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Eastern Platinum Limited Reports Results for the Third Quarter of 2021

Vancouver, British Columbia–(Newsfile Corp. – November 11, 2021) – Eastern Platinum Limited (TSX: ELR) (JSE: EPS) ("Eastplats" or the "Company") is pleased…

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Vancouver, British Columbia–(Newsfile Corp. – November 11, 2021) – 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 and management’s discussion and analysis for the three and nine months ended September 30, 2021. Below is a summary of the Company’s financial results for the third quarter of 2021 (“Q3 2021“) and for the nine months ended September 30, 2021 (“YTD Q3 2021“) (all amounts in USD unless specified) in comparison to the same respective periods in 2020 (“Q3 2020” and “YTD Q3 2020“, respectively):

  • Revenue for Q3 2021 decreased to approximately $15.9 million (Q3 2020 – $16.8 million), representing a 5.4% decrease. Revenue for YTD Q3 2021 increased to $52.6 million (YTD Q3 2020 – $40.3 million), representing a 30.5% increase.
  • Mining operating income increased by $0.2 million (or 11.8%) to $1.9 million in Q3 2021 (Q3 2020 – $1.7 million), representing an improved gross margin of 11.9% in Q3 2021 from 9.8% in Q3 2020. Mining operating income in YTD Q3 2021 increased by $2.6 million (or 65%) to $6.6 million (YTD Q2 2020 – $4.0 million), representing an improved gross margin of 12.6% in YTD Q3 2021 from 10.0% in YTD Q3 2020.
  • Operating loss was $0.4 million in Q3 2021 compared to an operating loss of $0.8 million in Q3 2020. Operating loss improved by $1.7 million to $1.4 million in YTD Q3 2021 from $3.1 million in YTD Q3 2020, a 54.8% decrease in operating loss.
  • Net loss attributable to shareholders was $2.5 million (loss attributable to shareholders – $0.02 per share) in Q3 2021 versus income of $0.2 million in Q3 2020 (earnings attributable to shareholders – $0.00 per share). The decrease during Q3 2021 is primarily attributable to an increase in the foreign exchange loss as the South African Rand weakened against the U.S. Dollar.
  • Net income attributable to shareholders increased to $0.8 million (earnings attributable to shareholders – $0.01 per share) in YTD Q3 2021 compared to a loss of $11.0 million (loss attributable to shareholders – $0.12 per share) in YTD Q3 2020. The improvement during YTD Q3 2021 is mainly attributable to the increased revenue and positive gross margins generated by remining and processing the Company’s tailings resources at the Crocodile River Mine (“CRM“) to produce chrome concentrate and platinum group metals (“PGM“) concentrate, respectively; a decrease in the foreign exchange loss as the South African Rand recovered against the U.S. Dollar; and a gain of $3.3 million to settle and dismiss certain outstanding lawsuits (see press release of June 21, 2021 for further information).
  • Positive working capital (current assets less current liabilities) of $13.1 million as at September 30, 2021 (December 31, 2020 – $4.1 million).

Operations

The Company continues its Retreatment Project at Barplats Mines (Pty) Limited’s tailings facility located at the Company’s CRM in South Africa.

Summary of chrome production for the three and nine months ended September 30, 2021 and 2020:

Q3 2021 Q3 2020 YTD Q3 2021 YTD Q3 2020
Total Tailings Feed (Tons) 638,791 622,389 1,906,963 1,657,570
Average grade Cr concentrate 38.77% 38.66% 38.57% 38.58%
Tons of Cr concentrate 195,942 275,816 623,331 784,778

 

The Company’s majority of revenue (approximately 96% and 93% for Q3 2021 and YTD Q3 2021, respectively) is generated from the offtake agreement with Union Goal Offshore Solution Limited (“Union Goal“) in relation to chrome concentrate production from the Retreatment Project. The remaining amount of the Company’s revenue was from PGM concentrate sales to Impala Platinum Limited (“Impala“). There were no PGM revenues generated during the comparable periods in 2020.

The completion of the reconfiguration and optimization of the small-scale PGM circuit (“PGM Circuit D“) in Q1 2021 continued to successfully utilize the feed, following the recovery of chrome concentrate, to produce PGM concentrate under the respective offtake agreements in Q3 2021. Refurbishment work commenced on the PGM main plant circuit (“PGM Main Circuit B“) during April 2021 and the circuit was commissioned in October 2021 (see press release of October 29, 2021 for further information), which is expected to drive further revenue growth and gross margin improvement.

