Slide 1: Advancing PGM Projects in South Africa
TSX:ELR I JSE:EPS Advancing PGM Projects in South Africa Investor Presentation | March 2026 All figures are in U.S. dollars unless otherwise noted. TSX:ELR
Slide 2: 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, This Presentation contains certain statements that may be “forward-looking statements” or “forward-looking information” within or the solici
Slide 3: Overview
Overview Eastern Platinum Limited (Eastplats) is a Canadian and South African-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 Igneous Complex in South Africa, hosting ~80% of the world’s PG
Slide 4: The Eastplats Opportunity
The Eastplats Opportunity Strategic Pivot to High-Margin Production Pivot Infrastructure Re-rating Resource Strengthened Complete Advantage Opportunity Optionality Balance Sheet Transition from tailings Deep infrastructure in place Trading at significant discount World-class asset base beyond Liquid
Slide 5: Why Invest in PGMS?
Why Invest in PGMS? Extreme Scarcity Concentrated Supply High Barriers to Entry vs 80%+ Platinum Gold Global Supply from South Africa 10+ Years Platinum is ~30x rarer than gold. All platinum ever Majority of primary supply comes from the Bushveld Discovery to Production produced would only cover you
Slide 6: PGM Market Opportunity & Demand Drivers
PGM Market Opportunity & Demand Drivers Structural supply deficits meet resilient industrial demand MARKET OUTLOOK KEY DEMAND DRIVERS -300koz 4.7% Automotive Resilience 2026 DEFICIT MARKET CAGR Hybrid (PHEV) growth extends demand tail well beyond BEV adoption curves. Projected supply shortfall drive
Slide 7: Focus On PGMs
Focus On PGMs PGM Market Outlook Platinum In Key Emerging Market Currencies 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 price forecast: $1,550/oz (up fro
Slide 8: Our Journey
Our Journey Evolution from Tailings Retreatment to High-Value Underground PGM Producer PHASE 1: RETREATMENT 2018 – Q1 2025 PHASE 2: PIVOT COMPLETE Q1 2024 – 2025 PHASE 3: OPTIMIZATION 2026+ Foundation: Funded Underground Restart Transformation: Underground Scale-Up Future: Steady State Targets • Tai
Slide 9: 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 STRATE
Slide 10: Leadership Team
Leadership Team Executive Management Wanjin Yang Wylie Hui CHIEF EXECUTIVE OFFICER CFO & CORPORATE SECRETARY Senior exploration geologist with over 30 years of experience Over 25 years of financial and operational experience, in major mineral exploration projects, corporate management, primarily in
Slide 11: Capital Structure & Liquidity
Capital Structure & Liquidity SHARE STRUCTURE (March 2026) OWNERSHIP BREAKDOWN SECURITY CLASS COUNT / AMOUNT TRADING STATISTICS Common Shares Outstanding 203.5 M Stock Options (Avg $0.19) 5.89 M MARKET CAP ~$105 M Warrants Nil Fully Diluted Shares 209.4 M UNION GOAL RESOLUTION PATH 52-WEEK RANGE $0.
Slide 12: Asset Portfolio Overview
Asset Portfolio Near-Term Overview Medium-Term Long-Term Optimization & Cash Flow Project Feasibility Strategic Optionality OPERATING CARE & MAINTENANCE CARE & MAINTENANCE CROCODILE RIVER MINE KENNEDY'S VALE / SPITZKOP MAREESBURG Western Limb | Bushveld Complex Eastern Limb | Bushveld Complex Easter
Slide 13: Crocodile River Mine (CRM) Overview
WESTERN LIMB Crocodile River Mine (CRM) Overview Bushveld Complex 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 c
Slide 14: Chrome & PGM Production History
Chrome & PGM Production History Transition to Underground UG2 Production & PGM-Led Revenue Chrome Conc. (Tons) PGM 6E Production (Oz) Tailings Concluded STRATEGIC PIVOT Revenue mix has structurally shifted from chrome-dominant (93%) to PGM-led (74%), driving direct leverage to basket price upside. N
Slide 15: Zandfontein Mine Facility Map
Zandfontein Mine Facility Map TSX: ELR 15
Slide 16: Zandfontein Plant & Equipment
Zandfontein Plant & Equipment TSX: ELR 16
Slide 17: Quarterly Production Trends
