Eastern Platinum Limited · TSX:ELR
Eastern Platinum — Investor Presentation (October 2026)
34 slides from Eastern Platinum's investor presentation, October 2026
Slide 1: Advancing PGM Projects in South Africa
TSX:ELR I JSE:EPS ADVANCING PGM Projects in South Africa Investor Presentation | October 2026 All figures are in U.S. dollars unless otherwise noted. TSX: ELR
Slide 2: Advancing PGM Projects in South Africa
TSX:ELR I JSE:EPS ADVANCING PGM Projects in South Africa Investor Presentation | October 2026 All figures are in U.S. dollars unless otherwise noted. TSX: ELR 2
Slide 3: Advancing PGM Projects in South Africa
TSX:ELR I JSE:EPS ADVANCING PGM Projects in South Africa Investor Presentation | October 2026 All figures are in U.S. dollars unless otherwise noted. TSX: ELR 3
Slide 4: Forward-looking statements
Forward-looking statements The information contained in this Presentation is provided for informational purposes only and does not constitute an offer to sell, or This Presentation contains certain statements that may be “forward-looking statements” or “forward-looking information” within the the so
Slide 5: Overview
Overview Eastern Platinum Limited (Eastplats) is a Canadian-listed, low-cost, mid-tier producer of platinum group metals (PGM) and chrome. The company holds a portfolio of high-grade assets situated within the Bushveld Complex in South Africa, hosting ~80% of the world’s PGM-bearing ore. Limpopo Leg
Slide 6: The Eastplats opportunity
The Eastplats opportunity S t r a t e gi c p i vo t t o h i g h - m a r gi n p r o d u c t i on Pivot Infrastructure Re-rating Resource Strengthened complete advantage opportunity optionality balance sheet Transition from tailings Deep infrastructure in place Trading at significant World-class asset
Slide 7: Why Invest in PGMs?
Why Invest in PGMS? Extreme scarcity Concentrated supply High barriers to entry vs 80%+ 10+ Years Platinum Gold Global supply from South Africa Discovery to production Platinum is ~30x rarer than gold. All platinum ever Majority of primary supply comes from the Bushveld New mining projects require s
Slide 8: PGM market opportunity & demand drivers
PGM market opportunity & demand drivers S t r u c t u r a l s u p p l y d e f i ci t s m e e t r e s i l i e n t i n d u s t r i a l d e m a n d MARKET OUTLOOK KEY DEMAND DRIVERS -300koz 4.7% Automotive resilience • Hybrid (PHEV) growth extends demand tail well beyond BEV adoption curves. 2026 DEFIC
Slide 9: Focus on PGMs
KEY DEMAND DRIVERS Focus on PGMs Platinum in key emerging market currencies P G M m a r k et o u t l ook The PGM market is set to grow from 667.39 tons in 2026 to 839.07 tons by 2031, driven by a 4.7% CAGR. Tight supply and increasing investor demand are key factors. 2026 platinum price: • Median pr
Slide 10: Our journey
Our journey E v o l u t i on f r o m t a i l i ng s r e t r e a t m e n t t o h i g h - v a l ue u n d e r g r ou nd P G M p r o d u cer PHASE 1: RETREATMENT 2018 – Q1 2025 PHASE 2: PIVOT COMPLETE Q1 2024 – 2025 PHASE 3: OPTIMIZATION 2026+ Foundation: funded underground restart Transformation: under
Slide 11: Key achievements
Key achievements Oct 2024 Underground operational restart First ROM UG2 ore processed from Zandfontein underground. Marks RESTART the definitive beginning of the new Eastplats operational era. Mar 2025 Full pivot & legacy action Tailings retreatment completed as planned. Union Goal put option exerci
Slide 12: Leadership team
Leadership team EXECUTIVE MANAGEMENT Changyu (Charlie) Liu Xinneng (David) Li Interim Chief Executive Officer Chief Financial Officer & Corporate Secretary Senior executive with over 25 years of experience in business Over 25 years of financial and operational experience, primarily in management, co
Slide 13: Capital structure & liquidity
Capital structure & liquidity OWNERSHIP BREAKDOWN SHARE STRUCTURE (April 2026) TRADING STATISTICS SECURITY C L AS S C O U N T / AM O U N T Common Shares Outstanding 204.9 M Other/strategic MARKET CAP 13% ~C$96 M Stock Options (Avg C$0.19) 4.4 M Institutional Warrants Nil 4% Fully Diluted Shares 209.