Summary of PGM production for the three and nine months ended September 30, 2021:

Q3 2021 Q3 2020 YTD Q3 2021 YTD Q3 2020
Tons of PGM concentrate 366 948

 

Diana Hu, President, Chief Executive Officer, and Director of Eastplats commented, “We continue to be encouraged by the results from the third quarter as Eastplats continues its positive revenue growth and profitability through the Retreatment Project; increasing PGM capacity by the recent commissioning of PGM Main Circuit B; and the possibility to restart the Zandfontein underground operations at the Crocodile River Mine.”

COVID-19

There were no changes to the alert levels in South Africa, and they remain at alert level 1 regarding COVID-19. The Company continues to follow the health guidelines of the Government of South Africa. The chrome and PGM production and delivery remains in full operation. The effects of COVID-19 are evolving and changing and the consequences of a further increase in the alert level in South Africa, temporary shutdown of any operations or other related issues cannot be reasonably estimated at this time, but could potentially have material adverse effects on the Company’s business, operations, liquidity and cashflows.

Outlook

The Company’s targets for 2021 were updated following the completion of its rights offering in January 2021, including:

  • Continue operating the Retreatment Project efficiently;
  • Reconfigure, optimize, and consistently operate the PGM Circuit D, which also includes funding for some of the initial work required to restart the PGM Main Circuit B (see press release of February 2, 2021) (completed);
  • Completion of the refurbishment of the existing PGM Main Circuit B to increase the capacity and opportunity of PGM recovery and sales (see press release of October 29, 2021) (completed);
  • Completion of the optimization project for the Retreatment Project (ongoing);
  • Establishment of the second phase of the tailings storage facility (“TSF“) capital works program (ongoing);
  • Upgrades and repairs to the CRM Zandfontein underground (“Zandfontein Underground“) shaft and rock winder to ensure they are available for underground mining operations (rock winder completed and shaft repairs expected completion by year end);
  • Mareesburg project environmental work to complete the legal scan on the environmental impact assessment (“EIA“) and other environmental studies and amendments (ongoing);
  • Prospecting and assessment work in relation to Zandfontein, Crocette and Spitzkop ore bodies (ongoing);
  • EIA and assessment work regarding a vertical furnace and pelletizer of chrome concentrate (ongoing); and
  • CRM underground assessment including all chrome recovery activities in relation to the Retreatment Project (ongoing).

The Company is actively progressing several revenue opportunities and exploring options to utilize or monetize other assets. Furthermore, the Company is pursuing funding arrangements to execute the Zandfontein Underground restart business plan.

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

The Company has filed the following documents, under the Company’s profile on SEDAR at www.sedar.com:

  • Condensed interim consolidated financial statements for the three and nine months ended September 30, 2021; and
  • Management’s discussion and analysis for the three and nine months ended September 30, 2021.

The condensed interim consolidated financial statements for the three and nine months ended September 30, 2021 is available for download at https://eastplats.com/investors-2/reports/ and is also available on the JSE’s website at: https://senspdf.jse.co.za/documents/2021/jse/isse/eps/Q321.pdf.

For further information, please contact:

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

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 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.sedar.com.

In particular, this press release contains, without limitation, forward-looking statements pertaining to: profitability; the Company’s targets for 2021; forecast of operational activity and optimization of the Retreatment Project; estimated operations and production of PGM Circuit D and PGM Main Circuit B; estimated ramp up or upgrades to the PGM Circuit D and PGM Main Circuit B; establishment of the second phase of the TSF capital works program; potential additional revenue growth and gross margin improvement from the PGM Circuit D and PGM Main Circuit B; execution of the Zandfontein Underground restart business plan and related funding; Mareesburg project environmental work to complete the legal scan on the EIA and other environmental studies and amendments; prospecting and assessment work in relation to Zandfontein, Crocette and Spitzkop ore bodies; EIA and assessment work regarding a vertical furnace and pelletizer of chrome concentrate; CRM underground assessment including all chrome recovery activities in relation to the Retreatment Project; and potential effects of COVID-19 and any future measures taken by the Government of South Africa and their impact on the Company; and its business, operations, liquidity and cashflows. 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 press 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.sedar.com. The forward-looking statements in this press 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/102966



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Court of Appeals Rules Favorably on PolyMet Water Permit

MPCA to conduct "Maui" testSt. Paul, Minnesota–(Newsfile Corp. – January 24, 2022) – The Minnesota Court of Appeals today affirmed nearly all aspects…

MPCA to conduct “Maui” test

St. Paul, Minnesota–(Newsfile Corp. – January 24, 2022) – The Minnesota Court of Appeals today affirmed nearly all aspects of the water discharge permit for the NorthMet Project, overruling six of the seven challenges to the permit made by mining opponents, according to Poly Met Mining, Inc., a wholly owned subsidiary of PolyMet Mining Corp. (TSX: POM) (NYSE American: PLM) (together “PolyMet” or the “company”).

