Eastern Platinum Eastern Platinum Reports Results For the Three and Nine Months Ended September 30, 2013

 
TIDMELR 
 
Eastern Platinum Reports Results For the Three and Nine Months Ended September 30, 2013 
FOR:  EASTERN PLATINUM LIMITED 
 
TSX, AIM SYMBOL:  ELR 
JSE SYMBOL:  EPS 
 
Eastern Platinum Reports Results For the Three and Nine Months Ended September 30, 2013 
 
Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats" or the "Company) reports financial results 
for the three and nine months ended September 30, 2013. 
 
On April 19, 2013, the Company announced its decision to suspend funding for CRM due to the continuing stagnant 
outlook in the global economic environment, the sustained weakness in PGM pricing and the current operating 
environment in South Africa. On April 22, 2013 Barplats Mines Limited issued notices to employees in terms of 
Section 189 of the Labour Relations Act 66 of 1995 with respect to a care and maintenance and restructuring 
proposal for CRM. The consultation process with the unions and other representatives ended upon the expiry of 
the 60-day period on June 21, 2013. 
 
Production at CRM scaled down with effect from June 22, 2013 and ceased by the end of July 2013. Production 
will not resume until it is clear that there can be sustainable economic production from CRM. The Company will 
continue to meet all its commitments with respect to its environmental management programs and the relevant 
aspects of its Social and Labour Plan. 
 
Due to the suspension of production, the Company believes that it is not meaningful to compare the operations 
of the three months ended September 30, 2013 against the operations of the three months ended September 30, 
2012, and as a result going forward, the Company will no longer be providing quarterly press releases on 
operations until such time as operations resume. 
 
The key financial highlights for the three and nine months ended September 30, 2013 are provided below: 
 
 
=-  At September 30, 2013, the Company had a cash position (including cash, 
    cash equivalents and short term investments) of $98,207,000 (December 
    31, 2012 - $130,925,000). 
 
=-  Eastplats recorded a loss attributable to equity shareholders of the 
    Company of $4,617,000 ($Nil per share) in the quarter ended September 
    30, 2013 ("Q3 2013") compared to a loss of $5,698,000 ($0.01 loss per 
    share) in the quarter ended September 30, 2012 ("Q3 2012"). 
 
=-  Eastplats recorded a loss attributable to equity shareholders of the 
    Company of $155,293,000 ($0.17 loss per share) in the nine months ended 
    September 30, 2013 ("9M 2013") compared to a loss of $101,745,000 ($0.11 
    loss per share) in the nine months ended September 30, 2012 ("9M 2012"). 
 
 
For complete details of financial results, please refer to the unaudited condensed consolidated interim 
financial statements and accompanying Management's Discussion and Analysis ("MD&A") for the three and nine 
months ended September 30, 2013. These financial statements and MD&A, and the comparative financial statements 
for the three and nine months ended September 30, 2012 are all available on SEDAR at www.sedar.com and on the 
Company's website www.eastplats.com. 
 
Total shares issued and outstanding - 928,187,807 
 
No stock exchange, securities commission or other regulatory authority has approved or disapproved the 
information contained herein. 
 
Cautionary Statement on Forward-Looking Information 
 
This press release, which contains certain forward-looking statements, is intended to provide readers with a 
reasonable basis for assessing the financial performance of the Company. All statements, other than statements 
of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", 
"target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar 
expressions identify forward looking statements. Forward-looking statements are necessarily based upon a number 
of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to 
significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could 
cause actual results to differ materially from those projected in the forward-looking statements. Such factors 
include, but are not limited to, fluctuations in the currency markets such as Canadian dollar, South African 
Rand and U.S. dollar, fluctuations in the prices of PGM and other commodities, changes in government 
legislation, taxation, controls, regulations and political or economic developments in Canada, the United 
States, South Africa, or Barbados or other countries in which the Company carries or may carry on business in 
the future, risks associated with mining or development activities, the speculative nature of exploration and 
development, including the risk of obtaining necessary licenses and permits, and quantities or grades of 
reserves. Many of these uncertainties and contingencies can affect the Company's actual results and could cause 
actual results to differ materially from those expressed or implied in any forward-looking statements made by, 
or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of 
future performance. There can be no assurance that such statements will prove to be accurate and actual results 
and future events could differ materially from those acknowledged in such statements. Specific reference is 
made to the Company's most recent Annual Information Form on file with Canadian provincial securities 
regulatory authorities for a discussion of some of the factors underlying forward-looking statements. 
 
