Eastern Platinum confirms PGM concentrate payment terms
Eastern Platinum Ltd.’s subsidiary, Barplats Mines Pty. Ltd., has confirmed the provisional payment terms of the first delivered shipment (see news release of Jan. 6, 2021) of pressed filter cake platinum group metal (PGM) concentrate under the existing offtake agreement between Barplats and Impala Refining Services Ltd., now Impala Platinum Ltd. These terms confirm the restart of PGM revenue by the Company.
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RIGHTS OFFERING
The shareholders of the Company were issued rights to acquire common shares as of December 18, 2020. The rights are currently trading on the TSX under the symbol “ELR.RT” and the JSE under the symbol “EPSN”.
The Company is beginning to obtain confirmations of rights exercise and the Company confirms the rights offering will close on January 22, 2021.
A copy of the Notice of Rights Offering and the Rights Offering Circular are available under the Company’s profile on SEDAR at http://www.sedar.com and on the Company’s website http://www.eastplats.com/investors-2/rights-offering.
CAPITAL PROJECTS
As a result of some initial confirmations of rights exercise, the Company has begun the detailed planning regarding the intended reconfiguring and procurement initiatives on both the small-scale PGM circuit (previously the scavenger plant circuit) (“PGM Circuit D”) and the existing main PGM facility (“PGM Circuit 1”). This work will allow quicker procurement upon the closing of the rights offering. The optimization of the PGM Circuit D and the refurbishment of the PGM Circuit 1 are intended to stabilize existing production and increase the capacity of the PGM recovery and sales.
Diana Hu, the President and CEO of Eastplats, stated that, “the initial confirmation of exercises of the rights offering has allowed the Company to allocate time and begin the planning work on the PGM Circuit D and PGM Circuit 1. These projects expand Eastplats PGM processing capacity and potential revenue sources. The Company looks forward to the completion and closing of the rights offering and to then continue the development of opportunities in South Africa for its shareholders.”
2020 OPERATIONS
The Company is pleased to confirm that Barplats produced 987,003 tons of chrome concentrate during 2020 and was able to deliver 960,776 tons under the offtake agreement with Union Goal Offshore Solutions Inc. The Company is very pleased to have successfully operated the Chrome Retreatment Project for 309 days in 2020. Non-operating days include planned shutdowns, adverse weather, and South African lockdowns and closures related to COVID-19.
COVID-19
South Africa remains at alert level 3 regarding COVID-19 cases. The Company continues to follow the health guidelines of the Government of South Africa. The Retreatment Project remains in full operation and continues to produce and transport chrome and PGM end products. The effects of COVID-19 are evolving and changing and the consequences of a further increase in the alert level in South Africa, temporary shutdown of any operations or other related issues cannot be reasonably estimated at this time, but could potentially have material adverse effects on the Company’s business, operations, liquidity and cashflows.
Golden Minerals regains compliance with NYSE standards
Golden Minerals Company has received written notice from the NYSE American LLC that the company has regained full compliance with the continued listing standards outlined in Part 10 of the NYSE American Company Guide.
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As previously disclosed, the company received notice from the NYSE American on Aug. 19, 2019, that it was not in compliance with Section 1003(a)(iii) of the company guide when it reported stockholders’ equity of less than $6.0-million as of June 30, 2019.
The company has regained compliance by meeting the requirements of the $50-million market capitalization exemption in Section 1003(a) of the company guide from the stockholders’ equity requirement. As of Jan. 15, 2021, the below compliance (.BC) indicator was no longer disseminated and the company was removed from the list of NYSE American noncompliant issuers on the NYSE American’s website.
