Vancouver, British Columbia–(Newsfile Corp. – January 15, 2021) – Japanese Platinum Restricted (TSX: ELR) (JSE: EPS) (“Eastplats” or the “Firm“) is happy to report that its subsidiary, Barplats Mines (Pty) Ltd. (“Barplats“), has confirmed the provisional cost phrases of the primary delivered cargo (See information launch of January 6, 2021) of pressed filter cake platinum group metals (“PGM“) focus underneath the present offtake settlement between Barplats and Impala Refining Providers Restricted, now Impala Platinum Restricted (the “PGM Offtake Settlement“). These phrases affirm the restart of PGM income by the Firm.
RIGHTS OFFERING
The shareholders of the Firm have been issued rights to amass widespread shares as of December 18, 2020. The rights are at the moment buying and selling on the TSX underneath the image “ELR.RT” and the JSE underneath the image “EPSN”.
The Firm is starting to acquire confirmations of rights train and the Firm confirms the rights providing will shut on January 22, 2021.
A duplicate of the Discover of Rights Providing and the Rights Providing Round can be found underneath the Firm’s profile on SEDAR at www.sedar.com and on the Firm’s web site www.eastplats.com/investors-2/rights-offering.
CAPITAL PROJECTS
Because of some preliminary confirmations of rights train, the Firm has begun the detailed planning concerning the supposed reconfiguring and procurement initiatives on each the small-scale PGM circuit (beforehand the scavenger plant circuit) (“PGM Circuit D“) and the present essential PGM facility (“PGM Circuit 1“). This work will enable faster procurement upon the closing of the rights providing. The optimization of the PGM Circuit D and the refurbishment of the PGM Circuit 1 are supposed to stabilize present manufacturing and enhance the capability of the PGM restoration and gross sales.
Diana Hu, the President and CEO of Eastplats, said that, “the preliminary affirmation of workout routines of the rights providing has allowed the Firm to allocate time and start the planning work on the PGM Circuit D and PGM Circuit 1. These tasks broaden Eastplats PGM processing capability and potential income sources. The Firm appears to be like ahead to the completion and shutting of the rights providing and to then proceed the event of alternatives in South Africa for its shareholders.”
2020 OPERATIONS
The Firm is happy to verify that Barplats produced 987,003 tons of chrome focus throughout 2020 and was in a position to ship 960,776 tons underneath the offtake settlement with Union Purpose Offshore Options Inc. The Firm could be very happy to have efficiently operated the Chrome Retreatment Undertaking for 309 days in 2020. Non-operating days embrace deliberate shutdowns, hostile climate, and South African lockdowns and closures associated to COVID-19.
COVID-19
South Africa stays at alert stage 3 concerning COVID-19 instances. The Firm continues to comply with the well being pointers of the Authorities of South Africa. The Retreatment Undertaking stays in full operation and continues to provide and transport chrome and PGM finish merchandise. The results of COVID-19 are evolving and altering and the implications of an extra enhance within the alert stage in South Africa, non permanent shutdown of any operations or different associated points can’t be moderately estimated presently, however might doubtlessly have materials hostile results on the Firm’s enterprise, operations, liquidity and cashflows.
For additional info, please contact:
EASTERN PLATINUM LIMITED
Rowland Wallenius, Chief Monetary Officer
rwallenius@eastplats.com (electronic mail)
(604) 800-8200 (cellphone)
Cautionary Assertion Relating to Ahead-Trying Data
This press launch comprises “forward-looking statements” or “forward-looking info” (collectively referred to herein as “forward-looking statements“) throughout the which means of relevant securities laws. Such forward-looking statements embrace, with out limitation, forecasts, estimates, expectations and goals for future operations which are topic to quite a few assumptions, dangers and uncertainties, a lot of that are past the management of the Firm. Ahead-looking statements are statements that aren’t historic information and are usually, however not all the time, recognized by the phrases “will”, “plan”, “intends”, “could”, “will”, “might”, “expects”, “anticipates” and related expressions. Additional disclosure of the dangers and uncertainties dealing with the Firm and different forward-looking statements are mentioned within the Firm’s most up-to-date Annual Data Type obtainable underneath the Firm’s profile on www.sedar.com.
Particularly, this press launch comprises, with out limitation, forward-looking statements pertaining to: estimated operations and manufacturing of PGM Circuit D and the PGM Circuit 1 ; estimated ramp up or upgrades to the PGM Circuit D and the PGM Circuit 1; potential further income from the PGM Circuit D and the PGM Circuit 1; potential proceeds from the rights providing and the usage of such proceeds, if any; potential alternatives in South Africa or the Firm’s skill to develop them; potential results of COVID-19 corresponding to a brand new lockdown imposed by the Authorities of South Africa; and any future measures taken by the Authorities of South Africa and their influence on the Firm, and its enterprise, operations, liquidity and cashflows. These forward-looking statements are based mostly on assumptions made by and data at the moment obtainable to the Firm. Though administration considers these assumptions to be affordable based mostly on info at the moment obtainable to it, they could show to be incorrect. By their very nature, forward-looking statements contain inherent dangers and uncertainties and readers are cautioned to not place undue reliance on these statements as quite a few elements might trigger precise outcomes to vary materially from the beliefs, plans, goals, expectations, estimates and intentions expressed in such forward-looking statements. These elements embrace, however usually are not restricted to, unanticipated issues which will come up in our manufacturing processes, commodity costs, decrease than anticipated grades and portions of sources, want for extra funding and availability of such further funding on acceptable phrases, financial circumstances, forex fluctuations, competitors and rules, authorized proceedings and dangers associated to operations in international nations.
All forward-looking statements on this press launch are expressly certified of their entirety by this cautionary assertion, the “Cautionary Assertion on Ahead-Trying Data” part contained within the Firm’s most up-to-date Administration’s Dialogue and Evaluation obtainable underneath the Firm’s profile on www.sedar.com. The forward-looking statements on this press launch are made as of the date they’re given and, besides as required by relevant securities legal guidelines, the Firm disclaims any intention or obligation, and doesn’t undertake, to replace or revise any forward-looking statements, whether or not on account of new info, future occasions or in any other case.
No inventory change, securities fee or different regulatory authority has permitted or disapproved the knowledge contained herein.
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