News ReleaseEastern Platinum produces PGM concentrate at Circuit D 2020-02-18 06:27 ET - News Release Ms. Diana Hu reports EASTERN PLATINUM LIMITED REPORTS SUCCESSFUL PGM PRODUCTION FROM SCAVENGER CIRCUIT AND OPERATIONAL UPDATE Eastern Platinum Ltd. has refurbished the small-scale platinum group metals (PGM) Circuit D (previously the scavenger plant circuit) and has successfully produced PGM concentrate. The Company is utilizing the feed, following the recovery of Chrome concentrate, directly from the Retreatment Project located at the Company's Crocodile River Mine in South Africa ("CRM"). The PGM Scavenger Circuit is able to process 40,000 tons of feed per month and the construction costs were less than US$150,000, as the Company utilized significant existing infrastructure that was maintained on care and maintenance at CRM. Diana Hu, President and CEO of the Company said: "The team is very pleased with this successful start. This is the first step in the Company's full-scale assessment of the PGM recoverability of the tailings resource and provides further revenue opportunities for Eastplats. The Company will continue to move forward with its assessment of the larger PGM recoverability opportunities in relation to the tailings resource." Operational Update of the Retreatment Project As previously disclosed, on March 1, 2018, the Company entered into an agreement (the "Framework Agreement") with Union Goal Offshore Solution Limited ("Union Goal") relating to the construction, re-mining and processing of the tailing resource and offtake of Chrome concentrate from Barplats Mines (Pty) Limited tailings facility (the "Retreatment Project") located at CRM. During 2019, Eastplats has produced 598,034 tons of Chrome concentrate from the Retreatment Project, with an average grade of Cr2O3 at 38.6%. The production in Q4 2019 was 214,828 tons, making it the Company's best production quarter to date. During January 2020, Eastplats produced an additional 101,606 tons of Chrome concentrate from the Retreatment Project, which is the Company's largest monthly production to date. With the goal to further optimize and increase the Chrome recovery of the Retreatment Project, Eastplats has determined that it will invest approximately US$6 million in additional equipment, including installation, to enhance Chrome concentrate recovery. The financing of these costs has been agreed to in principal with Union Goal on similar loan terms to those contained in the Framework Agreement. The Company will provide an update as soon as such amendments to the Framework Agreement and the related agreements are entered into.