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as 
a result of new information, future events or otherwise, except to the extent required by applicable laws. 
 
 
Eastern Platinum Limited 
Condensed consolidated interim statements of loss 
(Expressed in thousands of U.S. dollars, except per share amounts - 
 unaudited) 
 
                         Three months ended          Nine months ended 
                           September 30,               September 30, 
                             2013          2012          2013          2012 
 
 
=--------------------------------------------------------------------------- 
Revenue              $      1,341  $     23,329  $     31,244  $     85,137 
=--------------------------------------------------------------------------- 
 
Cost of operations 
 Production costs           3,618        26,319        46,951        95,224 
 Depletion and 
  depreciation                249         3,192         4,840        11,325 
 Impairment                     -             -       147,787        88,278 
 (Gain) loss on 
  disposal of 
  property, plant 
  and equipment            (1,108)         (167)       (1,689)        1,402 
=--------------------------------------------------------------------------- 
                            2,759        29,344       197,889       196,229 
=--------------------------------------------------------------------------- 
Mine operating loss        (1,418)       (6,015)     (166,645)     (111,092) 
=--------------------------------------------------------------------------- 
 
Expenses 
 General and 
  administrative            3,021         2,142         6,421         7,300 
 Care and 
  maintenance               1,747            40         2,516            92 
 Care and 
  maintenance 
  depreciation                748             -           856             - 
 Share-based 
  payments                     32           (31)        3,174         2,309 
=--------------------------------------------------------------------------- 
                            5,548         2,151        12,967         9,701 
=--------------------------------------------------------------------------- 
 
Operating loss             (6,966)       (8,166)     (179,612)     (120,793) 
Other income 
 (expense) 
 Interest income              580           791         1,582         2,720 
 Other income                  24           312         1,148           911 
 Finance costs               (649)         (281)       (1,146)       (5,380) 
 Foreign exchange 
  gain (loss)                 586          (138)          193            64 
=--------------------------------------------------------------------------- 
 
Loss before income 
 taxes                     (6,425)       (7,482)     (177,835)     (122,478) 
Income tax (expense) 
 recovery                     (94)          (98)         (291)       12,377 
=--------------------------------------------------------------------------- 
Net loss for the 
 period              $     (6,519) $     (7,580) $   (178,126) $   (110,101) 
=--------------------------------------------------------------------------- 
 
Attributable to 
 Non-controlling 
  interest           $     (1,902) $     (1,882) $    (22,833) $     (8,356) 
 Equity shareholders 
  of the Company           (4,617)       (5,698)     (155,293)     (101,745) 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
Net loss for the 
 period              $     (6,519) $     (7,580) $   (178,126) $   (110,101) 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
 
Loss per share 
 Basic               $      (0.00) $      (0.01) $      (0.17) $      (0.11) 
 Diluted             $      (0.00) $      (0.01) $      (0.17) $      (0.11) 
=--------------------------------------------------------------------------- 
 
Weighted average number of common shares 
 outstanding in thousands 
 Basic                    927,805       927,499       927,805       927,499 
 Diluted                  927,805       927,499       927,805       927,499 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
 
 
Approved and authorized for issue by the Board on November 13, 2013. 
 
