Business
Eastern Platinum Limited Reports Q3 2020 Results
Vancouver, British Columbia--(Newsfile Corp. - November 13, 2020) - Eastern Platinum Limited (...
About this update from Eastern Platinum Limited
[{"type":"text","content":"Eastern Platinum Limited Reports Q3 2020 ResultsVancouver, British Columbia--(Newsfile Corp. - November 13, 2020) - Eastern Platinum Limited (TSX: ELR) (JSE: EPS) (\"Eastplats\" or the \"Company\") is pleased to report that it has filed its Q3 2020 condensed interim consolidated financial statements and management's discussion and analysis for the three and nine months ended September 30, 2020. Below is a summary of the Company's financial results for Q3 2020 (all amounts in USD):Revenue for the three and nine months ended September 30, 2020 increased to $16.8 million (2019 - $11.3 million) and $40.3 million (2019 - $27.1 million) respectively;Mining operating income continued to be generated for the three and nine months ended September 30, 2020 at $1.7 million and $4.0 million respectively;Positive working capital (excluding non-cash deferred revenue) of $7.6 million as at September 30, 2020;Net income to shareholders increased to $0.2 million (income of $0.00 per share) for the three months ended September 30, 2020 versus a loss of $2.8 million (loss of $0.03 per share) for the three months ended September 30, 2019. The improvement is attributable to the continued revenue generated by the Retreatment Project and the reversal of a foreign exchange loss in 2019; and,Net loss to shareholders increased to $11.0 million (loss of $0.12 per share) for the nine months ended September 30, 2020 versus a loss of $3.0 million (loss of $0.03 per share) for the nine months ended September 30, 2019. This increased loss is attributable to the large foreign exchange loss from Q1 2020, from the economic effects of COVID-19, and the significant legal settlement in June 2020.OperationsThe Company continues its tailings remining operations generating chrome concentrate at Barplats Mines (Pty) Limited tailings facility (the \"Retreatment Project\") located at the Company's Crocodile River Mine in South Africa (\"CRM\").Chrome recovery from production during Q3-2020:Average grade Cr concentrateTons of Cr concentrate38.66%275,816 The refurbished small-scale PGM circuit D (previously the scavenger plant circuit) (\"PGM Scavenger Circuit\") successfully utilized the feed, following the recovery of chrome concentrate and produced PGM concentrate in Q3 2020 with the current output being assessed for delivery.Outlook During Q3 2020, the Company's CR...