EASTERN PLATINUM LIMITED - Eastern Platinum Limited reports results for the second quarter of 2026

Eastern Platinum Limited reports results for the second quarter of 2026

EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA2768555096
Share Code JSE: EPS ISIN: CA2768555096
("Eastplats" or the "Company")

                                       NEWS RELEASE

EASTERN PLATINUM LIMITED REPORTS RESULTS FOR THE SECOND QUARTER
                             OF 2026

Vancouver, British Columbia, August 13, 2026 – Eastern Platinum Limited (TSX: ELR) (JSE:EPS)
("Eastplats" or the "Company") is pleased to report that it has filed its condensed interim
consolidated financial statements for the three and six months ended June 30, 2026 and the
corresponding management's discussion and analysis ("MD&A"). Below is a summary of the
Company's financial results for the second quarter of 2026 ("Q2 2026") and for the six months
ended June 30, 2026 ("YTD 2026") in comparison to the same respective period in 2025 ("Q2
2025" and "YTD 2025") (all amounts in USD unless specified):

   •   Revenue for Q2 2026 decreased to $7.9 million (Q2 2025 - $10.7 million), representing a
       $2.8 million or -25.8% decrease. Revenue for YTD 2026 decreased to $21.7 million (YTD
       2025 – $25.5 million), representing a $3.8 million or 14.8% decrease.

   •   Mine operating income decreased by $4.6 million to -$4.2 million in Q2 2026 (Q2 2025 –
       $0.36 million) while gross margin decreased from 3% in Q2 2025 to -53% in Q2 2026.
       The decrease was mainly due to decrease in platinum-group-metal ("PGM") sales and
       higher production costs. Mine operating income in YTD 2026 increased by $0.7 million
       (or 17.2%) to mine operating loss of $3.6 million (YTD 2025 – $4.3 million), resulting from
       a increased gross margin of -16.4% in YTD 2026 from -16.9% in YTD 2025.

   •   Operating loss was $7.9 million in Q2 2026 compared to a loss of $3 million in Q2 2025,
       primarily due to lower sales volume and higher production costs. Operating loss was
       $10.2 million in YTD 2026 compared to a loss of $11.1 million in YTD 2025.

   •   Net loss attributable to equity shareholders was $6.1 million ($0.03 loss per share) in Q2
       2026 versus net loss attributable to equity shareholders of $1.8 million ($0.01 loss per
       share) in Q2 2025. The increase in net loss was primarily due to the decrease in overall
       sales and higher production costs incurred at the CRM.

   •   Net loss attributable to equity shareholders was $10.2 million ($0.05 loss per share) in
       YTD 2026 compared to net loss attributable to equity shareholders of $8.7 million ($0.04
       loss per share) in YTD 2025. The decrease of YTD 2026 net income was mainly
       attributable to the same reasons as described above for the quarter.

   •   The Company had a working capital deficit (current assets less current liabilities) of $67.9
       million as at June 30, 2026 (December 31, 2025 – working capital deficit of $56.9 million)
       and short-term cash resources of $362,000 (consisting of cash and cash equivalents)
       (December 31, 2025 – $177,000).

Charlie Liu, Interim Chief Executive Officer and President of Eastplats commented, "We had a
challenging second quarter as monthly run-of-mine processing tonnages at the Crocodile River
Mine were lower than targeted. We will continue to focus on operational efficiencies to improve
PGM and chrome production."
Operations

The Company derived revenue from the processing of PGM and chrome concentrates at the
CRM. Eastplats' majority of revenue (approximately 78% and 80% for Q2 2026 and YTD 2026)
is from PGM concentrate sales to Impala Platinum Limited under related offtake agreements.
This is in line with the Company's expectations as it continues to ramp up production at the CRM.

The Company started processing ROM UG2 ore from the Zandfontein underground section at
the CRM during the third quarter of 2024, at higher grades of chrome and PGM recovery,
respectively.

Summary of chrome production from underground operations for the three and six months ended
June 30, 2026 and 2025
                                  Q2 2026          YTD 2026           Q2 2025          YTD 2025
 Total ROM Feed (tons)             51,160           106,798            75,340           120,287
 
 Average grade Cr
 concentrate                       40.38%           40.5%              40.74%           40.7%
 
 Tons of Cr concentrate            14,921           31,678             19,768           29,529

Summary of PGM production for the three and six months ended June 30, 2026 and 2025:
                                  Q2 2026          YTD 2026          Q2 2025          YTD 2025
 Average 6E grade (grams
 per ton)*                         167              158               151               150
 
 Tons of PGM concentrate           810              1,826             1,401             2,072

 PGM ounces produced
 (6E)*                             4,356            9,146             6,781             9,961
 
*PGM 6E grades and ounces are estimates until final exchanges and umpire results have been concluded,
which can take up to three months.

The Company has filed the following documents, under the Company's profile on SEDAR+ at
www.sedarplus.ca:

    •   Condensed interim consolidated financial statements for the three and six months ended
        June 30, 2026; and

    •   Management's discussion and analysis for the three and six months ended June 30,
        2026.

The condensed interim consolidated financial statements for the three and six months ended
June 30, 2026 are available for download at:

https://www.eastplats.com/investors/quarterly-reports/F2026/ and are also available on the
JSE's website at:

https://senspdf.jse.co.za/documents/2026/JSE/ISSE/EPS/Q226.pdf

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

About Eastern Platinum Limited

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, Mareesburg) of the Bushveld Complex, the
geological environment that hosts approximately 80% 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.

For further information, please contact:

 EASTERN PLATINUM LIMITED
 David Li, Chief Financial Officer and Corporate Secretary
 dli@eastplats.com (email)
 (604) 568-8200 (phone)


Cautionary Statement Regarding Forward-Looking Information

This news release contains "forward-looking statements" or "forward-looking information" (collectively
referred to herein as "forward-looking statements") within the meaning of applicable securities legislation.
Such forward-looking statements include, without limitation, forecasts, estimates, expectations and
objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of the Company. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by the words "will," "plan," "intends," "may,"
"could," "expects," "anticipates" and similar expressions. Further disclosure of the risks and uncertainties
facing the Company and other forward-looking statements are discussed in the Company's most recent
Annual Information Form available under the Company's profile on www.sedarplus.ca.

In particular, this press release contains, without limitation, forward-looking statements pertaining to:
improvement of PGM and chrome production results. These forward-looking statements are based on
assumptions made by and information currently available to the Company. Although management
considers these assumptions to be reasonable based on information currently available to it, they may
prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and
uncertainties and readers are cautioned not to place undue reliance on these statements as a number of
factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations,
estimates and intentions expressed in such forward-looking statements. These factors include, but are not
limited to, unanticipated problems that may arise in the Company's production processes, commodity
prices, lower than expected grades and quantities of resources, need for additional funding and availability
of such additional funding on acceptable terms, economic conditions, currency fluctuations, competition
and regulations, legal proceedings and risks related to operations in foreign countries.

All forward-looking statements in this news release are expressly qualified in their entirety by this cautionary
statement, the "Cautionary Statement on Forward-Looking Information" section contained in the Company's
most recent Management's Discussion and Analysis available under the Company's profile on
www.sedarplus.ca. The forward-looking statements in this news release are made as of the date they are
given and, except as required by applicable securities laws, the Company disclaims any intention or
obligation, and does not undertake, to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.

No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.


Johannesburg
13 August 2026


Sponsor
PSG Capital

Date: 14-08-2026 07:05:00
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