating Loss: Q4 2025 $7.0 M (vs. $8.6 M); FY 2025 $21.6 M (vs. $12.7 M).
• Net Loss Attributable to Equity Shareholders: Q4 2025 $7.5 M ($0.04 loss/share) vs. $11.9 M ($0.06 loss/share) in Q4 2024; FY 2025 $18.4 M ($0.09 loss/share) vs. $12.8 M ($0.06 loss/share) FY 2024.
• Impairment Expense: Recognized on Mareesburg project, driving the increase in FY 2025 net loss.
• Working Capital Deficit: $56.9 M at 31‑Dec‑2025 (up from $38.7 M at 31‑Dec‑2024).
• Cash Position: Short‑term cash resources $0.2 M (down from $3.1 M year‑end 2024).

Production Highlights – Crocodile River Mine

• Run‑of‑Mine UG2 Feed (t): Q4 2025 94,606 vs. 63,181 in Q4 2024; FY 2025 295,088 vs. 90,584 FY 2024.
• Average Chrome Concentrate Grade: Q4 2025 40.3% vs. 23.1% Q4 2024; FY 2025 40.6% vs. 23.2% FY 2024.
• Chrome Concentrate (wet t): Q4 2025 29,302 vs. 14,508 Q4 2024; FY 2025 82,120 vs. 18,118 FY 2024.

PGM Production

• Average 6E Grade (g/t): Q4 2025 149 vs. 123 Q4 2024; FY 2025 147 vs. 78 FY 2024.
• PGM Concentrate (t): Q4 2025 1,629 vs. 1,015 Q4 2024; FY 2025 5,146 vs. 3,234 FY 2024.
• PGM Ounces Produced (6E): Q4 2025 7,794 vs. 4,015 Q4 2024; FY 2025 24,365 vs. 8,113 FY 2024.

Retreatment Project

• Ceased operations March 17 2025 after processing all original tailings. No feed in Q4 2025; FY 2025 109,919 t processed (down from 1,224,553 t FY 2024).

2026 Targets & Outlook

• Ramp‑up Zandfontein underground operations; confirm capital plan for full re‑opening.
• Resolve retreatment project matters with Union Goal.
• Complete second phase of TSF capital works and secure dam space for new ROM tailings.
• Optimize Main Plant Circuit B and renovate Circuit D to achieve ≥82% ROM processing recovery.
• Advance environmental work on Mareesburg and Spitzkop projects (EIA completion).
• Continue prospecting at Zandfontein, Crocette, Kareespruit, Kennedy’s Vale, and Spitzkop.

Notable Quotes

“We continue to focus on improving production results, which is reflected in the positive mine operating income earned in the last quarter of 2025. Our next goal is to consistently increase run‑of‑mine production tonnages of 40,000 tonnes per month in the first half of 2026. This will help us achieve break‑even net income again.” – Wanjin Yang, CEO & President

Materiality Assessment: Material – Negative (significant financial results and operational updates that are likely to influence investor decisions).