"David Cohen"                         "Robert Gayton" 
=------------------------------------ -------------------------------------- 
David Cohen, Director                 Robert Gayton, Director 
 
Eastern Platinum Limited 
Condensed consolidated interim statements of comprehensive loss 
(Expressed in thousands of U.S. dollars - unaudited) 
 
=--------------------------------------------------------------------------- 
                         Three months ended          Nine months ended 
                           September 30,               September 30, 
                             2013          2012          2013          2012 
 
=--------------------------------------------------------------------------- 
Net loss for the 
 period              $     (6,519) $     (7,580) $   (178,126) $   (110,101) 
Other comprehensive 
 loss 
 Items that may 
  subsequently be 
  reclassified to 
  loss or profit 
 Exchange 
  differences on 
  translating 
  foreign operations       (4,667)       (2,861)      (87,824)       (9,675) 
 Exchange 
  differences on 
  translating non- 
  controlling 
  interest                    535           122         3,126           341 
=--------------------------------------------------------------------------- 
Comprehensive loss 
 for the period      $    (10,651) $    (10,319) $   (262,824) $   (119,435) 
=--------------------------------------------------------------------------- 
 
Attributable to 
 Non-controlling 
  interest                 (1,367)       (1,760)      (19,707)       (8,015) 
 Equity shareholders 
  of the Company           (9,284)       (8,559)     (243,117)     (111,420) 
=--------------------------------------------------------------------------- 
Comprehensive loss 
 for the period      $    (10,651) $    (10,319) $   (262,824) $   (119,435) 
=--------------------------------------------------------------------------- 
 
Eastern Platinum Limited 
Condensed consolidated interim statements of financial position as at 
September 30, 2013, December 31, 2012 and January 1, 2012 
(Expressed in thousands of U.S. dollars - unaudited) 
 
                           September 30,      December 31,        January 1, 
                                    2013              2012              2012 
 
=--------------------------------------------------------------------------- 
 
Assets 
Current assets 
 Cash and cash 
  equivalents           $         16,573  $         70,699  $        151,838 
 Short-term investments           81,634            60,226            98,963 
 Trade and other 
  receivables                      6,678            14,854            22,842 
 Inventories                       2,980             4,746             7,989 
=--------------------------------------------------------------------------- 
                                 107,865           150,525           281,632 
 
Non-current assets 
 Property, plant and 
  equipment                      353,027           577,031           615,439 
 Refining contract                 2,461             7,270             9,009 
 Other assets                      9,060             9,062             7,995 
=--------------------------------------------------------------------------- 
                        $        472,413  $        743,888  $        914,075 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
 
Liabilities 
Current liabilities 
 Trade and other 
  payables              $          9,428  $         17,387  $         39,945 
 Finance leases                        -                 -             1,675 
=--------------------------------------------------------------------------- 
                                   9,428            17,387            41,620 
 
Non-current liabilities 
 Provision for 
  environmental 
  rehabilitation                  10,736            12,066             8,390 
 Deferred tax 
  liabilities                     17,441            19,977            33,520 
=--------------------------------------------------------------------------- 
                                  37,605            49,430            83,530 
=--------------------------------------------------------------------------- 
 
Equity 
 Issued capital                1,230,358         1,230,358         1,230,358 
 Treasury shares                    (204)             (204)            (334) 
 Equity-settled 
  employee benefits 
  reserve                          7,638             8,991            34,391 
Foreign currency 
  translation reserve           (189,987)         (102,163)         (77,142) 
Deficit                         (581,880)         (431,114)        (355,028) 
=--------------------------------------------------------------------------- 
Capital and reserves 
 attributable to equity 
 shareholders of the 
 Company                         465,925           705,868           832,245 
Non-controlling 
 interest                        (31,117)          (11,410)          (1,700) 
=--------------------------------------------------------------------------- 
                                 434,808           694,458           830,545 
=--------------------------------------------------------------------------- 
                        $        472,413  $        743,888  $        914,075 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
 
Eastern Platinum Limited 
Condensed consolidated interim statements of cash flows 
(Expressed in thousands of U.S. dollars - unaudited) 
 
