Mr. Wylie Hui reports

EASTERN PLATINUM LIMITED REPORTS RESULTS FOR THE THIRD QUARTER OF 2025

Eastern Platinum Ltd. (Eastplats) has filed its condensed interim consolidated financial statements for the three and nine months ended Sept. 30, 2025, and the corresponding management discussion and analysis. Below is a summary of the company's financial results for the third quarter of 2025 and for the nine months ended Sept. 30, 2025, in comparison with the same respective period in 2024 (all amounts in U.S. dollars unless specified):

• Revenue for Q3 2025 increased to $13.7-million (Q3 2024: $11-million), representing a $2.7-million or 24.5-per-cent increase. Revenue for YTD (year-to-date) 2025 decreased to $39.3-million (YTD 2024: $45.5-million), representing a $6.2-million or 13.6-per-cent decrease.
• Mine operating loss decreased by $800,000 (or minus 80.0 per cent) to $200,000 in Q3 2025 (Q3 2024: mine operating loss of $1-million) as gross margin improved to minus 1.8 per cent in Q3 2025 from minus 9.4 per cent in Q3 2024. Mine operating income in YTD 2025 decreased by $13.3-million (or minus 152.9 per cent) to mine operating loss of $4.6-million (YTD 2024: mine operating income of $8.7-million), resulting from a reduced gross margin of minus 11.6 per cent in YTD 2025 from 19.1 per cent in YTD 2024.
• Operating loss was $3.4-million in Q3 2025, compared with an operating loss of $5.7-million in Q3 2024. Operating loss was $14.5-million in YTD 2025 compared with an operating loss of $4.1-million in YTD 2024.
• Net loss attributable to equity shareholders was $2.2-million (one-cent loss per share) in Q3 2025 versus net loss attributable to equity shareholders of $3.4-million (two-cent 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 (five-cent loss per share) in YTD 2025, compared with net loss attributable to equity shareholders of $800,000 (nil loss per share) in YTD 2024. The increase of YTD 2025 net loss was mainly attributable to the significant decrease in revenue derived from chrome concentrate sales as the company ceased the retreatment project operations during the first quarter of 2025 and focused 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 Sept. 30, 2025 (Dec. 31, 2024: working capital deficit of $38.7-million) and short-term cash resources of $100,000 (consisting of cash, cash equivalents and short-term investments) (Dec. 31, 2024: $3.1-million).

As announced previously on Aug. 13, 2025, the maximum size of the credit facility provided by Investec Bank Ltd. was increased to 240 million African rand ($13.8-million) from 110 million African rand ($6.4-million). The company uses the proceeds of the credit facility for working capital purposes. At Sept. 30, 2025, the company utilized 94.7 million African rand ($5.5-million) of the credit facility (Dec.c 31, 2024: 47.2 million African rand ($2.5-million).

Operations

The company derived revenue from the processing of PGMs and chrome concentrates at the CRM. Eastplats' majority of revenue (approximately 74 per cent and 56 per cent for Q3 2025 and YTD 2025, respectively) is from PGM concentrate sales to Impala Platinum Ltd. As the company continues to ramp up production at the CRM, the company expects to derive the majority of its revenue from PGM processing.

The company has filed the following documents under the company's profile on SEDAR+:

• Condensed interim consolidated financial statements for the three and nine months ended Sept. 30, 2025;
• Management discussion and analysis for the three and nine months ended Sept. 30, 2025.

The condensed interim consolidated financial statements for the three and nine months ended Sept. 30, 2025, are available for download on the company's website and are also available on the JSE Ltd.'s website.

The company has a primary listing on the Toronto Stock Exchange and a secondary listing on the JSE.

About Eastern Platinum Ltd.

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 and Mareesburg) of the Bushveld complex, the geological environment that hosts approximately 80 per cent 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.

We seek Safe Harbor.