Business
Eastern Platinum Limited Reports Annual Results for 2020 and Provides an Operations Update
Vancouver, British Columbia--(Newsfile Corp. - March 26, 2021) - Eastern Platinum Limited (TSX...
About this update from Eastern Platinum Limited
[{"type":"text","content":"Eastern Platinum Limited Reports Annual Results for 2020 and Provides an Operations UpdateVancouver, British Columbia--(Newsfile Corp. - March 26, 2021) - Eastern Platinum Limited (TSX: ELR) (JSE: EPS) (\"Eastplats\" or the \"Company\") is pleased to report that it has filed its Audited Consolidated Financial Statements for the years ending December 31, 2020 and 2019 and the corresponding Management's Discussion and Analysis and Annual Information Form. Below is a summary of the Company's financial results for the year ended December 31, 2020 (all amounts in USD):43% growth in revenue for the year ended December 31, 2020 of $56.1 million compared to $39.2 million in the prior year. The growth in revenue is due to the strong operating results from the Retreatment Project (as defined below);Mining operation income (eight consecutive quarters)- December 31, 2020 $5.6 million (2019 - $5.5 million) (some difficulties in direct comparison include: commercial production timing in 2019 and the most recent four quarters being negatively impacted by COVID-19 costs and 2020 South Africa lockdowns);Cash generated from operations during the year December 31, 2020 - $1.6 million (2019 - negative $8.8 million);Positive working capital (excluding non-cash deferred revenue and lease liability) of $8.5 million as at December 31, 2020; andNet loss to equity shareholders of $8.0 million (loss of $0.08 per share) for the year ended December 31, 2020 compared to earnings to equity shareholders of $0.1 million (earnings of $0.00 per share) for the prior year, resulting from an increase in non-cash finance costs, foreign exchange losses and the legal settlement with AlphaGlobal (See news release of June 26, 2020).Operations of the Retreatment ProjectThe availability of the Retreatment Project as a 24-hour continuous operation (including chrome recovery plant, deposition and remining on the tailings dam) including planned maintenance has improved significantly in 2020 to 86% up from 76% in 2019.Eastplats reported 987,003 tons of chrome concentrate production, a 68% increase from 2019 production. (See news release of March 3, 2021 for a detailed review of the Retreatment Project).On March 10, 2021, the Company and Union Goal signed updated Retreatment Project Agreements (See news release of March 15, 2021) which capitalized on Eastplats' two years of ope...