DEVELOPING THE FLAGSHIP CROCODILE RIVER MINE

J u n e 2 0 2 3

Corporate background

Eastern Platinum Limited (Eastplats) owns, directly and indirectly, a number of platinum group metals (PGM) and chrome assets in South Africa.

All of Eastplats' properties are situated on the western and eastern limbs of the Bushveld Complex (BCX), the geological environment that hosts approximately 80% of the world's PGM-bearing ore including:

Crocodile River Mine (CRM)

Mareesburg

Kennedy's Vale/Spitzkop

• Located on the western limb of the BCX

• Property lies in the southern part of the

• Project is situated on the eastern limb of

• Approximately 70km north-northwest

eastern limb of the BCX

the BCX

from Johannesburg in the North West

• 350km to the north-northeast of

• 350km northeast of Johannesburg

Province

Johannesburg

• Near the towns of Steelpoort, Burgersfort,

• 7km south of the town of Brits

• to the west of the town of Lydenburg in

and Lydenburg

• Current mine lease area includes:

Limpopo Province

• Nearest railhead is situated in the town

• Zandfontein - operating mining section

of Steelpoort, ~35km northeast of the

• Two development sections:

property

•

Crocette

•

Kareespruit

2

Bushveld Complex properties

Limpopo

North West

Gauteng

Mpumalanga

Free State

SOUTH AFRICA

KwaZulu-Natal

Northern Cape

Eastern Cape

Western Cape

LegendN

Bushveld Complex

Operations

0

25 50

Projects

Kilometres

BUSHVELD COMPLEX

3

Company history

CRM (then Lefkochrysos)

was listed on the Johannesburg Securities Exchange (JSE) and developed the decline at Zandfontein Section.

Impala Platinum Holdings Limited (Implats) acquired a 38% interest in Barplats and the contract to manage CRM.

Eastplats acquired a 69% stake in Barplats.

Mareesburg and Kennedy's Vale/Spitzkop, were placed on care and maintenance in Sep 2012 and CRM in Aug 2013.

1987

1988

1991

1998

2006

2007

2013

Controlling interest acquired

by

Implats increased its

Eastplats acquired a further

5%

Rand Mines Limited through

its

interest in Barplats

interest (total of 74%) in Barplats.

subsidiary, Barplats Mines

Ltd.

to 83%.

Eastplats and BEE Gubevu

Consortium (26%) took over

ownership.

4

Company history

Desktop studies and technical evaluations on the potential life of mine and the underlying value of Eastplats Projects:

Tailings storage facility ("TSF") - immediately financially viable.

Zandfontein mine - economic viability dependent on an improvement in market conditions and PGM basket price.

Mareesburg - based on assumptions, open-pit mining would be financially viable along with the construction of the underground operations.

Spitzkop and Kennedy's Vale - dependent on an improvement in market conditions and PGM basket price.

  • Retreatment design continued. Construction started early 2018.
  • Retreatment project commissioned Dec 2018 to produce chrome from the TSF.

2016

2017

2018

• SRK consulting - resource statement - CRM tailings - 44 drill/boreholes - resource of approx. 13.68M tons containing 535,520 oz of 3E PGMs, average grade 1.218 g/t and 2.83M tons Cr203, average grade of 20.72%.

• Sound Mining - Independent NI43-101 compliant technical report indicating 6.4M tons of the 13.68M tons chrome - economically re-mined and treated in a spiral chrome plant - traditional gravity technology - low yields (15%). Recommended to also treat the PGMs to maximize the use of resources.

• Union Goal invested in a magnetic separation technology to extract chrome more efficiently and effectively. This resulted in better chrome recoveries and an increased life of the project from 33 months to 60 months.

• Eastplats started with the design work and construction preparation.

5

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Eastern Platinum Limited published this content on 25 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 June 2023 13:22:02 UTC.