Toronto- and Johannesburg-listed Eastern Platinum’s (Eastplats’) net loss widened to $6.1-million, or a loss of $0.03 a share, for the second quarter ended June 30, compared with the net loss s of $1.8-million, or $0.01 a share, reported for the second quarter of 2025.

The company attributes the widened net loss to lower overall sales and higher production costs incurred at the Crocodile River mine (CRM) platinum group metals operation, in South Africa's North West province.

Eastplats’ net loss for the six months to June 30 also widened to $10.2-million, or $0.05 a share, from the net loss of $8.7-million, or $0.04 a share, reported for the first half of 2025.

Meanwhile, revenue for the quarter ended June 30 decreased to $7.9-million from $10.7-million in the second quarter of 2025, while revenue for the six months to June 30 decreased to $21.7-million, from $25.5-million in the six months ended June 30, 2025.

The company had a working capital deficit of $67.9-million as at June 30 and short-term cash resources of $362 000.

“We had a challenging second quarter as monthly run-of-mine processing tonnages at the CRM were lower than targeted. We will continue to focus on operational efficiencies to improve PGM and chrome production,” says Eastplats interim CEO and president Charlie Liu.

OPERATIONS

Eastplats notes that it derived revenue from the processing of PGM and chrome concentrates at CRM.

The majority of Eastplats’ revenue – about 78% for the second quarter and 80% for the half-year – is from PGM concentrate sales to Impala Platinum under related offtake agreements.

The company says this is in line with expectations as it continues to ramp up production at CRM.

The company started processing run-of-mine (RoM) Upper Group 2 ore from the Zandfontein underground section at CRM during the third quarter of 2024, at higher grades of chrome and PGM recovery, respectively.

Total RoM feed from underground operations was 51 160 t for the second quarter and  106 798 t for the six months.

Chromium concentrate production for the second quarter was 14 921 t and 31 678 t for the six months ended June 30.

The company produced 4 356 oz platinum, palladium, rhodium, ruthenium, iridium and in the second quarter and 9 146 oz in the six months.