Slide 14: Asset portfolio overview
Asset portfolio overview |||||||||||||| Optimization & cash fow Project ffeasibility Strategic ooptionality OPERATING CARE & MAINTENANCE CARE & MAINTENANCE CROCODILE RIVER MINE KENNEDY'S VALE / SPITZKOP MAREESBURG Western Limb | Bushveld Complex Eastern Limb | Bushveld Complex Eastern Limb | Bushvel
Slide 15: Crocodile River Mine (CRM) overview
Crocodile River Mine (CRM) overview Infrastructure Investment $632M+invested to date $526M+ Pre-2016 $106M+ Since 2016 Major Assets: Vertical shaft, ore silo, main conveyor, chairlift, pump stations, explosive storage, Circuits B & D. High operating leverage & reduced capital intensity for ramp-up.
Slide 16: Chrome & PGM production history
Chrome & PGM production history Tr a n s i t io n t o U n d e r gr oun d U G 2 P r o d u c t i on & P G M - Le d R e v e n u e Tailings Chrome UG2 Chrome PGM 6E Production(oz) REVENUE MIX Tailings concluded Q4 2025 Revenue: 80% PGM / 20% Chrome FY 2025 Revenue: 65% PGM / 35% Chrome STRATEGIC PIVOT R
Slide 17: Zandfontein Mine facility map
Zandfontein Mine facility map TSX: ELR 17
Slide 18: Zandfontein plant & equipment
Zandfontein plant & equipment TSX: ELR 18
Slide 19: Mineral Reserves & Resources
Mineral Reserves & Resources M i ne r a l R e s e r ves J a n u ar y 1 , 2 0 2 2 1.72 Moz 8.49 Moz 11.00 Moz 22+ years PROVEN & PROBABLE RESERVES (4E) MEASURED & INDICATED RESOURCES (4E) INFERRED RESOURCES (4E) LIFE OF MINE (LOM) MINERAL RESERVES (CRM UG2 REEF) C ATE G O R Y T O N N E S (M T) G R A
Slide 20: Crocodile River Mine – economic highlights
Crocodile River Mine – economic highlights C h r o m e c a s h f l ow u p s i de INTERNAL RATE OF RETURN NET PRESENT VALUE (NPV 8%) LIFE OF MINE Key economic parameters 118% $202M 22+ years Pre-Tax Project IRR At $1,825/oz 4E Basket Price Sustainable Long-Term Operation METRIC VALUE UNIT / NOTES 90,
Slide 21: Mineral Resources & Reserves
Mineral Resources & Reserves Mineral Resource inventory by asset (Moz 4E) Reserves (P&P) M&I Resources Inferred Conversion potential 20-25 Years Reserve Life ASSET STAGE CATEGORY TONNES (MT) GRADE (G/T 4E) CONTAINED METAL Crocodile River Mine Operating Reserves (P&P) 14.58 3.68 1.72 Moz Crocodile Ri
Slide 22: Quarterly production trends
Quarterly production trends O p e r a t i onal M o m ent um a t C r o c o di l e R i v e r M i ne ( 2 0 2 5 ) Target: Positive by H2 2026 Revenue trajectory Quarterly growth driven by PGM ramp-Up Margin evolution Path to profitability Target: Positive by H2 2026 THROUGHPUT GROWTH RUN-RATE TARGET Key
Slide 23: Key operating metrics (Q4 2025)
Key operating metrics (Q4 2025) THROUGHPUT & SCALE GRADE & PRODUCTION TRAJECTORY & OUTLOOK Quarterly PGM production(oz) ROM UG2 PROCESSED +19.9% QOQ PGM 6E PRODUCTION (Q4) +94% YOY 94,606 tonnes 7,794 oz ROM UG2 Feed (Q4 2025) +94% YoY Growth (Q4 2025) Steady ramp-up towards nameplate capacity AVG U
Slide 24: Zandfontein underground ramp-up progress
Zandfontein underground ramp-up progress ROM throughput trajectory to steady-state TARGET: 70,000 t/m Crew stabilization Circuit D optimization Equipment avail. Dev. pipeline Fully Staffed Grade Targeting 75%+ Achieved 33MT Reserves Replacement crews trained Enhanced ore targeting & Consistent opera
