Eastern Platinum Limited Announces Finance Facility Agreement with Investec Bank Limited Completed

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VANCOUVER, British Columbia – (Newsfile Corp. – September 23, 2022) – Eastern Platinum Limited (TSX: ELR) (JSE: EPS) (“east square” or the “company“) is pleased to announce that it has entered into a financing facility agreement with Investec Bank Limited (“investec“), which will be used for working capital purposes and to fund the restart of the underground section at Zandfontein at its flagship Crocodile River mine near Brits, South Africa. Investec is a leading South African international banking and asset management group.

Key terms of the financing facility include:

  • Renewable 12-month revolving commodity financing facility backed by platinum group metals (“PGM“) Production from the Crocodile River Mine tailings camp.
  • Benchmark Funding Rate – 3 Month Johannesburg Interbank Average Rate (“JIBAR“) + 150 basis points. The interest rate is based on the creditworthiness of the PGM buyer on an annual basis.
  • Immediate payment to company on PGM concentrate delivery date.
  • The maximum size of the credit facility is R150 million (C$11.3 million).
  • Guaranteed prices through a fixed price swap hedge overlay on platinum, palladium, rhodium and gold (4E) minerals.

Wanjin Yang, Chief Executive Officer and President of the Company, stated, “We thank Investec for their support and commitment to Eastplats. We look forward to working with Investec on the recommissioning of the Zandfontein underground section and the development of our East Rim projects as a result of the hard work of our respective teams over the past few months.”

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The Financing Facility Agreement has been filed under the Company’s profile on SEDAR at www.sedar.com.

About Investec

Investec works with private, institutional and corporate clients and provides international banking, investment and wealth management services in two main markets, South Africa and the UK, as well as certain other countries. The group was founded in 1974 and currently employs more than 8,200 people. Investec has a dual-listed corporate structure with listings on the London and Johannesburg Stock Exchanges. Investec’s current market cap is around £3 billion.

About Eastern Platinum Limited

Eastplats directly and indirectly owns a number of platinum group metals (“PGM“) and chrome assets in the Republic of South Africa. All of the Company’s properties are located on the western and eastern reaches of the Bushveld Complex, the geological setting that hosts approximately 80% of the world’s PGM-bearing ore.

Work at the Crocodile River Mine is currently re-mining and processing its tailings resource to produce PGM and chromium concentrates from the Barplats Zandfontein tailings dam.

For more information please contact:

Wylie Hui, Chief Financial Officer and Corporate Secretary
[email protected] (E-mail)
(604) 800-8200 (phone)

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Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements“) within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, projections, estimates, expectations and goals 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”, “intend”, “may”, “could”, “expect”, “anticipate” and similar expressions. Additional disclosures of the risks and uncertainties faced by the Company and other forward-looking statements are discussed in the Company’s most recent Annual Information Form, which is available under the Company’s profile on www.sedar.com.

In particular, this press release contains, without limitation, forward-looking statements relating to: the use of proceeds from the Financing Facility and the successful restart of the Zandfontein underground and development of the East Rim projects. These forward-looking statements are based on assumptions and information currently available to the company. Although management believes these assumptions to be reasonable based on the information currently available to it, they may prove to be incorrect. By their nature, forward-looking statements involve 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 beliefs, plans, goals, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, unforeseen issues that may arise in our production processes, commodity prices, lower than anticipated grades and quantities of resources, need for additional financing and availability of such additional financing on acceptable terms, economic conditions, currency fluctuations, competition and regulations, Legal proceedings and risks associated with operations abroad.

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All forward-looking statements contained in this press release are qualified in their entirety by this cautionary statement, the “Cautionary Statement Regarding Forward-Looking Information“, which is contained in the Company’s most recent Management’s Discussion and Analysis, which is available under the Company’s profile at www.sedar.com. The forward-looking statements in this press release speak as of the date on which they are made and to the extent that is not required by applicable securities laws, the Company disclaims any intention or obligation and undertakes no obligation to update or revise any forward-looking statement, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138288

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