Stonegate Capital Partners Initiates Coverage on Eastern Platinum Limited (TSX:ELR)

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DALLAS, TX / ACCESSWIRE / October 28, 2021 / Eastern Platinum Limited (TSX:ELR): The full report can be accessed by clicking on the following link: http://stonegateinc.com/reports/ELR Initiation.pdf

COMPANY DESCRIPTION

Eastern Platinum Limited, together with its subsidiaries, engages in the mining, exploration, and development of platinum group metal (PGM) and chrome properties in South Africa. The Company's PGM deposits include platinum, palladium, rhodium, iridium, and ruthenium. The Company has four properties that include its principal asset the Crocodile River Mine ("CRM"), the Kennedy's Vale project, the Mareesburg project, and the Spitzkop project. Currently, the Crocodile River Mine is generating revenue via its chrome and PGM productions by processing the CRM tailings resources. All projects are in South Africa, with the Company headquartered in Vancouver, BC Canada.

SUMMARY

  • Recent transition from care & maintenance to revenue generation – The Company started to generate revenue from its Retreatment Project in December 2018. This comes after the Company's operations were placed in care and maintenance: CRM in 2013 and Mareesburg, Kennedy's Vale, and Spitzkop in 2012. The Retreatment Project is at the Crocodile River Mine and includes a combined hydro and mechanical re-mining method of prior tailings to produce chrome concentrates. During 2019, the Company ramped up its production and produced 588,006 tons of chrome concentrate followed by 987,003 in F20 and 427,389 for the YTD Q2 2021 period. The Retreatment Project is expected to continue until 2024.

  • PGM revenue stream online in early F21 – During 2020, the Company completed the refurbishment of a small-scale PGM circuit, referred to as "PGM Circuit D." Operations began in Q4 2020 by processing parts of feed from chrome tails. Following further optimization in Q1 2021, Circuit D produces approximately 200 tons of PGMs per month from April onwards. PGM Main Circuit B is expected to commission in October 2021. The Company estimates Circuit B can add around 600 tons of PGM concentrate per month to production for a total of 800 tons of PGM concentrate per month by Q1 2022.

  • Potential restart of underground mining – While the Crocodile River underground mine has remained in care and maintenance since 2013, the Company is looking to re-open the mine. Long-term planning and mine design studies are underway and are expected to be completed in Q4 2021. Results are expected to help the Company determine the timing of the mine re-opening. Importantly, the mine is fully permitted and has a mine life of 27 years.

  • Additional opportunities in the pipeline – The Company believes the Mareesburg deposit could support a mine that could be placed into production relatively quickly and with a relatively low capital cost. Lastly, the Company has Kennedy's Vale and the Spitzkop project, which are early stage, exploration opportunities.

  • Liquidity to help fund expansion plans – Eastern Platinum raised CDN$11.8M in January 2021 via a rights offering. Importantly, the funding helped support current and future capital projects that include the optimization of the PGM Circuit, mine design and long-term mining plan for underground mining at the Crocodile River Mine, along with other development opportunities. Additionally, the Company is expecting its Maroelabult property sales to close in Q4 2021 and raise ~ US$1.4M.

  • Valuation – On an enterprise value to resources basis, Eastern Platinum trades at a significant discount to other platinum mining and exploration companies. With current revenue generation from its retreatment project expected to continue to ~2024, an expected ramp-up in PGM revenue in 2021, along with the potential to restart the Crocodile River underground mine in the near future, we would expect some of the discount to diminish.

About Stonegate Capital Partners

Stonegate Capital Partners is a Dallas-based corporate advisory firm dedicated to serving the specialized needs of small-cap public companies. Since our inception, our mission has been to find innovative, undervalued public companies for our network of leading institutional investors who seek high-quality investment opportunities.

CONTACT:

Stonegate Capital Partners
info@stonegateinc.com
(214) 987-4121

SOURCE: Stonegate Capital Partners

View source version on accesswire.com:
https://www.accesswire.com/670074/Stonegate-Capital-Partners-Initiates-Coverage-on-Eastern-Platinum-Limited-TSXELR

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By Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

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