Quarterly Production Trends Operational Momentum at Crocodile River Mine (2025) Revenue Trajectory Quarterly Growth Driven by PGM Ramp-Up Margin Evolution Path to Profitability -1.8% Q3 GROSS MARGIN Throughput Growth Run-Rate Target Key Takeaway 80,195 t +12.4% QoQ ~24,000 oz Consecutive quarterly g
Slide 18: Mineral Reserves & Resources – Crocodile River Mine
Mineral Reserves & Resources – Crocodile River Mine Mineral Reserves January 1, 2022 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) CATEGORY TONNES (MT) GRADE (G/T 4E
Slide 19: Mineral Resources & Reserves – Eastplats Portfolio
Mineral Resources & Reserves – Eastplats Portfolio 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
Slide 20: Key Operating Metrics (Q3 2025)
Key Operating Metrics (Q3 2025) THROUGHPUT & SCALE GRADE & PRODUCTION TRAJECTORY & OUTLOOK ROM UG2 PGM 6E PRODUCTION (Q3) +315% YOY +12.4% QOQ PROCESSED 80,195 tonnes 6,183 oz ROM UG2 Feed (Q3 2025) +315% YoY Growth (Q3 2025) Steady ramp-up towards nameplate capacity Operational inflection point con
Slide 21: Crocodile River Mine – Economic Highlights
Crocodile River Mine – Economic Highlights Chrome cashflow upside INTERNAL RATE OF RETURN NET PRESENT VALUE (NPV 8%) LIFE OF M INE 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 All-In Sustaining
Slide 22: Zandfontein Underground Ramp-Up Progress
Zandfontein Underground Ramp-Up Progress ROM Throughput Trajectory to Steady-State TARGET: 70,000 t/m Q4 Q1 Q3 H1 H2 2024 2025 2025 2026 2026 Initial Processing Grade Operational Inflection Circuit D Target Throughput Started Inflection (80k t processed) Optimization Positive Margins TSX: ELR 22
Slide 23: PGM Prill Split Underground Model
PGM Prill Split Underground Model Industrial-driven, benefits from market demand and strong PGM metal price Impala Payable Basket Price - Payable Impala Model ESTIMATED BASKET PRICE (6E) (2000 - Feb 2026) 4E $2,691.60/ oz $4,000.00 $3,500.00 As of February 2026, • High leverage to industrial metals
Slide 24: 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 4 Level Chairlift TSX: ELR 24
Slide 25: Focused on Operational Efficiencies
Focused on Operational Efficiencies WHAT WE HAVE IMPLEMENTED NEAR-TERM OPERATIONAL FOCUS Underground Stability Stabilized UG2 production rates and sustained consistent ROM throughput. Throughput Growth Targeting steady ramp-up to 70,000 tpm ROM by end of 2026. Circuit Optimization Optimized main pla
Slide 26: ESG & Sustainability
ESG & SUSTAINABILITY Responsible Mining & Community Partnership
Slide 27: ESG & Sustainability
ESG & Sustainability Eastplats integrates sustainable practices into every aspect of operations, focusing on safety excellence, community development, and environmental stewardship. SAFETY FIRST EMPLOYMENT COMMUNITY ENVIRONMENT >2.0 M ~1,200 $800k+ TSF 2 FATALITY-FREE SHIFTS JOBS SUPPORTED INVESTED
Slide 28: Investment Highlights
Investment Highlights Timing Opportunity Competitive Moat Key Mitigations Imminent Re-Rating Current valuation (0.3x P/NAV) disconnected from Entry point at historical valuation $632M invested infrastructure = Execution: Underground mining operational reality. 3x upside potential to peer low despite
Slide 29: 2026 Catalysts & Milestones
2026 Catalysts & Milestones THESIS VALIDATED CATALYSTS AHEAD (2026) PIVOT COMPLETE PROVEN CIRCUIT D OPTIMIZATION H1 2026 Underground is 100% of production. PGMs are 74% of revenue (vs. 7% in 2023). Grade is ≥82% PGM recovery vs. current ~75%. Directly improves production output and lowers 133 g/t vs
Slide 30: 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 and Improve PGM recoveries through processing
Slide 31: Why Invest in Eastplats? / Contact
EASTPLATS WHY INVEST IN 2026 OUTLOOK EASTPLATS? Transition to steady-state operations with optimized recoveries and normalized margins. Eastplats is positioned to deliver substantial shareholder value in a rising PGM price environment. Established Underground PGM Platform UG2 production established