TIDMELR
Eastern Platinum Reports Results for the Three Months Ended June 30, 2013
FOR: EASTERN PLATINUM LIMITED
TSX, AIM SYMBOL: ELR
JSE SYMBOL: EPS
August 15, 2013
Eastern Platinum Reports Results for the Three Months Ended June 30, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 15, 2013) - Mr. Ian Rozier, President and CEO of Eastern Platinum
Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats" or the "Company") reports financial results for the three months ended
June 30, 2013.
Summary of results for the three months ended June 30, 2013 ("Q2 2013"):
/T/
=- An impairment charge of $147,787,000 was recorded against Crocodile
River Mine during the quarter.
=- Eastplats recorded a loss attributable to equity shareholders of the
Company of $139,710,000 ($0.15 loss per share) in the quarter ended June
30, 2013 compared to a loss of $86,421,000 ($0.09 loss per share) in the
quarter ended June 30, 2012 ("Q2 2012").
=- Adjusted EBITDA was negative $8,116,000 in Q2 2013 compared to negative
$4,599,000 in Q2 2012.
=- PGM ounces sold decreased 41% to 15,474 ounces in Q2 2013 compared to
26,412 PGM ounces in Q2 2012.
=- The U.S. dollar average delivered price per PGM ounce decreased 1% to
$890 in Q2 2013 compared to $902 in Q2 2012.
=- The Rand average delivered price per PGM ounce increased 15% to R8,428
in Q2 2013 compared to R7,324 in Q2 2012.
=- Total Rand operating cash costs decreased 14% to R202 million in Q2 2013
compared to R235 million in Q2 2012.
=- Total Rand operating cash costs included one-time retrenchment costs at
CRM of approximately R52 million ($5.5 million).
=- Rand operating cash costs net of by-product credits increased 57% to
R11,611 per ounce in Q2 2013 compared to R7,390 per ounce in Q2 2012.
Rand operating cash costs increased 47% to R13,069 per ounce in Q2 2013
compared to R8,881 per ounce in Q2 2012.
=- U.S. dollar operating cash costs net of by-product credits increased 35%
to $1,226 per ounce in Q2 2013 compared to $910 per ounce achieved in Q2
2012. U.S. dollar operating cash costs increased 26% to $1,380 per ounce
in Q2 2013 compared to $1,094 per ounce in Q2 2012.
=- Excluding one-time retrenchment costs, operating cash costs reduced to
R9,694 per ounce ($1,024 per ounce) and operating cash costs net of by-
product credits reduced to R8,251 per ounce ($871 per ounce).
=- The Company's Lost Time Injury Frequency Rate (LTIFR) was 3.44 in Q2
2013 compared to 1.17 in Q2 2012.
=- At June 30, 2013, the Company had a cash position (including cash, cash
equivalents and short term investments) of $104,763,000 (December 31,
2012 - $130,925,000).
/T/
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 months ended June 30, 2013.
These financial statements and MD&A, and the comparative financial statements for the three months ended June 30, 2012
are all available on SEDAR at www.sedar.com and on the Company's website www.eastplats.com.
The qualified person having reviewed the operating disclosures presented in this press release is Mr. Brian Montpellier,
P. Eng, V.P. Project Development.
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.
