Business
Eastern Platinum Limited Reports Results for the Second Quarter of 2021
Vancouver, British Columbia--(Newsfile Corp. - August 13, 2021) - Eastern Platinum Limited (...
About this update from Eastern Platinum Limited
[{"type":"text","content":"Eastern Platinum Limited Reports Results for the Second Quarter of 2021Vancouver, British Columbia--(Newsfile Corp. - August 13, 2021) - 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 and management's discussion and analysis for the three months and six months ended June 30, 2021. Below is a summary of the Company's financial results for the second quarter of 2021 and year-to-date 2021 (all amounts in USD unless specified) in comparison to the same respective periods in 2020: Revenue for the three months ended June 30, 2021 (\"Q2 2021\") increased to approximately $20.0 million (Q2 2020 - $9.3 million), representing a 114.9% increase. Revenue for the six months ended June 30, 2021 (\"YTD Q2 2021\") increased to $36.7 million (YTD Q2 2020 - $23.5 million) representing a 56.2% increase.Mining operating income increased to $3.3 million in Q2 2021 (Q2 2020 - $0.9 million), representing an improved gross margin of 16.6% in Q2 2021 from 10.1% in Q2 2020. Mining operating income in YTD Q2 2021 increased to $4.8 million (YTD Q2 2020 - $2.4 million), representing an improved gross margin of 13.0% in YTD Q2 2021 from 10.1% in YTD Q2 2020.Operating income was $0.7 million in Q2 2021 compared to an operating loss of $1.0 million in Q2 2020. Operating loss decreased by $1.2 million to $1.0 million in YTD Q2 2021 from $2.2 million in YTD Q2 2020 - a 53.8% decrease in operating loss.Net income attributable to shareholders increased to $4.1 million (earnings attributable to shareholders - $0.03 per share) in Q2 2021 versus a loss of $3.0 million in Q2 2020 (loss attributable to shareholders - $0.03 per share). The improvement during Q2 2021 is primarily attributable to the increased revenue and positive gross margins generated by re-mining and processing the Company's tailings resource at the Crocodile River Mine (\"CRM\") to produce chrome concentrate and PGM concentrate, an increase in the foreign exchange gain as the South African Rand recovered against the U.S. Dollar, and a gain of $3.3 million to settle and dismiss certain outstanding lawsuits (See press release of June 21, 2021 for further information). Net income attributable to shareholders increased to $3.3 million (earnings attributable to shareholders - $...