The Court of Appeals affirmed virtually every aspect of PolyMet’s permit at issue. In particular, the court endorsed the district court’s factual findings regarding the Minnesota Pollution Control Agency’s (MPCA) and the Environmental Protection Agency’s interactions during the permitting process; agreed with MPCA’s application of state law governing groundwater discharges; upheld the agency’s conclusion that PolyMet’s project has no reasonable potential to violate water quality standards; agreed with MPCA’s finding that PolyMet’s project will not violate the Fond du Lac Band’s water quality standards; and affirmed the agency’s denial of mining opponents’ requests for a contested case hearing.

In its decision the panel concluded that the MPCA should still consider whether “any discharges to groundwater will be the functional equivalent of a discharge to navigable waters, and thus, whether the Clean Water Act applies to those discharges.” The Court remanded the permit to the MPCA to conduct this functional-equivalence analysis, which the U.S. Supreme Court established in County of Maui v. Hawaii Wildlife Fund, a new precedent set more than a year after PolyMet’s permit was issued.

“We are pleased that we have prevailed on the majority of the issues and the court has narrowed the case to just this single issue regarding Maui, where considerable scientific data already exists,” said Jon Cherry, chairman, president and CEO. “MPCA has already determined there is not a permittable discharge to groundwater and we are optimistic the agency will reach the same conclusion from the Maui test. This will mean a little more process, but it gives us a clear roadmap to the reactivation of this permit,” Cherry said.

The NorthMet mine will feed the mineral supply chain to meet the growing global demand for copper, nickel, cobalt and other metals needed for the U.S. and global transition to clean energy technologies such as solar and wind farms, battery storage and electric mobility, Cherry said. Most of the known resources of nickel and cobalt in the U.S. are found in Minnesota according to the U.S. Geological Survey.

* * * * *

About PolyMet

PolyMet is a mine development company that owns 100% of the NorthMet Project, the first large-scale project to have received permits within the Duluth Complex in northeastern Minnesota, one of the world’s major, undeveloped mining regions. NorthMet has significant proven and probable reserves of copper, nickel and palladium – metals vital to infrastructure improvements and global carbon reduction efforts – in addition to marketable reserves of cobalt, platinum and gold. When operational, NorthMet will become one of the leading producers of nickel, palladium and cobalt in the U.S., providing a much needed, responsibly mined source of these critical and essential metals.

Located in the Mesabi Iron Range, the project will provide economic diversity while leveraging the region’s established supplier network and skilled workforce and generate a level of activity that will have a significant effect in the local economy. For more information: www.polymetmining.com.

For further information, please contact:

Media
Bruce Richardson, Corporate Communications
Tel: +1 (651) 389-4111
[email protected]

Investor Relations
Tony Gikas, Investor Relations
Tel: +1 (651) 389-4110
[email protected]

PolyMet Disclosures

This news release contains certain forward-looking statements concerning anticipated developments in PolyMet’s operations in the future. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “potential,” “possible,” “projects,” “plans,” and similar expressions, or statements that events, conditions or results “will,” “may,” “could,” or “should” occur or be achieved or their negatives or other comparable words. These forward-looking statements may include statements regarding the ability to receive environmental and operating permits, job creation, and the effect on the local economy, or other statements that are not a statement of fact. Forward-looking statements address future events and conditions and therefore involve inherent known and unknown risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to risks facing PolyMet or due to actual facts differing from the assumptions underlying its predictions.

PolyMet’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and PolyMet does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations and opinions should change.

Specific reference is made to risk factors and other considerations underlying forward-looking statements discussed in PolyMet’s most recent Annual Report on Form 40-F for the fiscal year ended December 31, 2020, and in our other filings with Canadian securities authorities and the U.S. Securities and Exchange Commission.

The Annual Report on Form 40-F also contains the company’s mineral resource and other data as required under National Instrument 43-101.

No regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111376




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Discovery Harbour Announces Fortuity 89, Nevada Drilling Underway

Vancouver, British Columbia–(Newsfile Corp. – January 24, 2022) – Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the "Company"…

Vancouver, British Columbia–(Newsfile Corp. – January 24, 2022) – Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the “Company” or “Discovery Harbour“) announces that Newcrest Resources, Inc., a wholly owned subsidiary of Newcrest Mining Limited (“Newcrest“), has confirmed that its planned drill program at Fortuity 89, Nevada is underway.

Subject to the continued impacts of COVID-19, Newcrest plans to drill a minimum of eight drill holes and 3,400 metres to test a series of low sulphidation epithermal gold targets on Fortuity 89. Newcrest has implemented a comprehensive safety plan for the drill program, including extensive COVID-19 protocols.