/T/
Eastern Platinum Limited
Condensed consolidated interim statements of loss
(Expressed in thousands of U.S. dollars, except per share amounts -
unaudited)
Three months ended Six months ended
Note June 30, June 30,
2013 2012 2013 2012
(Note 3(b)) (Note 3(b))
(Note 3(c)) (Note 3(c))
=---------------------------------------------------------------------------
Revenue 20(c) $ 16,561 $ 31,152 $ 29,903 $ 61,808
=---------------------------------------------------------------------------
Cost of operations
Production costs 24,677 35,751 42,630 68,821
Depletion and
depreciation 5 2,369 3,810 4,591 8,133
Impairment 5 & 13 147,787 88,278 147,787 88,278
(Gain) loss on
disposal of
property, plant
and equipment (311) 1,569 (581) 1,569
=---------------------------------------------------------------------------
174,522 129,408 194,427 166,801
=---------------------------------------------------------------------------
Mine operating
loss (157,961) (98,256) (164,524) (104,993)
=---------------------------------------------------------------------------
Expenses
General and
administrative 5(d) 1,541 2,476 3,087 4,643
Care and
maintenance 5(b)(c) 383 16 769 52
Share-based
payments 6(d)(e) 52 23 3,142 2,340
=---------------------------------------------------------------------------
1,976 2,515 6,998 7,035
=---------------------------------------------------------------------------
Operating loss (159,937) (100,771) (171,522) (112,028)
Other income
(expense)
Interest income 458 897 1,002 1,929
Finance costs 7 (235) (4,805) (497) (5,099)
Foreign exchange
gain (loss) 1,425 (45) (393) 202
=---------------------------------------------------------------------------
Loss before income
taxes (158,289) (104,724) (171,410) (114,996)
Income tax
(expense)
recovery (252) 15,312 (197) 12,475
=---------------------------------------------------------------------------
Net loss for the
period $ (158,541) $ (89,412) $ (171,607) $ (102,521)
=---------------------------------------------------------------------------
=---------------------------------------------------------------------------
Attributable to
Non-controlling
interest 3(b) & 8 $ (18,831) $ (2,991) $ (20,931) $ (6,474)
Equity
shareholders of
the Company (139,710) (86,421) (150,676) (96,047)
=---------------------------------------------------------------------------
Net loss for the
period $ (158,541) $ (89,412) $ (171,607) $ (102,521)
=---------------------------------------------------------------------------
Loss per share
Basic 9 $ (0.15) $ (0.09) $ (0.16) $ (0.10)
Diluted 9 $ (0.15) $ (0.09) $ (0.16) $ (0.10)
=---------------------------------------------------------------------------
=---------------------------------------------------------------------------
Weighted average
number of common
shares
outstanding in
thousands
Basic 9 927,805 927,499 927,805 927,499
Diluted 9 927,805 927,499 927,805 927,499
=---------------------------------------------------------------------------
=---------------------------------------------------------------------------
Approved and authorized for issue by the Board on August 12, 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 Six months ended
June 30, June 30,
2013 2012 2013 2012
(Note 3(b)) (Note 3(b))
=---------------------------------------------------------------------------
Net loss for the period $ (158,541) $ (89,412) $ (171,607) $ (102,521)
Other comprehensive (loss)
income
Items that may
subsequently be
reclassified to loss or
profit
Exchange differences on
translating foreign
operations (36,787) (39,836) (83,157) (6,814)
Exchange differences on
translating non-
controlling interest 1,684 359 2,591 219
=---------------------------------------------------------------------------
Comprehensive loss for the
period $ (193,644) $ (128,889) $ (252,173) $ (109,116)
=---------------------------------------------------------------------------
Attributable to
Non-controlling interest (17,147) (2,632) (18,340) (6,255)
Equity shareholders of the
Company (176,497) (126,257) (233,833) (102,861)
=---------------------------------------------------------------------------
Comprehensive loss for the
period $ (193,644) $ (128,889) $ (252,173) $ (109,116)
=---------------------------------------------------------------------------
Eastern Platinum Limited
Condensed consolidated interim statements of financial position as at
June 30, 2013, December 31, 2012 and January 1, 2012
(Expressed in thousands of U.S. dollars - unaudited)
June 30, December 31, January 1,
2013 2012 2012
Note (Notes 3(b) & 4(a))
=---------------------------------------------------------------------------
Assets
Current assets
Cash and cash
equivalents 10 $ 46,781 $ 70,699 $ 151,838
Short-term investments 57,982 60,226 98,963
Trade and other
receivables 11 & 3(b) 12,805 14,854 22,842
Inventories 12 3,041 4,746 7,989
=---------------------------------------------------------------------------
120,609 150,525 281,632
Non-current assets
