Business
Eastern Platinum Limited Reports Results for the First Quarter of 2022
Vancouver, British Columbia--(Newsfile Corp. - May 13, 2022) - Eastern Platinum Limited (TSX...
About this update from Eastern Platinum Limited
[{"type":"text","content":"Eastern Platinum Limited Reports Results for the First Quarter of 2022Vancouver, British Columbia--(Newsfile Corp. - May 13, 2022) - 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 for the three months ended March 31, 2022 and the corresponding management's discussion and analysis. Below is a summary of the Company's financial results for the first quarter of 2022 (\"Q1 2022\") (all amounts in USD unless specified) in comparison to the same respective period in 2021 (\"Q1 2021\"): Revenue for Q1 2022 increased to $17.4 million (Q1 2021 - $16.7 million), representing a 4.3% increase. The increase in revenue for Q1 2022 was primarily due to an increase in platinum group metal (\"PGM\") sales in the period.Mine operating income increased by $2.0 million (or 137.5%) to $3.4 million in Q1 2022 (Q1 2021 - $1.4 million), resulting in an improved gross margin of 19.6% in Q1 2022 from 8.6% in Q1 2021. Operating income was $0.1 million in Q1 2022 compared to an operating loss of $1.7 million in Q1 2021.Net income attributable to shareholders was $3.0 million ($0.02 earnings per share) in Q1 2022 versus loss attributable to shareholders of $0.9 million ($0.01 loss per share) in Q1 2021. The Q1 2022 net income was largely attributable to the foreign exchange gain due to the appreciation of the South African Rand relative to the U.S. Dollar in Q1 2022, while in Q1 2021, the U.S. Dollar strengthened. The Company had positive working capital (current assets less current liabilities) of $17.2 million as at March 31, 2022 (December 31, 2021 - $14.6 million) and short-term cash resources of $6.6 million (consisting of cash, cash equivalents and short-term investments) (December 31, 2021 - $6.1 million).OperationsThe Company continues its Retreatment Project at Barplats Mines (Pty) Limited's tailings facility (the \"Retreatment Project\") located at the Company's Crocodile River Mine (\"CRM\") in South Africa.Summary of chrome production for the three months ended March 31, 2022 and March 31, 2021:Q1 2022Q1 2021Total Tailings Feed (Tons)574,242607,606Average grade Cr concentrate38.97%38.47%Tons of Cr concentrate121,122203,901 The majority of the Company's revenue (approximately 84% for Q1 2022) is generated from the...