- Eastern Platinum (TSX:ELR) has reported its Q3 2023 financial results for the quarter ended Sept. 30, 2023
- The company reported revenue increased to US$21.8 million, an increase of 505.6 per cent from Q3 2022
- Year-to-date, revenue has increased $80.5 million
- Shares of Eastern Platinum are up 5.56 per cent to C$0.095 as of 9:30 am ET
Eastern Platinum (TSX:ELR) has reported its Q3 2023 financial results for the quarter ended Sept. 30, 2023, highlighting a revenue increase of 505.6 per cent year-over-year.
In a statement, the company said revenue during the quarter reached US$21.8 million, while its revenue year-to-date totals $80.5 million, representing a 94 per cent increase.
Eastern Platinum stated it also continues producing chrome concentrate from its Retreatment Project in South Africa. Additionally, most of the company’s Q3 revenue came from chrome concentrate sales to third parties since Q4 2022.
In terms of its Crocodile River Mine, the company stated it began blasting activities at the mine as part of its soft restart of the Zandfontein underground section.
“Although chrome production decreased this quarter, we are still encouraged by revenue generated from the tailings storage facility,” Wanjin Yang, CEO of Eastern Platinum, said in a statement. “As we have commenced blasting activities at the Zandfontein underground section of the Crocodile River Mine, we expect to process the underground ore in the first quarter of 2024.”
Moving forward, the company’s plans for the rest of 2023 include raising capital to support the full restart of the Zandfontein mine, operate and optimize the Retreatment Project and complete the optimization of the chrome recovery plant for the Retreatment Project, among others.
Eastern Platinum is focused on assets in the Republic of South Africa, including its operations at the Crocodile River Mine.
Shares of Eastern Platinum are up 5.56 per cent to C$0.095 as of 9:30 am ET
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