Property, plant and
equipment 5 360,255 577,031 615,439
Refining contract 13 2,785 7,270 9,009
Other assets 14 8,716 9,062 7,995
=---------------------------------------------------------------------------
$ 492,365 $ 743,888 $ 914,075
=---------------------------------------------------------------------------
=---------------------------------------------------------------------------
Liabilities
Current liabilities
Trade and other payables 15 & 3(b) $ 18,640 $ 17,387 $ 39,945
Finance leases - - 1,675
=---------------------------------------------------------------------------
18,640 17,387 41,620
Non-current liabilities
Provision for
environmental
rehabilitation 16 10,739 12,066 8,390
Deferred tax liabilities 17,559 19,977 33,520
=---------------------------------------------------------------------------
46,938 49,430 83,530
=---------------------------------------------------------------------------
Equity
Issued capital 6 1,230,358 1,230,358 1,230,358
Treasury shares 6(c)(e) (204) (204) (334)
Equity-settled employee
benefits reserve 4(a) 11,896 8,991 34,391
Foreign currency
translation reserve 3(b) (185,320) (102,163) (77,142)
Deficit 3(b) & 4(a) (581,553) (431,114) (355,028)
=---------------------------------------------------------------------------
Capital and reserves
attributable to equity
shareholders of the
Company 475,177 705,868 832,245
Non-controlling interest 8 (29,750) (11,410) (1,700)
=---------------------------------------------------------------------------
445,427 694,458 830,545
=---------------------------------------------------------------------------
$ 492,365 $ 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 Six months ended
June 30, June 30, June 30, June 30,
Note 2013 2012 2013 2012
=---------------------------------------------------------------------------
Operating
activities
Loss before income
taxes $ (158,289) $ (104,724) $ (171,410) $ (114,996)
Adjustments to net
loss for non-cash
items
Depletion and
depreciation 5 2,414 3,878 4,699 8,266
Impairment 5 & 13 147,787 88,278 147,787 88,278
(Gain) loss on
disposal of
property, plant
and equipment (311) 1,569 (581) 1,569
Refining
contract
amortization 13 291 340 600 697
Share-based
payments 6(d)(e) 52 23 3,142 2,340
Interest income (458) (897) (1,002) (1,929)
Finance costs 7 235 4,805 497 5,099
Foreign exchange
(gain) loss (1,425) 45 393 (202)
Net changes in
non-cash working
capital items
Trade and other
receivables (61) 2,461 306 (3,192)
Inventories 1,128 1,959 1,076 1,322
Trade and other
payables 3,072 (2,284) 3,020 (739)
=---------------------------------------------------------------------------
Cash used in
operations (5,565) (4,547) (11,473) (13,487)
Adjustments to net
loss for cash
items
Interest income
received 612 1,237 989 2,056
Finance costs
paid (50) (4,428) (94) (4,466)
Taxes received
(paid) 427 (173) 892 543
=---------------------------------------------------------------------------
Net operating cash
flows (4,576) (7,911) (9,686) (15,354)
=---------------------------------------------------------------------------
Investing
activities
Net maturity of
short-term
investments (10,747) 22,445 (892) (12,022)
Purchase of
other assets (467) (378) (1,004) (712)
Property, plant
and equipment
expenditures (3,917) (34,031) (8,921) (56,654)
Disposal of
property, plant
and equipment 543 554 1,068 554
=---------------------------------------------------------------------------
Net investing cash
flows (14,588) (11,410) (9,749) (68,834)
=---------------------------------------------------------------------------
Financing
activities
Acquisition of
Lion's Head - - - (10,000)
Payment of
finance leases - 127 - (1,553)
=---------------------------------------------------------------------------
Net financing cash
flows - 127 - (11,553)
=---------------------------------------------------------------------------
Effect of exchange
rate changes on
cash and cash
equivalents (487) (1,419) (4,483) 1,300
=---------------------------------------------------------------------------
Decrease in cash
and cash
equivalents (19,651) (20,613) (23,918) (94,441)
Cash and cash
equivalents,
beginning of
period 66,432 78,010 70,699 151,838
Cash and cash
equivalents, end
of period $ 46,781 $ 57,397 $ 46,781 $ 57,397
=---------------------------------------------------------------------------
=---------------------------------------------------------------------------
/T/
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Eastern Platinum Limited
Ian Rozier
President & C.E.O.
+1-604-685-6851
+1-604-685-6493 (FAX)
info@eastplats.com
www.eastplats.com
OR
NOMAD:
Andrew Chubb, Damien Hackett
Canaccord Genuity Limited, London
+44 (0) 207 7523 8000
OR
JSE SPONSOR:
Johan Fourie
PSG Capital (Pty) Limited
+27 21 887 9602
johanf@psgcapital.com
Eastern Platinum Limited
Eastern Plat (LSE:ELR)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
Eastern Plat (LSE:ELR)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