Newcrest completed an initial exploration program in 2021 which included a geophysical program encompassing a 675 line kilometre drone airborne magnetic survey, a 250 station ground gravity survey and a 45 line kilometre audio band magnetotellurics (AMT) resistivity survey as well as geological and alteration mapping and sampling with a soil geochemical program (see news release July 14, 2021). The three geophysical surveys showed anomalies consistent between each different geophysical method and the geological and alteration mapping, establishing promising drill targets. The drill targets are proximal to a very limited outcrop on Fortuity 89 and extend into a large plain overlain by a gravel cover.

Newcrest’s program was designed to evaluate the limited outcrop and provide interpreted extrapolations of the geological and structural mineralization controls, which are prospective for concealed low sulphidation epithermal gold mineralization below the shallow unconsolidated alluvial gravels.

Mark Fields, President & CEO of Discovery Harbour comments, “Newcrest has planned this drill program so it can be executed in the most effective manner to test the targets they identified. We are looking forward to the results as they become available.”

Alan Morris, CPG, is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.

About Discovery Harbour

Discovery Harbour is focused on sourcing, exploring and developing mineral properties in mining-friendly jurisdictions. Its current primary focus is the drill program on Caldera, a low sulphidation epithermal gold project in Nevada. Additionally, Discovery Harbour has an agreement with Newcrest Mining Limited on its Fortuity 89 property in Nevada.

About Newcrest

Newcrest Mining Limited (ASX: NCM) (TSX: NCM) (PNGX: NCM) is one of the world’s largest gold mining companies. Its purpose is to create a brighter future for people through safe and responsible mining. Newcrest owns and operates a portfolio of predominantly low cost, long life mines and a strong pipeline of brownfield and greenfield exploration projects – predominantly in the Asia-Pacific and North and South America.

ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.

“Mark Fields”

Mark Fields, B. Sc. (Geology), B.Comm.(Hon.)
President and Chief Executive Officer
Discovery Harbour Resources Corp.
Tel: (604) 681-3170
Fax: (604) 681-3552

Disclaimer for Forward-Looking Information

This news release contains forward‐looking information that involves various risks and uncertainties regarding future events. Such forward‐looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery Harbour. There are numerous risks and uncertainties that could cause actual results and Discovery Harbour’s plans and objectives to differ materially from those expressed in the forward‐looking information, including: (i) adverse market conditions; (ii) exploration results, (iii) permitting requirements or (iv) the financial position of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery Harbour does not intend to update these forward‐looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111334





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Angkor Resources Corp. to Present at Sequire Metals & Mining Conference on January 27th, 2022

Presentation on Thursday, January 27th, 2022 at 14:00 ET

GRANDE PRAIRIE, AB – TheNewswire – Jan.  24, 2022 – Angkor Resources Corp. (TSXV:ANK) and…

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Presentation on Thursday, January 27th, 2022 at 14:00 ET

GRANDE PRAIRIE, AB – TheNewswire – Jan.  24, 2022 – Angkor Resources Corp. (TSXV:ANK) and (OTC:ANKOF) (“Angkor” or “the Company”) is pleased to announce that it will be presenting virtually at the upcoming Sequire Metals & Mining Conference on Thursday, January 27th at 2:00 ET.  Delayne Weeks, CEO of Angkor, will be giving the presentation.

Event:        Angkor Resources Corp.

Presentation at the Sequire Metals & Mining Conference

Date:         Thursday, January 27th, 2022

Time:         2:00 – 2:25 ET, Track 3

 

Register to watch the presentation HERE. Investors can also request 1×1 meetings with Angkor on the event website.

 

Summary of Sequire Metals & Mining Conference

With a massive uptick in the mining industry and electric vehicles on the rise, Sequire is spending the entire day with public mining companies and industry experts exploring possibilities, opportunities, and the latest news.

 

ABOUT ANGKOR RESOURCES CORP.

Angkor Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading resource optimizer in Cambodia with multiple mineral licenses in NE quadrant of the country and approval for negotiations on Production Sharing Contract (PSC) terms for Block VIII energy and oil and gas concession, a 7,300 square kilometre oil and gas license in Cambodia.

CONTACT:

Delayne Weeks, CEO        Telephone: +1 (780) 831-8722                Email: [email protected]

Website: http://www.angkorresources.ca  or follow us on Twitter @AngkorResources

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or other minerals at any of the Company’s properties, the prospective nature of any claims comprising the Company’s property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing.  Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Copyright (c) 2022 TheNewswire – All rights reserved.

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