                     Three months ended          Nine months ended 
                       September 30,               September 30, 
                         2013          2012           2013        2012 
=---------------------------------------------------------------------- 
Operating 
 activities 
Loss before 
 income taxes   $      (6,425) $     (7,482) $    (177,835)  $(122,478) 
Adjustments to 
 net loss for 
 non-cash items 
  Depletion and 
   depreciation           814         3,259          5,513      11,525 
  Impairment                -             -        147,787      88,278 
  (Gain) loss on 
   disposal of 
   property, 
   plant and 
   equipment           (1,108)         (167)        (1,689)      1,402 
  Refining 
   contract 
   amortization           277           335            877       1,032 
  Share-based 
   payments                32           (31)         3,174       2,309 
  Interest 
   income                (580)         (791)        (1,582)     (2,720) 
  Finance costs           649           281          1,146       5,380 
  Foreign 
   exchange 
   (gain) loss           (586)          138           (193)        (64) 
Net changes in 
 non-cash 
 working capital 
 items 
  Trade and 
   other 
   receivables          6,959        (3,039)         7,265      (6,231) 
  Inventories               8          (402)         1,084         920 
  Trade and 
   other 
   payables            (8,958)       (5,936)        (5,938)     (6,675) 
=---------------------------------------------------------------------- 
Cash used in 
 operations            (8,918)      (13,835)       (20,391)    (27,322) 
Adjustments to 
 net loss for 
 cash items 
  Interest 
   income 
   received               457           979          1,446       3,035 
  Finance costs 
   paid                (1,237)         (165)        (1,331)     (4,631) 
  Taxes received           31             -            923         543 
=---------------------------------------------------------------------- 
Net operating 
 cash flows            (9,667)      (13,021)       (19,353)    (28,375) 
=---------------------------------------------------------------------- 
 
Investing 
 activities 
  Net maturity 
   of short-term 
   investments        (22,272)       46,919        (23,164)     34,897 
  Purchase of 
   other assets          (501)         (435)        (1,505)     (1,147) 
  Property, 
   plant and 
   equipment 
   expenditures        (1,090)      (23,886)       (10,011)    (80,540) 
  Disposal of 
   property, 
   plant and 
   equipment            2,292           218          3,360         772 
=---------------------------------------------------------------------- 
Net investing 
 cash flows           (21,571)       22,816        (31,320)    (46,018) 
=---------------------------------------------------------------------- 
 
Financing 
 activities 
  Acquisition of 
   Lion's Head              -             -              -     (10,000) 
  Payment of 
   finance 
   leases                   -             -              -      (1,553) 
=---------------------------------------------------------------------- 
Net financing 
 cash flows                 -             -              -     (11,553) 
=---------------------------------------------------------------------- 
 
Effect of 
 exchange rate 
 changes on cash 
 and cash 
 equivalents            1,030         1,470         (3,453)      2,770 
=---------------------------------------------------------------------- 
 
Decrease in cash 
 and cash 
 equivalents          (30,208)       11,265        (54,126)    (83,176) 
Cash and cash 
 equivalents, 
 beginning of 
 period                46,781        57,397         70,699     151,838 
=---------------------------------------------------------------------- 
Cash and cash 
 equivalents, 
 end of period  $      16,573 $      68,662  $      16,573   $  68,662 
=---------------------------------------------------------------------- 
=---------------------------------------------------------------------- 
 
 
FOR FURTHER INFORMATION PLEASE CONTACT: 
 
EASTERN PLATINUM LIMITED 
Ian Rozier, President & C.E.O. 
[phone] (tel) 
[phone] (fax) 
[e-mail] 
www.eastplats.com 
 
OR 
 
NOMAD: 
Neil Elliot, Damien Hackett 
Canaccord Genuity Limited, London 
Tel: [phone] 
 
OR 
 
JSE SPONSOR: 
Johan Fourie 
PSG Capital (Pty) Limited 
Email:  [e-mail] 
Tel: [phone] 
 
 
Eastern Platinum Limited