Slide 25: Estimated basket price (4E)
TSX: ELR 27% Palladium metal price 10% Rhodium 1% Gold ESTIMATED BASKET PRICE (4E) $2,803.21 /oz I n d u s t r i a l - dr i ve n, b e n ef i t s f r o m m a r k e t d e m a n d a n d s t r o ng P G M As of March 2026 • High leverage to industrial metals 62% Platinum $- PGM prill split underground mo
Slide 26: Surface & underground infrastructure
Surface & underground infrastructure • Past investment of USD $526m+ & USD $106m+ since new leadership appointed In 2016 • Total investment to date over USD $632m Vertical Shaft Ore Silo Main Pump Station Explosive Storage Rock Winder Man Winder Main Conveyor On 4Level Chairlift TSX: ELR 26
Slide 27: Focused on operational efficiencies
Focused on operational efficiencies WHAT WE HAVE IMPLEMENTED NEAR-TERM OPERATIONAL FOCUS Underground stability Throughput growth stabilized UG2 production rates and sustained consistent ROM Targeting steady ramp-up to 70,000 tpm ROM by end of 2026. throughput. Circuit optimization Recovery enhanceme
Slide 28: ESG & Sustainability
ESG & SUSTAINABILITY Responsible Mining & Community Partnership TSX: ELR 28
Slide 29: ESG & sustainability
ESG & sustainability E a s t pl a t s i n t eg r at es s u s t a in a bl e p r a c t ic e s i n t o e v e r y a s p e ct o f o p e r at i on s, f o c u si ng o n s a f et y e x c e l l e nc e , c o m m u ni t y d e v e l opm e nt , a n d e n v i r on m e n t a l s t e w a r ds hi p. SAFETY FIRST EMP
Slide 30: Investment highlights
Investment highlights Imminent re-rating Timing opportunity Competitive moat Key mitigations Current valuation (0.3x P/NAV) disconnected from operational reality. 3x upside potential to peer Entry point at historical valuation $632M invested infrastructure = Execution: Underground mining average (0.
Slide 31: 2026 catalysts & milestones
2026 catalysts & milestones T H E S I S VA L I D AT E D C ATA LY S T S A H E A D ( 2 0 2 6 ) PIVOT COMPLETE CIRCUIT D OPTIMIZATION H1 2026 Underground is 100% of production. ≥82% PGM recovery vs. current ~75%. PGMs are 65% of revenue (vs. 7% in 2023). Directly improves production output and lowers c
Slide 32: PGM-led value creation at Crocodile River Mine
PGM-led value creation at Crocodile River Mine Near-term execution priorities Why Eastplats? ● Stabilize underground UG2 production and sustain consistent throughput Established underground PGM platform UG2 production at Crocodile River Mine is established ● Improve PGM recoveries through processing
Slide 33: Why invest in Eastplats?
EASTPLATS WHY INVEST IN EASTPLATS? 2026 OUTLOOK Transition to steady-state operations with optimized recoveries and normalized margins. Eastplats is positioned to deliver Established Underground PGM Platform substantial shareholder value in a rising PGM price UG2 production established and repeatabl
Slide 34: Thank you
TSX:ELR I JSE:EPS THANK YOU Investor Presentation | October 2026 All figures are in U.S. dollars unless otherwise noted. TSX: ELR 34
Eastern Platinum — Investor Presentation (October 2026) on 6ix