en.Wedoany.com Reported - South Africa's Eastern Platinum Limited (Eastplats) has released its performance report for the first quarter of 2026. The report shows that the company's revenue for the quarter was US$13.8 million, a decrease of 6.8% compared to US$14.8 million in the same period last year. Mine operating profit swung from a loss to a profit, recording US$0.7 million (compared to a loss of US$4.7 million in the same period last year). The improvement in mine operating profit was primarily driven by increased sales of platinum group metals (PGM) and the completion of the feed material transition in the first half of 2025—switching from tailings storage facility (TSF) feed to run-of-mine (ROM) UG2 ore from the Zandfontein underground section at the Crocodile River Mine (CRM). Gross margin improved from -31.6% to 4.8%.

Operating loss narrowed to US$3.0 million from US$8.1 million in the same period last year, mainly due to lower production costs. Net loss attributable to equity shareholders was US$4.1 million (loss of US$0.02 per share), reduced from a net loss of US$6.9 million (loss of US$0.03 per share) in the same period last year, primarily due to an overall decrease in production costs at CRM.

As of March 31, 2026, the company had a working capital deficit (current assets less current liabilities) of US$58.4 million (compared to US$56.9 million as of December 31, 2025), with short-term cash resources (cash and cash equivalents) of US$73,000 (compared to US$177,000 as of December 31, 2025).

Company CEO and President Wanjin Yang stated that while the monthly ROM processing tonnage in the first quarter was below target, achieving a positive mine operating profit was encouraging, and the team will continue to focus on operational efficiency to increase PGM and chrome production.

Operationally, the company's revenue is primarily derived from the processing of PGM and chrome concentrates at CRM. In the first quarter of 2026, 81% of revenue came from PGM concentrate sales (compared to 28% in the same period of 2025), delivered mainly under an offtake agreement signed with Impala Platinum Limited. The company began processing ROM UG2 ore from the CRM Zandfontein underground section in the third quarter of 2024, which yields higher chrome and PGM recovery grades.

Underground Chrome Production: In the first quarter of 2026, total ROM feed was 55,638 tonnes, with an average chrome concentrate grade of 40.62%, producing 16,757 tonnes of chrome concentrate; corresponding figures for the same period in 2025 were 44,947 tonnes, 40.63%, and 9,761 tonnes.

PGM Production: In the first quarter of 2026, the average 6E grade in the ROM feed was 145 g/t (compared to 147 g/t in the same period of 2025), producing 1,016 tonnes of PGM concentrate (compared to 671 tonnes in the same period of 2025), with 6E PGM output of 4,751 ounces (compared to 3,175 ounces in the same period of 2025). The PGM 6E grade and ounce data are estimates, subject to final confirmation pending transaction and arbitration results (which may take up to three months).

The reprocessing project for the former CRM tailings storage facility ceased operations on March 17, 2025. In the first quarter of 2025, this project processed 109,919 tonnes of tailings, with an average chrome concentrate grade of 36.54%, producing 14,690 tonnes of chrome concentrate; there was no related output in the first quarter of 2026.

The company has filed its condensed interim consolidated financial statements and management's discussion and analysis for the three months ended March 31, 2026, on SEDAR+ (www.sedarplus.ca) and the JSE website. Eastern Platinum Limited owns multiple PGM and chrome assets in South Africa, all located on the Western Limb (Crocodile River Mine) and Eastern Limb (Kennedy's Vale, Spitzkop, Mareesburg) of the Bushveld Complex, a region that hosts approximately 80% of the world's PGM-bearing ore. Current CRM operations include mining and processing ore from the Zandfontein underground section, producing PGM and chrome concentrates respectively.

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