Eastern Platinum Limited

Notable vs. Peers

• Financials score of 3/10 is weaker than the peer average of 6.1/10.
• Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.4/10.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · Crocodile River Mine (Zandfontein/Crocette/Kareespruit/Maroelabult) operates under New Order Mining Rights numbers 78, 151, 307, 332 and 363, issued between December 2006 and January 2009 -- these remain the mining rights under which the Zandfontein restart operates (no new mining right was issued specifically for the restart). Recorded reached-but-undated given the multi-year issuance window. · Source
2. Construction decision (FID)

   Sep 2022 · Eastplats signed a finance facility agreement with Investec Bank (up to R150M) for working capital and to fund the restart of the Zandfontein underground section of the Crocodile River Mine -- the company's real decision-equivalent enabling the restart, consistent with the ARTG financing-commitment convention in the Task #305 batch1 script. · Source
3. Construction start

   Reached — date not disclosed · Underground rehabilitation/restart work at Zandfontein proceeded through 2023 following the Sept 2022 Investec financing, with the soft restart reported complete and fully operational as of March 6, 2024. No single dated 'restart construction begins' release found; recorded reached-but-undated. · Source
4. First pour / production

   Oct 2024 · Commissioning of the PGM processing facility (Circuit B) at Crocodile River Mine: plant began processing Zandfontein underground ROM UG2 ore, producing ~1,300oz PGM 6E metals in September 2024, delivered to Impala Platinum under the existing offtake agreement -- the company's own stated transition 'from a tailings storage facility chrome recovery operation to a growing PGM concentrate... producer.' · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but a very long, multi-era operating history prevents a single clean date: the Crocodile River Mine (Bushveld Complex, South Africa) was established in 1987 with multiple suspension/restart cycles (1991, 2000, 2003, 2005-2008) predating Eastern Platinum Limited's own modern corporate structure (formed circa 2005-2006 consolidating South African PGM assets) -- no single, confidently-attributable Eastern-Platinum-era commercial-production date could be established, matching the Hemlo Mining Corp/CMCL precedent. The mine is currently transitioning from a chrome-retreatment-only business back toward full PGM production (new Circuit B processing plant commissioning through 2026) -- the existing, already-generating-revenue chrome-retreatment operations are the likely basis for the current PRODUCTION stage, not the still-commissioning new PGM circuit. Left null given the genuinely unclear/multi-era history rather than assign either extreme a specific date. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. [Task #522 re-verification, 2026-08-21] CONFIRMED CORRECT -- stronger citation found, resolving this row's own prior "likely" hedge. Eastern Platinum's Q2 2026 results (https://www.eastplats.com/investors/news-releases/2026/eastern-platinum-limited-reports-results-for-the-second-quarter-of-2026/) report real, audited quarterly revenue of $7.9M (H1 2026: $21.7M), approximately 78-80% from PGM concentrate sales to Impala Platinum Limited under an existing offtake agreement -- from the mine's actual ongoing, multi-year, established revenue-generating operation (chrome retreatment plus PGM concentrate), not a fresh test ramp. The still-commissioning new PGM circuit (Circuit B) already flagged in this row's note is an incremental capacity add-on layered onto an already-producing, already-selling mine, not evidence the core revenue-generating operation itself is pre-commercial. Task #521's genuine flag is resolved: real, current, sourced revenue confirmed. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.